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US-based Protecting Life Insurance coverage Firm, the principal subsidiary of Protecting Life Company (Protecting), has agreed to amass ShelterPoint Group.
Protecting is the US unit of Dai-ichi Life Holdings.
ShelterPoint Group is engaged in providing statutory incapacity, paid household go away and medical hole insurance coverage options, amongst others.
It’s a holding entity that contains ShelterPoint Life Insurance coverage Firm and ShelterPoint Insurance coverage Firm (collectively ShelterPoint).
In New York, ShelterPoint’s founding firm presents paid household go away insurance coverage and incapacity advantages as required by statute.
As a part of its plan for geographical and product growth within the paid household and medical go away market, ShelterPoint is actively coming into new states.
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ShelterPoint’s merchandise are bought by way of partnerships with brokers and brokers.
At the moment, ShelterPoint is alleged to supply insurance coverage and revenue alternative merchandise to round two million individuals nationwide by way of partnerships with roughly 200,000 companies.
Protecting president and CEO Wealthy Bielen mentioned: “On our continued journey to develop our enterprise and serve extra individuals, we’re thrilled so as to add new providers to our portfolio by way of the acquisition of ShelterPoint.
“We sit up for welcoming ShelterPoint’s clients and the corporate’s gifted teammates to Protecting upon closing.”
ShelterPoint govt chairman of the board Wealthy White mentioned: “As extra states are requiring paid household and medical go away insurance coverage, we’re excited to obtain the robust help of Protecting on our path to creating this important profit out there in a rising variety of states.”
The transaction awaits regulatory approvals and is because of full by the top of the yr.
It will likely be the seventh deal since Protecting grew to become a part of Dai-ichi Life, a worldwide insurer with over $463bn in property, in 2015.
Earlier this yr, Dai-ichi Life expanded its non-insurance portfolio by agreeing to amass the healthcare platform Profit One by way of Pasona Group.
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