BIRMINGHAM, Ala. — Protective Life Corp. announced on Friday, Aug. 19, that it has reached an agreement to acquire USWC Holding Co. and all its subsidiaries, which includes F&I product provider United States Warranty Corp., through a stock purchase agreement.
The acquisition is expected to provide the combined entities with a wider market reach, enhanced product and operational capabilities, and higher collective growth potential, according to the company announcement. U.S. Warranty will continue to operate from its current Pompano Beach, Fla., location. Current employees will join Protective and continue to manage USWC as part of the transaction, the company stated.
“Under the leadership of Scott Karchunas, our Asset Protection line of business has been performing well and this transaction is a great way to grow the line of business,” said Richard J. Bielen, Protective’s president and COO. “The two companies both have a history of quality and success, so putting them together creates the potential for the business to grow even stronger and serve more dealerships with these important products. We are pleased to have the USWC team become part of Protective.”
The transaction is expected to close on or after Nov. 1, 2016. The acquisition is subject to standard regulatory approvals and satisfaction of customary closing conditions.