Protective Life Insurance Company Diversifies Investment Banking Partners with Minority-Owned Investment Firms

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced a recent transaction that included four minority-owned investment banking firms for its funding agreement-backed notes (FABN) program. Protective selected CastleOak Securities, LP., Loop Capital Markets LLC, Siebert Williams Shank and Stern as active co-managers for the FABN transaction, which totaled $375 million. Citigroup Global Markets Inc., BofA Securities and Wells Fargo Securities were active bookrunners on the transaction.

“With an ongoing commitment to diversifying our investor base, Protective is excited to be working with these strategic investment banking firms to co-manage this bond transaction,” said Deep Banerjee, SVP and treasurer for Protective. “At Protective, we believe equity should be represented in all aspects of our business. While this is our first inclusion of minority-owned investment firms for the FABN program, we don’t expect it will be the last.”

Protective, a leading provider of life insurance, annuities and asset protection solutions, established its first FABN program more than 20 years ago. The Company is an active participant in the FABN market, generating about $3.5 billion in FABN deposits to date in 2021. The Company remains focused on building a strong FABN program that is disciplined and sustainable for the long term.

Protective’s continued commitment to diversity and inclusion is vital to living out the Company’s purpose with its people, in the workplace and within the communities it serves. Its commitment entails advancing diversity and inclusion through areas including data and accountability, continuous learning, recruiting and business value, which includes broadening the diversity of its vendors like those selected for this deal.

• New York City-headquartered CastleOak Securities, L.P. is an industry-leading boutique investment bank focused on superior client service in capital markets, sales & trading, and financial advisory for a broad array of corporate, governmental and institutional clients.
  
• Minority-owned Loop Capital Markets LLC of Chicago is a full-service investment bank, brokerage and advisory firm that provides creative capital solutions for corporate, governmental and institutional entities across the globe.
  
• Headquartered in New York City and Oakland, California, Siebert Williams Shank is a woman- and minority-owned, independent non-bank financial services firm that offers investment banking, sales and trading, research, advisory and asset management services.
  
• St. Louis-based Stern is one of the nation’s oldest certified 100% woman-owned business enterprise investment banks providing investment banking and underwriting, institutional sales and trading, and remarketing services for clients across the country.

Visit Protective’s website to learn more about Protective’s commitment to diversity and inclusion.

About Protective Life

Founded in 1907, Protective Life Corporation (Protective) is on a mission to help more people achieve protection and security in their lives. Across its life insurance, annuity and asset protection solutions, the Company helps more than 12 million people protect what matters most. Protective’s more than 3,500 employees put people first and deliver on the Company’s promises to customers, partners, colleagues and communities — because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective, a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), has grown to over $127B in assets as of Dec. 31, 2020. Protective is headquartered in Birmingham, Ala., and supported by its robust virtual workforce and core sites in Cincinnati and St. Louis. For more information about Protective, please visit www.protective.com.