Who Owns Protective?

Protective Life Insurance Company was founded in 1907 in Birmingham, Alabama, by William D. Jelks, a former governor of Alabama. Jelks organized the company after leaving the governor's office and became its first president. The company paid its first death claim in 1909.

The early decades were challenging, with World War I and the 1918 influenza pandemic causing numerous claims to be paid. Despite these difficulties, Protective Life commenced an expansion strategy in the early 1920s. In 1927, the company merged with Alabama National Insurance Company. Alabama National's president, Samuel Clabaugh, became president of the combined companies and began constructing a new headquarters in downtown Birmingham. By the end of the decade, Protective Life had become a regional company with $6 million of insurance in force.

By 1932, the company had more than $65 million of insurance in force, a number that climbed to $1 billion by 1957. In 1937, Clabaugh turned over leadership to Col. William J. Rushton. In 1969, Rushton's son, William "Billy" J. Rushton III, took over leadership and presided over a series of acquisitions over the next 20 years that brought Protective's products into all 50 states.

Drayton Nabers Jr. became CEO in 1992. In 1993, Protective Life Corporation was listed on the New York Stock Exchange under the ticker symbol PL. In 1997, Protective acquired West Coast Life Insurance Company, which was operated as a component of the Life Marketing segment. In 1999, Protective acquired Lyndon Property Insurance Company, entering the service contracts business.

In 2006, Protective completed the acquisition of Chase Insurance Group, consisting of five insurance companies and four related non-insurance companies. In 2007, Protective Life celebrated its 100th anniversary. In 2010, Protective acquired United Investors Life Insurance Company from Torchmark.

In 2013, Protective's principal subsidiary completed the acquisition of MONY Life Insurance Company and reinsured certain policies of MONY Life Insurance Company of America, with a total transaction price of $1.06 billion.

On February 15, 2015, The Dai-ichi Life Insurance Company acquired 100% of Protective Life Corporation's outstanding shares. Following the acquisition, Protective became a direct, wholly-owned subsidiary of Dai-ichi Life.

In 2017, Rich Bielen became President and CEO. Under his leadership, Protective completed six acquisitions and achieved significant growth, with revenue growing from $4.5 billion in 2016 to $8.0 billion in 2025 and assets growing from $75 billion to $142 billion. Bielen also served as the 2025 chair of the American Council of Life Insurers.

On June 1, 2019, Protective closed its largest transaction to date, acquiring via reinsurance substantially all of the individual life and annuity business of Great-West Life & Annuity Insurance Company, representing an estimated capital investment of approximately $1.20 billion.

Protective has completed 59 acquisitions throughout its history. The company surpassed $1 trillion of insurance in force. Protective Stadium, a 47,100-seat football stadium in Birmingham, Alabama, opened in 2021 and is named after the company.

In December 2024, Protective Life Insurance Company redomesticated from Tennessee to Nebraska. On July 1, 2025, West Coast Life Insurance Company merged with and into Protective Life Insurance Company, with Protective Life Insurance Company remaining as the surviving entity.

On May 14, 2026, Protective announced that CEO Rich Bielen plans to retire at the end of 2026. Paul Wells, President and Chief Financial Officer, will succeed Bielen as President and CEO effective January 1, 2027.