Protective enters into asset purchase agreement with Cetera Financial Group for Concourse Financial Group Securities, Inc.

Protective enters into stock purchase agreement with Simplicity Financial for Concourse Financial Group Agency, Inc.

Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced it has reached agreements to sell Concourse Financial Group Securities, Inc. (Concourse Securities) and Concourse Financial Group Agency, Inc. (Concourse Agency). Protective has entered into an asset purchase agreement with Cetera Financial Group (Cetera), which plans to acquire Concourse Securities, and a stock purchase agreement with Simplicity Financial (Simplicity), which plans to acquire Concourse Agency.

“This transaction allows Protective to focus on our core competencies as an insurance provider, while enabling Concourse Securities and Concourse Agency financial professionals and clients to benefit from joining leaders in their fields with Cetera and Simplicity,” said Aaron Seurkamp, SVP, President of the Protection & Retirement Division. “We are proud of the businesses our teams have built and are confident they will have strong futures with Cetera and Simplicity.”

Cetera is the premier financial advisor wealth hub with approximately 12,000 affiliated independent financial professionals and their teams. The acquisition is expected to bring approximately 350 financial professionals, who oversee more than $12 billion in assets under administration and $4 billion in assets under management, to the Cetera Wealth Partners community. Upon closing, Concourse Securities financial professionals will gain immediate access to the established community resources available through Cetera Wealth Partners, which will be complemented by the Concourse Securities team resources at deal close. The transaction is expected to close in the first quarter of 2025, pending regulatory approval.

“Cetera has a proven track record of acquiring and successfully integrating independent broker dealers affiliated with insurance organizations, and Concourse Financial Group Securities represents a tremendous opportunity in today’s rapidly consolidating market,” said Mike Durbin, CEO of Cetera Holdings. “This transaction will enable us to strategically align the Concourse Securities team within the existing Cetera Wealth Partners community while increasing Cetera’s scale and creating new opportunities for growth for Concourse Securities advisors.”

Simplicity is a leading financial products distribution firm, delivering a leading combination of wealth accumulation and financial protection products that meet the needs of a consumer-oriented holistic financial plan. Simplicity is the nation’s largest and most successful partnership wholesaling annuities and life insurance. The transaction is expected to close before the end of the fourth quarter of 2024.

“We are thrilled to work with our longtime partner, Protective, to add Concourse Agency to our unrivalled team of insurance wholesaling professionals and to provide Concourse Agency’s existing agents, advisors and institutional clients access to Simplicity’s full suite of sales and marketing programs, proprietary products, and customized sales support to help them grow their businesses,” said Bruce Donaldson, Partner and CEO of Simplicity. “Our ‘One Simplicity’ platform is built to maximize growth for Concourse Agency’s agents and advisors as they help their clients meet all their key financial objectives.”

Moving forward, Concourse Distributors will continue to provide distribution support to select third parties under Protective’s ownership. These teams support key business customers, and Protective looks forward to continuing these long-standing relationships.

Terms of the transactions are not disclosed. Dentons LLP served as legal counsel to Cetera. Dentons Sirote LLP served as legal counsel to Simplicity. Maynard Nexsen PC and Eversheds Sutherland LP served as legal counsel and Morgan Stanley & Co. LLC served as financial advisor, in each case, to Protective.

About Protective

Protective has helped people achieve protection and security in their lives for 117 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 14.4 million people protect what matters most. Protective’s approximately 3,600 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 Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc., has $118 billion in assets, as of Dec. 31, 2023. Protective is headquartered in Birmingham, Alabama, and supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit www.protective.com.

About Cetera

Cetera Financial Group, which is owned by Cetera Holdings (collectively, Cetera), is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.

Home to approximately 12,000 financial professionals and their teams, Cetera oversees more than $521 billion in assets under administration and $224 billion in assets under management, as of June 30, 2024. In a recent advisor satisfaction survey of nearly 35,000 reviews, Cetera's Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it's ranked 4.8 out of 5 stars.

Visit www.cetera.com, and follow Cetera on LinkedIn, YouTube, X, and Facebook.

"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.

About Simplicity Group

Simplicity is the leading partner for advisors, financial institutions, and consumers by delivering the best combination of wealth accumulation and financial protection products that meet the needs of a consumer-oriented holistic financial plan. As one of the fastest growing partnerships in the financial services industry, Simplicity offers an unrivalled array of tools and technologies to grow and protect wealth, which can be accessed through affiliation, outsourcing, or joining the partnership. In an everchanging environment, Simplicity’s commitment to working in our clients’ best interest is unwavering and has always been anchored to our commitment to Education, Value, and Partnership. For more information, please visit: www.simplicitygroup.com and follow the Company on LinkedIn.

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