One of Chattanooga’s oldest insurance brokers has a new owner.
First Protective Insurance Group, a Birmingham, Ala.-based insurance broker with offices in six Southeast cities, has acquired Profit Plans LLC in Chattanooga.
Doug BeVille, a 40-year industry veteran who is president of Profit Plans, said the sale will provide the Chattanooga firm a broader range of life insurance, annuities and risk management product lines for the agents and individual clients it works with across the Chattanooga region.
“I think having a larger firm behind us gives us additional resources and assets for our customers, and it also means I don’t have to run the day-to-day operation of the business anymore,” BeVille said Monday.
For its part, First Protective Insurance, a subsidiary of Protective Life Corp., will gain another market to broker its insurance products. Founded in 1983 as a life insurance distribution company, Protective Life provides life insurance, annuities and asset-based long term care products, as well as disability insurance officers through more than 70 employees at offices in Nashville, Mobille and Huntsville, Ala., Baton Rouge, La., Greenville, S.C., and Milwaukee, Wisc.
Profit Plans, which will continue with its three existing employees at its Harper Street office in Chattanooga, was started in 1963 by Bob Hopper. BeVille merged his agency with Hopper’s business 18 years ago. The company represents such insurance companies as John Hancock, Prudential and Lincoln Financial, among others, and helps broker the best plans for agents and individuals looking for life insurance, annuities or long-term care plans. Profit Plans used to also handle Unum disability insurance plans in Chattanooga until Unum got rid of its independent broker sales network.
Protective Life Corp., has annual revenue of approximately $4.4 billion and had assets of $70.5 billion at the end of 2014.
“We are pleased to bring these two successful organizations together, and believe this will benefit Profit Plans’ producers and their clients,” First Protective President Andy Martin said.
Contact Dave Flessner at dflessner@timesfreepress.com or 423-757-6340.