April 17, 2008- Jacksonville, FL- Life of the South
Corporation, a leading provider and administrator of credit
insurance and payment protection services, acquired Gulfco
Insurance Services Inc. and Gulfco Life Insurance Company
(collectively "Gulfco") on March 31, 2008 from two subsidiaries of
Protective Life Insurance Company, announced Richard S. Kahlbaugh,
Chief Executive Officer of Life of the South. Gulfco provides
credit insurance solutions to the independent consumer finance
market in Louisiana.
Gulfco is expected to contribute significant scale to the
company's largest business unit, the Consumer Finance/Retail
Division of Life of the South. With this acquisition,
Louisiana becomes Life of the South's second-largest state for
credit insurance production.
According to Kahlbaugh, "Life of the South has built its
reputation around customer service and being the partner of choice
of financial institutions. The acquisition of Gulfco builds
upon our record of success. The Gulfco operation will
continue to deliver the high level of customer service that they
are known for from their Marksville, LA location."
Joe McCaw, Life of the South's Consumer Finance/Retail Division
leader, noted that Gulfco's operations will continue to be led by
its Vice President Bob Eddy. McCaw stated, "We have respected
and worked alongside Bob and his staff for many years. We are
thrilled that the Marksville operation is now part of our Life of
the South team."
Bob Eddy commented that "Life of the South is an ideal partner
for Gulfco, allowing both companies to combine their considerable
experience and resources to bring Louisiana consumers the benefits
of credit insurance protection."