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."