Protective Life Insurance Company (Protective) announced a recent transaction that included four minority-owned investment banking firms for its funding agreement-backed notes (FABN) program. Protective selected CastleOak Securities, LP., Loop Capital Markets LLC, Siebert Williams Shank and Stern as active co-managers for the FABN transaction, which totaled $375 million. Citigroup Global Markets Inc., BofA Securities and Wells Fargo Securities were active bookrunners on the transaction.
“With an ongoing commitment to diversifying our investor base, Protective is excited to be working with these strategic investment banking firms to co-manage this bond transaction,” said Deep Banerjee, SVP and treasurer for Protective. “At Protective, we believe equity should be represented in all aspects of our business. While this is our first inclusion of minority-owned investment firms for the FABN program, we don’t expect it will be the last.”
Protective, a leading provider of life insurance, annuities and asset protection solutions, established its first FABN program more than 20 years ago. The Company is an active participant in the FABN market, generating about $3.5 billion in FABN deposits to date in 2021. The Company remains focused on building a strong FABN program that is disciplined and sustainable for the long term.
Protective’s continued commitment to diversity and inclusion is vital to living out the Company’s purpose with its people, in the workplace and within the communities it serves. Its commitment entails advancing diversity and inclusion through areas including data and accountability, continuous learning, recruiting and business value, which includes broadening the diversity of its vendors like those selected for this deal.
New York City-headquartered CastleOak Securities, L.P. is an industry-leading boutique investment bank focused on superior client service in capital markets, sales & trading, and financial advisory for a broad array of corporate, governmental and institutional clients.
Minority-owned Loop Capital Markets LLC of Chicago is a full-service investment bank, brokerage and advisory firm that provides creative capital solutions for corporate, governmental and institutional entities across the globe.
Headquartered in New York City and Oakland, California, Siebert Williams Shank is a woman- and minority-owned, independent non-bank financial services firm that offers investment banking, sales and trading, research, advisory and asset management services.
St. Louis-based Stern is one of the nation’s oldest certified 100 percent woman-owned business enterprise investment banks providing investment banking and underwriting, institutional sales and trading, and remarketing services for clients across the country.