Insurance Group Principal Acquires DentaNet, the Largest Dental Network in Alabama

Image Source: Principal Financial Group

On March 3, 2026, global financial services and insurance group Principal Financial Group (Nasdaq: PFG) announced it has entered into a definitive agreement with Southland Benefit Solutions (SBS) to acquire DentaNet, a single-state dental network in Alabama. Concurrently, it will secure renewal rights for a portion of the group insurance contracts from SBS's subsidiary, Canopy Insurance.

DentaNet is the largest dental network in Alabama, currently comprising approximately 1,500 dental service providers (referring to all professionals providing oral healthcare, diagnosis, prevention, and treatment). Upon completion of the acquisition, DentaNet will become the fourth member of Principal's owned network portfolio, alongside the Principal Preferred Provider Network, Diversified Dental Services, and First Dental Health.

Collateral Holdings, LLC, the parent company of SBS and Canopy Insurance, is headquartered in Birmingham, Alabama, and has served the Southeastern U.S. market for 93 years, with businesses spanning insurance and insurance services. Its CEO, Jonathan Ratliff, stated that SBS will continue to focus on its TPA (Third-Party Administrator) clients while transitioning the service of DentaNet and Canopy clients to Principal.

According to official disclosures, as of December 31, 2025, Principal provides dental insurance plans to over 60,000 businesses, covering nearly 2.8 million participants.

The financial terms of the transaction were not disclosed. Principal engaged Perella Weinberg Partners as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel. Collateral Holdings engaged Sherman & Company as its financial advisor and Maynard Nexsen PC as its legal counsel.

Primary Source: Principal official press release (March 3, 2026)