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Financial Professionals Financial professional news Growing our benefits presence in Alabama through key acquisitions
March 03, 2026

Growing our benefits presence in Alabama through key acquisitions

We’re excited to announce that Principal® has acquired DentaNet from Southland Benefit Solutions (SBS). This acquisition allows Principal to grow its network to approximately 1,500 providers in Alabama and offer more clients robust, personalized dental insurance and service.  

In addition, Principal will obtain renewal rights for a block of group insurance contracts through Canopy Insurance. Canopy Insurance and Southland Benefit Solutions are subsidiaries of Collateral Holdings, LLC. Our deep expertise as a leading group benefits provider will position us well to renew this additional business and ultimately grow the number of customers we serve.

This strategic investment shows just how important our group benefits business is to Principal, and how critical our owned dental network is to supporting our growth strategy. Dental often serves as the entry point for group benefits, being the first coverage sold and a key driver of multi-line employer relationships. This acquisition adds to the continued optimization of our already strong dental network.

To learn more about this acquisition and our growing footprint in Alabama, view the press release or read the FAQs below. 

 

Q: Did Principal acquire Canopy Insurance Corporation?

A: No, Principal did not purchase Canopy. Principal and Canopy have agreed to an arrangement that allows Principal the right to renew a block of existing Canopy group benefits insurance business.

Q: Did Principal buy DentaNet?  

A: Yes, Principal has purchased the DentaNet dental network from Southland Benefit Solutions (SBS). Principal has not purchased SBS, which will continue to operate as a separate organization.

Q: Will my existing Principal employer customers now have access to the DentaNet network?

A: Yes. Existing Principal employer customers will get access to the expanded DentaNet network on April 1, 2026. Employee dental participants will receive communication acknowledging access to the expanded network in mid-March.