An insurer is moving ahead with an effort to get capital from Wall Street.

Protective Life Corp., Birmingham, Ala., has priced a public offering of 13.5 million shares of common stock at $9 per share.

The underwriters, who hope to raise about $121 million from public investors, have a 30-day window to spend about $18 million on additional shares of common stock to cover over-allotments, Protective Life says. The offering is set to close May 20.

Protective Life intends to use the net proceeds from the offering for general corporate purposes.

Merrill Lynch & Company Inc., New York, is the sole book-running manager for the offering.