Magic Johnson helps to revive a Black-owned enterprise with historic ties to communal upliftment. The Atlanta Life Insurance coverage Firm, based within the Georgia Capital in 1905, is now getting the help it must proceed being a useful resource to the Black group, The Atlanta Journal-Structure stories.
Established by Alonzo Herndon, a previously enslaved man, the Atlanta Life Insurance coverage Firm was a trailblazing enterprise that catapulted the town’s Candy Auburn neighborhood right into a hub for Black entrepreneurs. In response to the Atlanta Journal-Structure, Herndon’s firm was so profitable that his accomplishment made him the primary Black millionaire in Atlanta.
Herndon’s journey from slave to millionaire impressed Johnson to spend money on rebuilding the corporate after first being made conscious of its historical past by means of Killer Mike. Its decline over the previous many years led the insurance coverage firm to promote its headquarters within the very space during which it was as soon as a family title.
Johnson goals to convey the storied enterprise again to the residents of Atlanta by buying it into the portfolio of his personal life insurance coverage firm, known as EquiTrust. Its continued success is an affidavit to the efforts of its authentic proprietor.
At an occasion celebrating its reinstatement to the town’s enterprise sector, the philanthropist spoke to Atlanta friends, reminiscent of Mayor Andre Dickens and entertainer-turned-entrepreneur Kandi Burruss, about why this newest growth for the model issues.
“Anytime a Black man can go from slavery to changing into a Black millionaire right here in Atlanta, to develop into an entrepreneur, it’s a narrative that ought to be advised, and I’m glad that we’re in a position to take this historic model and firm and revitalize it, and actually convey it again to the individuals of Georgia,” expressed the NBA legend.
Previous to the 64-year-old’s involvement, the Black-owned Atlanta Life Holdings took over the declining firm in January 2023. Underneath the brand new association, Johnson will develop into the useful proprietor in addition to minority fairness proprietor of the Herndon Basis.
With Johnson’s assist, the Atlanta Life Insurance coverage Firm seeks to re-establish itself within the retail sphere and enhance its clientele within the employer advantages market.
“Our wealthy heritage is a narrative of energy, perseverance, household and group,” the corporate acknowledged on its web site. “Because the lone remaining Black-founded and owned insurance coverage firm in america, we persevered by means of our previous to develop into stewards of your future.”
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