Founded by Alonzo Herndon in 1905, a former slave turned entrepreneur, Atlanta Life Insurance Co. boasts a storied legacy deeply intertwined with the history of Atlanta, Georgia. Herndon’s remarkable journey led him to become the city’s first Black millionaire and a pivotal figure in the region’s social and entrepreneurial success. Now, basketball legend Magic Johnson is poised to help build upon this enduring legacy.
Speaking at an event on Monday, October 16, 2023, as reported by The Atlanta Journal Constitution, Johnson expressed his commitment to revitalizing this historical brand and company. He underscored the significance of Herndon’s extraordinary rise from slavery to becoming a Black millionaire and entrepreneur, emphasizing that such stories deserve to be celebrated and shared.
The recent acquisition of Atlanta Life Insurance Co. by minority-owned insurance holding company Atlanta Life Holdings signals a new chapter in the company’s mission. This merger aims to reinvigorate the insurance business’s potential to provide financial security and protection to underserved communities.
Johnson’s involvement stems from an agreement with his EquiTrust Life Insurance Co., which seeks to expand Atlanta Life’s offerings. EquiTrust, with $26 billion in total assets, as per the press release, brings substantial resources to the partnership.
Eric Holoman, President and CEO of Atlanta Life Insurance Co., articulated their shared commitment to maintaining the Herndon family’s values and vision while propelling the company to new heights. He emphasized their dedication to serving as custodians of the community’s legacy and champions of its future.
In a press release, Johnson reiterated his passion for supporting entrepreneurship and Black businesses, aligning with his lifelong investment in the Black community. He expressed a shared vision for Atlanta Life that honors its founding principles while charting a new course for its future.