NBA legend Magic Johnson has stepped in to revitalize the 120-year-old Black-owned Atlanta Life Insurance Company, founded by Alonzo Herndon.
The post Magic Johnson Revives Historic Black-Owned Insurance Company Atlanta Life in Georgia appeared first on The Narrative Matters.
NBA legend Magic Johnson has stepped in to revitalize the 120-year-old Black-owned Atlanta Life Insurance Company, founded by Alonzo Herndon.
The post Magic Johnson Revives Historic Black-Owned Insurance Company Atlanta Life in Georgia appeared first on The Narrative Matters.
Image courtesy of agurltv.com
Johnson sees this as an opportunity to revive a culturally significant institution and celebrate the resilience and entrepreneurship of its founder.
In a groundbreaking move that echoes the resilience and entrepreneurship of its founder, Alonzo Herndon, NBA legend and successful businessman Magic Johnson has stepped in to breathe new life into the historic Atlanta Life Insurance Company. Established 120 years ago, this Black-owned institution has witnessed the highs and lows of Atlanta’s African American business and social scene. Furthermore, Johnson, a beneficial owner of Atlanta Life through his life insurance company EquiTrust, views this venture as a crucial opportunity to revive a company with deep-rooted cultural significance.
Just recently, at an event in Buckhead, Johnson expressed his enthusiasm, stating, “Anytime a Black man can go from slavery to becoming a Black millionaire here in Atlanta, to become an entrepreneur, it’s a story that should be told, and I’m glad that we’re able to take this historical brand and company and revitalize it, and really bring it back to the people of Georgia.”
Moreover, Atlanta Life played a pivotal role in Atlanta’s African American business and social scene, becoming a symbol of success and empowerment. Because Herndon, Atlanta’s first Black millionaire, started the company in 1905 with a mission to protect and advance underserved communities. The company’s historical significance is further underscored by its association with Rev. Dr. Martin Luther King Jr., who held a life insurance policy with Atlanta Life.
Due to the decline, of Atlanta Life’s prominence over the past decade raised concerns, but Johnson’s involvement has infused new hope. Acquired by Atlanta Life Holdings in January, a group of Black entrepreneurs and executives, the company is now under the beneficial ownership of Johnson, with the nonprofit Herndon Foundation as a minority equity owner.
Magic Johnson’s introduction to Atlanta Life came through rapper Killer Mike, emphasizing the role of community and collaboration in revitalizing this cultural institution. On October 16, 2023, Magic Johnson hosted a special celebration in Atlanta, marking the resurgence of Atlanta Life Insurance Company. With new leadership, capital infusions, and forward-thinking business strategies, the company is poised to honor Alonzo Herndon’s legacy while creating the health and wealth of Black communities for generations to come.
In closing, Magic Johnson’s leadership stands as a symbol of empowerment, supporting Atlanta Life Insurance Co. on its journey towards renewed strength and relevance.
