Magic Johnson is ready to help provide the public with insurance services. He’s announced the revival of Atlanta Life Insurance Co., ready to take its longstanding legacy of achievement further.
The company was created by Alonzo Herndon in 1905. He went from being previously enslaved to being Atlanta’s first black millionaire. According to the Atlanta Journal-Constitution, he was a major influence on Atlanta’s social and entrepreneurial scene during the time, in addition to achieving his own financial success.
“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,” Johnson said at an event held on Monday, Oct.16, 2023, according to The Atlanta Journal-Constitution.
A minority-owned insurance company, Atlanta Life Holdings, recently acquired the company. The merger is putting the company in a position where it can effectively assist underserved communities by “reimagining the power of its insurance business and providing financial security and protection.”
Johnson joined the company via an agreement with his own organization, EquiTrust Life Insurance Co. The contract was designed with the intention of expanding Atlanta Life’s offerings. The press release noted that EquiTrust Life Insurance Co. reportedly holds a value of $26 billion in its own right, making it a powerful presence in the collaboration.
Eric Holoman, president and CEO of Atlanta Life Insurance Co., stated in the release: “Like The Herndons, we believe that businesses, if run the right way, can be a transformative force for social good… Our aim with Atlanta Life is to uphold the Herndon family values in all we do while taking the company to new heights and maximizing our impact in helping Black families and businesses thrive. We aim to serve as guardians of the community’s legacy and stewards of its future.”
The merger hosts a notable increase in efficacy in the efforts of these companies to reach communities in need. Each party is proudly announcing their part of the process and will be able to further their compassionate reach through the notoriety of the deal. Johnson is not only bringing his own company to the table but also his name and marketable power to amplify the results the merger is able to achieve.
Johnson stated, “The decision to extend our support and resources to Atlanta Life Insurance Company stems from my passion for championing entrepreneurship and Black businesses and my life-long investment in the Black community. We have a new vision and a new direction for Atlanta Life that honors the guiding principles upon which it was founded while reimagining its future.”
Working with an intentionally inclusive mindset enables Magic Johnson and the teams associated with the merger to champion diversity and reach demographics that can benefit from the services the overarching organization provides. We’ll be keeping track of the progress as the merger is expected to make waves.
