Magic Johnson Acquires 120-Year-Old Black Atlanta Life Insurance Company

October 19, 2023
Celebrity magic johnson
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NBA Legend, Magic Johnson has stepped in to assist a historic Atlanta Black business get back on its feet. His life insurance company, EquiTrust, has now added Atlanta Life in its portfolio, per a report from the Atlanta Journal-Constitution. Atlanta Life is a Black insurance company with a 120-year history.

“Anytime a Black man can go from slavery to becoming a Black millionaire here in Atlanta,” Johnson said at an event in the city. “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.”

Alonzo Herndon, who founded the company, was Atlanta’s first Black millionaire after being enslaved. The company’s mission has always been to protect and advance underserved people. Atlanta Life has had some big names as clients including Rev. Dr. Martin Luther King Jr.

“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,” Johnson said in a statement. “We have a new vision and a new direction for Atlanta Life that honors the guiding principles upon which it was founded while reimagining it’s future.”