Magic Johnson is helping return a historic Black back to its former glory.
The NBA legend and business mogul recently announced that he is a beneficial owner of the Atlanta Life Insurance Company, a staple in the city dating back 120 years. Johnson’s life insurance company EquiTrust, which has acheived $26.1 billion in assets, now has Atlanta Life in its portfolio, per a report from the Atlanta Journal-Constitution (AJC).
“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 a recent event in Buckhead.
The company was founded by Alonzo Herndon who became Atlanta’s first Black millionaire after being enslaved for the early part of his life. Since inception, the company has ventured to protect and advancing underserved people. Atlanta Life famously held the life insurance policy of Rev. Dr. Martin Luther King Jr.
AJC notes the new ownership comes after the company’s decade-long decline after being a beacon of success for many years. 13 years ago, decided to sell its headquarters on Auburn Avenue, a bustling area in Atlanta.
“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”