Magic Johnson will help build on the longstanding legacy of Atlanta Life Insurance Co.

Alonzo Herndon, once enslaved, birthed the company in 1905. The Atlanta Journal Constitution notes that he was a key factor in Atlanta, GA’s social and entrepreneurial success during this period, and he became the city’s first Black millionaire.

“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.

Per a news release, Atlanta Life Insurance Co. had been recently acquired by minority-owned insurance holding company Atlanta Life Holdings. The merger will preserve Herndon’s mission to aid underserved communities by “reimagining the power of its insurance business and providing financial security and protection.”

Johnson joins the team as a result of an agreement with his EquiTrust Life Insurance Co. to expand Atlanta Life’s offerings. His company is reported to hold $26 billion in total assets, as stated in the press release.

“Like The Herndons, we believe that businesses, if run the right way, can be a transformative force for social good,” Eric Holoman, president and CEO of Atlanta Life Insurance Co., explained in the news release. “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.”

Johnson said in the press release, “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 it’s future.”