EquiTrust Life, a life insurer controlled by Earvin “Magic” Johnson, is helping Atlanta Life Insurance Co. strengthen its operations.
A minority-owned insurance holding company bought Atlanta Life in January.
Atlanta Life announced Friday that it has formed a relationship with EquiTrust Life, a Chicago-based company with $26 billion in assets. EquiTrust Life has agreed to help Atlanta Life expand its product menu and reach.
Eric Holoman, the president and CEO of EquiTrust Life and a former president of Magic Johnson Enterprises, is now also serving as the president and CEO of Atlanta Life.
What it means: Atlanta Life, a 118-year-old Black-owned life insurer, now has backers with deep pockets.
The thinking: Johnson said EquiTrust is supporting Atlanta Life to support entrepreneurship and a Black-owned business.
Holoman said he believes that, run properly, a business like Atlanta Life can be a force for social good.