June 19, 2024
Atlanta Life Celebrates Juneteenth With Inaugural ‘Legacy Cup’ Event
Atlanta Life proclaims its largest connection to Juneteenth is derived from the freedom of African Americans.
For the first time, Atlanta Life Insurance Co. (ALIC) will celebrate Juneteenth in Georgia’s largest city with a financial commitment and community event.
Hailing itself as the nation’s last remaining Black-founded and Black-owned insurer, Atlanta Life is investing $15,000 to host its inaugural “Legacy Cup” in the Atlanta suburb of Buckhead on June 19. The company declares that the community event will be open to 300 people and include entertainment, food, drinks, and other activities to honor the holiday.
The company shared with BLACK ENTERPRISE that its goal is to raise $15,000 and hopefully more to donate to Booker T. Washington High School for afterschool programming.
EVENTS NEEDED TO CELEBRATE JUNETEENTH AND BLACK HISTORY
“There is a need for more events celebrating Juneteenth, and we want to make this an annual event that people look forward to,” says Paige Fenn, Atlanta Life’s community and public affairs director. “It will be a chance to highlight Black history and our culture through trivia and provide a space for partying with a purpose.” The plan is to promote the event on Instagram and LinkedIn.
Atlanta Life proclaims its largest connection to Juneteenth, derived from African Americans’ freedom. In fact, according to its website, the company has defined the principles of stakeholder capitalism and diversity, equity, and inclusion for over a century.
Atlanta Life was founded in 1905 by Alonzo F. Herndon, a formerly enslaved person who observed families without savings bury their lost loved ones. According to its website, ALIC became a vehicle for protection, generational financial security, and career employment for the country’s most at-risk citizens.
FREEDOM HELPED BLACK AMERICANS FLOURISH
With his freedom, Herndon reportedly became the first Black millionaire in Atlanta while helping many others in the community. “Mr. Herndon saw the need for life insurance at a time when Black lives were cut short due to racism and horrific conditions,” Fenn shared by email. “His actions allowed for better options and reprieve during the worst moments for families.”
She stressed that Juneteenth is a time to celebrate the freedom of the formerly enslaved and should also be seen as a movement to commemorate what followed that freedom. “We at Atlanta Life want to continue to honor the hard work, vision, and fortitude of our founder, and Juneteenth serves as a moment for us to highlight the achievements of others in the Black community as well.”
BLACK INSURERS, ONCE AMONG THE NATION’S LARGEST BUSINESSES
Atlanta Life was among those listed on the BE 100s list of the nation’s largest Black-owned businesses for several years. Others included North Carolina Mutual, Golden State Mutual, and Booker T. Washington Insurance. Yet, a changing marketplace and other headwinds in the last few decades were among the factors that contributed to Black insurers going out of business.
Atlanta Life Vice President Courtney Johnson says the insurer has evolved into a symbol of protection, generational security, and economic empowerment. “Today, we proudly continue this legacy as a thriving group reinsurance carrier dedicated to providing financial stability and growth for our community.”
POSITIONED FOR BUSINESS GROWTH
In October 2023, Atlanta Life was revived with an assist from NBA legend and entrepreneur Earvin “Magic” Johnson. According to a news release, Atlanta Life Holdings, a minority-owned insurance holding company, acquired the insurer. Also, Magic Johnson’s EquiTrust insurance company has partnered to support ALIC’s mission to create legacies and build wealth in Black communities, per ALIC’s website.
The company’s President and CEO, Eric Holoman, said, “We aim to serve as guardians of the community’s legacy and stewards of its future.”
A historic institution, Booker T. Washington High School stands to potentially gain from ALIC’s benevolence. It supposedly was the first public high school for African Americans in Georgia. “Much like Atlanta Life, it was the first of its kind and now needs a resurgence,” Courtney Johnson says.
“With our new leadership under Magic Johnson Enterprises, we have been given the opportunity for a fresh start, and it is our mission to grant the same opportunity to Washington High School.”
She also shared that ALIC offers essential coverage and helps insurers and governments manage risk, stabilize finances, and build long-term partnerships.
“Atlanta Life Insurance Company combines its unique social mission with strategic partnerships, reinsurance growth, and financial literacy initiatives to create a positive impact on communities and stakeholders.”
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