During segregation, many Black Americans were denied life insurance, home insurance, and business coverage from mainstream providers. This led to the rise of Black-owned insurance companies, which not only provided financial protection but also created jobs, strengthened local economies, and helped build generational wealth.
Founded in 1898 by John Merrick, a formerly enslaved man turned entrepreneur, North Carolina Mutual Life Insurance Company (NCM) became the largest Black-owned life insurance company in the U.S. At a time when major insurers refused to serve Black families, NCM provided essential coverage and played a pivotal role in shaping Durham’s "Black Wall Street," helping businesses and homeowners secure the insurance they needed to thrive. After more than a century of serving the Black community, NCM was ultimately sold in 2022, marking the end of its legacy as an independent Black-owned insurer.
In 1905, Alonzo Herndon, a formerly enslaved man who later became Atlanta’s first Black millionaire, established Atlanta Life Insurance Company. The company provided life insurance to Black families when mainstream insurers denied them coverage. Under Herndon’s leadership, Atlanta Life grew into one of the most successful Black-owned businesses in history, and it continues to operate today.
Founded in 1899 in Washington, D.C., National Benefit Life Insurance Company became a vital provider of insurance for Black policyholders in the early 20th century. Specializing in burial and life insurance, the company ensured that Black families had financial security for end-of-life expenses when few other options existed. National Benefit operated for nearly a century before winding down in the 1990s.
Many Black insurance companies didn’t just offer policies—they also played a major role in the Civil Rights Movement:
Financial Support for Civil Rights Leaders
Closing the Racial Wealth Gap
Today, Black professionals continue to shape the insurance industry, from agents and brokers to executives and policy advocates. Organizations like the National African American Insurance Association (NAAIA) work to increase representation, ensuring that the industry reflects the communities it serves.
As we celebrate Black History Month, it’s also a time to commit to financial empowerment and inclusion:
✔ Educate yourself and others on the importance of insurance in wealth-building.
✔ Support Black-owned businesses, including those in financial services.
✔ Ensure your coverage aligns with your long-term financial goals.
At Camargo, we believe that insurance is more than just protection—it’s a tool for empowerment. This month, and every month, we’re here to help individuals, families, and businesses secure their future with the right coverage.
If you have questions about your insurance needs, let’s connect.