Business and Commerce

Insurance Companies

What black-owned insurance company was the first to have $100 million in assets?

The North Carolina Mutual Life Insurance Company, founded in Durham, North Carolina, in 1893, was the first black insurance company to attain $100 million in assets. The success of the company was largely due to the work of Charles Clinton Spaulding (1874–1952), who became general manager of the company in 1900 and was president from 1923 until his death. Born in Columbus County, North Carolina, he later moved to Durham and spent most of his life building the insurance company. He became one of black America’s most influential leaders.


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