Business and Commerce

Insurance Companies

What was the first black-owned insurance company in the United States?

The African Insurance Company of Philadelphia, founded in 1810, is the first known black insurance company. It was not incorporated, but had capital stock in the amount of $5,000. Its president was Joseph Randolph; treasurer, Carey Porter; and secretary, William Coleman. In 1931, Alexander and Company General Insurance Agency of Atlanta, Georgia, established by Theodore Martin Alexander Sr. (1909–2001), was the first black-owned and black-controlled general insurance brokerage and risk management agency in the South. It eventually grew to be the largest.


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