African Americans Inward The Insurance Business: Supreme Freedom Life Insurance Co.

Photo: Supreme Liberty Life Insurance Co. Chicago 15, Illinois

Multigraph Division, Stock Room, HOME OFFICE (ca. 1950, postcard)

The Supreme Life Insurance Company (formerly Liberty Life Insurance Company) was the showtime Black owned in addition to operated insurance companionship inwards the northern United States. 

FAIR INSURANCE POLICIES FOR BLACKS IN CHICAGO

Frank L. Gillespie was an Arkansas-native in addition to insurance agent for Royal Insurance Company. He speedily noted the inferior lineament life insurance policy provisions offered African Americans by the White-owned insurance agency. The Supreme Liberty Life Insurance Co. (also referenced to equally Supreme Life Insurance Company) was incorporated inwards 1919 past times an investment grouping headed past times Gillespie. The first Black-owned insurance agency outside of the U.S. southern states offered  African Americans a ameliorate lineament life insurance than offered past times White-owned agencies of the time. 

 

By 1921, Gillespie raised $100,000 to issue life insurance policies to Chicago's African American residents. The master offices for the young firm were set-up inwards a store-front in addition to instant floors of what was therefore known as Roosevelt State Bank. It is a two-story commercial edifice structure located at what when therefore referred to equally the corner of 35th Street in addition to South Parkway (now Dr. Martin Luther King, Jr. Drive or known past times the natives equally King Drive).

Photo: The Supreme Life Building (Chicago)

(3501 S. King Drive, cir. 1985)

Located inwards the Black Metropolis-Bronzeville Historic District of Chicago, the historic Supreme Life Building was built inwards 1921 past times architect Albert Anis. In 1924, Supreme Life Insurance Co. bought the consummate banking company edifice at 3501 S. King Drive. The Supreme Life companionship fully operated the structure from 1919 to 1962. It was designated a Chicago Landmark on September 9, 1998. 

PROSPERING IN BRONZEVILLE

By 1925, the companionship had written more than $5 meg inwards insurance policies in addition to opened branch offices inwards Michigan, Kentucky, Missouri, in addition to Washington D.C. It was 1 of the few Black insurance companies to hold upwards the Great Depression. After the Great Depression, Supreme Life expanded into 1 of the nation's largest minority insurance companies.

Photo: Supreme Liberty Life Insurance Co.

Chicago, Illinois (ca. 1950, postcard)

Photo: Main Lobby - Supreme Life Insurance Co.

3501 South Parkway, Chicago Illinois (ca. 1950, postcard)

In 1960, the National Insurance Association (NIA) had 46 members. The 46 insurance companies across the acre were owned in addition to operated past times African American businessmen. Collectively, they had $1.65 trillion (not a typo) inwards insurance policies inwards force. The Supreme Life Insurance Company of America was the 3rd largest Black life insurance companionship inwards the acre at the time. In 1960, NIA was belongings $300 million in assets. See Abner, III, David, "Some Aspects of the Growth of Negro Legal Reserve Life Insurance Companies, 1930-1960" (Indiana University 1962 doctoral thesis), p. 65, 172.

Currently inwards Chicago, African-American operated insurance companies include Insurance Brokers Inc., which operates its Chicago home-branch offices at locations on both Chicago's southward side in addition to N side. Insurance Brokers was founded past times the Jamaican-born employment concern human in addition to long-time Chicago native Herbert Witter. It offers various policies inwards Florida, Georgia, Illinois, Indiana, Pennsylvania. The W.A. George Insurance Agency is too a Black owned and operated bonded insurance agency  in Chicago in addition to was established inwards 1972 past times Mercedes George.

While the master NIA organization no longer exists, the National African-American Insurance Association (NAAIA) currently operates equally national association for Blacks inwards the insurance business. The Chicago chapter of NAAIA is quite active.