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Harvard agrees to have 45 million dollars of group life insurance insured by Black-owned companies.
1975 (Jun 10)
Harvard University announced that it had negotiated an agreement under which 20 percent of the university's $ 228 million in group life insurance was to be insured by the North Carolina Mutual Life Insurance Company and the Atlanta Life Insurance Company, the two largest Black-owned insurance companies in the nation. The total amount involved in the deals was approximately $45 million, with one half going to each company. A spokesman for Harvard, Walter J. Leonard, said "the agreement is a mutually beneficial one.... Our joint venture will not only enhance North Carolina Mutual Life Insurance Company's and the Atlanta Life Insurance Company's images as growing and strong companies, but it will, simultaneously, radiate Harvard's concern for the development and growth of stable and strong Black business enterprises."
References:
- • Hornsby, Alton. Chronology of African-American History: Significant Events and People from 1619 to the Present. Detroit: Gale Research, 1995.