Black History: Special Delivery!!
The African Insurance Company was launched in 1850, in Philadelphia, Pennsylvania. Joseph Randolph served as its first president. The establishment of an insurance company by African Americans was a natural progression from mutual aid societies that had emerged just after the American Revolution. It was modeled after the Free African Society which was established in 1787. The African Insurance Company sought to address the needs of Philadelphia’s growing population of African American residents.
The company was in business for just three years, closing in 1813. It struggled in building its customer base. Despite its short existence, The African Insurance Company was seen as a role model for black insurance companies founded after the Civil War.
Du Bois, W.E.B., “Economic Co-operation among Negro Americans”, http://docsouth.unc.edu/church/dubois07/dubois.html##dub92.