Southern Aid and Insurance Company
Encyclopedia
The Southern Aid and Insurance Company is an insurance company that was founded in 1893, just 28 years after the end of the Civil War
, by a group of black men (American men of African ancestry) in Richmond, Virginia
. The purpose was to furnish adequate and affordable insurance protection to African-Americans
. The company was the first chartered insurance company
organized by blacks in the United States and had the distinction of being the oldest black owned and operated insurance company in the nation. It was also the largest African-American insurance company in the United States at one time. The company's name was later changed to the Southern Aid Society of Virginia which was the forerunner of the Southern Aid Life Insurance
Company.
The Company’s President was Armistead Washington and Secretary was W. A. Payne.
The company wrote insurance for industrial life, accident and sick benefits insurance. They were licensed in New Jersey, Virginia and District of Columbia.
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
, by a group of black men (American men of African ancestry) in Richmond, Virginia
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
. The purpose was to furnish adequate and affordable insurance protection to African-Americans
African American
African Americans are citizens or residents of the United States who have at least partial ancestry from any of the native populations of Sub-Saharan Africa and are the direct descendants of enslaved Africans within the boundaries of the present United States...
. The company was the first chartered insurance company
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
organized by blacks in the United States and had the distinction of being the oldest black owned and operated insurance company in the nation. It was also the largest African-American insurance company in the United States at one time. The company's name was later changed to the Southern Aid Society of Virginia which was the forerunner of the Southern Aid Life Insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
Company.
The Company’s President was Armistead Washington and Secretary was W. A. Payne.
The company wrote insurance for industrial life, accident and sick benefits insurance. They were licensed in New Jersey, Virginia and District of Columbia.