Life insurer gets Magic touch
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Earvin “Magic” Johnson has added a life insurer to his long list of business slam dunks.
The former Los Angeles Lakers point guard’s Beverly Hills, California-based investment firm, Magic Johnson Enterprises, has acquired a controlling stake in $14.5 billion dollar Chicago-based EquiTrust Life Insurance Co. from Guggenheim Partners, Magic Johnson Enterprises said Tuesday in a statement.
A spokeswoman for Magic Johnson Enterprises declined to disclose the terms of the deal.
EquiTrust, which manages more than $14 billion in assets, distributes fixed-rate and indexed annuities and life insurance through a national network of more than 23,800 independent agents, according to the statement.
As part of the deal, Magic Johnson Enterprises has taken a 60% interest in the insurer, the investment firm said.
EquiTrust CEO Jeffrey Lange will continue in his role, and EquiTrust’s approximately 140 employees will remain with the company, the spokeswoman said.
New York-based financial services firm Guggenheim Partners will continue to provide investment management services for EquiTrust, according to the statement.
“EquiTrust provides MJE a tremendous platform to advocate for financial literacy and assist in creating job opportunities at every level. We will educate and emphasize the importance of life insurance for estate planning and annuities for retirement planning purposes,” said Mr. Johnson, CEO and chairman of Magic Johnson Enterprises. “It’s not only groundbreaking, but continues my mission to invest in businesses where we can make a positive impact in the community.”
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