Golden State Mutual Life Insurance Company

Golden State Mutual Life Insurance Company. . , The Golden State Mutual Life Insurance Company was the largest African American owned insurance company in the Western United States, and a central pillar in the Los Angeles African American community for much of the 20th century. , , The company was founded by William Nickerson, Jr. (1879- 1945) the son of Texas farmers. Graduating from Bishop College he entered the insurance industry in 1905. When his efforts at voter reform in Houston were met with death threats, he relocated his family to Los Angeles in 1921. Even with the better conditions in the West, segregation still denied the city's 16,000 African Americans life insurance coverage. Mr. Nickerson sought to launch an insurance company that would insure all persons regardless of race. , , He engaged the help of Norman O. Houston (1893-1981) and George Beavers, Jr. (1891-1989) who subscribed the initial base of 500 policyholders. Despite numerous challenges, on July 23rd 1925, they opened as the Golden State Guarantee Fund Insurance Company in a one-room office at 1435 Central Avenue in Los Angeles. As the only real source of insurance for the African American community, the company quickly grew. Within three months the company had to relocate to larger quarters, and within three years the company had over 100 employees and several offices across the state. In 1928, using all African-American design and labor, the company built its second headquarters at 4261 Central Avenue in Los Angeles, now a historic-cultural monument. , , The company changed its name to the Golden State Mutual Life Insurance Company (or "GSM") in 1931 and continued to grow and thrive, even during the Great Depression when it began paying dividends. By the end of World War II the company had offices in several states and was the largest black-owned business west of the Mississippi. , , Throughout its history the company had a much larger role in the community than just as a business concern; it was a central part of economic and social life of the city's African-American community. In an era where opportunities for blacks were limited, the company provided middle-class jobs and prosperity that was otherwise unavailable. , , Generations of black professionals would begin their careers here and created lifelong networks. In addition, the business used its influence and political capital during the civil rights era, participating in numerous actions and voter drives. , , In a weeklong ceremony in August 1949, the company opened its new headquarters in the Golden State Mutual Life Insurance Building that this plaza overlooks. Designed by Paul Williams in the Late Moderne style, this office building was described as "...the finest building to be erected and owned by Negroes in the nation." It became an important hub and firmly marked the shift of the African American community from Central Ave to the West Adams district. Costing $965,000, the building was "planned around the way the company operates" and embodied the latest in mid-century technology and craft. The lobby is framed by twin murals by artist Charles Alston and Hale Woodruff representing African American contributions to the history of California. , , Starting in 1965, under the direction of William "Bill" Pajuad the company collected the largest U.S. collection of corporate owned African American art that included the work of notable artists such as Richmond Barthé, Hale Woodruff, Charles Alston, Varnette Honeywood, David Hammons and others. , , At its height in the 1980's, the company had over 300 employees, offices in 24 states and $4 billion in policies. However, in the post-civil rights era the major national carriers finally began to offer African Americans and others coverage and the company's influence began to slowly ebb. By 2009, the company was no longer solvent and it was forced to cease operations. Although the company is no longer with us, its social contributions, history and edifices are still very much part of Los Angeles' Legacy. , , In 2011, the Golden State Mutual Life Insurance Building became City of Los Angeles Historic-Cultural Monument number 1000. In 2014-2015, the building was renovated and this monument and surrounding plaza constructed to commemorate this institution, its building and its architect.