Merger By Design


INSURANCE COMPANIES list with $99.7 million in assets) is relying on its 2-year-old asset management business, Atlanta Life Investment Advisors (formerly ALIC Investment Advisors), which, at the time of this writing, had $58 million in assets under management. From 2002 to 2003, the insurer’s total income increased by $8.3 million or 13%.

Newly appointed president and CEO Ronald D. Brown says that Atlanta Life’s outlook for 2004 is positive, and the firm plans to continue its strategy of targeting institutional investors, endowments and foundations, and cross-selling among its existing clients.

Edward Irons, chairman of the board of the Herndon Foundation, the majority stockholder of Atlanta Life, says, “[Ron] brings the appropriate experience, judgment, and leadership skills to lead ALFG through this period of change.”

FINANCIAL SERVICES ELIGIBILITY
[B.E. Banks]
These are commercial banks or savings and loans that are classified by the Federal Reserve as black institutions and have been fully operational for the previous calendar year. An institution’s financial status is measured in terms of total assets, capital, deposits, and loans, including mortgage-backed securities for the calendar year. In compiling our list of the leading 25 institutions, we received surveys from black-owned institutions and consulted the Federal Reserve, state banking commissions, and industry associations.

[B.E. Insurance Companies]
A life insurance company must be at least 51% black-owned and have been fully operational for the previous calendar year. An institution’s financial status is measured in terms of total assets, life insurance in force, premium income, annuity income, net investment income, statutory reserves, and surplus. The top five insurance companies on our list sell individual and/or group life insurance policies. (No institution that is strictly in the business of selling property and casualty insurance has been included.) In compiling the list, we received surveys from these institutions, consulted the rating services, state regulatory agencies, and industry associations.

[B.E. Investment Banks]
An investment bank must be at least 51% black-owned and have been fully operational for the previous calendar year. The top 10 investment banks compiled on our list engage in such activities as underwriting, initial public offerings (IPOs), mergers and acquisitions (M&A), retail brokerage, institutional research and sales, and financial advisory services. A firm’s financial status is measured in terms of total dollar amount of issues derived from the underwriting of municipal and corporate bonds and equities for the calendar year. In addition to receiving surveys from these companies, we consulted Thomson Financial Securities data, which tracks investment bank transactions, reviews SEC filings, and serves as the industry standard for measuring such activities.

[B.E. Asset Managers]
An asset management firm must be at least 51% black-owned and have been fully operational for the previous
calendar year. The top 15 firms on our list include those that invest financial assets for individuals and institutions such as the pension funds of government agencies and corporations, and the endowments of colleges and universities. (Asset managers who specialize in real estate and other types of investment vehicles or operate hedge funds are not eligible for inclusion on this year’s list.) A firm’s financial status is measured


×