Black Firms to Share MIT Life Insurance Business, 1976

In March of 1976, MIT met with two of the nation's largest black-owned life insurance companies--North Carolina Mutual of Durham, NC and Supreme Life Insurance Company of America, of Chicago. Under their negotiated plan, the Institute would transfer 10% of its group life insurance coverage with John Hancock Company to the two firms. Chancellor Paul E. Gray said the move was part of MIT's commitment to help minority companies play a greater role in majority American businesses.