Magic Johnson Enterprises, the Los Angeles-based conglomerate founded by pro basketball legend Earvin “Magic” Johnson, on Tuesday announced the completion of its acquisition of a majority, controlling interest in EquiTrust Life Insurance Co.  

The $14. 5 billion West Des Moines-based company last changed hands in 2011 when an affiliate of Guggenheim Partners purchased EquiTrust from FBL Financial Group Inc.

The acquisition makes EquiTrust Life the largest black-owned insurance company in the United States, according to Black Enterprise magazine, MJE said in a press release.

“EquiTrust provides MJE a tremendous platform to advocate for financial literacy and assist in creating job opportunities at every level,” said Earvin Johnson, the company’s chairman and CEO. “We will educate and emphasize the importance of life insurance for estate planning and annuities for retirement planning purposes,” he said. “It’s not only groundbreaking but continues my mission to invest in businesses where we can make a positive impact in the community.”

MJE acquired a greater than 60 percent stake in EquiTrust, which sells fixed-rate and indexed annuities and life insurance products through a national network of more than 23,800 independent agents.

Guggenheim Partners, the global investment and advisory firm, will continue to provide investment management services for EquiTrust.

The acquisition comes on the heels of MJE’s sale of Florida-based Simply Healthcare to Anthem Inc. in February. Simply Healthcare provides comprehensive Medicare and Medicaid benefit administration to Floridians, including a specialty plan for those living with HIV and AIDS. MJE said it increased that company’s membership ninefold to 270,000 members before selling it for 16 times its original investment, “paving the way for (MJE’s) deeper dive into the insurance and financial services community.”

Magic Johnson Enterprises’ more recent acquisitions have included the Los Angeles Football Club professional soccer team, as well as the Los Angeles Sparks basketball team and the Los Angeles Dodgers baseball team.

The company “serves as a catalyst for community and economic empowerment by making available high-quality entertainment, products and services that focus primarily on ethnically diverse and urban communities,” it said on its website.