Unable to afford an attorney, Nickerson studied law to determine the state's requirements to form a corporation to accommodate this need.
[1][2] On July 23, 1925, they opened as the Golden State Guarantee Fund Insurance Company in a one-room office at 1435 Central Avenue, Los Angeles, with few amenities and $17,800 in capital.
Within three years, Golden State Insurance had over 100 employees including sixty agents as well as branches in Pasadena, Bakersfield, San Diego and Fresno.
In 1949, Golden State Mutual opened its new headquarters at 1999 West Adams Boulevard in Los Angeles, which was designed by Paul Williams.
In 1962, when Beavers took on the added role as president of the National Insurance Association, it was apparent that something needed to be done to ensure the continued viability of black-owned businesses.
[5] On September 20, 2009, California Insurance Commissioner Steve Poizner placed Golden State Mutual into conservation after its surplus funds dropped below required minimum levels.
This included the ability to assume 100% of the Golden State Mutual policies, so that policyholders would be fully protected under the transaction while the remaining creditors and investors would have a much greater potential to be repaid.
He proposed starting a company collection in 1965 to celebrate the company's fortieth birthday, and with a small budget acquired over 200 works of art over the next twenty or so years, including works by Jacob Lawrence, Charles White, Betye Saar, Elizabeth Catlett, Richmond Barthé, Hale Woodruff, Charles Alston, Varnette P. Honeywood, David Hammons, Romare Bearden, John Biggers, Samella Lewis, Henry Ossawa Tanner and Willie Middlebrook.