Earvin "Magic" Johnson will be a controlling shareholder of an insurance company that's opening new offices in Illinois and creating about 200 jobs.
Gov. Pat Quinn and Chicago Mayor Rahm Emanuel announced in a statement Tuesday that EquiTrust Life Insurance Co. will open the first office in Chicago and add jobs throughout the year.
Johnson says the company has a good track record of helping people plan for retirement. The former NBA star is head of Magic Johnson Enterprises. In September, he launched an education initiative on Chicago's West Side.
Quinn calls Johnson a "corporate citizen" of Illinois and the move is a "win-win" for the state.
Iowa-based EquiTrust distributes fixed-rate and indexed annuities and life insurance.
Company Chief Executive Jeff Lange says Illinois has a vibrant business community.