Arthur L. Williams Jr.
Art Williams | |
|---|---|
| Born | April 26, 1942 Cairo, Georgia, U.S. |
| Occupation(s) | Insurance executive, sports team owner |
| Known for | Founder of A.L. Williams & Associates (later Primerica Financial Services), owner of Birmingham Barracudas and Tampa Bay Lightning |
Arthur L. "Art" Williams Jr. (born April 26, 1942) is a prominent American insurance executive residing in Palm Beach, Florida. He established A.L. Williams & Associates, which was renamed Primerica Financial Services in 1991. Additionally, Williams had brief ownership stakes in the Birmingham Barracudas of the Canadian Football League and the Tampa Bay Lightning of the National Hockey League.
Early life and education
Williams was born in Cairo, Georgia and obtained a bachelor's degree in arts and sciences from Mississippi State University, followed by a master's degree in science from Auburn University. His early ambitions included pursuing a career as a professional football coach.
Career
Following the death of his father from a heart attack in 1965, Williams realized that their family’s insurance coverage was insufficient due to reliance on a whole life insurance policy. In 1970, after his cousin Ted Harrison introduced him to term life insurance—a more straightforward and affordable option seldom marketed beyond the industry—Williams identified a significant market gap. He began his career at ITT Financial Services before moving to Waddell & Reed in 1973, where he rose to regional vice-president responsible for six states.
Frustrated by corporate strategies that prioritized executives over clients and limited expansion potential, Williams left to launch A.L. Williams & Associates on February 10, 1977, starting with 85 associates. The firm championed the concept "Buy Term and Invest the Difference," encouraging consumers to replace whole life policies with term insurance. Under his guidance, the company quickly expanded to become the largest life insurance distributor in the United States, leveraging innovative weekly video conferences with more than 225,000 agents to cultivate a dynamic corporate culture centered on financial empowerment.
A.L. Williams eventually transformed into Primerica Financial Services.
Williams also accumulated considerable wealth through investments, notably owning 21 million shares of Citigroup as of 2007.
Expanding his business interests, Williams acquired and refurbished the Edwards Inn and Spa in Highlands, North Carolina, investing close to $40 million. By 2012, this property had achieved a ranking as the #4 hotel on Tripadvisor.
Birmingham Barracudas
Williams ventured into sports franchise ownership in 1995 by acquiring an expansion team in the Canadian Football League located in Birmingham, Alabama. He selected the Barracudas as the team name to establish a distinctive brand identity.
Although new to Canadian football, Williams viewed Birmingham as an attractive market due to Alabama’s strong football culture. Initial attendance was promising during summer months but declined sharply once NFL, NCAA, and high school football seasons commenced. To avoid direct competition with established programs like Alabama and Auburn, he obtained CFL approval for Sunday home games in September and October; however, fan turnout continued to drop. Williams invested approximately $10 million launching the Barracudas and faced substantial financial losses throughout their only season.
He publicly criticized various CFL regulations and advocated for rule modifications tailored to American audiences, including changes to field dimensions, gameplay adjustments more aligned with American football, and renaming the league to reflect its U.S. presence. Furthermore, Williams proposed shifting the league schedule to springtime to avoid overlapping with other major football competitions.
When these proposals were rejected by CFL officials, Williams consented to sell the Barracudas for $750,000 to Ark-La-Tex Football Association, which intended to relocate the franchise to Shreveport as a successor to the defunct Shreveport Pirates. Despite this arrangement, the league declined the sale and proceeded to eliminate all American teams prior to the start of the 1996 CFL season.
Tampa Bay Lightning
In 1998, Williams re-entered the realm of sports ownership by acquiring the National Hockey League franchise Tampa Bay Lightning from Kokusai Green for $117 million, outbidding Detroit Pistons proprietor William Davidson. Upon acquisition, he promptly tackled the team's $102 million debt and raised the player payroll by $6 million, facilitating the signing of established athletes such as Wendel Clark, Craig Janney, and Bill Ranford, a stark departure from the previous owner’s austerity measures.
Utilizing the first overall selection in the 1998 NHL Entry Draft, Williams chose Vincent Lecavalier, famously labeling him "The Michael Jordan of hockey." This remark attracted criticism for setting unrealistic expectations and exposed Williams’s limited familiarity with hockey. His lack of deep sport knowledge, combined with his Southern drawl and fundamentalist Christian beliefs, made him a frequent subject of mockery within NHL circles.
In his only season as owner, Williams dismissed general manager Phil Esposito and assistant GM Tony Esposito just two games into the 1998–99 campaign, granting head coach Jacques Demers full authority as both coach and GM. The team endured a ten-game losing streak early in the season and concluded with a 19–54–9 record, failing to qualify for the playoffs.
By spring 1999, persistent on-ice struggles, executive instability, and financial setbacks prompted Williams to retreat from active participation. He reportedly incurred a $20 million loss during that season alone and described the experience as deeply disappointing. Eventually, he sold the Lightning to Davidson for $115 million, $2 million less than his initial investment.
Wealth
In 1998, Williams played a pivotal role in revitalizing Liberty University in Virginia through a $70 million donation that cleared longstanding debts. This contribution primarily financed the construction of a new football stadium. Reflecting on this gift, he stated, "My wife and I always knew God wanted us to do something special with our money."
During the 2008 financial crisis, the value of his Citi shares—which he had obtained from selling Art Williams Insurance—declined by $800 million, significantly impacting his net worth. He pursued legal action over these losses but was unsuccessful.
Books
Williams authored five titles:
- Common Sense
- Pushing Up People
- All You Can Do Is All You Can Do, But All You Can Do Is Enough (a 1988 New York Times bestseller)
- The A. L. Williams Way
- Coach, The A. L. Williams Story
Speeches
His most renowned address, titled "Just Do It," was presented at the National Religious Broadcasters conference in 1987.