Ms. Procope said, in an e-mail statement, that she was very honored to receive the recognition, but added that the award also recognizes the accomplishments of the firm's employees.

"Overcoming many barriers, we have successfully entered the mainstream of the American economy to build a strong, vibrant company," she said.

Ms. Procope founded E.G. Bowman 50 years ago, in 1953, as a storefront insurance agency in the Bedford-Stuyvesant section of Brooklyn, N.Y. The firm moved to its current location on Wall Street in 1979.

The firm has been recognized over the years as the nation's largest minority-owned and woman-owned insurance brokerage firm. It serves the insurance and risk management needs of many of America's largest corporations including PepsiCo, Philip Morris, Tiffany, AOL Time Warner and Pfizer from its Wall Street office.

Ms. Procope's past honors include, Turner Broadcasting System's "2002 Trumpet Award," Ernst & Young's "Entrepreneur of the Year," The U.S. Small Business Administration's "Small Business Person of the Year," and the Institute for Community Development's "Community Leadership Award." In 1972 she was named "Woman of the Year" by first lady Patricia Nixon.

The induction ceremony will take place June 21, at the Renaissance Hotel in Cleveland.

The event, sponsored by Race for Success, Inc., raises funds for a permanent museum preserving the rich history of African American business achievement.

Race for Success is a non-profit organization responsible for developing the African American Business Hall of Fame and Museum. The group was founded by business people concerned with promoting African American entrepreneurial excellence.