George Joseph (insurer)

George Joseph (born September 11, 1921) is the founder of Mercury Insurance Group of Los Angeles.

For the Oregon politician and attorney, see George W. Joseph.
George Joseph
Born (1921-09-11) September 11, 1921
Beckley, West Virginia
EducationB.A. Harvard University
Occupationbusinessman
Known forfounder of Mercury Insurance Group
Net worth US$ 1.6 billion (March 2017)[1]
Spouse(s)married
Childrenfive

Early life and education

Joseph was born in Beckley, West Virginia, in 1921, the son of Lebanese immigrants.[2] His father worked as a coal miner and as a storekeeper. He served as a B-17 navigator in World War II, serving in some 50 missions.[2] In 1949, he earned a degree in Physics and Mathematics from Harvard University in 3 years on the GI Bill.[2]

Career

After he graduated, he took a job with the Occidental Life Insurance Company in Los Angeles as a systems analyst.[2] In the evenings, he sold life insurance door-to-door. Noting that many of his customers would inquire about other lines of insurance (auto, property) in addition to life, Joseph proposed for Occidental to expand its offerings. After being rebuffed in 1954, he left Occidental and started his own insurance agency in California that bundled the life insurance policies he was already selling with property and casualty insurance and automobile insurance policies.[2]

At the time, the automobile insurance industry was not flexible, with all drivers paying the same rate, regardless of their driving record or experience. Noting that, Joseph founded Mercury Insurance in 1962. Mercury offered auto insurance policies with differing rates, based on a driver's record and experience, a first in the industry.[2] Now in its fiftieth year, Mercury employs 4,000 agents and has $4 billion in assets.[2]

Joseph remains actively involved in the operations of Mercury Insurance as the Chairman of the Board, but the CEO of the company is now Gabe Tirador.

Political activities

Joseph was active in the opposition to California Proposition 103 which regulated providers of insurance to individuals in California. Proposition 103 requires insurance carriers to file rates and receive prior approval before using the rates, and required all insurance carriers to roll back rates 20%. Joseph fought to repeal parts of the law in 1993, based on the grounds that the law promoted increased litigation in the insurance industry and that the law restricted competitive actions by insurance carriers.

Personal life

Joseph is listed in the 2017 Forbes richest men in the world list, with an estimated net worth of US$1.6 billion[3]

References
  1. March 2017
  2. Mercury Insurance website: "George Joseph: Portrait of the American Dream" retrieved August 11, 2013
  3. "George Joseph". Forbes.
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