George Joseph (insurer)
George Joseph | |
|---|---|
| Born | September 11, 1921 Beckley, West Virginia, U.S. |
| Occupation(s) | Entrepreneur, businessman |
| Known for | Founder of Mercury General Corporation |
George Joseph (born September 11, 1921) is an American billionaire entrepreneur who established the Los Angeles-based general insurance company Mercury General Corporation.
Early life and education
Born in Beckley, West Virginia in 1921 to parents who immigrated from Lebanon, Joseph’s father was employed as both a coal miner and a storekeeper. During World War II, he served as a B-17 navigator in the United States Air Force, completing approximately 50 missions. Utilizing the GI Bill, he graduated from Harvard University in 1949 with a degree in Physics and Mathematics, completing his studies in just three years.
Career
Following his graduation, Joseph began working at Occidental Life Insurance Company in Los Angeles as a systems analyst while also selling life insurance door-to-door during evenings. Noticing customer interest in more comprehensive coverage, he suggested that Occidental expand its products to include auto and property insurance; however, his proposal was declined. Consequently, in 1954, he left to create his own agency that combined life insurance with property and casualty policies.
In 1962, Joseph launched Mercury Insurance, introducing the industry’s first differentiated auto insurance pricing based on drivers’ records and experience. By 2013, Mercury had grown to employ 4,000 agents and managed assets totaling $4 billion.
Joseph continues to serve as chairman of Mercury’s board, with Gabriel Tirador holding the position of CEO.
Political activities
Joseph opposed California Proposition 103, which required prior approval for insurance rates and mandated a 20% reduction. In 1993, he advocated for repealing sections of this legislation, contending that it led to increased legal disputes and limited competition among insurers.
Personal life
In 2017, Joseph was featured on the Forbes list of wealthiest individuals, with an estimated net worth of $1.6 billion.
External links
- Living people
- 1921 births
- Harvard University alumni
- American people of Lebanese descent
- Businesspeople from West Virginia
- United States Army Air Forces personnel of World War II
- Military personnel from West Virginia
- American businesspeople in insurance
- American billionaires
- American men centenarians
- United States Army Air Forces officers