George Joseph
Encyclopedia
George Joseph, founder of Mercury Insurance Group
of Los Angeles
, was born in West Virginia
in 1921. The son of a West Virginia restaurateur of Lebanese origin, he served as a B-17 navigator in World War II
, serving in some 50 missions, and then attended Harvard. After earning a degree in Physics and Mathematics from Harvard in 3 years (on the GI Bill) in 1949, he began selling life insurance
in Los Angeles, CA.
By day, he worked for Occidental Life, as a systems analyst and later as a salesman. By night, he sold life insurance door-to-door. In 1954, he left Occidental to open his own agency.
He eventually started his own insurance agency in California
selling both life insurance and property/casualty insurance
. Frustrated by the limitations of the insurance companies of the day only offering insurance for one type of client (i.e. "preferred" or "non-standard"), he founded Mercury Insurance in April 1962 to offer auto insurance policies for all the different types of drivers an independent insurance agency might have, thus eliminating an agent's need to have contracts with a multitude of different insurance carriers.
The company was founded in 1961 and George Joseph has been active as its leader during its entire existence. George 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%. George Joseph fought to repeal parts of this 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.
In 2006 George Joseph was listed with a net worth of $1 billion on the Forbes 400
. He still remains actively involved in the operations of Mercury Insurance as the Chairman of the Board, however the CEO of the company is now Gabe Tirador.
Mercury Insurance Group
Mercury Insurance Group is an American automobile and property insurance company founded by George Joseph in 1961. The company is headquartered in Los Angeles, CA.-History:...
of Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, was born in West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
in 1921. The son of a West Virginia restaurateur of Lebanese origin, he served as a B-17 navigator in World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, serving in some 50 missions, and then attended Harvard. After earning a degree in Physics and Mathematics from Harvard in 3 years (on the GI Bill) in 1949, he began selling life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
in Los Angeles, CA.
By day, he worked for Occidental Life, as a systems analyst and later as a salesman. By night, he sold life insurance door-to-door. In 1954, he left Occidental to open his own agency.
He eventually started his own insurance agency in California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
selling both life insurance and property/casualty insurance
Property insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main...
. Frustrated by the limitations of the insurance companies of the day only offering insurance for one type of client (i.e. "preferred" or "non-standard"), he founded Mercury Insurance in April 1962 to offer auto insurance policies for all the different types of drivers an independent insurance agency might have, thus eliminating an agent's need to have contracts with a multitude of different insurance carriers.
The company was founded in 1961 and George Joseph has been active as its leader during its entire existence. George 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%. George Joseph fought to repeal parts of this 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.
In 2006 George Joseph was listed with a net worth of $1 billion on the Forbes 400
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
. He still remains actively involved in the operations of Mercury Insurance as the Chairman of the Board, however the CEO of the company is now Gabe Tirador.