George Joseph (born September 11, 1921) is an American billionaire businessman who is the founder of general-line insurance firm Mercury General Corporation of Los Angeles.
Joseph was born in Beckley, West Virginia, in 1921, the son of Lebanese immigrants.[1] His father worked as a coal miner and storekeeper. He served in the United States Air Force as a B-17 navigator in World War II, serving in some 50 missions.[1] In 1949, he earned a degree in Physics and Mathematics from Harvard University in 3 years on the GI Bill.[1]
Career
After he graduated, he took a job with the Occidental Life Insurance Company in Los Angeles as a systems analyst.[1] 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), 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.[1]
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.[1] As of 2013, Mercury employs 4,000 agents and has $4 billion in assets.[1]
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.[2]
References
^ abcdefgMercury Insurance website: "George Joseph: Portrait of the American Dream" retrieved August 11, 2013
george, joseph, insurer, oregon, politician, attorney, george, joseph, george, joseph, born, september, 1921, american, billionaire, businessman, founder, general, line, insurance, firm, mercury, general, corporation, angeles, george, josephborn, 1921, septemb. For the Oregon politician and attorney see George W Joseph George Joseph born September 11 1921 is an American billionaire businessman who is the founder of general line insurance firm Mercury General Corporation of Los Angeles George JosephBorn 1921 09 11 September 11 1921 age 101 Beckley West Virginia U S EducationHarvard University BA OccupationBusinessman in Insurance IndustryKnown forfounder of Mercury General CorporationChildren5 Contents 1 Early life and education 2 Career 3 Political activities 4 Personal life 5 References 6 External linksEarly life and education EditJoseph was born in Beckley West Virginia in 1921 the son of Lebanese immigrants 1 His father worked as a coal miner and storekeeper He served in the United States Air Force as a B 17 navigator in World War II serving in some 50 missions 1 In 1949 he earned a degree in Physics and Mathematics from Harvard University in 3 years on the GI Bill 1 Career EditAfter he graduated he took a job with the Occidental Life Insurance Company in Los Angeles as a systems analyst 1 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 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 1 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 1 As of 2013 Mercury employs 4 000 agents and has 4 billion in assets 1 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 EditJoseph 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 EditJoseph is listed in the 2017 Forbes richest men in the world list with an estimated net worth of US 1 6 billion 2 References Edit a b c d e f g Mercury Insurance website George Joseph Portrait of the American Dream retrieved August 11 2013 George Joseph Forbes External links EditHistory of Mercury George Joseph The World s Richest People Biography Retrieved from https en wikipedia org w index php title George Joseph insurer amp oldid 1142015713, wikipedia, wiki, book, books, library,
