George Joseph (insurer)
George Joseph | |
|---|---|
| Born | September 11, 1921 Mercury General Corporation |
| Children | 5 |
George Joseph (born September 11, 1921) is an American billionaire businessman who founded the general-line insurance firm
Mercury General Corporation in Los Angeles
.
Early life and education
Joseph was born in
G.I. Bill.[1]
Career
After he graduated, he took a job with the
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
- ^ a b c d e f g Mercury Insurance website: "George Joseph: Portrait of the American Dream" retrieved August 11, 2013
- ^ "George Joseph". Forbes.