Early Life
George Joseph was born on September 11, 1921, in Beckley, West Virginia, to Lebanese immigrants. His father worked as a coal miner and storekeeper during the Great Depression. Joseph served in the United States Air Force as a B-17 navigator in World War II, completing approximately 50 missions over North Africa and Italy. He earned a degree in Physics and Mathematics from Harvard University in 1949.
Rise to Success
After graduating from Harvard, Joseph worked as a systems analyst at Occidental Life Insurance Company in Los Angeles. Recognizing an opportunity in the insurance industry, he founded Mercury Insurance in 1962. He aimed to offer flexible rates based on a driver's record and experience, an innovative approach at the time. Mercury grew into a major provider of auto, home, and property insurance.
Key Business Strategies
Joseph's key strategy was to offer cut-rate deals to safer-than-average drivers. This approach, combined with his understanding of actuarial science, allowed Mercury Insurance to thrive. He also advocated for reforming California's Proposition 103, which regulated the insurance industry, in favor of greater pricing flexibility.
Philanthropy
George Joseph is known for his philanthropy and has donated millions of dollars to various charitable organizations, including contributions to USC, Harvard University, Cal State Fullerton, Cedars-Sinai Medical Center and Good Samaritan Hospital.