Early Life
George Joseph was born on September 11, 1921, in Beckley, West Virginia. His parents were Lebanese immigrants. Joseph's father worked as a coal miner and storekeeper. He grew up during the Great Depression and served in the United States Air Force as a B-17 navigator in World War II, completing approximately 50 missions. After the war, he attended Harvard University, earning a degree in Physics and Mathematics in three years on the GI Bill.
Rise to Success
After graduating from Harvard in 1949, Joseph worked as a systems analyst at Occidental Life Insurance Company. He observed that many customers were inquiring about insurance lines beyond life insurance. When his proposal to expand Occidental's offerings was rejected, Joseph left in 1954 and started his own insurance agency. In 1961, Joseph founded Mercury General Corporation. Mercury offered auto insurance policies with differing rates based on a driver's record and experience, an industry innovation at the time.
Key Business Strategies
Mercury General focused on offering affordable insurance to drivers. Joseph implemented a system of rate levels, which often provided discounts to drivers. The company emphasized scrutinizing insurance applicants, creating detailed driver classifications, and managing costs to a minimum. His company has grown to be one of the largest in the United States.
Philanthropy
George Joseph is known for his philanthropy and has donated millions of dollars to charitable organizations.