Information AboutGeorge Joseph |
| CATEGORIES ABOUT GEORGE JOSEPH | |
| living people | |
| joseph, george | |
| 1921 births | |
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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 this 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 of the controversial 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 insurance carriers preventing their competitive actions. Aged 84, George Joseph is #698 on the Forbes rich list, with a net worth of $1.1bn. He still remains an active CEO of Mercury Insurance, however the President of the company is now Gabe Tirador. EXTERNAL LINKS |
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