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George Joseph, born in 1921, is an American billionaire and the founder of Mercury General Corporation. His main source of wealth stems from the insurance industry. He served as a B-17 navigator in World War II and later earned degrees in physics and mathematics from Harvard University. Joseph founded Mercury Insurance in 1962, offering innovative auto insurance policies. With a net worth of $2.6 billion, he is consistently recognized as one of the oldest billionaires in the world.
George Joseph was born on September 11, 1921, in Beckley, West Virginia, to Lebanese immigrant parents. His father worked as a coal miner and storekeeper. During World War II, Joseph served in the United States Air Force as a B-17 navigator, completing approximately 50 missions. After the war, he earned a degree in Physics and Mathematics from Harvard University in just three years on the GI Bill.
After graduating from Harvard, Joseph worked as a systems analyst at Occidental Life Insurance Company in Los Angeles. He also sold life insurance door-to-door. In 1954, when Occidental rejected his proposal to expand its offerings to include other lines of insurance, Joseph left the company and started his own insurance agency in California. He 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. Through the years, Joseph served as CEO of Mercury General for 45 years, until 2006.
Joseph's strategy focused on offering low-cost auto and home policies. He targeted customers who had difficulty obtaining auto insurance. He also aggressively investigated suspicious claims.
George Joseph is known for his philanthropy and has donated millions of dollars to various charitable organizations.
Earned a degree in Physics and Mathematics.
Started an independent insurance agency in California after leaving Occidental Life Insurance Company.
Established Mercury General Corporation.
Donated to various charitable organizations.
