Mercury Insurance Founder Joseph Dies at Age 104
Article 0 Comments George Joseph, who founded Mercury General Corp. nearly 65 years ago, has died at age 104, the company announced this week. Joseph served as chairman from the company’s founding and led Mercury as CEO for 45 years, ending his time at the helm in 2006. After stepping down as CEO, he remained the company’s as executive chairman. George Joseph During his time as CEO, Mercury grew from a small California insurer with six employees and 90 agents into a large writer of private passenger automobile insurance. The company completed a public offering in 1985, and expanded beyond California beginning in 1989. It was listed on the New York Stock Exchange in 1996. The company’s written premiums broke the $3 billion mark in 2006. Joseph was recognized during his career for his contributions, including being named “Company Person of the Year” by the Professional Insurance Agents Association in 1987. Joseph was also known for his efforts to change Proposition 33, California’s insurance law, which many carriers have blamed for forcing them to use outdated catastrophe models and for keeping them from raising rates to better reflect the state’s growing wildfire risk. In 2010 and 2012, he backed two...