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 inception and led Mercury for 45 years as CEO, ending his tenure at the helm in 2006. After stepping down as CEO, he remains executive chairman of the company.
During his tenure as CEO, Mercury grew from a small California insurance company with 6 employees and 90 agents to a large private passenger auto insurance underwriter. The company completed its public offering in 1985 and began expanding outside of California in 1989. Listed on the New York Stock Exchange in 1996. In 2006, the company’s written premiums exceeded the $3 billion mark.
Joseph has been recognized for his contributions throughout his career, including being named “Company Person of the Year” in 1987 by the Association of Professional Insurance Agents.
Joseph is also known for revamping California insurance law Proposition 33, which many insurers accused of forcing them to use outdated catastrophe models and preventing them from raising rates to better reflect the state’s growing wildfire risk.
In 2010 and 2012, he supported two insurance continuity initiatives aimed at changing the law, which he said would benefit consumers and create healthy competition among insurers. Although he personally invested more than $16 million in support of both initiatives, both failed.
Over the past year, efforts to amend Proposition 103 have achieved greater success. California Insurance Commissioner Ricardo Lara and the California Department of Insurance have been working to reform the state’s intervention process, in which groups or individuals are paid to intervene in rate hearings. It’s one of several changes to the law being made to address California’s growing homeowners insurance crisis.
Joseph grew up in Beckley, West Virginia, the son of Lebanese immigrants. During World War II, he served as a B-17 pilot and flew 50 missions. He later attended Harvard University under the GI Bill, graduating in 1949 with a degree in mathematics and physics.
Mercury’s Board of Directors has appointed Gabriel Tirador as Chairman of the Board of Directors, effective immediately. He will continue to serve as CEO.
Joseph’s son, Victor Joseph, 39, has served as Mercury’s president and chief operating officer since 2024. Joseph’s wife, Vicky Joseph, owns his Mercury General stock. She was elected to the company’s board of directors in 2021.
Joseph is survived by his wife, five children and ten grandchildren.
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