Founder Of LA-Based Mercury General Dies At 104

LOS ANGELES, CA — George Joseph, who founded Los Angeles-based Mercury General Corporation and led the insurance company for more than four decades, has died at age 104, the company announced Wednesday.

Joseph founded Mercury, which sold its first insurance policy in 1962. He served as chairman from the company's founding and as chief executive officer for 45 years, stepping down as CEO in 2006 and remaining executive chairman.

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Under Joseph's leadership, Mercury grew from a California insurer with six employees and 90 agents into what the company described as the state's largest independent agency writer of private passenger automobile insurance.

Mercury completed a public offering in 1985, began expanding outside California in 1989 and was listed on the New York Stock Exchange in 1996. The company's written premiums surpassed $1 billion in 1997 and $3 billion in 2006.

Joseph was raised in Beckley, West Virginia, during the Great Depression, the son of Lebanese immigrants. He volunteered for military service in 1941 and served as a B-17 navigator during World War II, flying 50 missions, according to Mercury.

Following the war, Joseph attended Harvard College on the GI Bill and graduated in 1949 with a degree in mathematics and physics.

Mercury said Joseph founded the company with an emphasis on using mathematics, actuarial practices and data to establish insurance rates for a broader range of drivers.

"I hope I'll be remembered for the contribution I've made to the insurance industry, and the changes Mercury has pioneered that have led to billions of dollars in savings for consumers," Joseph once said, according to the company.

Following Joseph's death, Mercury's board appointed CEO Gabriel Tirador as chairman, effective immediately. Tirador, 61, has served as the company's CEO since 2007 and will continue in that position.

"George Joseph built Mercury on the belief that customers deserved quality insurance, fair pricing and personal service," Tirador said. "He was an innovative leader who created more flexible, quality insurance products that served a larger share of society."

Tirador added, "We mourn his passing, celebrate his extraordinary life, and will honor his legacy by staying true to the principles he established."

Joseph's son, Victor Joseph, 39, has served as Mercury's president and chief operating officer since January 2024 and was elected to the company's board that year. He has worked at Mercury since 2009.

Joseph's wife, Vicky Joseph, who has served on Mercury's board since 2021, has assumed ownership of her husband's Mercury General stock, according to the company.

Joseph is survived by his wife, five children and 10 grandchildren.

City News Service