George Joseph Net Worth

What is George Joseph's Net Worth?

George Joseph is an American businessman who has a net worth of $1.4 billion. He made his way to riches as the founder of Mercury Insurance Group of Los Angeles. Born on 11 September 1921 in Beckley, West Virginia, he was the child of a Lebanese immigrant family. In order to make ends meet, his father did various jobs ranging from coal mining to storekeeping. Being a young man during the World War II, George Joseph served as a pilot in the conflict, helping the air force in some 50 missions. In the post war period, he attended Harvard University and earned a degree in Mathematics and Physics. Upon graduation, Joseph managed to find a job as a systems' analyst at Occidental Life Insurance Company of Los Angeles. Still, he remained active in the evenings too, selling the company's insurance policies door-to-door.

Thus, he realized that people want to know about property and auto insurance beyond life insurance policies and proposed that Occidental expand its offerings. After his offer was openly rejected, he left the company in 1954 to start his own insurance provider, the Mercury Insurance Group. As a leader of Mercury, he proved successful in incorporating personal insurance policy together with automobile, casualty and property insurance. It may seem strange today, but it was a time when automobile insurance business was not as flexible as now. Vehicle owners were paying the same rate despite of their driving experience or record. Mercury insurance came to the auto insurance market with different rates based on the experience and driving record of the policy owner. Now, the company has an asset of $4 billion and more than 4000 agents are working for the company all around the United States. George Joseph is currently the Chairman of the board, whereas Gabe Tirador serves as Mercury's CEO.