George Joseph, pioneering Mercury General founder, dies at 104

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Set us as preferred George Joseph came of age during the Great Depression, a calamity that left with him with a stated desire to always have plenty of work to do.The billionaire insurance executive was busy enough during a career that lasted more than 70 years, highlighted by his founding of Mercury General Corp., which became one of California’s largest property and casualty carriers.But the unyielding free market advocate likely became just as well known for his opposition to Proposition 103, the landmark 1988 insurance initiative that regulated the industry following a period of skyrocketing auto premiums.Joseph, a longtime Hancock Park resident, died Aug.26 at the age of 104.

He was still chairperson of Mercury General, which is publicly traded and operates in 11 states.Forbes estimated Joseph’s net worth at $2.6 billion.

“George Joseph was a lion of the industry,” said Brian Sullivan, executive editor of Risk Information.“He believed that good companies would make money.

Bad companies would fail.And consumers would get fair prices from fierce competition.” Business Talking car insurance with Mercury’s top manDetails of Joseph’s death were not released.

Company chief executive Gabriel Tirador was named to succeed him as chairperson.He was born on Sept.11, 1921 to Lebanese immigrant parents and raised in Beckley, W.

Va., a coal town where his father worked as a storekeeper and miner.He volunteered for military service during World War II and, with an affinity for math, served as a navigator on a B-17 bomber that saw heavy action.Joseph attended Harvard University on the GI bill and completed majors in math and physics in just three years.

He got a job as an actuary working for a life insurer and later became a sales agent and broker.In 1962, he started Mercury — named after the Roman god of speed a...