George Joseph, the founder of Mercury General Corporation and a longtime opponent of California’s Proposition 103, died on August 26 at the age of 104. He remained chairman of Mercury General, a publicly traded property and casualty insurer operating in 11 states, until his death. Forbes estimated Joseph's net worth at $2.6 billion.

Born on September 11, 1921, to Lebanese immigrant parents in Beckley, West Virginia, Joseph grew up in a coal mining town. He served as a navigator on a B-17 bomber during World War II before attending Harvard University on the GI Bill, where he completed degrees in mathematics and physics in just three years. He initially worked as an actuary with a life insurance company before transitioning to roles as a sales agent and broker.

In 1962, Joseph launched Mercury General with $2 million in capital, six employees, and 90 agents. His vision was to provide insurance coverage to all drivers within one company, using risk-based pricing that differentiated rates according to individual profiles rather than focusing on specific market segments. He emphasized the use of ZIP Codes as a key factor in assessing risk, a strategy that later fueled disputes in the industry.

Joseph became widely known for his opposition to Proposition 103, the 1988 California ballot initiative that instituted greater regulation on the insurance industry following a period of sharply rising auto premiums. Passed by a narrow margin of 51%, the measure mandated that a driver’s record, experience, and mileage be the primary determinants of insurance rates, minimizing the influence of geographic location. It also created the position of an elected insurance commissioner with authority to review insurance rates.

Proposition 103’s author, attorney Harvey Rosenfield, and Joseph maintained a decades-long rivalry over California’s insurance policies, reflecting their opposing views on regulation and free-market principles. Joseph backed competing measures aimed at amending or overturning Proposition 103, but these efforts were unsuccessful. In 2006, after proposing ballot initiatives to challenge Proposition 103, Joseph withdrew them following threats of countermeasures from consumer advocacy groups.

Joseph’s tenure also included regulatory challenges. In 2019, Mercury General settled a two-decade legal dispute with California regulators over fees charged from 1999 to 2004. State officials argued the fees, imposed through independent brokers, were effectively premiums disguised as lower costs to customers. Mercury maintained the fees were legal but agreed to a $41.2 million settlement, the largest of its kind in California history, after the state Supreme Court declined to hear the company’s appeal.

Joseph stepped down as Mercury’s CEO in 2006, passing leadership to a younger generation, but remained actively involved in the company for another 20 years. He is survived by his wife, five children, and 10 grandchildren. His son Victor Joseph currently serves as Mercury General’s president and chief operating officer.