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Mercury was founded by George Joseph, who flew 50 World War II missions as a navigator before graduating from Harvard on the G.I. Bill in 1949. Joseph then spent more than a decade in the insurance industry before founding Mercury Insurance in 1961 as a low-cost alternative to larger insurance companies.
Mercury offered auto insurance policies with differing rates, based on a driver's record and experience, a first in the industry. [1] As of 2013, Mercury employs 4,000 agents and has $4 billion in assets. [1] Joseph remains actively involved in the operations of Mercury Insurance as the chairman of the board, but the CEO of the company is now ...
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In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
In total, the insurance commissioner made 34 allegations against Mercury Insurance. Lara’s team and Mercury will have to present evidence to an independent administrative law judge.
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Goldman was the plaintiff's attorney in Krumme vs. Mercury, a 2002 lawsuit in California. Both the trial court and the California Court of Appeal found for the plaintiffs that the insurance companies were mislabelling agents as independent brokers. The court upheld damages and attorney's fees. [7]
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