Erie Insurance Group
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| Type | Public (NASDAQ: ERIE) |
|---|---|
| Founded | 1925 |
| Headquarters | Erie, Pennsylvania  |
| Key people | Terrence W. Cavanaugh (CEO) |
| Industry | Insurance |
| Products | Property, Casualty and Life Insurance |
| Revenue | $1,132,291,000[1] (2007) ▼ 0.1% from 2006 |
| Operating income | $201,837,000[1] (2007) ▲ 1% from 2006 |
| Net income | $212,945,000[1] (2007) ▲ 4.4% from 2006 |
| Total assets | $2,878,623,000[1] at 2007-12-31 ▼ 5.3% from year earlier |
| Total equity | $1,051,279,000[1] at 2007-12-31 ▼ 9.5% from year earlier |
| Employees | 4,250 |
| Website | www.erieinsurance.com |
Erie Insurance Group, (NASDAQ: ERIE) is a multi-line insurance company, offering auto, home, commercial and life insurance through a network of independent insurance agents. ERIE’s geographic presence extends to 11 states and the District of Columbia, including Illinois, Indiana, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Wisconsin.
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[edit] History
The Pennsylvania Insurance Department issued a license to the Erie Insurance Exchange as an automobile insurer in 1925 and operations began on April 20, 1925. Erie Insurance Exchange was formed as a reciprocal and Erie Indemnity Company was formed as its managing company. The annual premium charge per auto was $34. The founding purpose of the company was the same as it is today: "To provide our policyholders with as near perfect protection, as near perfect service as is humanly possible and to do so at the lowest possible cost." In 1940 the company added a new line—fire insurance— allowing independent agents to more fully depend on ERIE to fulfill the insurance needs of their customers. In September, 1967 the Erie Family Life Insurance Company was founded adding life insurance to the protection offered by ERIE Agents.
[edit] CEOs
| CEO | Years Served |
|---|---|
| H.O. Hirt | 1925 – 1976 |
| F.W. Hirt | 1976 – 1990 |
| Thomas B. Hagen | 1990 – 1993 |
| John M. Petersen | 1993 – 1996 |
| Stephen A. Milne | 1996 – 2002 |
| Jeffrey A. Ludrof | 2002 – 2007 |
| John J. Brinling, Jr. (interim) | 2007 – 2008 |
| Terrence W. Cavanaugh | present |
[edit] Executive Office
| Executives | Title |
|---|---|
| Marcia A. Dall | Executive Vice President - Chief Financial Officer |
| George R. Lucore | Executive Vice President - Field Operations |
| Chip Dufala | Executive Vice President - Erie Family Life Insurance Company |
| James J. Tanous | Executive Vice President - Secretary and General Counsel |
| Michael S. Zavasky | Executive Vice President - Insurance Operations |
[edit] By the Numbers
- The company has approximately 4 million policies in force
Industry Rankings:
- 16th largest automobile insurer in the United States based on direct premiums written 18th largest property casualty insurer in the United States based on total lines net premiums written
- Second largest auto insurer in Pennsylvania
- 488th largest U.S. corporate group, in terms of revenue, as ranked by Fortune magazine
- 121st largest life insurance company based upon admitted assets
[edit] References
- ^ a b c d e "Erie Indemnity Company (ERIE) Company Financials". NASDAQ. http://www.nasdaq.com/asp/ExtendFund.asp?selected=ERIE&symbol=ERIE. Retrieved 2008-08-01.
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