Erie Insurance Group

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Erie Insurance
Public
Traded as NASDAQERIE
Industry Insurance
Founded 1925
Headquarters Erie, Pennsylvania, United States
Key people
Timothy G. NeCastro
Products Property, Casualty and Life Insurance
Revenue $6,271,000,000[1] (2013)
Increase from 2012
$162,000,000[1] (2013)
Increase from 2012
$163,000,000[1] (2013)
Increase from 2012
Total assets $16,676,000,000[1] at 2013-12-31
Increase from 2012
Total equity $734,000,000[1] at 2013-12-31
Increase from 2012
Number of employees
More than 4,500
Website www.erieinsurance.com

Erie Insurance is an American multi-line insurance company, offering auto, home, commercial and life insurance through a network of independent insurance agents. As of 2014, Erie Insurance Group is ranked among the 500 largest U.S. companies, in terms of revenue, by Fortune magazine.[2]

Its geographic presence extends to 12 U.S. states and the District of Columbia, including Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Wisconsin. It also owns the naming rights to the Erie Insurance Arena in downtown Erie, Pennsylvania.[3]

History[edit]

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.[4]

Important dates in company history:[5]

Year Event
1925 Erie Insurance opens for business
1928 The company opens its first office outside Erie, Pa., in Pittsburgh
1953 The company opens its first branch outside of Pennsylvania in Silver Spring, Md.
1967 The Erie Family Life Insurance Company is founded
1995 Erie Insurance is listed on NASDAQ as “ERIE”
2003 The company is listed on the Fortune 500 list[citation needed]
2016 Erie Insurance denies an insurance claim to an autistic man and becomes national news[6]

Sales and Marketing[edit]

Erie Insurance sells its products exclusively through a network of more than 2,000 independent agencies with more than 10,000 licensed agents.[7] In a February 2013 interview with the Erie Times-News, CEO Terry Cavanaugh reaffirmed the company’s commitment to this distribution channel while acknowledging the importance of also enabling customers to pay bills and file claims online.[8]

In May 2012, it was announced that Erie Insurance had purchased the naming rights to Tullio Arena in downtown Erie, Pa. The arena was subsequently renamed Erie Insurance Arena.[3]

CEOs[edit]

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 2008 – 2016
Timothy G. NeCastro 2016 – Present

References[edit]

Coordinates: 42°07′49″N 80°05′01″W / 42.130373°N 80.083604°W / 42.130373; -80.083604