Erie Insurance Group
| File:EIGlogo.png | |
| Company type | Public |
|---|---|
| Nasdaq: ERIE | |
| 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) from 2012 |
| $162,000,000[1] (2013) from 2012 | |
| $163,000,000[1] (2013) from 2012 | |
| Total assets | $16,676,000,000[1] at 2013-12-31 from 2012 |
| Total equity | $734,000,000[1] at 2013-12-31 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[update], 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
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] |
Sales and Marketing
Erie Insurance sells its products exclusively through a network of more than 2,000 independent agencies with more than 10,000 licensed agents.[6] 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.[7]
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
| 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
- ^ a b c d e "Erie Indemnity Company (ERIE) Company Financials". NASDAQ. Retrieved 2013-12-31.
- ^ "Fortune 500, Erie Insurance Group". Fortune Magazine. Retrieved 2014-10-03.
- ^ a b "Tullio Arena to Become Erie Insurance Arena". Erie Times-News. Retrieved 2013-03-14.
- ^ "One Thin Dime". Erie Insurance. Retrieved 2013-03-14.
- ^ "Erie Insurance Historic Timeline" (PDF). Erie Insurance. Retrieved 2013-03-14.
- ^ "Erie Insurance Agents". Erie Insurance. Retrieved 2013-03-14.
- ^ "Erie Insurance Positions for Growth". Erie Times-News. Retrieved 2013-03-14.