Erie Insurance Group


Erie Insurance Group

Infobox Company
company_name = Erie Insurance Group
company_
company_type = Public (NASDAQ|ERIE)
foundation = 1925
location = Erie, Pennsylvania flagicon|USA
key_people = Terrence W. Cavanaugh (CEO)
num_employees = 4,250
industry = Insurance
products = Property, Casualty and Life Insurance
revenue = $1,132,291,000cite web |title=Erie Indemnity Company (ERIE) Company Financials |publisher=NASDAQ |accessdate=2008-08-01 |url=http://www.nasdaq.com/asp/ExtendFund.asp?selected=ERIE&symbol=ERIE] (2007) decrease 0.1% from 2006
net_income = $212,945,000 (2007) increase 4.4% from 2006
operating_income = $201,837,000 (2007) increase 1% from 2006
assets = $2,878,623,000 at 2007-12-31 decrease 5.3% from year earlier
equity = $1,051,279,000 at 2007-12-31 decrease 9.5% from year earlier
homepage = [http://www.erieinsurance.com/ 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. ERIE plans to start offering policies in Minnesota in late 2009.

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.

CEOs

Executive Office

By the Numbers

* The company has approximately 3.9 million policies in force

Industry Rankings:
* 16th largest automobile insurer in the United States based on direct premiums written 21st 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

References


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