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Erie Insurance Group: Wikis

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Erie Insurance Group
Type Public (NASDAQERIE)
Founded 1925
Headquarters Erie, Pennsylvania United States
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, (NASDAQERIE) 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.

Contents

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

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

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

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

References


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