Erie Insurance Group
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| Erie Insurance Group | |
|---|---|
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| Type | Public (NASDAQ: ERIE) |
| Founded | 1925 |
| Headquarters | Erie, Pennsylvania  |
| Key people | John J. Brinling, Jr., CEO |
| Industry | Insurance |
| Products | Property, Casualty and Life Insurance |
| Revenue | ▲ $1,124,950,000 (2005) |
| Employees | 4,400 |
| 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 CEO | Present |
[edit] Executive Office
| Executives | Title |
|---|---|
| Michael Krahe | Executive Vice President - Human Development and Leadership |
| Philip Garcia | Executive Vice President - Chief Financial Officer |
| Thomas Morgan | Executive Vice President - Insurance Operations |
| Jan VanGorder | Senior Executive Vice President- Law and Government Affairs |
[edit] By the Numbers
- ERIE has grown to include 4,400 employees and is represented by more than 7,000 professional independent ERIE agents from more than 1,750 agencies
- The company has approximately 4.2 million policies in force
Industry Rankings:
- 23rd largest property casualty insurer in the United States based on total lines net premiums written
- 15th largest property/casualty insurer in the United States
- Second largest auto insurer in Pennsylvania
- 425th largest U.S. corporate group, in terms of revenue, as ranked by Fortune magazine
- 120th largest life insurance company based upon admitted assets
Financial Stability:
- Erie Insurance Group rated Superior by A.M. Best Company
- Erie Family Life Insurance Company rated Excellent by A.M. Best
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