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Erie Insurance Group

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Erie Insurance Group

Erie Insurance Group
Type Public
Traded as NASDAQ: ERIE
Industry Insurance
Founded 1925
Headquarters Erie, Pennsylvania, United States
Key people Terrence W. Cavanaugh (CEO)
Products Property, Casualty and Life Insurance
Revenue $6,271,000,000[1] (2013)
Increase from 2012
Operating income $162,000,000[1] (2013)
Increase from 2012
Net income $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
Employees More than 4,500
Website www.erieinsurance.com

Erie Insurance Group is an American multi-line insurance company, offering auto, home, commercial and life insurance through a network of independent insurance agents.

Erie Insurance Group's 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.

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.[2]

Important dates in company history:[3]
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”
1996 The company launches www.erieinsurance.com
2003 The company first debuts on the Fortune 500

Independent Agents

Erie Insurance sells its products exclusively through a network of more than 2,000 independent agencies with more than 10,000 licensed agents.[4] 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.[5]

Marketing and Sponsorships

Through most of its history, Erie Insurance marketed by word of mouth through its independent agents. In 2011, Erie Insurance began an advertising campaign called “Seriously Good” aimed at raising awareness of the brand and taking a more serious approach to insurance advertising. A 2012 Milwaukee Journal Sentinel article stated, “…Erie won’t use humorous ads. In fact, its billboard says: ‘Funny ads are great. Until you have a claim.’ ".[6]

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.[7]

ERIE Rate Lock

According to a 2012 Pittsburgh Post-Gazette article,[8] Erie Insurance offers a product called ERIE Rate Lock® which promises to hold a rate steady until the policyholder changes a driver, vehicle or home address. A source quoted in the article stated, “the price is guaranteed” even if the customer has an at-fault accident or a speeding violation. According to the article, this is the first product of its kind. ERIE Rate Lock is trademarked to Erie Indemnity Company[9] with a patent pending.[10]

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 – present

Executive Office

Executives [11] Title
Rick Burt Executive Vice President - Products
Marcia A. Dall Executive Vice President and Chief Financial Officer
Chip Dufala Executive Vice President - Services
Bob Ingram Executive Vice President and Chief Information Officer
John Kearns Executive Vice President - Sales and Marketing
Sean McLaughlin Executive Vice President - Secretary and General Counsel

By the Numbers

  • The company has nearly 4.9 million policies in force [12]

Industry Rankings:

  • 12th largest automobile insurer and 11th largest home insurer in the United States based on direct premiums written and 16th largest property casualty insurer in the United States based on total lines net premiums written
  • Second largest auto insurer in Pennsylvania
  • Erie Insurance Group is ranked among the 500 largest U.S. companies, in terms of revenue, by Fortune magazine in 2014.[13]
  • 111th largest life insurance company based upon admitted assets and 55th largest life insurance company based on net premiums

References

  1. ^ a b c d e "Erie Indemnity Company (ERIE) Company Financials".  
  2. ^ "One Thin Dime".  
  3. ^ "Erie Insurance Historic Timeline".  
  4. ^ "Erie Insurance Agents".  
  5. ^ "Erie Insurance Positions for Growth".  
  6. ^ "Erie Insurance Expands Marketing in Wisconsin".  
  7. ^ "Tullio Arena to Become Erie Insurance Arena".  
  8. ^ "Auto Insurers Get Creative to Attract Drivers".  
  9. ^ "Trademark Electronic Search System".  
  10. ^ "Seriously Good Insurance".  
  11. ^ "Erie Insurance Corporate Governance".  
  12. ^ "Company Profile of Erie Insurance".  
  13. ^ "Fortune 500, Erie Insurance Group".  

External links

  • Erie Insurance Group
  • Seriously Good Insurance
  • Erie Insurance

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