“Market Cap $3.72 B As of May 2014
At a Glance
- Industry: Diversified Insurance
- Founded: 1925
- Country: United States
- CEO: Terrence Cavanaugh
- Website: www.erieinsurance.com
- Employees: 4,450
- Sales: $6.12 B
- Headquarters: Erie, Pennsylvania
#1821 Global 2000
- #1438 in Sales
- #1199 in Assets
Erie Indemnity Co. is a multi-line insurance company. It offers auto, home, business and life insurance through its network of independent insurance agents. The company’s primary function is to perform certain services for the exchange related to the sales, underwriting and issuance of policies on behalf of the exchange. Erie Indemnity also operates as a property and casualty insurer through its wholly owned subsidiaries, Erie Insurance Co., Erie Insurance Co. of New York and Erie Insurance Property and Casualty Co. The company operates its business through four segments: Management Operations, Property and Casualty Insurance Operations, Life Insurance Operations and Investment Operations. The Management Operations segment consists of indemnity serving as attorney-in-fact for the exchange, as indemnity provides services to the Exchange relating to the sales, underwriting and issuance of policies. The Property and Casualty Insurance Operations segment includes personal and commercial lines. Personal lines consist primarily of personal auto and homeowners and are marketed to individuals. Commercial lines consist primarily of commercial multi-peril, commercial auto and workers compensation and are marketed to small- and medium-sized businesses. The Life Insurance Operations segment includes traditional and universal life insurance products and fixed annuities marketed to individuals using the same independent agency force utilized by the property and casualty insurance operations. The Investment Operations segment performance is evaluated based upon appreciation of assets, rate of return and overall return. Erie Indemnity was founded by Henry Orth Hirt and Ollie G. Crawford in April 4, 1925 and is headquartered in Erie, PA.“
“About Erie Indemnity
Who is Erie Insurance? We’ve been helping people make things right since 1925, working side-by-side with the best insurance Agents in the business.
We’re not one to boast, brag or bombard you with billions of dollars of advertising. Ever since our founder H.O. Hirt coined the phrase, “Above all in SERVICESM,” our approach has been simple: overwhelm our Customers with fantastic service and great value. In short, let their satisfaction do the talking.
For more than 85 years, Erie Insurance has been fulfilling its promise to Customers to provide auto, home, business and life insurance rooted in the principles of honesty, decency, service, and of course, affordability. We offer products that protect you without surprises.
Our vast network of independent insurance Agents serve more than 4 million insurance Customers in 11 states and the District of Columbia. With our Agents, we continue to carry out the company’s founding purpose:
“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.”
Our Customers know we’ll go the extra mile to help them with their insurance coverage and recover after a loss. Perhaps, that’s why more than 90 percent of Customers stay with ERIE, year after year.
If you’re not already an ERIE Customer, contact an Agent today to get the insurance coverage that’s best for you. We promise to give you the protection you need and the service you expect — all at a great price.”
*Information from Forbes.com and Erieinsurance.com
**Video published on YouTube by “Erie Insurance“