Erie Insurance Group
| File:EIGlogo.png | |
| Public | |
| Traded as | NASDAQ: ERIE |
| Industry | Insurance |
| Founded | 1925 |
| Headquarters | Erie, Pennsylvania, United States |
|
Key people
|
Terrence W. Cavanaugh |
| Products | Property, Casualty and Life Insurance |
| Revenue | $6,271,000,000[1] (2013) from 2012 |
| $162,000,000[1] (2013) from 2012 |
|
| $163,000,000[1] (2013) from 2012 |
|
| Total assets | $16,676,000,000[1] at 2013-12-31 from 2012 |
| Total equity | $734,000,000[1] at 2013-12-31 from 2012 |
|
Number of 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.
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.[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 |
| Greg Gutting | Executive Vice President and Chief Financial Officer (Interim) |
| 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
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External links
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