Erie Insurance Group
Encyclopedia
Erie Insurance Group, 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
.
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.
Industry Rankings:
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
company, offering auto, home, commercial and life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
through a network of independent insurance agents.
ERIE’s geographic presence extends to 11 states and the District of Columbia, including Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
and Wisconsin
Wisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...
.
History
The Pennsylvania Insurance Department issued a license to the Erie Insurance Exchange as an automobile insurerVehicle insurance
Vehicle insurance is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom...
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
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
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 |
| Chip Dufala | Executive Vice President - Services |
| John Kearns | Executive Vice President - Sales and Marketing |
| 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 4.3 million policies in force
Industry Rankings:
- 13th largest automobile insurer in the United States based on direct premiums written 19th 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 2011.
- 119th largest life insurance company based upon admitted assets