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    Erie Indemnity Co (ERIE)

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    Erie Indemnity Company primarily serves as the attorney-in-fact for the subscribers at the Erie Insurance Exchange, a reciprocal insurer specializing in property and casualty insurance. The company is responsible for policy issuance, renewal services, and administrative tasks, including claims handling and investment management for the Exchange and its subsidiaries . Erie Indemnity's revenue is closely linked to the Exchange's performance, as it earns management fees based on a percentage of the premiums written by the Exchange, with a set rate of 25% for 2023 and 2024 . The Exchange's insurance offerings are divided into personal and commercial lines, with personal lines making up the majority of the business .

    1. Personal Lines - Comprises private passenger automobile and homeowners insurance, accounting for the majority of the direct and affiliated assumed written premiums.
    2. Commercial Lines - Includes commercial multi-peril, commercial automobile, and workers compensation insurance, contributing to the remaining portion of the business.
    NamePositionExternal RolesShort Bio

    Brian W. Bolash

    Executive

    Executive Vice President, Secretary, and General Counsel

    None

    Oversees legal, compliance, and corporate governance matters. Has been with ERIE since January 2016.

    Cody Cook

    Executive

    Executive Vice President, Claims

    None

    Joined ERIE in 2003. Promoted to EVP effective January 1, 2025.

    Douglas E. Smith

    Executive

    Executive Vice President, Sales & Products

    None

    EVP since November 2016. Oversees sales and product strategies.

    Julie M. Pelkowski

    Executive

    Executive Vice President and CFO

    None

    CFO since October 2024. Responsible for financial strategy and reporting.

    Lorianne Feltz

    Executive

    Executive Vice President, Claims & Customer Service

    None

    EVP since November 2016. Announced retirement effective May 30, 2024.

    Parthasarathy Srinivasa

    Executive

    Executive Vice President and CIO

    None

    Joined ERIE in April 2022. Leads IT and digital transformation initiatives.

    Sarah Shine

    Executive

    Executive Vice President, Experience and Customer Service

    None

    Joined ERIE in 2000. Promoted to EVP effective January 1, 2025.

    Sean D. Dugan

    Executive

    Executive Vice President, Human Resources and Corporate Services

    None

    Joined ERIE in 1992. Promoted to EVP in January 2023. Leads HR and corporate services functions.

    Timothy G. NeCastro

    Executive

    President and CEO

    Director at EFL, EIC, Flagship, ENY, EPC

    CEO since August 2016, with prior leadership roles at ERIE. Oversees overall strategy and operations.

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    Brian A. Hudson, Sr.

    Board

    Director

    Director at MidPenn Bank

    Director since 2017. Retired CEO of Pennsylvania Housing Finance Agency.

    C. Scott Hartz

    Board

    Director

    Managing Director of InRange Investor Group, LLC; Director of EMMA Health Technologies

    Director since 2003. Former Global CEO of PwC Consulting. Extensive experience in IT, cybersecurity, and investments.

    Elizabeth Hirt Vorsheck

    Board

    Director

    Co-Trustee of the H.O. Hirt Trusts

    Director since 2007. Granddaughter of ERIE's founder. Manages family business interests and charitable initiatives.

    Eugene C. Connell

    Board

    Director

    Independent Investor and Advisor

    Director since 2017. Former Chief Actuary and Chief Risk Officer at ERIE.

    George R. Lucore

    Board

    Director

    Managing Director of PAFLA Properties, LLC

    Director since 2016. Played a key role in ERIE's geographic expansion.

    J. Ralph Borneman, Jr.

    Board

    Director

    President, CEO, and Chairman of Body-Borneman Insurance & Financial Services LLC

    Director since 1992. Over 55 years of experience in the insurance industry.

    Jonathan Hirt Hagen

    Board

    Vice Chairman of the Board

    Co-Trustee of the H.O. Hirt Trusts

    Director since 2005. Grandson of ERIE's founder. Oversees majority voting stock of the company.

    LuAnn Datesh

    Board

    Director

    Vice President, General Counsel, and Corporate Secretary at Olympus Energy LLC

    Director since 2016. Extensive legal and corporate governance experience in the energy sector.

    Salvatore Correnti

    Board

    Director

    Director at Builders Insurance

    Director since 2018. Former CEO of a global asset management company managing over $120 billion.

    Thomas W. Palmer

    Board

    Director

    Of Counsel at Marshall & Melhorn, LLC

    Director since 2006. Expertise in business law, corporate governance, and financial reporting.

    1. Given that the Exchange's combined ratio remains high at 113.7% in Q3 despite significant rate increases, what specific underwriting measures are you implementing to improve profitability, and when do you anticipate these efforts will reflect in a lower combined ratio?
    2. With the Exchange's direct written premiums growing over 18% due to rate increases but policies in force growing only 6%, how are you addressing the risk of potential policyholder pushback or diminished retention in the face of rising premiums?
    3. Non-commission expenses have risen by 13.8% in Q3, driven by higher personnel costs and technology investments; can you elaborate on these increases and explain how they will enhance efficiency and profitability moving forward?
    4. Considering that your management fee revenue is heavily dependent on the Exchange's premium growth amidst its profitability challenges, how sustainable is your current revenue growth if loss cost pressures persist?
    5. Since it takes up to 24 months for rate increases to fully impact the combined ratio due to your 12-month policies, what strategies are you employing to mitigate this lag effect on profitability in the near term?
    Program DetailsProgram 1
    Approval Date2011
    End Date/DurationNo time limitation
    Total additional amount$150 million
    Remaining authorization$17.8 million
    DetailsRepurchases conducted in the open market or through privately negotiated transactions.
    CustomerRelationshipSegmentDetails

    Erie Insurance Exchange

    Sole customer; attorney-in-fact

    All

    Contributed 100% of Indemnity’s revenue in 2024, totaling $3,795.1 million. Accounts receivable was $707.1 million at Dec 31, 2024. Management fee is 25%.

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2003 PresentCurrent auditor

    No recent press releases or 8-K filings found for ERIE.