Erie Indemnity Company (Indemnity) is managing attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a subscriber owned, reciprocal insurer, which writes property and casualty insurance. Indemnity's function is to perform services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange. This is done in accordance with a subscriber's agreement (a limited power of attorney) executed by each subscriber (policyholder), which appoints Indemnity as their common attorney-in-fact to transact business on their behalf and to manage the affairs of the Exchange. It operates in four segments: management operations, property and casualty insurance operations, life insurance operations and investment operations. On March 31, 2011, Indemnity sold its 21.6% ownership interest in Erie Family Life Insurance Company (EFL) to the Exchange.
|Headquarters||100 Erie Insurance Place|
ERIE, PA, United States 16530
|Independent Chairman of the Board||Thomas Hagen|
|President, Chief Executive Officer, Director||Terrence Cavanaugh|
|Chief Financial Officer, Executive Vice President||Marcia Dall|
|Executive Vice President, Chief Information Officer||Robert Ingram|
|Executive Vice President, General Counsel, Secretary||James Tanous|
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|Shares Out.||46.7M||Book Value||$13.69|
|Annual Dividend Rate||$2.37||Price/Sales (TTM)||0.7|
|Ex-Div Date||7/2/13||P/Cash Flow (TTM)||--|
|Pay Date||7/2/13||Operating Margin||14.40%|
*GAAP = prior to non-GAAP analyst adjusted earnings.