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Erie Indemnity Co - ERIE STOCK NEWS

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Erie Indemnity Co. (NASDAQ: ERIE) is a prominent American insurance company headquartered in Erie, Pennsylvania. Established in 1925, the company initially focused on auto insurance but has since expanded to provide a comprehensive range of insurance products, including auto, home, business, and life insurance through a network of independent agents. Today, Erie Indemnity operates in 12 states and the District of Columbia, serving millions of customers with dedication and reliability.

Erie Indemnity Co. primarily manages services on behalf of the Erie Insurance Exchange, covering sales, underwriting, and policy issuance. The company's revenue is directly tied to the Exchange's performance, with a management fee typically set at 25% of the Exchange's premiums. Erie Insurance Exchange is well-regarded for offering automobile and homeowners insurance to individuals, along with multiperil, workers' compensation, and commercial automobile insurance for commercial clients.

Erie's financial stability is underpinned by disciplined underwriting, fair pricing, and a prudent investment approach. These principles have consistently earned the company superior ratings within the insurance industry. According to A.M. Best Company, Erie Insurance Group ranks as the 12th largest homeowners insurer, 12th largest automobile insurer, and 13th largest commercial lines insurer in the U.S. based on direct premiums written. The company is also a Fortune 500 entity and the 19th largest property/casualty insurer in the U.S. based on total lines net premium written, with an A+ (Superior) rating from A.M. Best.

Recent achievements include substantial financial growth. For the quarter ending September 30, 2023, Erie Indemnity reported a net income of $131.0 million, or $2.51 per diluted share, compared to $84.3 million, or $1.61 per diluted share, in the same quarter of 2022. The company's operating income before taxes increased by 39.4% year-over-year. Erie Indemnity's strategic initiatives also extend to innovation through Erie Strategic Ventures, which invests in startups like Wagmo, Roots Automation, and Trust & Will, focusing on tech-enabled solutions in pet wellness, AI-powered insurance operations, and digital estate planning.

The combination of a strong agency network, unwavering customer service, and robust financial health assures customers that Erie Indemnity Co. will be there when needed the most. Erie Indemnity continues to strive for excellence and growth, maintaining its legacy as a reliable and forward-thinking insurance provider.

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Erie Insurance shares essential safety tips for using outdoor patio heaters as more Americans seek outdoor comfort during winter. Key recommendations include maintaining a three-foot clearance around heaters, ensuring level placement, checking for gas leaks, and following lighting instructions safely. It's advised to keep a fire extinguisher nearby and never leave heaters unattended. Erie Insurance Group is a leading provider, ranked 11th among U.S. homeowners insurers, with an A+ rating from A.M. Best. Their services cover over 6 million policies across 12 states and D.C.

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Erie Insurance has shared essential tips for safe holiday shopping amid increased consumer spending, with Americans expected to spend an average of $998 this season, as reported by the National Retail Federation. Key recommendations include traveling light, parking in well-lit areas, driving cautiously, supporting local businesses, and safeguarding gifts in vehicles. Notably, Erie Insurance enhances its coverage by adding local gift card reimbursement of up to $250 for purchases made near the policyholder's residence, offering additional security during uncertain economic times.

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On December 8, 2020, Erie Indemnity Company (NASDAQ: ERIE) declared an increase in shareholder dividends and set the management fee rate at 25% for the period starting January 1, 2021. The quarterly cash dividend rises from $0.965 to $1.035 per Class A share and from $144.75 to $155.25 for Class B shares, marking a 7.3% increase. Additionally, a special cash dividend of $2.00 for Class A and $300.00 for Class B will be paid on December 29, 2020. The next regular dividend is payable on January 20, 2021.

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Erie Insurance, located in Erie, PA, highlights the importance of improving gas mileage to save on monthly budgets. The press release outlines five factors that negatively affect fuel economy: speed, idling, aerodynamic drag, poor maintenance, and quick trips. To enhance MPG, it recommends driving efficiently, maintaining the vehicle, combining trips, and considering more fuel-efficient cars. Additionally, Erie offers affordable car insurance options with quality coverage. The company ranks as the 11th largest homeowners insurer and 12th largest auto insurer in the U.S., with over 6 million policies in force.

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Erie Insurance highlights safety tips for using turkey fryers during Thanksgiving, emphasizing that this day sees the most home cooking fires. The company provides seven key tips including choosing the right size turkey, proper thawing, safe placement of fryers, and monitoring cooking closely. Erie Insurance, rated A+ by A.M. Best, is a significant player in the insurance industry, ranking 11th in homeowners and 12th in automobile insurance in the U.S. They recommend contacting an agent to ensure adequate homeowners insurance coverage.

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Erie Indemnity Company (NASDAQ: ERIE) reported its financial results for Q3 and the first nine months of 2020. Net income for Q3 was $89.2 million ($1.71 per diluted share), down from $94.2 million ($1.80 per diluted share) in Q3 2019. For the first nine months, net income stood at $230.5 million ($4.41 per diluted share), compared to $257.2 million ($4.92 per diluted share) in 2019. New business premiums increased by 10.4% in Q3 2020. However, operating income fell by 9.1% for Q3 and 5.4% for the first nine months, reflecting ongoing impacts from the COVID-19 pandemic.

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Erie Insurance emphasizes safe winter driving with essential vehicle maintenance tips. Key recommendations include ensuring tires have sufficient tread, checking wipers for visibility, using winter-grade washer fluid, and maintaining routine vehicle servicing. Additionally, proper alignment is crucial for advanced safety systems. The company, rated A+ by A.M. Best, is a leading insurer in the U.S., with over 6 million policies in force across 12 states. As winter approaches, Erie encourages drivers to adopt these practices for safety and suggests obtaining adequate auto insurance for protection.

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On October 12, 2020, Erie Insurance Group highlighted the potential downsides of cheap auto insurance policies through their press release. While low monthly rates attract customers, they often lead to higher out-of-pocket expenses in the event of an accident. Key risks include financial liability for repairs and medical bills, fewer coverage perks, and less personalized insurance services. Erie also provided nine strategies to save on premiums without compromising coverage, such as multi-policy and multi-car discounts, safety savings, and accident forgiveness options.

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Erie Indemnity Company (NASDAQ: ERIE) will conduct a pre-recorded audio webcast on October 30, 2020, at 10 a.m. Eastern Time to discuss its third-quarter financial results. The press release detailing these results will be issued after the market close on October 29, 2020. Interested parties can access the audio on the company's Investor Relations website. Erie Insurance, rated A+ (Superior) by A.M. Best, is the 11th largest homeowners insurer and operates in 12 states and DC.

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Erie Insurance (NASDAQ: ERIE) announced senior leadership changes effective October 22, 2020, following the retirement of Chris Zimmer, senior vice president of Claims, after 29 years at the company. Cody Cook, previously senior vice president of Personal Products, will take over Claims. Ruben Fechner, formerly senior VP of Business Application & Support, will become senior VP of Personal Products. David Edgerton is promoted to senior VP of Information Technology, after serving as VP of Personal Lines Technology. Erie Insurance operates in 12 states and is rated A+ (Superior) by A.M. Best.

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FAQ

What is the current stock price of Erie Indemnity Co (ERIE)?

The current stock price of Erie Indemnity Co (ERIE) is $529.47 as of October 10, 2024.

What is the market cap of Erie Indemnity Co (ERIE)?

The market cap of Erie Indemnity Co (ERIE) is approximately 27.7B.

What services does Erie Indemnity Co. provide?

Erie Indemnity Co. manages sales, underwriting, and issuance of policies on behalf of the Erie Insurance Exchange.

In which states does Erie Indemnity Co. operate?

Erie Indemnity Co. operates in 12 states and the District of Columbia, from New York to North Carolina and from Wisconsin to Tennessee.

What types of insurance does Erie Indemnity Co. offer?

The company offers auto, home, business, and life insurance through a network of independent agents.

How is Erie Indemnity Co. performing financially?

Erie Indemnity Co. reported a net income of $131.0 million in the third quarter of 2023, a significant increase from $84.3 million in the third quarter of 2022.

What is Erie Strategic Ventures?

Erie Strategic Ventures is the venture capital arm of Erie Insurance, investing in startups related to the insurance value chain and adjacent sectors.

How does Erie Indemnity Co. ensure financial stability?

The company adheres to disciplined underwriting, fair pricing, and a prudent investment philosophy, earning consistently superior ratings.

What ratings does Erie Indemnity Co. have?

Erie Indemnity Co. is rated A+ (Superior) by A.M. Best and is a Fortune 500 company.

Where can I find more information about Erie Indemnity Co.'s financial results?

Financial results and news releases are available on Erie Indemnity Co.'s website at www.erieinsurance.com.

Who are Erie Indemnity Co.'s main clients?

The company serves individuals with automobile and homeowners insurance and commercial clients with multiperil, workers' compensation, and commercial automobile insurance.

What is the company's investment philosophy?

Erie Indemnity Co.'s investment philosophy focuses on prudence, aiming to support long-term financial stability and consistent growth.

Erie Indemnity Co

Nasdaq:ERIE

ERIE Rankings

ERIE Stock Data

27.72B
46.19M
45.52%
36.82%
1.34%
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