2009 Annual Meeting Speeches

May 5, 2009

President and CEO Terrence W. Cavanaugh

Good morning everyone. I’m pleased that you could join us today.

Last year brought significant change to ERIE. As you know, I joined the company in late July, just before the turmoil erupted in our economy and we all began to feel the full impact of the financial crisis.

Some might say I picked an interesting time to become a CEO.  I can’t say I disagree with them.     

But even so, today, as I look back on our journey over the last twelve months, I can tell you that I’m more convinced than ever that I made the right choice to become a part of the ERIE team.

I knew coming in that Erie Insurance had some clear advantages over its competition. But once on board, I quickly discovered the biggest advantage -- the people who make this company real – ERIE Employees and Agents.

The commitment of ERIE Employees to this Company is pretty phenomenal. People here are engaged, motivated and willing to accept the new and different.

When you couple that with the intense loyalty and skill of ERIE’s independent agency force, you have the fundamental ingredients for success. Read the full speech

 

Executive Vice President and CFO Marcia A. Dall

Thank you, Terry, and good morning.

Today, I’ll review some key industry metrics and share some highlights of the results of The ERIE Property & Casualty Group and Erie Indemnity for 2008.  I will also provide a brief summary of our first quarter 2009 results.

So, I’ll start with a review of some of the key industry metrics.

Like other industries, the property & casualty insurance industry suffered from the impact of the financial market disruption and the economic downturn during 2008.  

The challenging economic environment coupled with a continued soft market caused net premiums written to be essentially flat. Read the full speech

 

 

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