Investor Relations News
Erie Indemnity Reports Second Quarter 2016 Results (View Webcast, Investor Supplement)
ERIE, Pa. - July 28, 2016 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending June 30, 2016. Net income was $61.3 million, or $1.17 per diluted share, in the second quarter of 2016, compared to $56.2 million, or $1.07 per diluted share, in the second quarter of 2015. Net income was $107.2 million, or $2.04 per diluted share, in the first six months of 2016, compared to $95.0 million, or $1.81 per diluted share, in the first six months of 2015. Revenue growth in both the second quarter and first six months of 2016 outpaced the growth in expenses.
NeCastro takes on CEO role at Erie Insurance
ERIE, Pa. - July 28, 2016 - Erie Insurance President & Chief Executive Officer Terrence W. Cavanaugh announced today that he will step down as CEO effective Monday, Aug. 1. Timothy G. NeCastro, who was previously selected as President & CEO-designate, will succeed him as Chief Executive Officer. Cavanaugh, who previously announced his intention to retire this year, will continue as President until Dec.31, 2016.
Erie Indemnity Company names Chief Financial Officer
Erie, Pa. - July 27, 2016 - Erie Indemnity Company (NASDAQ: ERIE) has appointed Gregory Gutting executive vice president and chief financial officer. Gutting has served as interim CFO since October 2015. In addition, Julie Pelkowski, who has been serving as interim controller since Gutting's appointment in October, was officially named senior vice president and controller. Both begin their permanent roles on Aug. 1, 2016.
Information about Erie Insurance
Erie Indemnity Company (“Indemnity”) (NASDAQ: ERIE) is a Fortune 500 company providing sales, underwriting and administrative services to Erie Insurance Exchange (the “Exchange”), a reciprocal insurance exchange. Through December 31, 2010, Indemnity operated as a property and casualty insurer through its three wholly-owned insurance subsidiaries. On December 31, 2010, Indemnity sold all of the outstanding capital stock of its three wholly-owned subsidiaries to the Exchange.
Erie Family Life Insurance Company (“EFL”) is an affiliated life insurance company that underwrites and sells nonparticipating individual and group life insurance policies and fixed annuities. On March 31, 2011, Indemnity sold its minority ownership interest in EFL to the Exchange. Since then, EFL has been a wholly-owned subsidiary of the Exchange.
All property and casualty and life insurance operations are now owned by the Exchange, and Indemnity continues to function as the management company. Indemnity, the Exchange, and the subsidiaries and affiliates of the Exchange, operate collectively as the “Erie Insurance Group” (The ERIE®).
With a network of independent Agents in 12 states and the District of Columbia, The ERIE seeks to insure standard and preferred risks, primarily in private passenger auto, homeowners and small commercial lines, including workers' compensation.
Read more about the history, progress and management of Erie Indemnity Company: