We have paid regular quarterly cash dividends since 1942. Our board of directors considers the declaration of cash dividends on a quarterly basis. The payment of future dividends, if any, will be at the discretion of our board of directors and will depend upon many factors, including:
- our earnings;
- our financial position;
- our capital requirements and those of our subsidiaries; and
- our ability to receive dividends from our subsidiaries, which is subject to regulatory limitations.
There can be no assurance as to the declaration of future dividends.
A reciprocal is an unincorporated group of persons known as subscribers who, under a common name, exchange insurance contracts with each other for the purpose of providing indemnity among themselves from losses through a common attorney-in-fact. Each subscriber gives a power of attorney under which the attorney-in-fact represents each subscriber in exchanging insurance contracts with the other subscribers. The Erie Insurance Exchange is a reciprocal insurer.
An attorney-in-fact is a legal entity (Erie Indemnity Company, a corporate attorney-in-fact) that is legally appointed by another (subscribers of the Erie Insurance Exchange) to transact business on its behalf.