Pa. (Oct. 23, 2015) – Erie Indemnity Company (NASDAQ: ERIE) announced
that Terrence W. Cavanaugh, president and chief executive officer, will retire
at the close of 2016. Cavanaugh shared the decision yesterday during a meeting
of the Board of Directors.
“The generous timeframe around Terry’s decision allows the Board to
provide a thoughtful and effective transition of leadership,” said Chairman of
the Board Thomas B. Hagen. “Equally important, it allows us to maintain our
dedicated focus on protecting and serving our customers, and supporting our
agents and employees for the long-term.”
Erie Indemnity Company provides management services
to the member companies of the Erie Insurance Group, which includes Erie
Insurance Exchange, Flagship City Insurance Company, Erie Insurance
Company, Erie Insurance Property and Casualty Company, Erie Insurance Company
of New York and Erie Family Life Insurance Company.
A native of Chicago, Cavanaugh joined Erie Insurance
in 2008 after a 33-year career with the Chubb Group of Insurance Companies. Under
his leadership, Erie Insurance has grown property and casualty direct written
premium by more than 45 percent and increased policyholder surplus by 60
Cavanaugh currently serves as the chair of the Board of Governors of
Property Casualty Insurers Association of America (PCI). He is also on the
Pennsylvania Workforce Investment Board and boards of the American Institute
for CPCU and Insurance Institute of America.
Cavanaugh also serves on the Board of Directors of
Highmark, a diversified health and wellness system based in Pittsburgh, Pa.,
and the third largest integrated health delivery and financing network in the
nation. In Northwest Pennsylvania, where ERIE’s headquarters are located,
Cavanaugh provides board leadership for a number of community organizations.
About Erie Insurance
According to A.M. Best Company, Erie Insurance
Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer
and 12th largest automobile insurer in the United States based on
direct premiums written and the 16th largest property/casualty insurer
in the United States based on total lines net premium written. The
Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million
policies in force and operates in 12 states and the District of
Columbia. Erie Insurance Group is a FORTUNE 500 company, a Barron's
500 company and has been recognized by Forbes as one of America's 50 Most
Trustworthy Financial Companies.
News releases and more information about Erie
Insurance Group are available at www.erieinsurance.com.