Erie Indemnity Company (NASDAQ: ERIE) announcedthat Terrence W. Cavanaugh, president and chief executive officer, will retireat the close of 2016. Cavanaugh shared the decision yesterday during a meetingof 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 percent.
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.