(Erie, PA) June 17, 2009 - A.M. Best has affirmed that the property/casualty affiliates of Erie Insurance Group have a Best's Rating of A+ (Superior). A.M. Best Co. is the leading authority on insurance companies. The affirmed rating keeps Erie Insurance Group in the highest category (Superior) for financial strength. Only 10 percent of the rating opinions issued by A.M. Best achieve this superior rating. Erie Family Life Insurance Company also had its Best's rating of A (Excellent) affirmed. The rating outlooks are stable for all companies.
"We are pleased that our continued outstanding financial condition has once again been acknowledged by A.M. Best," said Terrence W. Cavanaugh, Erie Insurance Group president and chief executive. "Now more than ever, people are looking for service and financial protection they can count on in this economy. Our operating and financial strength help us attract and retain more customers."
A.M. Best cited many positive reasons for ERIE's affirmed ratings, including the ERIE's consistently superior risk-adjusted capitalization, strong long-term operating performance and well-established regional market presence. A.M. Best acknowledged that ERIE's commitment to service contributed to its financial strength rating, stating: "The group benefits from the strength of its balance sheet, its high service reputation and agency partnering approach, which helps to strengthen agency loyalty. A.M. Best believes that ERIE maintains prudent risk management capabilities and continues to enhance its effective enterprise risk management process, which identifies measures and monitors existing and emerging risks."
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.
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 16th largest automobile insurer in the United States based on direct premiums written and the 21st 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 over 4 million policies in force and operates in 11 states and the District of Columbia.
News releases and more information about Erie Insurance Group area available at http://www.erieinsurance.com
1-800-458-0811 ext. 2128