(Erie, Pa.) July 10, 2009 — Erie Insurance is once again being recognized on the list of Ward's 50 Group of top performing insurance companies. This is the 19th consecutive year Ward Group has conducted the analysis, and ERIE has been on the national list 12 times.
The Ward's 50 award analyzes the financial performance of 3,000 property and casualty companies and 800 life-health insurance companies and recognizes the top performers for achieving outstanding financial results in safety and consistency over a five-year period (2004-2008).
"This is a significant recognition for our property and casualty business. It affirms our commitment to a strong balance sheet and an operating model that allows us to meet our customers' needs," said Terrence Cavanaugh, ERIE president and chief executive officer.
The Ward's 50 analysis provides a detailed look at what makes a top performing insurance company. It highlights these companies as excelling at balancing expense management, technology deployment and customer service. A top performer must meet a five year consecutive operating history and follow a detailed list of financial criteria and metrics.
According to Jeff Rieder, President of Ward Group, "Volatility in the investment portfolios, economy and competitive landscape has forced companies to evaluate many of their business strategies. In selecting the Ward's 50, we identify companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results."
Ward is a consulting firm specializing in the insurance industry and leading provider of industry benchmarking and best practices services. For more information on the Ward's 50 Group of top performing companies, see Ward's Web site at www.wardinc.com.
The recognition follows Erie Insurance recently moving up three spots from 21 to 18 on A.M. Best's top 200 Property/Casualty Groups ranked by 2008 net premiums written. A.M. Best Company also affirmed the financial strength rating of A+ (Superior) of the Erie Insurance Group and its property/casualty members, Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Company of New York, Flagship City Insurance Company and Erie Insurance Property & Casualty Company. A.M. Best has also affirmed the financial strength rating of A (Excellent) of Erie Family Life. Only 10 percent of the ratings handed out by A.M. Best are Superior or better.
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 18th 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.
To learn more, visit www.erieinsurance.com.