ERIE, Pa. – March 13, 2003 – Erie Insurance Group announced today that it has received loss notification from approximately 6,600 policyholders as a result of severe ice, snow and flooding Feb. 14-18 and Feb. 21-23, 2003. At this time, Erie Insurance Group estimates the claims arising from these storms will result in incurred losses of approximately $25 million.
Erie Indemnity Company, the management company for the Erie Insurance Group, will incur pre tax losses in its underwriting operations of approximately $1.4 million. The storm losses equate to approximately $0.01 per share, after taxes.
Known for competitive rates and superior service, Erie Insurance Group is a leading property/casualty insurer in the United States. With more than 3.5 million policies in force, Erie Insurance Group includes seven companies operating in 11 states and the District of Columbia and is rated A++ (superior) by A.M. Best Company. Erie Indemnity Company (Nasdaq – ERIE) is the management company for Erie Insurance Group. Headquartered in Erie, Pa. since 1925, the ERIE provides auto, home, business and life insurance through more than 8,800 independent agents representing 1,750 agencies.
For more information and a listing of independent agents representing The ERIE in your community, visit the company’s Web site at http://www.erieinsurance.com