Erie, Pa. -- April 29, 2003 -- The shareholders of Erie Indemnity Company (Nasdaq: ERIE) today at their annual meeting elected as directors all of the nominees recommended by the nominating committee, expanding the board from 12 to 15 members. The persons elected to the board of directors are:
At the Board of Directors meeting immediately following the Annual Shareholders’ Meeting, the Board also re-elected the current executive management team of the Erie Insurance Group and re-elected F. William Hirt as chairman of the Board. The executive officers re-elected are:
In his remarks to shareholders, Bill Hirt acknowledged the fine work of directors, employees and agents, commending them on a successful year and recognizing the significant challenges the company and industry faced in 2002. He also commented on the company’s focus on underwriting profitability and expressed great confidence in employees’ and agents’ abilities to accomplish the desired goals.
Jeffrey A. Ludrof, president and CEO, echoed Hirt’s remarks, expressing absolute assurance in ERIE’s determination.
"Our success in 2002 stems from the fundamental values, objectives and purpose that have guided our company for nearly eight decades," said Ludrof. "Industry experts repeatedly note the advantage of companies like ours, companies that embrace a disciplined underwriting philosophy and a consistent pricing strategy. Our production growth in 2002 certainly supports that premise, and the success of our growth strategies puts us in a position to focus more fully on improved underwriting profitability."
Erie Indemnity Company provides management services to the member companies of the Erie Insurance Group, which includes the 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 17th largest automobile insurer in the United States based on direct premiums written and the 25th 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 3.5 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group ranked 454 on the FORTUNE 500.
News releases and more information about Erie Insurance Group are available at http://www.erieinsurance.com