Erie, Pa. - April 21, 2010 -- The shareholders of Erie Indemnity Company (NASDAQ: ERIE) at their annual meeting April 20, 2010, elected 13 nominees for the Company's Board of Directors for a one-year term. The persons elected to the Board of Directors (and their tenure on the Board) are:
At a meeting of the Board of Directors following the Annual Shareholders' Meeting, the Board approved a continuation of the stock repurchase program. Under the program, the Company may repurchase up to $100 million of its outstanding Class A common stock through June 30, 2011. This includes and is not in addition to any unspent amounts under the current program.
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 14th 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 4.1 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group ranks 484 on the FORTUNE 500.
Erie Insurance earned J.D. Power and Associates' award for "Highest in Customer Satisfaction with the Auto Insurance Shopping Experience." This recognition is based on the results of the 2009 Insurance Shopping Study, which evaluates the experience of customers purchasing a new auto insurance policy. Erie Insurance has also been recognized on the list of Ward's 50 Group of top performing insurance companies 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).
News releases and more information about Erie Insurance Group are available at http://www.erieinsurance.com.
Karen Kraus Phillips
814-870-4665 or 1-800-458-0811, ext. 4665