Erie Insurance Group

Erie Insurance Exchange began in 1925 when two salesmen for the Pennsylvania Indemnity Exchange, H.O. Hirt and O.G. Crawford, left to create their own insurance company. In three months and 20 days, the two convinced 90 stockholders to invest using a hand-written business plan, raising $31,000 to begin their own auto insurance company.{{cite web |title=Erie Insurance Historic Timeline |url=https://www.erieinsurance.com/about/Timeline.pdf |website=Erie Insurance |access-date=2018-06-04 |archive-url=https://web.archive.org/web/20120613015649/https://www.erieinsurance.com/about/Timeline.pdf |archive-date=2012-06-13 |url-status=dead }}

The Pennsylvania Insurance Department issued a license to the Erie Insurance Exchange as an automobile insurer, beginning operations on April 20, 1925. Erie Insurance Exchange was formed as a reciprocal and Erie Indemnity Company was formed as its managing company. The annual premium charge per auto was $34.{{cite web |title=One Thin Dime |publisher=Erie Insurance |access-date=2013-03-14 |url=https://www.erieinsurance.com/about/one-thin-dime-transcript.aspx |archive-url=https://web.archive.org/web/20130322002509/http://www.erieinsurance.com/about/one-thin-dime-transcript.aspx |archive-date=2013-03-22 |url-status=dead }}

Co-founder H.O. Hirt hoped to create a company built on service, developing the mantra "The ERIE is above all in sERvIcE," with the letters "E-R-I-E" raised out of the word "service". Customers, who were encouraged to call the company collect, could even expect the cofounders to answer the phone themselves. The company's first adjuster and full-time claims manager, Sam P. Black Jr., had a phone extension installed in his room at the local YMCA, offering 24-hour service to policyholders.

Erie Insurance created a type of auto policy in 1934 named the "Super Standard Auto Policy," that was used as a model for other insurance companies across the county.{{Cite web|title=ERIE History {{!}} Erie Insurance|url=https://www.erieinsurance.com/our-history|access-date=2021-04-15|website=erieinsurance.com|language=en}} The policy included extra coverage not seen in other policies during the 1930s such as "Drive Other Car" coverage and waiving collision deductibles between two ERIE-insured vehicles. The company later expanded into home, business and life insurance.

The company had an office only in Erie until 1928 when it expanded into Pittsburgh, Pennsylvania. Its footprint continued to expand, reaching outside of Pennsylvania and opening a branch campus in

Silver Spring, Maryland, in 1953.

Notable dates in company history:

Source:{{cite web |title=Corporate Profile |url=https://www.erieinsurance.com/investor/corporate-profile |website=Erie Insurance}}

• Erie Insurance Property & Casualty Company
• Flagship City Insurance Company
• Erie Insurance Company
• Erie Insurance Company of New York{{cite web |title=States Of Operation |url=https://www.erieinsurance.com/states-of-operation |website=Erie Insurance}}
• Erie Family Life Insurance Company

Erie Insurance corporate mark includes the company's name with a graphic of the cupola from the H.O. Hirt Building located in Erie, Pennsylvania. This design was introduced in the '90s, and updated in 2005.{{cite web |title=Erie Logo |publisher=Erie Insurance |access-date= 2018-06-04 |url=https://www.erieinsurance.com/our-history#92bc7b69-1f73-4fdc-a17c-b3f7f248a348 |website=Erie Insurance}}

Erie Insurance sells its products exclusively through a network of more than 2,200 independent agencies with more than 13,000 licensed agents.{{cite web|title=Erie Insurance Agents|publisher=Erie Insurance|access-date=2013-03-14|url=https://www.erieinsurance.com/about/careers-agents.aspx|archive-url=https://web.archive.org/web/20130330075144/http://www.erieinsurance.com/about/careers-agents.aspx|archive-date=2013-03-30|url-status=dead}} In a February 2013 interview with the Erie Times-News, CEO Terry Cavanaugh reaffirmed the company's commitment to this distribution channel while acknowledging the importance of also enabling customers to pay bills and file claims online.{{cite web |title=Erie Insurance Positions for Growth|publisher=Erie Times-News |access-date=2013-03-14 |url=http://www.goerie.com/article/20130217/ERIE2013/302179957/Erie-Insurance-positions-for-growth}}

In 2003, Erie Insurance made its debut on the Fortune 500 list. It currently ranks at number 368.{{cite web |title=Fortune 500 |url=https://fortune.com/fortune500/search/?name=Erie%20Insurance |website=Fortune |access-date=2022-07-18}}

In 2017, Erie Insurance earned the ACE (Achievement in Customer Excellence) Award in the Voice of the Customer category for claims service for the second consecutive year.{{cite web |title=Awards |url=https://www.erieinsurance.com/awards |website=Erie Insurance}}

In 2018, Erie Insurance became Erie County, Pennsylvania's largest employer with more than 2,800 employees locally.{{cite news |last1=Martin |first1=J |title=GE Transportation no longer Erie's top employer |url=http://www.goerie.com/news/20180525/ge-transportation-no-longer-eries-top-employer |access-date=2018-05-29 |agency=Erie Times-News |date=2018-05-29}}

Since 2013, Black EOE Journal{{cite web |title=Recognition List |url=https://www.blackeoejournal.com/recognition-lists/#1494961188705-89bb05f5-c0cd |website=Black EOE Journal|date=April 2024 }} and Hispanic Network Magazine{{cite web |title=Hispanic Network Magazine |url=https://www.hnmagazine.com/recognition-lists/#1494965555135-1458d528-4359 |website=Hispanic Network Magazine}} have awarded Erie Insurance the top insurance company.

Erie Insurance received a perfect score of 100 percent on the 2017 Corporate Equality Index, a national benchmark on corporate policies and practices related to LGBT workplace equality.

In the year 2018, Erie Insurance Group was named to Ward's 50 top-performing property-casualty insurers. Erie Insurance has made the Ward's 50 list since 1991.{{Cite web|url=https://www.erieinsurance.com/awards|title=Awards and Rankings {{!}} Erie Insurance|website=erieinsurance.com|language=en-US|access-date=2018-10-01}} Ward's 50 ranks property-casualty insurance companies based on their financial safety, consistency, and performance over a five-year period. The analysis is done on nearly 3,000 property-casualty insurers and 1,407 life-health insurers, out of which, Ward's 50 picks the top 50 U.S. based carriers.{{Cite journal|last=Greenwald|first=Judy|date=August 3, 1999|title=Ward's 50 set the mark for best insurer practices.|url=http://ezaccess.libraries.psu.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=2212120&site=ehost-live&scope=site|journal=Business Insurance|volume=33|pages=3|via=EBSCOhost}} Erie Insurance Group has also earned [http://www.ambest.com/home/ratings.aspx A.M. Best's] rating of A+ (Superior). Erie Family Life Insurance Company has earned A.M. Best's rating of A (Excellent). A.M. Best is a respected provider of financial ratings for insurance organizations.{{Cite web|url=http://ratings.ambest.com/CompanyProfile.aspx?ambnum=4283&AltNum=15734283|title=Erie Insurance Group - Company Profile - Best's Credit Rating Center|website=ratings.ambest.com|access-date=2018-10-01}}

In February 2020, Forbes recognized Erie Insurance as one of the best employers for diversity.{{Cite web|url=https://www.insurancebusinessmag.com/us/news/breaking-news/erie-insurance-named-top-diversity-employer-215011.aspx|title=Erie Insurance named top diversity employer|last=Smith|first=Ryan|website=Insurance Business|language=en|access-date=2020-02-28}}

In May 2012, it was announced that Erie Insurance had purchased the naming rights to Tullio Arena in downtown Erie, Pa. The arena was subsequently renamed Erie Insurance Arena.{{cite web |title=Tullio Arena to Become Erie Insurance Arena |date=2012-05-10 |last1=Flowers |first1=Kevin |last2=Martin |first2=Jim |publisher=Erie Times-News |access-date=2013-03-14 |url=http://www.goerie.com/apps/pbcs.dll/article?AID=2012305099873 |url-status=dead |archive-url=https://web.archive.org/web/20150519092320/http://www.goerie.com/apps/pbcs.dll/article?AID=2012305099873 |archive-date=2015-05-19}}

In 2018, Erie Insurance became the title sponsor of Roar on the Shore motorcycle rally,{{cite web |title=Roar on the Shore |url=http://roarontheshore18.com/ |website=Roar on the Shore |url-status=dead |archive-url=https://web.archive.org/web/20180728135803/http://roarontheshore18.com:80/ |archive-date=2018-07-28}} which is no longer running.{{cite web |title=Roar on the Shore 'will not continue' |date=2021-04-01 |website=TalkErie.com |url=https://talkerie.com/2021/04/01/roar-on-the-shore-will-not-continue |access-date=2022-07-18}}

{{Reflist}}

• {{Official|https://www.erieinsurance.com}}

{{Finance links

| name = Erie Indemnity Company

| symbol = ERIE

| reuters = ERIE.O

| bloomberg = ERIE:US

| sec_cik = 922621

| yahoo = ERIE

| google = ERIE:NASDAQ

}}

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Category:Auto insurance in the United States

Category:Insurance companies of the United States

Category:Financial services companies established in 1925

Category:Companies based in Erie, Pennsylvania

Category:Companies listed on the Nasdaq

Category:1925 establishments in Pennsylvania

Category:1995 initial public offerings