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The Board agreed to maintain the current management fee rate paid Erie Indemnity Company by Erie Insurance Exchange at 25 percent, effective January 1, 2013.
and Erie Insurance Exchange was discovered by both based in Pennsylvania, violated parts of the Maryland Insurance Article related to notifying policyholders at least 45 days in advance of a premium increase.
Erie Insurance Exchange, and its affiliated P&C companies, continued to grow premium and improve its competitive positioning through the combination of careful agency selection and increasing its market penetration into existing territories of operation.
has commented that the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of "aa-" of Erie Insurance Group (Erie) and its members are unchanged following the announcement that Erie Indemnity Company (Erie Indemnity) [NASDAQ: ERIE] has entered into a definitive agreement with Erie Insurance Exchange (the Exchange) for the sale of Erie Indemnity's three wholly owned property/casualty subsidiaries--Erie Insurance Company, Erie Insurance Company of New York (Rochester, NY) and Erie Insurance Property & Casualty Company--to the Exchange for an aggregate purchase price equal to the subsidiaries' GAAP book value as of December 31, 2010.
Postema will be responsible for the investment strategies of Erie Insurance Exchange, its underwriting subsidiaries and Erie Indemnity Company.
Management fees are paid by Erie Insurance Exchange and are based upon the management fee rate, determined by Erie's board of directors.
com/prnh/20041112/ERIELOGO ) The Board agreed to maintain the current management fee rate paid Erie Indemnity Company by Erie Insurance Exchange at 25 percent, effective January 1, 2011.
Erie Indemnity is dependent upon management fees paid by Erie Insurance Exchange (Exchange), which represents its principal source of revenue.