Erie Insurance Group Overview

Erie Insurance Group

Introduction

With a humble start dating back to 1925, Erie Insurance Group according to its name is an insurance company created to provide and avail its customers with home, auto, business, and life insurance using a dedicated and committed network of independent insurance agents. According to a research-based fact, Erie Insurance Group is listed on the Fortune 500 list of largest corporations in the United States. The company ranks 347th position on the list. With a keen focus on delivering the best insurance service to its growing customer using its 6 million accumulated policies up to date, coupled with its 6, 000 human workforce, Erie Insurance Group has built a great feat for itself by becoming one of the leading insurance companies, as well as corporations in the entire United States.   Erie Insurance Group according to its name is an insurance company created to provide and avail its customers with home, auto, business, and life insurance using a dedicated and committed network of independent insurance agents.

In this piece, however, you would be shown a comprehensive and extensive overview of the company’s dealings and their aspects. As such, all relevant information detailing its historical background, its key facts, its affiliated brands and service locations, its financial overview, as well as its pros and cons would be concisely covered to enable you to understand the significant key major elements of the company as quickly as possible.

Key Facts

Existing Year: Founded in 1925, Erie Insurance Group has been existing for approximately 97 years

Staff Strength: Erie Insurance Group has over 6, 000 employees in its workforce

Industrial Rank: Ranked Best America’s Insurance Company by Forbes 2022. Ranked 347th position on Fortune 500 list of largest corporations in America; Rated A+ meaning “Superior” by A.M. Best.

Business Type: Public Corporation (PLC) 

Agent Strength: Over 13, 000 independent agents work with Erie Insurance Group

Trading: Erie Insurance Group trades on NYSE (NASDAQ) under the ticker name, ERIE

Founders: H.O. Hirt O.G Crawford

Market Reach: Erie Insurance Group Operates in 12 states, and Washing D.C.

Historical Snapshot

Headquartered in Pennsylvania, United States, Erie Insurance Group was founded in 1925 by H.O. Hirt, and O.G. Crawford, a two-salesman who was then working for Pennsylvania Indemnity Exchange but felt the urge to create their personal insurance company. Being committed to their duties as founders, H.O. Hirt, and O.G. Crawford was able to convince a total number of 90 stockholders to invest in their newly founded insurance business after three months and 20 days of its establishment. Their fundraising quest ultimately fetched them a total sum of $31, 000 USD which was then used to kick start their auto insurance firm.

On April 20, 1925, Erie Insurance was issued the operate as an automobile insurance company by the Pennsylvania Insurance Department. As a result, the license led to the formation of Erie Insurance Exchange, and alongside it was Erie Indemnity Company established to serve as its managing company. In that year, the company’s annual premium fee per auto was recorded as $34.

The company’s mantra which says “The ERIE is Above All in Service” was associated with its commitment as a customer-centric company influenced by its Co-founder, H.O. Hirt. It was recorded that during the early years of the company’s establishment, its full-time claims and first adjuster manager with the name,  Sam P. Black Jr., went beyond the call of duty by installing a telephone extension in his room while answering customer queries 24/7

In 1928, Erie Insurance began its expansionary move, as a result, it extends its market reach to Pittsburgh, Pennsylvania.

In 1934, Erie Insurance formulated a type of auto-related policy, and tagged it with the name, ‘Super Standard Auto Policy. This policy included several coverage areas which were not included in other insurance policies in that era (the 1930s), coverage as waiving and coverage collision deductibles between two insured vehicles by Erie tagged with the name “Drive Other Car” was one of them. As a result of its comprehensiveness, the policy later became a model used by other insurance companies located in the county.

Erie Insurance market tentacles continue to spread from shore to shore as it opens another branch campus in 1953 in Silver Spring, Maryland.

Transition with Date

The succeeding lines outline Erie Insurance Group’s transitions and notable dates since its inception.

In 1925, Erie Insurance Group was founded and opens for business operation in Pennsylvania, United States.

In 1928, Erie Insurance Group opens an office in Pittsburgh, the space marks its first ever office outside Erie in Pennsylvania.

In the year 1940, Erie Insurance Group integrated into its insurance services, fire insurance.

In the year 1943, Erie Insurance Group made available for its customers, Comprehensive Liability Coverage.

In 1953, Erie Insurance Group opens a branch outside Pennsylvania, in the axis of Silver Spring, Maryland.

In the year 1961, Erie Insurance Group introduces a program for some of its targeted clients under the name, Pioneer Home Protector program.

Similarly, in the year 1963, Erie Insurance Group again launched another program, however, this time, it was targeted at its business folks and was tagged with the name, Pioneer Business Protector.

In the year 1967, Erie Insurance Group founded The Erie Family Life Insurance Company.

In 1995, Erie Insurance Group is enlisted on NASDAQ as a subsidiary of the New York Stock Exchange market and trades under the ticker name, ERIE

In the year 2003, Erie Insurance Group got enlisted on the Fortune 500 list.

Erie Insurance Group has since 2013 become Black EOE Journal and Hispanic Network Magazine’s beneficiary of the Top Insurance Company Awards.

In the year 2015, Erie Insurance Group launched a technical learning center

In the year 2017, Erie Insurance Group won an Achievement in Customer Excellence (ACE) award for claims service in the Voice of the Customer category for the second time in a row. Similarly, in the same year, Erie Insurance Group received a complete score of 100 percent on the Corporate Equality Index 2017, on the basis that the company‘s policy embraces diversity and equality related to the LGBTQ communities. 

In 2018, Erie Insurance Group emerges as the largest employer in Erie County, Pennsylvania having more than 2,800 local employees as its workforce. Additionally, in the same year, Erie Insurance Group emerged as one of the top-performing property-casualty insurers on Ward’s 50 lists. The metrics used by Ward’s 50 were the company’s consistency, financial strength,  safety, and performance over a period of five years

In the year 2021, Erie Insurance Group launched the Thomas B. Hagen Building.

And finally, Erie Insurance Group was ranked by Forbes in 2020 as one of the best employers that embraces diversity, and also in 2022, Erie Insurance Group was again ranked by Forbes as the Best America’s Insurance Company.

Financials

The following outlined statement highlights the key financial position of Erie Insurance Group.

Revenue: 8.443 Billion USD

Profits: 551 Million USD

Total Asset: 23. 346 Billion USD

Total Equity: 10. 618 Billion USD

Affiliated Companies

ERIE FAMILY LIFE INSURANCE COMPANY

ERIE INSURANCE PROPERTY & CASUALTY

FLAGSHIP CITY INSURANCE COMPANY

ERIE INSURANCE COMPANY

ERIE INSURANCE COMPANY OF NEW YORK

Pros

Seasoned and Highly Experienced Staff: Erie Insurance Group has a team of professionals who are part of its workforce, and are committed to giving their most industrial skill set.

A Customer-centric Firm:  One of the major pros of Erie Insurance Group to its customer is that it is a 100% customer-focused company, as such, all its operations are geared towards making the customers happy.

Ranked for Quality: Rated by Forbes as America’s Best Insurance Company; Ranked by Ward’s 50 as the top performing property-casualty insurers; Ranked 347th on Fortune 500 list.

Dedicated and Committed to Sustainable Development: Erie Insurance is committed to giving its best in term of delivering its Corporate Social Responsibility (CSR) as it fosters and supports both social and environmental-oriented programs.

Comprehensive Coverage Option: Having been a pioneer of several new insurance coverages, Erie Insurance avails its customers of pool of coverage options to pick from.

Offers Benefits and Perks for Customers: Erie Insurance Group offers and avails its customers of several benefits and perks which are not given by other insurers.

Cons

Limited Market Reach: Erie Insurance Group has a limited market reach as its only available in 12 states of the entire federation.

Policy Rigidity: Erie Insurance Group’s policy compels customers willing to work with an agent in order to get a quote.

Conclusion

Finally, this piece has been able to address extensively what Erie Insurance Group is all about, beginning with a quick overview of the company’s key facts, to its historical snapshot, its transition stages and dates, its affiliated brands, its financial overview, and finally, its pros and cons. Therefore, with all of these sections comprehensively addressed for you to have an adequate insight of the company, I hope you are able to grasp all there is to know, and that this piece will by extension help you make a rational decision when it comes to choosing whether or not to deal with Erie Insurance, either as a prospective investor, customer, or employee.