Erie Indemnity Co - ERIE STOCK NEWS

Erie Insurance has emerged as the leader in Independent Agent Satisfaction for the second consecutive year, as ranked by the J.D. Power 2022 U.S. Independent Agent Satisfaction Study. ERIE scored 838 on a 1,000-point scale, significantly higher than the industry average. The company excelled across all six key satisfaction factors including claims process and support. With over 13,000 licensed agents, ERIE continues to expand its agency network and is actively recruiting in multiple states. This recognition underscores ERIE's long-standing commitment to its agents, enhancing its competitive edge in the personal lines insurance market.

On January 25, 2023, Erie Indemnity Company (NASDAQ: ERIE) announced a pre-recorded audio webcast to discuss its fourth quarter and year-end 2022 financial results. The webcast is scheduled for February 24 at 10 a.m. Eastern Time, with a press release detailing the results to be issued after market close on February 23. Investors can access the audio via the company’s Investor Relations website or through a phone registration link. Erie Indemnity is recognized as a leading insurer in the U.S., ranking 11th in homeowners insurance and 13th in both automobile and commercial lines insurance.

Erie Insurance suggests homeowners consider four resolutions for 2023 to enhance safety and security. These include knowing emergency shut-off valves, replacing worn washer and dryer hoses, ensuring smoke detectors are functional, and preparing for severe weather. As a leading insurer, Erie provides tailored solutions to meet unique home protection needs. Erie Insurance ranks as the 11th largest homeowners insurer and has over 6 million policies in force.

Erie Insurance (NASDAQ: ERIE) announced the appointment of Julie Pelkowski as the new executive vice president and chief financial officer, effective May 1, 2023. She takes over from Greg Gutting, who is retiring on April 30. Pelkowski has been with ERIE for 25 years and currently serves on the Executive Council. She previously led the Enterprise Office and has a strong track record in finance. Under her leadership, the company aims to strengthen its financial position further.

Erie Insurance (NASDAQ: ERIE) has promoted Sean Dugan to executive vice president of Human Resources and Corporate Services, effective January 1, 2023. Dugan, a 30-year veteran of the company, previously served as senior vice president of Human Resources. His extensive background includes roles in personal lines underwriting, technical training, and corporate HR. Dugan is expected to lead the HR function along with Corporate Services, Strategic Communications, and Privacy teams. Erie Insurance ranks as the 11th largest homeowners insurer and operates in 12 states and the District of Columbia.

Erie Insurance provides essential safety tips for homeowners traveling during the holiday season. With many Americans leaving home, the risk of theft and damage increases. Key recommendations include sharing travel itineraries, arranging mail collection, managing snow removal, using timers for lights, adjusting thermostats, shutting off the water main, unplugging unused electronics, and preparing a winter emergency kit. Erie Insurance emphasizes the importance of reviewing insurance coverage for valuables before traveling. As a recognized leader in home and auto insurance, Erie operates in multiple states, serving over 6 million policies.

On December 6, 2022, Erie Indemnity Company's Board of Directors approved a management fee rate of 25% for Erie Insurance Exchange, effective January 1, 2023. Additionally, the Board announced a quarterly dividend increase from $1.11 to $1.19 per Class A share and from $166.50 to $178.50 per Class B share, reflecting a 7.2% rise. The next dividend payment is scheduled for January 20, 2023, to shareholders on record as of January 5, 2023, with an ex-dividend date of January 4, 2023. Erie Indemnity has consistently paid dividends since 1933.

Erie Insurance has launched a new coverage option called Extended Water, addressing the gap in standard homeowners insurance regarding flood damage. This coverage protects against damages from natural disasters, sewer backups, and offers financial assistance for flood avoidance measures, up to $10,000. With floods being the most frequent natural disaster in the U.S., homeowners face potential costs exceeding $25,000 for just one inch of water. Erie Insurance aims to raise awareness about the importance of flood coverage as the frequency of such events increases.

Erie Indemnity Company (NASDAQ: ERIE) announced its financial results for Q3 and the first nine months of 2022. The net income for Q3 was $84.3 million ($1.61 per diluted share), down from $90.2 million ($1.72) in Q3 2021. For the nine-month period, net income was $233.1 million ($4.46 per diluted share), compared to $242.8 million ($4.64) in 2021. Operating income before taxes increased by 12% in Q3 and 15% over the nine months. However, losses from investments resulted in decreased net investment income, which fell significantly compared to the prior year.