Market Overview

Erie Indemnity Company Announces Change to Entry to Virtual Annual Meeting of Shareholders

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ERIE, Pa., April 14, 2020 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) (the "Company") announced that all holders Class A common stock and Class B common stock as of the close of business on Friday, February 21, 2020, the record date established by the Company's board of directors ("Record Date") are invited to attend the Company's 2020 Virtual Annual Meeting of Shareholders ("Annual Meeting") at www.virtualshareholdermeeting.com/ERIE2020 by using a 16-digit access code or by logging in as a guest. The virtual meeting will be held on Monday, April 20, 2020 at 9:30 a.m. EDT. No shareholders will be permitted to attend the meeting in person.

On Friday, April 3, 2020 the Company announced that due to the rapidly evolving public health impact of the coronavirus (COVID-19) and its concern for the safety and wellbeing of its employees and shareholders, the Company changed the format of its Annual Meeting from an in-person meeting at its Home Office in Erie, Pennsylvania to a live webcast.

An Updated Notice of Annual Meeting of Shareholders dated April 6, 2020 was sent to all shareholders as of the Record Date with instructions for entry to the virtual meeting, including a unique 16-digit access code required for attendance. Due to delays in the mailing process caused by the coronavirus pandemic, receipt of the April 6, 2020 communication has been slowed. As such, any holders of Class A common stock or Class B common stock who do not receive their access code prior to the meeting can still join the virtual meeting at www.virtualshareholdermeeting.com/ERIE2020 by logging in as a guest. A Second Updated Notice of Annual Meeting of Shareholders detailing these instructions will be filed with the SEC. 

Please visit www.erieinsurance.com for additional information. 

Erie Insurance Group

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 9th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 16th 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 nearly 6 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.

News releases and more information about Erie Insurance Group are available at www.erieinsurance.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein.  Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources.  Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.  Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:

  • dependence upon our relationship with the Exchange and the management fee under the agreement with the subscribers at the Exchange;
  • dependence upon our relationship with the Exchange and the growth of the Exchange, including:
    • general business and economic conditions;
    • factors affecting insurance industry competition;
    • dependence upon the independent agency system; and
    • ability to maintain our reputation for customer service;
  • dependence upon our relationship with the Exchange and the financial condition of the Exchange, including:
    • the Exchange's ability to maintain acceptable financial strength ratings;
    • factors affecting the quality and liquidity of the Exchange's investment portfolio;
    • changes in government regulation of the insurance industry;
    • emerging claims and coverage issues in the industry; and
    • severe weather conditions or other catastrophic losses, including terrorism;
  • costs of providing policy issuance and renewal services to the Exchange under the subscriber's agreement;
  • ability to attract and retain talented management and employees;
  • ability to ensure system availability and effectively manage technology initiatives;
  • difficulties with technology or data security breaches, including cyber attacks;
  • ability to maintain uninterrupted business operations;
  • factors affecting the quality and liquidity of our investment portfolio;
  • our ability to meet liquidity needs and access capital; and
  • outcome of pending and potential litigation.

A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.

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SOURCE Erie Indemnity Company

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