Erie Indemnity Company Reports Election of Directors, Approval of Amendments to Articles of Incorporation and Results of Nonbinding Advisory "Say-on-Pay" and "Say-on-Frequency" Votes

ERIE, Pa., April 20, 2011 /PRNewswire-FirstCall/ -- The shareholders of Erie Indemnity Company (NASDAQ: ERIE) at their annual meeting on April 19, 2011, reelected all 13 incumbent Directors to the Company's Board of Directors for a one-year term. The persons elected to the Board (and their tenure on the Board) are:

(Logo:  http://photos.prnewswire.com/prnh/20041112/ERIELOGO )

  • J. Ralph Borneman Jr., President and Chief Executive Officer and Chairman of the Board of Body-Borneman Insurance & Financial Services, LLC. (Director since 1992)
  • Terrence W. Cavanaugh, President and Chief Executive Officer of Erie Indemnity Company and related companies (Director since 2008)
  • Jonathan Hirt Hagen, Vice Chairman, Custom Group Industries (Director since 2005)
  • Susan Hirt Hagen, Co-trustee of H.O. Hirt Trusts (Director since 1980)
  • Thomas B. Hagen, Chairman of the Board of Erie Indemnity Company; Chairman/Owner of Custom Group Industries; and general partner of the Hagen Family Limited Partnership (Director since 2007; previous Board service 1979-1998)
  • C. Scott Hartz, Chief Executive Officer, Hartz Group; and former CEO of PwC Consulting (Director since 2003)
  • Dr. Claude C. Lilly III, Dean, College of Business & Behavioral Science, Clemson University (Director since 2000)
  • Lucian L. Morrison, Independent trustee and consultant in trust, estate, probate and qualified plan matters  (Director since 2006)
  • Thomas W. Palmer, Member and Managing Partner of the law firm of Marshall & Melhorn, LLC (Director since 2006)
  • Martin P. Sheffield, Owner, Sheffield Consulting, LLC, insurance consultants (Director since 2010)
  • Richard L. Stover, Managing Principal, Birchmere Capital, L.P., private equity fund (Director since 2010)
  • Elizabeth Hirt Vorsheck, Co-trustee of H.O. Hirt Trusts (Director since 2007)
  • Dr. Robert C. Wilburn, Distinguished Service Professor and Director, Heinz College, Carnegie Mellon University, Washington, D.C. (Director since 1999)

In other business, the shareholders approved three amendments to the Company's Articles of Incorporation which: (i) modify the corporate purposes clause; (ii) update the corporate registered address; and (iii) eliminate the requirement of a specific number of directors and provide that the size of the Board shall be governed by the Company's Bylaws.

The shareholders also approved, on a nonbinding advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's 2011 Information Statement, and selected, on a nonbinding advisory basis, "every three years" as the preferred frequency for an advisory vote on executive compensation.

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 13th largest automobile and homeowners insurer in the United States based on direct premiums written and the 19th 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 over 4.2 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group ranks 484 on the FORTUNE 500.

Erie Insurance earned J.D. Power and Associates' award for "Highest in Customer Satisfaction with the Auto Insurance Shopping Experience."  This recognition is based on the results of the 2010 Insurance Shopping Study, which evaluates the experience of customers purchasing a new auto insurance policy.  Erie Insurance is proud to be named a J.D. Power and Associates' 2011 Customer Service Champion and is only one of 40 companies so named in the U.S.  Erie Insurance has also been recognized on the list of Ward's 50 Group of top performing insurance companies.  The Ward's 50 award analyzes the financial performance of 3,000 property and casualty companies and nearly 800 life and health insurance companies and recognizes the top performers for achieving outstanding financial results in safety and consistency over a five-year period (2005-2009).

SOURCE Erie Insurance



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