Press Release
<< Back
Apr 02, 2003
Erie Insurance Group Newcomer To Fortune 500 List
Erie Insurance Group Newcomer To Fortune 500 List
Erie Insurance Group Newcomer To Fortune 500 List
Erie, Pa. – April 2, 2003 – FORTUNE has ranked Erie Insurance Group No. 454 on the 2003 FORTUNE 500 list of the largest American companies based on total revenue. Last year, ERIE ranked No. 610 on the FORTUNE 1,000 list. ERIE was one of 36 newcomers to the list and one of only 27 companies headquartered in Pennsylvania. This is the first time that Erie Insurance Group has been included in the FORTUNE 500 list.
“We’re honored to be among such prestigious company,” said Jeffrey A. Ludrof, Erie Insurance Group president and CEO. “I’m reminded of something our founder, H.O. Hirt, always said, “If you give your policyholders the service they have a right to expect, you will grow and you will prosper.” This recognition reflects our continued focus on quality growth. It’s just one facet of our longstanding business philosophy, in which underwriting is our focus, growth is consistent and steady, and service is uncompromised.”
Additionally, the A.M. Best Company, the insurance industry’s rating and information source, has assigned the ERIE’s property/casualty group its second-highest rating A+ (Superior) in its topmost category for financial strength (Superior). This A+ (Superior) rating, although lower than last year’s rating of A++ (Superior), places ERIE in the top 8 percent of domestic property/casualty insurers and groups of insurers rated. As a result of the lower p/c group rating, Erie Family Life’s rating was also lowered one notch to A (Excellent).
Erie Indemnity Company provides management services to the member companies of the Erie Insurance Group, which includes the Erie Insurance Exchange, Flagship City Insurance Company, Erie Insurance Company, Erie Insurance Property and Casualty Company, Erie Insurance Company of New York and Erie Family Life Insurance Company.
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 17th largest automobile insurer in the United States based on direct premiums written and the 25th 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 more than 3.5 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group ranks No. 454 among the FORTUNE 500.
News releases and more information about Erie Insurance Group are available at http://www.erieinsurance.com
“We’re honored to be among such prestigious company,” said Jeffrey A. Ludrof, Erie Insurance Group president and CEO. “I’m reminded of something our founder, H.O. Hirt, always said, “If you give your policyholders the service they have a right to expect, you will grow and you will prosper.” This recognition reflects our continued focus on quality growth. It’s just one facet of our longstanding business philosophy, in which underwriting is our focus, growth is consistent and steady, and service is uncompromised.”
Additionally, the A.M. Best Company, the insurance industry’s rating and information source, has assigned the ERIE’s property/casualty group its second-highest rating A+ (Superior) in its topmost category for financial strength (Superior). This A+ (Superior) rating, although lower than last year’s rating of A++ (Superior), places ERIE in the top 8 percent of domestic property/casualty insurers and groups of insurers rated. As a result of the lower p/c group rating, Erie Family Life’s rating was also lowered one notch to A (Excellent).
Erie Indemnity Company provides management services to the member companies of the Erie Insurance Group, which includes the Erie Insurance Exchange, Flagship City Insurance Company, Erie Insurance Company, Erie Insurance Property and Casualty Company, Erie Insurance Company of New York and Erie Family Life Insurance Company.
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 17th largest automobile insurer in the United States based on direct premiums written and the 25th 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 more than 3.5 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group ranks No. 454 among the FORTUNE 500.
News releases and more information about Erie Insurance Group are available at http://www.erieinsurance.com