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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 23, 2002
ERIE INDEMNITY COMPANY
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 0-24000 25-0466020
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
100 Erie Insurance Place, Erie, Pennsylvania 16530
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (814) 870-2000
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Item 5. OTHER EVENTS.
In connection with the retirement of Stephen A. Milne, Erie Insurance Group
President and CEO, Erie Indemnity Company will recognize a one time after tax
charge to fourth quarter 2001 net income amounting to about $0.10 per share. The
charge stems from Erie Indemnity Company's recognition of the costs pertaining
to a performance recognition award granted Mr. Milne by the Company's Board of
Directors and other Retirement Plan benefits paid to or on behalf of Mr. Milne
upon his retirement.
On January 17, 2002, Erie Indemnity Company issued a press release more fully
describing Mr. Milne's retirement which is filed as Exhibit 99.3 hereto and is
incorporated herein by reference.
Item 7. EXHIBITS
Exhibit Number Description
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99.3 Press release dated January 17, 2002
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ERIE INDEMNITY COMPANY
Erie Indemnity Company
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(Registrant)
Date: January 23, 2002 /s/ Philip A. Garcia
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(Philip A. Garcia, Executive Vice President & CFO)
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Erie Insurance Group CEO Retires
Acting CEO is Named
Erie, Pa.--Jan. 17, 2002 - Stephen A. Milne, Erie Insurance Group president &
CEO, today announced that, due to the condition of his health, he would retire
from the company effective end of business on Friday, January 18, 2002. Jan Van
Gorder, senior executive vice president, secretary and general counsel, will
serve as acting CEO until a new CEO is selected. Mr. Milne will remain on the
Board of Directors of the Erie Indemnity Company, the principal management
company of the Erie Insurance Group.
In November 1999, Milne was diagnosed with amyotrophic lateral sclerosis (ALS)
more commonly known as Lou Gehrig's Disease. In September 2001, he recommended
that the Erie Indemnity Company Board of Directors form a selection committee to
identify his eventual replacement. The committee is well into the process of
interviewing candidates for the position.
Milne has served as CEO since 1996 and has worked in various capacities within
the company for nearly 29 years. Under his leadership, Erie Insurance has
prospered, ranking as one of the country's premier property/casualty insurers
operating through more than 7,500 independent agents in 11 states and the
District of Columbia. Milne has been a vigilant advocate of ERIE's distinct
service-oriented culture, which has earned the company the prestigious J.D.
Power and Associates award. The insurance industry has also benefited from
Milne's leadership as he has served as chairman of both the Insurance Institute
for Highway Safety (IIHS) and the National Association of Independent Insurers
(NAII).
As acting CEO, Van Gorder brings more than 30 years of insurance experience to
the position. He joined ERIE in 1981 as vice president, secretary and general
counsel and was named senior executive vice president in December 1990. Van
Gorder is active in legal and legislative committees of the NAII and is a member
of the board of directors of the Insurance Federation of Pennsylvania, Inc., the
Pennsylvanians for Effective Government and the Pennsylvania Professional
Liability Joint Underwriting Association.
In a letter to agents and employees, Milne expressed great confidence in the
leadership abilities of Van Gorder and the company's senior management team.
Known for competitive rates and superior service, Erie Insurance Group is a
leading property/casualty insurer in the United States. With more than 3.2
million policies in force, Erie Insurance Group includes seven companies
operating in 11 states and the District of Columbia and is rated A++ (superior)
by A.M. Best Company. Erie Indemnity Company (NASDAQ - ERIE) is the management
company for Erie Insurance Group. Headquartered in Erie, Pa., since 1925, the
ERIE provides auto, home, business and life insurance through more than 7,500
independent agents representing more than 1,500 agencies. For more information
and a listing of independent agents representing The ERIE in your community,
visit the company's Web site at http://www.erieinsurance.com.
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