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Erie Indemnity Appoints New Executive Officer, Approves Management Fee Rate and Dividend Increase, Declares Regular Dividends
ERIE, Pa., Dec. 9, 2021 /PRNewswire/ -- At its regular meeting held Dec. 7, 2021, the Board of Directors of Erie Indemnity Company (NASDAQ: ERIE) appointed a
About this update from Erie Indemnity Company
[{"type":"text","content":"\n \n ERIE, Pa., Dec. 9, 2021 /PRNewswire/ -- At its regular meeting held Dec. 7, 2021, the Board of Directors of Erie Indemnity Company (NASDAQ: ERIE) appointed a new executive vice president, set the management fee rate charged to Erie Insurance Exchange, approved an increase in shareholder dividends and declared the regular quarterly dividend. Erie Indemnity Company has paid regular shareholder dividends since 1933.\n\n \n \n \n \n \n \n\n \nThe Board appointed Brian W. Bolash an executive vice president of the company. Bolash has been with the company for 21 years and currently serves as senior vice president, secretary and general counsel, with responsibility for the Law Division and Internal Audit. The appointment is effective Jan. 1, 2022, after which he will continue to serve as the company's general counsel and corporate secretary. Bolash is a graduate of Gannon University and The Dickinson School of Law of The Pennsylvania State University.\nThe Board also agreed to maintain the current management fee rate paid to Erie Indemnity Company by Erie Insurance Exchange at 25%, effective Jan. 1, 2022. The management fee rate was 25% for the period Jan. 1 through Dec. 31, 2021. The Board has the authority under the agreement with the subscribers (policyholders) at Erie Insurance Exchange to set the management fee rate at its discretion; however, the maximum fee rate permissible by the agreement is 25%. This action was taken based on various factors including consideration and review of the relative financial positions of Erie Insurance Exchange and Erie Indemnity Company.\nThe Board also agreed to increase the regular quarterly cash dividend from $1.035 to $1.11 on each Class A share and from $155.25 to $166.50 on each Class B share. This represents a 7.2% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable Jan. 20, 2022, to shareholders of record as of Jan. 5, 2022, with a dividend ex-date of Jan. 4, 2022.\nAbout Erie Insurance\nErie Insurance Group\nAccording to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 16th largest ...