The property/casualty affiliates of Pennsylvania-based Erie Insurance Group recently received the A+ (Superior) rating from A.M. Best Co.
The affirmed rating keeps Erie Insurance Group in the highest category (Superior) for financial strength. Only 8.6 percent of approximately 3,000 property/casualty insurers have earned this high rating. Erie Family Life Insurance Company also had its financial strength rating of A (Excellent) affirmed by A.M. Best. The rating outlooks are stable for all companies.
“Our company is pleased be recognized for our continued outstanding financial condition,” said Jeffrey Ludrof, Erie Insurance Group president and chief executive. “We credit the teamwork, dedication and success of Erie agents and employees for this achievement. They are constantly identifying opportunities to be more effective and improve processes that bring improved results to Erie Insurance Group. All agents and employees can be proud of this recognition that their continued commitment to the company’s underwriting profitability focus is successfully positioning Erie for long-term success.”
A.M. Best cited many positive reasons for its action, including Erie’s strong, risk-adjusted capitalization and modest premium leverage, its relationship to Erie Indemnity Company, strong market presence and relationships with the company’s independent agencies. A.M. Best also pointed to Erie’s reputation for excellent customer service and extensive local market knowledge, which helps the company maintain a policyholder retention ratio of over 90 percent.
According to A.M. Best Company, Erie Insurance Group is the 16th largest automobile insurer in the United States based on direct premiums written and the 20th largest property/casualty insurer in the United States based on total lines net premium written.
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