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Donna
Kozik
Freelance Copywriter & Consultant
Phone: 619/297-1749
E-mail: Donna@DonnaKozik.com
Web site: http://www.DonnaKozik.com
FOR
IMMEDIATE RELEASE:
Erie Insurance Reports Losses From Hurricane Floyd
Erie,
Pa. --- September 28, 1999 --- Erie
Insurance Group announced today that it has received loss
notification from over 7,000 policyholders in states along
the eastern United States as a result of Hurricane Floyd.
At this time, Erie Insurance Group estimates the claims
will result in incurred losses of about $18 to $23
million.
Erie
Insurance Group writes homeowner, automobile and
commercial insurance in North Carolina, Virginia, Maryland
and eastern Pennsylvania -- states that were affected most
severely by the storm. The catastrophe gave the company an
opportunity to once again prove that The ERIE is Above All
In Service (R).
"Even
before the hurricane moved ashore, our emergency response
teams were on the scene beginning preparations," said
Stephen A. Milne, president and chief executive officer of
Erie Insurance. "Erie Insurance provided immediate
emergency financial assistance where it was needed and
continues working to get claims handled as quickly as
possible. We are following through on our promise of
service with our efforts to help customers recover and
rebuild their lives."
Erie
Indemnity Company (NASDAQ: ERIE), managing
attorney-in-fact for Erie Insurance Exchange, participates
in the underwriting results of the Erie Insurance Group
through its 5.5 percent participation in The ERIE’s
reinsurance pooling arrangement.
Erie
Indemnity Company’s portion of incurred losses from
Hurricane Floyd, under this reinsurance pooling
arrangement, will be approximately $1 to $1.25 million or
about $.01 per share after federal income taxes. These
losses will be reflected in Erie Indemnity Company’s
third quarter 1999 results from insurance underwriting
operations.
Known
for competitive rates and superior service since 1925,
Erie Insurance Group is the 16th largest
property/casualty insurer in the United States based on
surplus and has over 2.6 million policyholders. Group
member Erie Insurance Exchange is the 13th
largest auto insurer in the country. Erie Indemnity
Company is the management company for Erie Insurance
Group, which includes seven companies operating in 10
states and the District of Columbia.
Donna
Kozik
(619) 297-1749
Donna@DonnaKozik.com
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