0001299933-12-002703.txt : 20121205 0001299933-12-002703.hdr.sgml : 20121205 20121205172756 ACCESSION NUMBER: 0001299933-12-002703 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121204 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121205 DATE AS OF CHANGE: 20121205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ERIE INDEMNITY CO CENTRAL INDEX KEY: 0000922621 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 250466020 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24000 FILM NUMBER: 121244543 BUSINESS ADDRESS: STREET 1: 100 ERIE INSURANCE PL CITY: ERIE STATE: PA ZIP: 16530 BUSINESS PHONE: 8148702000 MAIL ADDRESS: STREET 1: 100 ERIE INSURANCE PLACE CITY: ERIE STATE: PA ZIP: 16530 8-K 1 htm_46594.htm LIVE FILING Erie Indemnity Company (Form: 8-K)  

 

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):   December 4, 2012

Erie Indemnity Company
__________________________________________
(Exact name of registrant as specified in its charter)

     
Pennsylvania 0-24000 25-0466020
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
100 Erie Insurance Place, Erie, Pennsylvania   16530
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   (814)870-2000

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

Erie Indemnity Company issued a press release regarding the December 4, 2012 Board of Directors meeting, where the Board approved the management fee rate charged to the Erie Insurance Exchange. See the Press Release attached as Exhibit 99.1.





Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press Release dated December 5, 2012





SIGNATURES

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
          
December 5, 2012   By:   Marcia A. Dall
       
        Name: Marcia A. Dall
        Title: Executive Vice President & CFO

Exhibit Index


     
Exhibit No.   Description
 
99.1
  Press Release dated December 5, 2012
EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

Exhibit 99.1

Erie Indemnity Approves Management Fee Rate

Erie, Pa. — December 5, 2012 — At its regular meeting held December 4, 2012, the Board of Directors of Erie Indemnity Company (NASDAQ: ERIE) set the management fee rate charged to Erie Insurance Exchange.

The Board agreed to maintain the current management fee rate paid Erie Indemnity Company by Erie Insurance Exchange at 25 percent, effective January 1, 2013. The management fee rate was 25 percent for the period January 1 through December 31, 2012. 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 percent. This action was taken based on the Board’s consideration and review of the relative financial positions of Erie Insurance Exchange and Erie Indemnity Company.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:

Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, agency relationships, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:

Risk factors related to the Indemnity shareholder interest:

  •   dependence on Indemnity’s relationship with the Exchange and the management fee under the agreement with the subscribers at the Exchange;

  •   costs of providing services to the Exchange under the subscriber’s agreement;

  •   ability to attract and retain talented management and employees;

  •   ability to maintain uninterrupted business operations, including information technology systems;

  •   factors affecting the quality and liquidity of Indemnity’s investment portfolio;

  •   credit risk from the Exchange;

  •   Indemnity’s ability to meet liquidity needs and access capital; and

  •   outcome of pending and potential litigations against Indemnity.

Risk factors related to the non-controlling interest owned by the Exchange, which includes the Property and Casualty Group and EFL:

  •   general business and economic conditions;

  •   dependence upon the independent agency system;

  •   ability to maintain our reputation for customer service;

  •   factors affecting insurance industry competition;

  •   changes in government regulation of the insurance industry;

  •   premium rates and reserves must be established from forecasts of ultimate costs;

  •   emerging claims, coverage issues in the industry, and changes in reserve estimates related to the property and casualty business;

  •   changes in reserve estimates related to the life business;

  •   severe weather conditions or other catastrophic losses, including terrorism;

  •   the Exchange’s ability to acquire reinsurance coverage and collectability from reinsurers;

  •   factors affecting the quality and liquidity of the Exchange’s investment portfolio;

  •   the Exchange’s ability to meet liquidity needs and access capital;

  •   the Exchange’s ability to maintain acceptable financial strength rating;

  •   outcome of pending and potential litigations against the Exchange; and

  •   dependency upon the service provided by Indemnity.

A forward-looking statement speaks only as of the date on which it is made and reflects Indemnity’s analysis only as of that date. Indemnity undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.

News releases and more information about Erie Indemnity Company are available at www.erieinsurance.com.

CONTACT:

Scott Beilharz, Investor Relations
1-800-458-0811 ext. 7312 or 814/870-7312
scott.beilharz@erieinsurance.com