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Erie Family Life Insurance has been completely acquired jointly by Erie Insurance Exchange and Erie Indemnity Company (NASDAQ: ERIE), on May 31, 2006. Thus, the shares of the company no more traded, publicly after the acquisition took place.
As of May 24, 2006; Erie Insurance Exchange together with Eric Acquisition Inc; a wholly-subsidiary of Erie Indemnity Company finished the cash tender offer and agreed to accept all the shares of EFL or Erie Family Life Insurance, @ $32. This amalgamation of Erie Acquisition Inc. along with EFL took effect from 4th December, 2006; after the submission of Articles of Merger at the Department of State, Pennsylvania.
Erie Indemnity Company offers administrative services to the entire associate companies of Erie Indemnity Company including Erie Insurance Company of New York, Flagship City Insurance Company, Erie Insurance Property along with Casualty Company, Erie Family Life Insurance Company and Erie Insurance Exchange.
In accordance to the rating of Fortune 500 magazine, Erie Insurance Group has ranked 421, as of 2006. While, Erie Indemnity Company is one of the best-managed companies of the U.S. and enlisted in the list of Platinum 400 of Forbes Magazine. Erie, Pennsylvania based Erie Insurance Group ranked 15 among the biggest automobile insurers of the country; on the basis of direct written premium and as per the gradation of A.M. Best Company. A.M. Best Company also rated the company as the 22nd among the biggest casualty and property insurers, nationwide. The rating was designed on the basis of total lines written net premium. As of 2006; Erie Insurance Group offered more than 3.7 million policies across 11 states of US including D.C. And, in respect of that year; A.M. Best Company has rated the merchant as A+ (Superior).
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