Erie Indemnity (ERIE) 10-K 25 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Entity Registrant Name	ERIE INDEMNITY CO
Entity Central Index Key	922,621
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2
Class A
Entity Common Stock, Shares Outstanding		46,189,068
Class B
Entity Common Stock, Shares Outstanding		2,542

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating revenue
Management fee revenue, net	$ 1,475,511	$ 1,376,190	$ 1,266,401
Service agreement revenue	29,997	30,929	30,930
Total operating revenue	1,505,508	1,407,119	1,297,331
Operating expenses
Commissions	847,880	783,017	710,058
Salaries and employee benefits	226,713	206,690	207,559
All other operating expenses	198,374	194,565	170,378
Total operating expenses	1,272,967	1,184,272	1,087,995
Net revenue from operations	232,541	222,847	209,336
Investment income
Net investment income	17,791	16,536	15,027
Net realized investment gains	492	1,057	945
Net impairment losses recognized in earnings	(1,558)	(105)	(388)
Equity in earnings of limited partnerships	16,983	10,929	21,694
Total investment income	33,708	28,417	37,278
Income before income taxes	266,249	251,264	246,614
Income tax expense	91,571	83,759	84,003
Net income	$ 174,678	$ 167,505	$ 162,611
Class A
Net income per share
Common stock - basic (in dollars per share)	$ 3.75	$ 3.59	$ 3.46
Common stock - diluted (in dollars per share)	$ 3.33	$ 3.18	$ 3.08
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,186,671	46,247,876	46,660,651
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,498,811	52,616,234	52,855,757
Class B
Net income per share
Common stock - basic (in dollars per share)	$ 563	$ 539	$ 520
Common stock - diluted (in dollars per share)	$ 562	$ 538	$ 519
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	2,542	2,542	2,542

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 174,678	$ 167,505	$ 162,611
Other comprehensive (loss) income, net of tax
Change in unrealized holding (losses) gains on available-for-sale securities	(4,280)	823	(7,341)
Pension and other postretirement plans	25,117	(59,425)	81,433
Total other comprehensive income (loss), net of tax	20,837	(58,602)	74,092
Comprehensive income	$ 195,515	$ 108,903	$ 236,703

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 182,889	$ 91,747
Available-for-sale securities	62,067	63,278
Receivables from Erie Insurance Exchange and affiliates	348,055	335,220
Prepaid expenses and other current assets	24,697	26,020
Federal income taxes recoverable	11,947	11,448
Accrued investment income	5,491	5,538
Total current assets	635,146	533,251
Available-for-sale securities	537,874	526,492
Limited partnership investments	88,535	112,617
Fixed assets, net	59,087	62,991
Deferred income taxes, net	40,686	37,321
Note receivable from Erie Family Life Insurance Company	25,000	25,000
Other assets	20,968	21,526
Total assets	1,407,296	1,319,198
Current liabilities:
Commissions payable	195,542	189,918
Agent bonuses	106,752	88,228
Accrued expenses and other current liabilities	42,006	39,560
Accounts payable	46,526	35,844
Dividends payable	33,996	31,714
Deferred executive compensation	20,877	14,891
Total current liabilities	445,699	400,155
Defined benefit pension plans	172,700	188,820
Employee benefit obligations	1,234	1,889
Deferred executive compensation	16,580	24,087
Other long-term liabilities	1,580	1,113
Total liabilities	637,793	616,064
Shareholders’ equity
Additional paid-in-capital	16,311	16,317
Accumulated other comprehensive loss	(96,864)	(117,701)
Retained earnings	1,993,976	1,948,438
Total contributed capital and retained earnings	1,915,593	1,849,224
Treasury stock, at cost; 22,110,132 shares held	(1,155,108)	(1,146,090)
Deferred compensation	9,018	0
Total shareholders’ equity	769,503	703,134
Total liabilities and shareholders’ equity	1,407,296	1,319,198
Class A
Shareholders’ equity
Common stock	1,992	1,992
Class B
Shareholders’ equity
Common stock	$ 178	$ 178

STATEMENTS OF FINANCIAL POSITI5

STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Treasury stock (in shares)	22,110,132	22,110,132
Class A
Common stock, stated value per share (in dollars per share)	$ 0.0292	$ 0.0292
Common stock, authorized (in shares)	74,996,930	74,996,930
Common stock, issued (in shares)	68,299,200	68,299,200
Common stock, outstanding (in shares)	46,189,068	46,189,068
Class B
Common stock, stated value per share (in dollars per share)	$ 70	$ 70
Common stock, authorized (in shares)	3,070	3,070
Common stock, issued (in shares)	2,542	2,542
Common stock, outstanding (in shares)	2,542	2,542
Ratio for converting shares of Class B common stock into shares of Class A common stock (as a percent)	2400.00%	2400.00%

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A	Class B	Common stockClass A	Common stockClass B	Additional paid-in-capital	Accumulated other comprehensive income (loss)	Retained earnings	Retained earningsClass A	Retained earningsClass B	Treasury stock	Deferred compensation
Balance, end of year at Dec. 31, 2012	$ 641,870			$ 1,992	$ 178	$ 16,346	$ (133,191)	$ 1,852,180			$ (1,095,635)	$ 0
Increase (decrease) in shareholders' equity
Net income	162,611							162,611
Other comprehensive income (loss)	74,092						74,092
Dividends declared		$ (112,443)	$ (920)						$ (112,443)	$ (920)
Net purchase of treasury stock	(31,229)					19					(31,248)
Balance, end of year at Dec. 31, 2013	733,981			1,992	178	16,365	(59,099)	1,901,428			(1,126,883)	0
Increase (decrease) in shareholders' equity
Net income	167,505							167,505
Other comprehensive income (loss)	(58,602)						(58,602)
Dividends declared		(119,509)	(986)						(119,509)	(986)
Net purchase of treasury stock	(19,255)					(48)					(19,207)
Balance, end of year at Dec. 31, 2014	703,134			1,992	178	16,317	(117,701)	1,948,438			(1,146,090)	0
Increase (decrease) in shareholders' equity
Net income	174,678							174,678
Other comprehensive income (loss)	20,837						20,837
Dividends declared		$ (128,082)	$ (1,058)						$ (128,082)	$ (1,058)
Net purchase of treasury stock	(6)					(6)					0
Deferred compensation	0										(9,018)	9,018
Balance, end of year at Dec. 31, 2015	$ 769,503			$ 1,992	$ 178	$ 16,311	$ (96,864)	$ 1,993,976			$ (1,155,108)	$ 9,018

STATEMENTS OF SHAREHOLDERS' EQ7

STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class A
Dividends declared (in dollars per share)	$ 2.773	$ 2.586	$ 2.4125
Class B
Dividends declared (in dollars per share)	$ 415.95	$ 387.9	$ 361.875

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Management fee received	$ 1,454,902	$ 1,348,885	$ 1,240,311
Service agreement fee received	29,997	30,929	30,930
Net investment income received	25,999	22,846	21,517
Limited partnership distributions	14,112	15,327	27,050
Increase (decrease) in reimbursements collected from affiliates	7,775	(7,472)	6,435
Commissions paid to agents	(725,714)	(665,154)	(617,086)
Agents bonuses paid	(96,749)	(83,436)	(64,597)
Salaries and wages paid	(155,303)	(153,459)	(147,059)
Pension contribution and employee benefits paid	(40,993)	(48,516)	(40,844)
General operating expenses paid	(190,301)	(178,452)	(152,456)
Income taxes paid	(106,347)	(95,485)	(86,193)
Net cash provided by operating activities	217,378	186,013	218,008
Purchase of investments:
Available-for-sale securities	(228,308)	(250,789)	(242,676)
Limited partnerships	(928)	(1,123)	(2,907)
Proceeds from investments:
Available-for-sale securities	214,991	236,080	159,524
Limited partnerships	26,735	28,613	29,054
Net purchase of fixed assets	(12,556)	(19,473)	(10,750)
Net collections on agent loans	688	1,595	2,523
Net cash provided by (used in) investing activities	622	(5,097)	(65,232)
Cash flows from financing activities
Purchase of treasury stock	0	(19,692)	(31,721)
Dividends paid to shareholders	(126,858)	(118,526)	(83,618)
Net cash used in financing activities	(126,858)	(138,218)	(115,339)
Net increase in cash and cash equivalents	91,142	42,698	37,437
Cash and cash equivalents, beginning of year	91,747	49,049	11,612
Cash and cash equivalents, end of year	$ 182,889	$ 91,747	$ 49,049

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1. Nature of Operations Erie Indemnity Company ("Indemnity", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange"). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. We function solely as the management company and all insurance operations are performed by the Exchange. Our primary function, as attorney-in-fact, is to perform certain services for the Exchange relating to the sales, underwriting, and issuance of policies on behalf of the Exchange. This is done in accordance with a subscriber’s agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints us as their common attorney-in-fact to transact certain business on their behalf and to manage the affairs of the Exchange. Pursuant to the subscriber’s agreement and for its services as attorney-in-fact, we earn a management fee calculated as a percentage of the direct and assumed premiums written by the Exchange. The services we provide to the Exchange are related to the sales, underwriting and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as additional commissions and bonuses to agents, which are earned by achieving targeted measures. Agent compensation comprised approximately 67% of our 2015 expenses. The underwriting services we provide include underwriting and policy processing expenses and comprised approximately 11% of our 2015 expenses. We provide information technology services that support all functions that comprised approximately 10% of our 2015 expenses. The remaining services we provide include customer service and administrative costs. Our results of operations are tied to the growth and financial condition of the Exchange. If any events occurred that impaired the Exchange’s ability to grow or sustain its financial condition, including but not limited to reduced financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly would have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fees we receive. We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for its management fee. See Note 14, "Concentrations of Credit Risk" contained within this report.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of presentation The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"). Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Retrospective adoption of recently issued accounting standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation , which changed the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance changed the conditions to be met in determining if a reporting entity has a variable interest in a legal entity. In accordance with the new accounting guidance, Indemnity is not deemed to have a variable interest in the Exchange as the fees paid for services provided to the Exchange no longer represent a variable interest. The compensation received from the attorney-in-fact fee arrangement with the subscribers is for services provided by Indemnity acting in its role as attorney-in-fact and is commensurate with the level of effort required to perform those services. Under the previously issued accounting guidance, Indemnity was deemed to be the primary beneficiary of the Exchange and its financial position and operating results were consolidated with Indemnity. Following adoption of the new accounting guidance, the Exchange’s results are no longer required to be consolidated with Indemnity. Indemnity adopted the new accounting standard on a retrospective basis effective with the annual reporting period ending December 31, 2015. The 2014 and 2013 financial information within this report has been conformed to the presentation in accordance with the amended guidance. The effects on the financial statements of no longer consolidating the Exchange include: • Indemnity's management fee revenues are included on the face of the Statements of Operations. The Noncontrolling Interest - Exchange revenues and expenses are no longer included in the Statements of Operations, Statements of Comprehensive Income or Statements of Cash Flows. • The assets and liabilities of the Noncontrolling Interest - Exchange are not included on the Statements of Financial Position. The assets and liabilities of Indemnity are presented on a classified basis, which distinguishes between current and noncurrent on the Statements of Financial Position. • There is no cumulative effect to Indemnity's shareholders’ equity. The noncontrolling interest in total equity that represented the amount of the Exchange’s subscribers’ equity was presented separately from Indemnity's shareholders’ equity. In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement" , which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and limits the disclosure requirements. ASU 2015-07 is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. Our disclosure was prepared in accordance with this amended guidance at December 31, 2015. In November 2015, the FASB issued ASU 2015-17, " Balance Sheet Classification of Deferred Taxes". ASU 2015-17 simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for annual periods beginning after December 15, 2016 with early adoption permitted. We adopted the guidance on a retrospective basis effective December 31, 2015. Prior to December 31, 2015, we were not required to present a classified balance sheet that distinguished between current and noncurrent deferred taxes. Recently issued accounting standards In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" . ASU 2014-09 clarifies the principles for recognizing revenue and provides a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, ASU 2015-14, "Revenue from Contracts with Customers", deferred the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017. Earlier application is permitted only as of annual and interim reporting periods beginning after December 15, 2016. We do not expect the adoption of ASU 2014-09 related to the management fee and service agreement revenue to have a material impact on our financial statements. Cash and cash equivalents – Cash, money market accounts and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents. Investments Available-for-sale securities – Fixed maturity, preferred stock, and common stock securities classified as available-for-sale are reported at fair value. Available-for-sale securities with a remaining maturity of 12 months or less are reported as current assets on the Statements of Financial Position. Unrealized holding gains and losses, net of related tax effects, on available-for-sale securities are recorded directly to shareholders’ equity as accumulated other comprehensive income (loss). Common stock securities classified as available-for-sale represent certain exchange traded funds with underlying holdings of fixed maturity securities. Realized gains and losses on sales of available-for-sale securities are recognized in income based upon the specific identification method. Interest and dividend income are recognized as earned. Available-for-sale securities are evaluated monthly for other-than-temporary impairment loss. For fixed income and redeemable preferred stock (debt securities) that have experienced a decline in fair value and that we intend to sell, or for which it is more likely than not we will be required to sell the security before recovery of its amortized cost, an other-than-temporary impairment is deemed to have occurred, and is recognized in earnings. Debt securities that have experienced a decline in fair value and that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is other-than-temporary. Some factors considered in this evaluation include: • the extent and duration to which fair value is less than cost; • historical operating performance and financial condition of the issuer; • short and long-term prospects of the issuer and its industry based upon analysts’ recommendations; • specific events that occurred affecting the issuer, including a ratings downgrade; • near term liquidity position of the issuer; and • compliance with financial covenants. If a decline is deemed to be other-than-temporary, an assessment is made to determine the amount of the total impairment related to a credit loss and that related to all other factors. Consideration is given to all available information relevant to the collectability of the security in this determination. If the entire amortized cost basis of the security will not be recovered, a credit loss exists. Currently, we have the intent to sell all of our securities that have been determined to have a credit-related impairment. As a result, the entire amount of any impairment would be recognized in earnings. If we had securities with credit impairments that we did not intend to sell, the non-credit portion of the impairment would be recorded in other comprehensive income. For equity securities in an unrealized loss position where fair value is not expected to recover to our cost basis in a reasonable time period, or where we do not expect to hold the security for a period of time sufficient to allow for a recovery to our cost basis, an other-than-temporary impairment is deemed to have occurred, and is recognized in earnings. Limited partnerships – Limited partnerships include U.S. and foreign private equity, mezzanine debt, and real estate investments. The majority of our limited partnership holdings are considered investment companies and are recorded using the equity method of accounting. For these limited partnerships the general partners record assets at fair value, including any other-than-temporary impairments of these individual investments. Our ownership interest in partnerships accounted for under the equity method is generally less than 10% , and does not provide us the ability to significantly influence the operations of the partnerships. However, we believe the equity method most appropriately reflects the value of our economic interest in these investments. We also own certain real estate limited partnerships that do not meet the criteria of an investment company. These partnerships prepare audited financial statements on a cost basis. We have elected to report these limited partnerships under the fair value option, which is based on the net asset value (NAV) from our partner’s capital statement reflecting the general partner’s estimate of fair value for the fund’s underlying assets. Limited partnerships reported under the fair value option are disclosed in Note 4, "Fair Value" as other investments. Fair value provides consistency in the evaluation and financial reporting for these limited partnerships and limited partnerships accounted for under the equity method. Because of the timing of the preparation and delivery of financial statements for limited partnership investments, the use of the most recently available financial statements provided by the general partners results in a quarter delay in the inclusion of the limited partnership results in our Statements of Operations. Due to this delay, these financial statements do not yet reflect the market conditions experienced in the fourth quarter of 2015 for all partnerships other than the real estate limited partnerships that are reported under the fair value option. Nearly all of the underlying investments in our limited partnerships are valued using a source other than quoted prices in active markets. The fair value amounts for our private equity and mezzanine debt partnerships are based upon the financial statements of the general partners, who use multiple methods to estimate fair value including the market approach, income approach or the cost approach. The market approach uses prices and other pertinent information from market-generated transactions involving identical or comparable assets or liabilities. Such valuation techniques often use market multiples derived from a set of comparables. The income approach uses valuation techniques to convert future cash flows or earnings to a single discounted present value amount. The measurement is based upon the value indicated by current market expectations on those future amounts. The cost approach is derived from the amount that is currently required to replace the service capacity of an asset. If information becomes available that would impair the cost of investments owned by the partnerships, then the general partner would adjust to the net realizable value. For real estate limited partnerships, the general partners record these at fair value based upon an independent appraisal or internal estimates of fair value. While we perform various procedures in review of the general partners’ valuations, we rely on the general partners’ financial statements as the best available information to record our share of the partnership unrealized gains and losses resulting from valuation changes. Due to the limited market for these investments, there is a greater potential for market price variability. Unrealized gains and losses for these investments are reflected in equity in earnings (losses) of limited partnerships in our Statements of Operations in accordance with the equity method of accounting or the fair value option, as applicable. Cash contributions made to and distributions received from the partnerships are recorded in the period in which the transaction occurs. Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts. Software costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use. Capitalized software costs are included in fixed assets and amortized on a straight-line basis over the estimated useful lives of the software, which do not exceed seven years . Agent bonus estimates Agent bonuses are based upon an individual agency’s property and casualty underwriting profitability and also include a component for growth in agency property and casualty premiums if the agency’s underwriting profitability targets for the book of business are met. The estimate for agent bonuses, which are based upon the performance over 36 months , is modeled on a monthly basis using actual underwriting data by agency for the prior two years combined with the current year-to-date actual data. At December 31 of each year, we use actual data available and record an accrual based upon the expected payment amount. These costs are included in commissions expense in the Statements of Operations. Recognition of management fee revenue We earn management fees from the Exchange for providing certain sales, underwriting, and policy issuance services. Pursuant to the subscriber’s agreements with the policyholders at the Exchange, we may retain up to 25% of all direct and assumed premiums written by the Exchange. Management fee revenue is calculated by multiplying the management fee rate by the direct and assumed premiums written by the Exchange. The Exchange issues policies with annual terms only. Management fees are recorded as revenue upon policy issuance or renewal, as substantially all of the services required to be performed by us have been satisfied at that time. Certain activities are performed and related costs are incurred by us subsequent to policy issuance in connection with the services provided to the Exchange; however, these activities are inconsequential and perfunctory. Recognition of service agreement revenue Service agreement revenue consists of service charges we collect from policyholders for providing multiple payment plans on policies written by the Exchange. Service charges, which are flat dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 3. Earnings Per Share Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 11, "Capital Stock". Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. See Note 9, "Incentive and Deferred Compensation Plans". A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: (dollars in thousands, except per share data) For the years ended December 31, 2015 2014 2013 Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Class A – Basic EPS: Income available to Class A stockholders $ 173,248 46,186,671 $ 3.75 $ 166,134 46,247,876 $ 3.59 $ 161,290 46,660,651 $ 3.46 Dilutive effect of stock-based awards 0 211,340 — 0 267,558 — 0 94,306 — Assumed conversion of Class B shares 1,430 6,100,800 — 1,371 6,100,800 — 1,321 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 174,678 52,498,811 $ 3.33 $ 167,505 52,616,234 $ 3.18 $ 162,611 52,855,757 $ 3.08 Class B – Basic EPS: Income available to Class B stockholders $ 1,430 2,542 $ 563 $ 1,371 2,542 $ 539 $ 1,321 2,542 $ 520 Class B – Diluted EPS: Income available to Class B stockholders $ 1,429 2,542 $ 562 $ 1,369 2,542 $ 538 $ 1,320 2,542 $ 519

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value	Note 4. Fair Value Our available-for-sale and trading securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and trading securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Although the majority of our prices are obtained from third-party sources, we also perform an internal pricing review for securities with low trading volumes under current market conditions. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 category includes those securities valued using an exchange traded price provided by the pricing service. The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. We perform continuous reviews of the prices obtained from the pricing service. This includes evaluating the methodology and inputs used by the pricing service to ensure that we determine the proper classification level of the financial instrument. Price variances, including large periodic changes, are investigated and corroborated by market data. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs, such as data, and transaction volumes and believe that the prices adequately consider market activity in determining fair value. Our review process continues to evolve based upon accounting guidance and requirements. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. Our evaluation includes the consideration of benchmark yields, reported trades, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. For certain securities in an illiquid market, there may be no prices available from a pricing service and no comparable market quotes available. In these situations, we value the security using an internally-developed, risk-adjusted, discounted cash flow model. The following tables present our fair value measurements on a recurring basis by asset class and level of input: At December 31, 2015 Fair value measurements using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Available-for-sale securities: States & political subdivisions $ 231,847 $ 0 $ 231,847 $ 0 Corporate debt securities 250,333 0 250,264 69 Residential mortgage-backed securities 13,513 0 13,513 0 Commercial mortgage-backed securities 37,571 0 37,571 0 Collateralized debt obligations 51,745 0 43,168 8,577 Other debt securities 2,200 0 2,200 0 Total fixed maturities 587,209 0 578,563 8,646 Common stock 12,732 12,732 0 0 Total available-for-sale securities 599,941 12,732 578,563 8,646 Other investments (1) 4,526 — — — Total $ 604,467 $ 12,732 $ 578,563 $ 8,646 At December 31, 2014 Fair value measurements using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Available-for-sale securities: States & political subdivisions $ 231,134 $ 0 $ 231,134 $ 0 Corporate debt securities 234,040 0 234,040 0 Residential mortgage-backed securities 8,375 0 8,375 0 Commercial mortgage-backed securities 51,255 0 51,255 0 Collateralized debt obligations 32,932 0 32,932 0 Other debt securities 6,804 0 6,804 0 Total fixed maturities 564,540 0 564,540 0 Nonredeemable preferred stock 12,541 2,068 10,473 0 Common stock 12,689 12,689 0 0 Total available-for-sale securities 589,770 14,757 575,013 0 Other investments (1) 7,583 — — — Total $ 597,353 $ 14,757 $ 575,013 $ 0 (1) Other investments measured at fair value represent real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option using the net asset value practical expedient. These amounts are not required to be categorized in the fair value hierarchy. The investments can never be redeemed with the funds. Instead, distributions are received when liquidation of the underlying assets of the funds occur. It is estimated that the underlying assets will generally be liquidated between 5 and 10 years from the inception of the funds. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. Fair value is based on our proportionate share of the NAV based on the most recent partners' capital statements received from the general partners, which is generally one quarter prior to our balance sheet date. These values are then analyzed to determine if the NAV represents fair value at our balance sheet date, with adjustment being made where appropriate. We consider observable market data and perform a review validating the appropriateness of the NAV at each balance sheet date. It is likely that all of the investments will be redeemed at a future date for an amount different than the NAV of our ownership interest in partners' capital as of December 31, 2015 and December 31, 2014 . During the year ended December 31, 2015 , no contributions were made and distributions totaling $3.5 million were received from these investments. During the year ended December 31, 2014 , no contributions were made and distributions totaling $12.9 million were received from these investments. As of December 31, 2015 and 2014, the amount of unfunded commitments related to the investments was $0.6 million . Level 3 Assets –Year-to-Date Change: (in thousands) Beginning balance at December 31, 2014 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers in and (out) of Level 3 Ending balance at December 31, 2015 Available-for-sale securities: Corporate debt securities $ 0 $ (1 ) $ (59 ) $ 180 $ 0 $ (51 ) $ 69 Collateralized debt obligations 0 3 (7 ) 8,581 0 0 8,577 Total fixed maturities 0 2 (66 ) 8,761 0 (51 ) 8,646 Total available-for-sale securities 0 2 (66 ) 8,761 0 (51 ) 8,646 Total Level 3 assets $ 0 $ 2 $ (66 ) $ 8,761 $ 0 $ (51 ) $ 8,646 (1) These amounts are reported in the Statements of Operations as net investment income (losses) for the year ended December 31, 2015 on Level 3 securities. We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs. Transfers in and out of level classifications are reported as having occurred at the beginning of the quarter in which the transfers occurred. There were no transfers between Level 1 and Level 2 for the year ended December 31, 2015 . Level 2 to Level 3 transfers totaled $0.1 million related to one fixed maturity holding due to the use of unobservable market data to determine the fair value at December 31, 2015 . Level 3 to Level 2 transfers totaled $0.2 million related to two fixed maturity holdings due to the use of observable market data to determine the fair value at December 31, 2015 . Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2013 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers in and (out) of Level 3 Ending balance at December 31, 2014 Available-for-sale securities: Corporate debt securities $ 1,054 $ 0 $ (28 ) $ 0 $ (85 ) $ (941 ) $ 0 Commercial mortgage-backed securities 0 1 9 2,976 0 (2,986 ) 0 Collateralized debt obligations 378 (47 ) (40 ) 0 (291 ) 0 0 Total fixed maturities 1,432 (46 ) (59 ) 2,976 (376 ) (3,927 ) 0 Total available-for-sale securities 1,432 (46 ) (59 ) 2,976 (376 ) (3,927 ) 0 Total Level 3 assets $ 1,432 $ (46 ) $ (59 ) $ 2,976 $ (376 ) $ (3,927 ) $ 0 (1) These amounts are reported in the Statements of Operations as net realized investment gains (losses) for the year ended December 31, 2014 on Level 3 securities. There were no transfers between Level 1 and Level 2, or from Level 2 to Level 3, for the year ended December 31, 2014 . Level 3 to Level 2 transfers totaled $3.9 million related to two fixed maturity holdings due to the use of observable market data to determine the fair value at December 31, 2014 . Quantitative and Qualitative Disclosures about Unobservable Inputs When a non-binding broker quote was the only input available, the security was classified within Level 3. Use of non-binding brokers quotes totaled $8.6 million at December 31, 2015. The unobservable inputs are not reasonably available to us. The following table presents our fair value measurements on a recurring basis by pricing source: (in thousands) At December 31, 2015 Total Level 1 Level 2 Level 3 Fixed maturities: Priced via pricing services $ 578,516 $ 0 $ 578,516 $ 0 Priced via market comparables/broker quotes 8,693 0 47 8,646 Total fixed maturities 587,209 0 578,563 8,646 Common stock: Priced via pricing services 12,732 12,732 0 0 Total common stock 12,732 12,732 0 0 Other investments: Priced via unobservable inputs (1) 4,526 — — — Total other investments 4,526 — — — Total $ 604,467 $ 12,732 $ 578,563 $ 8,646 (1) Other investments measured at fair value represent real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option using the net asset value practical expedient. These amounts are not required to be categorized in the fair value hierarchy. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. There were no assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015 .

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Investments	Note 5. Investments Available-for-sale securities The following tables summarize the cost and fair value of our available-for-sale securities: At December 31, 2015 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: States & political subdivisions $ 221,093 $ 10,761 $ 7 $ 231,847 Corporate debt securities 254,464 281 4,412 250,333 Residential mortgage-backed securities 13,639 4 130 13,513 Commercial mortgage-backed securities 38,630 30 1,089 37,571 Collateralized debt obligations 51,905 61 221 51,745 Other debt securities 2,241 0 41 2,200 Total fixed maturities 581,972 11,137 5,900 587,209 Common stock 12,865 0 133 12,732 Total available-for-sale securities $ 594,837 $ 11,137 $ 6,033 $ 599,941 At December 31, 2014 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: States & political subdivisions $ 219,550 $ 11,609 $ 25 $ 231,134 Corporate debt securities 235,613 1,491 3,064 234,040 Residential mortgage-backed securities 8,379 15 19 8,375 Commercial mortgage-backed securities 51,647 63 455 51,255 Collateralized debt obligations 32,964 40 72 32,932 Other debt securities 6,832 0 28 6,804 Total fixed maturities 554,985 13,218 3,663 564,540 Nonredeemable preferred stock 11,375 1,166 0 12,541 Common stock 12,865 0 176 12,689 Total available-for-sale securities $ 579,225 $ 14,384 $ 3,839 $ 589,770 The amortized cost and estimated fair value of fixed maturities at December 31, 2015 , are shown below by remaining contractual term to maturity. Mortgage-backed securities are allocated based upon stated maturity dates. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2015 (in thousands) Amortized Estimated cost fair value Due in one year or less $ 62,113 $ 62,067 Due after one year through five years 267,468 265,917 Due after five years through ten years 163,827 168,918 Due after ten years 88,564 90,307 Total fixed maturities $ 581,972 $ 587,209 Available-for-sale securities in a gross unrealized loss position are as follows. Data is provided by length of time for securities in a gross unrealized loss position. At December 31, 2015 (dollars in thousands) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of value losses value losses value losses holdings Available-for-sale securities: States & political subdivisions $ 5,867 $ 7 $ 0 $ 0 $ 5,867 $ 7 3 Corporate debt securities 172,831 2,447 19,086 1,965 191,917 4,412 349 Residential mortgage-backed securities 9,827 84 936 46 10,763 130 9 Commercial mortgage-backed securities 13,081 68 19,081 1,021 32,162 1,089 24 Collateralized debt obligations 27,981 103 9,174 118 37,155 221 19 Other debt securities 1,960 40 241 1 2,201 41 2 Total fixed maturities 231,547 2,749 48,518 3,151 280,065 5,900 406 Common stock 12,732 133 0 0 12,732 133 1 Total available-for-sale securities $ 244,279 $ 2,882 $ 48,518 $ 3,151 $ 292,797 $ 6,033 407 Quality breakdown of fixed maturities: Investment grade $ 174,723 $ 1,296 $ 38,369 $ 1,256 $ 213,092 $ 2,552 105 Non-investment grade 56,824 1,453 10,149 1,895 66,973 3,348 301 Total fixed maturities $ 231,547 $ 2,749 $ 48,518 $ 3,151 $ 280,065 $ 5,900 406 At December 31, 2014 (dollars in thousands) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of value losses value losses value losses holdings Available-for-sale securities: States & political subdivisions $ 6,251 $ 10 $ 2,378 $ 15 $ 8,629 $ 25 4 Corporate debt securities 120,850 3,064 0 0 120,850 3,064 250 Residential mortgage-backed securities 5,702 19 0 0 5,702 19 4 Commercial mortgage-backed securities 40,865 455 0 0 40,865 455 24 Collateralized debt obligations 20,985 72 0 0 20,985 72 9 Other debt securities 6,805 28 0 0 6,805 28 3 Total fixed maturities 201,458 3,648 2,378 15 203,836 3,663 294 Common stock 0 0 12,689 176 12,689 176 1 Total available-for-sale securities $ 201,458 $ 3,648 $ 15,067 $ 191 $ 216,525 $ 3,839 295 Quality breakdown of fixed maturities: Investment grade $ 145,364 $ 949 $ 2,378 $ 15 $ 147,742 $ 964 58 Non-investment grade 56,094 2,699 0 0 56,094 2,699 236 Total fixed maturities $ 201,458 $ 3,648 $ 2,378 $ 15 $ 203,836 $ 3,663 294 The above securities have been evaluated and determined to be temporary impairments for which we expect to recover our entire principal plus interest. The primary components of this analysis include a general review of market conditions and financial performance of the issuer along with the extent and duration at which fair value is less than cost. Any securities that we intend to sell or will more likely than not be required to sell before recovery are included in other-than-temporary impairments with the impairment charges recognized in earnings. Net investment income Interest and dividend income are recognized as earned and recorded to net investment income. Investment income, net of expenses, was generated from the following portfolios for the years ended December 31: (in thousands) 2015 2014 2013 Fixed maturities $ 16,457 $ 14,173 $ 11,945 Equity securities 1,045 1,550 2,126 Cash equivalents and other 1,174 1,207 1,439 Total investment income 18,676 16,930 15,510 Less: investment expenses 885 394 483 Investment income, net of expenses $ 17,791 $ 16,536 $ 15,027 Realized investment gains (losses) Realized gains and losses on sales of securities are recognized in income based upon the specific identification method. Realized gains (losses) on investments were as follows for the years ended December 31: (in thousands) 2015 2014 2013 Available-for-sale securities: Fixed maturities: Gross realized gains $ 1,571 $ 453 $ 890 Gross realized losses (1,764 ) (333 ) (43 ) Net realized (losses) gains (193 ) 120 847 Equity securities: Gross realized gains 759 1,132 391 Gross realized losses (74 ) (195 ) (293 ) Net realized gains 685 937 98 Net realized investment gains $ 492 $ 1,057 $ 945 The components of other-than-temporary impairments on investments are included below for the years ended December 31: (in thousands) 2015 2014 2013 Fixed maturities $ (1,558 ) $ (105 ) $ (388 ) Total other-than-temporary impairments (1,558 ) (105 ) (388 ) Portion recognized in other comprehensive income 0 0 0 Net impairment losses recognized in earnings $ (1,558 ) $ (105 ) $ (388 ) In considering if fixed maturity securities were credit-impaired, some of the factors considered include: potential for the default of interest and/or principal, level of subordination, collateral of the issue, compliance with financial covenants, credit ratings, and industry conditions. We have the intent to sell all credit-impaired fixed maturity securities; therefore, the entire amount of the impairment charges were included in earnings and no non-credit impairments were recognized in other comprehensive income. See also Note 2, "Significant Accounting Policies". Limited partnerships Limited partnership investments, excluding certain real estate limited partnerships recorded at fair value, are generally reported on a one-quarter lag; therefore, our year-to-date limited partnership results through December 31, 2015 are comprised of partnership financial results for the fourth quarter of 2014 and the first, second and third quarters of 2015 . Given the lag in reporting, our limited partnership results do not reflect the market conditions of the fourth quarter of 2015 . Cash contributions made to and distributions received from the partnerships are recorded in the period in which the transaction occurs. Amounts included in equity in earnings of limited partnerships by method of accounting are included below for the years ended December 31: (in thousands) 2015 2014 2013 Equity in earnings of limited partnerships accounted for under the equity method $ 16,545 $ 8,517 $ 20,488 Change in fair value of limited partnerships accounted for under the fair value option 438 2,412 1,206 Equity in earnings of limited partnerships $ 16,983 $ 10,929 $ 21,694 The following table summarizes limited partnership investments by sector at December 31: (in thousands) 2015 2014 Private equity $ 48,397 $ 51,379 Mezzanine debt 12,701 13,978 Real estate 22,911 39,677 Real estate - fair value option 4,526 7,583 Total limited partnerships $ 88,535 $ 112,617 See also Note 15, "Commitments and Contingencies", for investment commitments related to limited partnerships.

Capitalized Software Developmen

Capitalized Software Development Costs	12 Months Ended
	Dec. 31, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Capitalized Software Development Costs	Note 6. Capitalized Software Development Costs Capitalized software costs include internal and external labor and overhead and are included in fixed assets in the Statements of Financial Position. Capitalization ceases and amortization begins when a computer software project is complete and ready for its intended use. The following table outlines the total capitalized software development costs subject to amortization and the related amortization expense: (in thousands) Years ended December 31, 2015 2014 2013 Gross carrying amount $ 81,007 $ 67,820 $ 58,408 Accumulated amortization (34,210 ) (25,210 ) (17,804 ) Net carrying amount $ 46,797 $ 42,610 $ 40,604 Amortization expense $ 9,000 $ 7,406 $ 6,909 Included in the gross carrying amount above are costs not yet subject to amortization of $15.8 million , $10.9 million and $9.2 million in 2015 , 2014 and 2013 , respectively. The following table outlines the estimated future amortization expense related to capitalized software development costs as of December 31, 2015 : (in thousands) Years ending December 31, Estimated amortization expense 2016 $ 9,314 2017 8,674 2018 4,906 2019 3,467 2020 2,405

Bank Line of Credit

Bank Line of Credit	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Bank Line of Credit	Note 7. Bank Line of Credit As of December 31, 2015 , we have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on November 3, 2020 . As of December 31, 2015 , a total of $98.2 million available under the facility due to $1.8 million outstanding letters of credit, which reduce the availability for letters of credit to $23.2 million . We had no borrowings outstanding on our line of credit as of December 31, 2015 . Bonds with a fair value of $109.0 million were pledged as collateral on the line at December 31, 2015 . The securities pledged as collateral have no trading restrictions and are reported as available-for-sale securities in the Statements of Financial Position as of December 31, 2015 . The banks require compliance with certain covenants, which include leverage ratios, for our line of credit. We are in compliance with all covenants at December 31, 2015 .

Postretirement Benefits

Postretirement Benefits	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Postretirement Benefits	Note 8. Postretirement Benefits Pension plans Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan ("SERP") for certain members of executive and senior management. The pension plans provide benefits to covered individuals satisfying certain age and service requirements. The defined benefit pension plan and SERP each provide benefits through a final average earnings formula. Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange reimburses us for approximately 57% of the annual benefit expense of these plans, which represents pension benefits for our employees performing claims and life insurance functions. For our funded pension plan, amounts are settled in cash for the portion of pension costs allocated to the Exchange. For our unfunded plans, we pay the obligations when due and amounts are settled in cash between entities when there is a payout. Prior to 2003, the employee pension plan purchased annuities from Erie Family Life Insurance Company ("EFL"), a wholly owned subsidiary of the Exchange, for certain plan participants that were receiving benefit payments under the pension plan. These are nonparticipating annuity contracts under which EFL has unconditionally contracted to provide specified benefits to beneficiaries; however, the pension plan remains the primary obligor to the beneficiaries. A contingent liability of $22.6 million at December 31, 2015 , exists in the event EFL does not honor the annuity contracts. Cost of pension plans Pension plan cost includes the following components: (in thousands) 2015 2014 2013 Service cost for benefits earned $ 30,433 $ 22,510 $ 26,896 Interest cost on benefit obligation 30,755 28,112 25,474 Expected return on plan assets (35,921 ) (31,419 ) (30,414 ) Prior service cost amortization 670 712 798 Net actuarial loss amortization 14,031 6,344 14,946 Pension plan cost (1) $ 39,968 $ 26,259 $ 37,700 (1) Pension plan costs represent the total cost before reimbursements to Indemnity from the Exchange and EFL. Actuarial assumptions The following table describes the assumptions at December 31 used to measure the year-end obligations and the net periodic benefit costs for the subsequent year: 2015 2014 2013 2012 Employee pension plan: Discount rate 4.57 % 4.17 % 5.11 % 4.19 % Expected return on assets 7.00 7.00 7.50 7.50 Compensation increases (1) 3.32 3.32 4.15 4.15 SERP: Discount rate – pre-retirement/post-retirement 4.57/4.07 4.17/3.67 5.11/4.61 4.19/3.69 Rate of compensation increase 5.00 5.00 6.00 6.00 (1) The rate of compensation increase for the employee plan is age-graded. An equivalent single compensation increase rate of 3.32% in 2015 and 2014 , and 4.15% in 2013 would produce similar results. The economic assumptions that have the most impact on the postretirement benefits expense are the discount rate and the long-term rate of return on plan assets. The discount rate assumption used to determine the benefit obligation for 2015 was based upon a yield curve developed from corporate bond yield information. The same methodology was employed to develop the discount rates used to determine the benefit obligation for 2014 and 2013 . The pension plan's expected long-term rate of return represents the average rate of return to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. To determine the expected long-term rate of return assumption, we utilized models based upon rigorous historical analysis and forward-looking views of the financial markets based upon key factors such as historical returns for the asset class' applicable indices, the correlations of the asset classes under various market conditions and consensus views on future real economic growth and inflation. The expected future return for each asset class is then combined by considering correlations between asset classes and the volatilities of each asset class to produce a reasonable range of asset return results within which our expected long-term rate of return assumption falls. Projected benefit obligations decreased $12.1 million at December 31, 2015 compared to December 31, 2014 , driven primarily by the higher discount rate and the mortality tables being updated with two additional years of mortality data, partially offset by less than expected asset returns in 2015 . Funding policy/funded status Our funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year or the amount necessary to fund the plan to 100% plus interest to the date the contribution is made. Employer contributions of $17.4 million were made to the defined benefit pension plan in January 2016 . The following table sets forth the funded status of the pension plans and the amounts recognized in the Statements of Financial Position at December 31: (in thousands) 2015 2014 Funded status at end of year $ (173,089 ) $ (188,917 ) Pension liabilities – due within one year (1) $ (389 ) $ (97 ) Pension liabilities – due after one year (172,700 ) (188,820 ) Net amount recognized $ (173,089 ) $ (188,917 ) (1) The current portion of pension liabilities is included in accrued expenses and other current liabilities in the Statements of Financial Position. Benefit obligations Benefit obligations are described in the following tables. Accumulated and projected benefit obligations represent the obligations of a pension plan for past service as of the measurement date. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the projected benefit obligation in that the accumulated benefit obligation includes no assumptions to reflect expected future compensation. The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31: (in thousands) 2015 2014 Projected benefit obligation, beginning of year $ 736,705 $ 557,279 Service cost for benefits earned 30,433 22,510 Interest cost on benefit obligation 30,755 28,112 Plan amendments 0 164 Actuarial (gain) loss (60,774 ) 139,816 Benefits paid (12,539 ) (11,176 ) Projected benefit obligation, end of year $ 724,580 $ 736,705 Accumulated benefit obligation, end of year $ 583,432 $ 583,469 The following table describes plans with assets less than accumulated benefit obligation at December 31: (in thousands) 2015 2014 Projected benefit obligation $ 724,580 $ 736,705 Accumulated benefit obligation 583,432 583,469 Plan assets 551,491 547,788 Both the defined benefit pension plan and the SERP had accumulated benefit obligations in excess of plan assets at December 31, 2015 and 2014 . Pension assets The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31: (in thousands) 2015 2014 Fair value of plan assets, beginning of year $ 547,788 $ 462,322 Actual (loss) gain on plan assets (1,042 ) 72,932 Employer contributions 17,284 23,710 Benefits paid (12,539 ) (11,176 ) Fair value of plan assets, end of year $ 551,491 $ 547,788 Accumulated other comprehensive income Net actuarial loss and prior service cost included in accumulated other comprehensive income that were not yet recognized as components of net benefit costs were as follows: (in thousands) 2015 2014 Net actuarial loss $ 148,865 $ 186,707 Prior service cost 4,605 5,274 Net amount not yet recognized $ 153,470 $ 191,981 The estimated net actuarial loss and prior service cost for the pension plans that will be amortized from accumulated other comprehensive income into pension cost during 2016 is $7.6 million and $0.7 million , respectively. Other comprehensive income Amounts recognized in other comprehensive income for pension plans: (in thousands) 2015 2014 Net actuarial (gain) loss arising during the year $ (23,810 ) $ 98,303 Amortization of net actuarial loss (14,031 ) (6,344 ) Amortization of prior service cost (670 ) (712 ) Amendments 0 164 (1) Total recognized in other comprehensive income $ (38,511 ) $ 91,411 (1) The charges recognized as amendments were the result of factoring in the prior service cost for four new plan participants in 2014 . Asset allocation The employee pension plan utilizes a return seeking and a liability asset matching allocation strategy. It is based upon the understanding that 1) equity investments are expected to outperform debt investments over the long-term, 2) the potential volatility of short-term returns from equities is acceptable in exchange for the larger expected long-term returns, and 3) a portfolio structured across investment styles and markets (both domestic and foreign) reduces volatility. As a result, the employee pension plan’s investment portfolio utilizes a broadly diversified asset allocation across domestic and foreign equity and debt markets. The investment portfolio is composed of commingled pools that are dedicated exclusively to the management of employee benefit plan assets. The target and actual asset allocations for the portfolio are as follows for the years ended December 31: Target asset allocation Target asset allocation Actual asset allocation Actual asset allocation Asset allocation: 2015 2014 2015 2014 Equity securities: U.S. equity securities 35 % (1) 35 % 36 % 37 % Non-U.S. equity securities 20 (2) 20 20 19 Total equity securities 55 55 56 56 Debt securities 44 (3) 44 43 43 Other 1 (4) 1 1 1 Total 100 % 100 % 100 % 100 % (1) U.S. equity securities – 22% seek to achieve excess returns relative to the Russell 2000 Index, while 30% seek to achieve excess returns relative to the S&P 500. The remaining 48% of the allocation to U.S. equity securities are comprised of equity index funds that track the S&P 500. (2) Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 11% are allocated to international emerging market investments. The remaining 78% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index. (3) Debt securities – 44% are allocated to long U.S. Treasury Strips, 44% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better, while the remaining 12% are allocated to floating rate high income leverage loans. (4) Institutional money market fund. The following tables represent the fair value measurements for the pension plan assets by major category and level of input: At December 31, 2015 Fair value measurements of plan assets using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Equity securities: U.S. equity securities $ 201,021 $ 0 $ 201,021 $ 0 Non-U.S. equity securities 107,945 0 107,945 0 Total equity securities 308,966 0 308,966 0 Debt securities 236,619 0 236,619 0 Other 5,906 5,906 0 0 Total $ 551,491 $ 5,906 $ 545,585 $ 0 At December 31, 2014 Fair value measurements of plan assets using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Equity securities: U.S. equity securities $ 202,036 $ 0 $ 202,036 $ 0 Non-U.S. equity securities 106,025 0 106,025 0 Total equity securities 308,061 0 308,061 0 Debt securities 236,402 0 236,402 0 Other 3,325 3,325 0 0 Total $ 547,788 $ 3,325 $ 544,463 $ 0 Estimates of fair values of the pension plan assets are obtained primarily from our trustee and custodian of our pension plan. Our Level 1 category includes a money market fund that is a mutual fund for which the fair value is determined using an exchange traded price provided by the trustee and custodian. Our Level 2 category includes commingled pools. Estimates of fair values for securities held by our commingled pools are obtained primarily from the trustee and custodian. The methodologies used by the trustee and custodian that support a financial instrument Level 2 classification include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuers spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Estimated future benefit payments The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of December 31: (in thousands) Year ending December 31, Expected future benefit payments 2016 $ 14,781 2017 16,595 2018 18,632 2019 20,669 2020 23,223 2021 - 2025 163,388 Retiree health benefit plan The retiree health benefit plan was terminated in 2006. We continue to provide retiree health benefits only to employees who met certain age and service requirements on or before July 1, 2010. The accumulated benefit obligation and net periodic benefit cost of this plan were not material to our financial statements. Employee savings plan All full-time and regular part-time employees are eligible to participate in a traditional qualified 401(k) or a Roth 401(k) savings plan. We match 100% of the participant contributions up to 3% of compensation and 50% of participant contributions over 3% and up to 5% of compensation. Matching contributions paid to the plan were $11.6 million in 2015 , $10.7 million in 2014 , and $10.4 million in 2013 . Employees are permitted to invest the employer-matching contributions in our Class A common stock. Employees, other than executive and senior officers, may sell the shares at any time without restriction; sales by executive and senior officers are subject to restrictions imposed by our insider trading policies and the federal securities laws. The plan acquires shares in the open market necessary to meet the obligations of the plan. Plan participants held 0.2 million shares of our Class A common stock at December 31, 2015 and 2014 .

Incentive and Deferred Compensa

Incentive and Deferred Compensation Plans	12 Months Ended
	Dec. 31, 2015
Compensation Related Costs [Abstract]
Incentive and Deferred Compensation Plans	Note 9. Incentive and Deferred Compensation Plans Annual incentive plan Our annual incentive plan is a bonus plan that pays cash to our executive and senior vice presidents annually. The cash awards are based on attainment of corporate and individual performance measures, which can include various financial measures. The plan includes a funding qualifier which considers our financial results, based on operating income, before a payout can be made to plan participants. If the funding qualifier is met, plan participants are eligible to receive the incentive based upon specific performance measures. The measures are established at the beginning of each year by the Executive Compensation and Development Committee of our Board of Directors ("ECDC"), with ultimate approval by the full Board of Directors. For 2015 and 2014 , the performance measures primarily included the growth in direct written premium and statutory combined ratio of the Exchange and its property and casualty subsidiaries. Long-term incentive plan Our long-term incentive plan ("LTIP") is a performance based incentive plan designed to reward executive and senior vice presidents who can have a significant impact on our long-term performance and to further align the interests of such employees with those of our shareholders. The LTIP permits grants of performance shares or units, or phantom shares to be satisfied with shares of our Class A common stock or cash payment as determined by the ECDC. The ECDC determines the form of the award to be granted at the beginning of each performance period, which is generally a three -year period. The number of shares of the Company’s common stock authorized for grant under the LTIP is 1.5 million shares, with no one person able to receive more than 250,000 shares or the equivalent of $5 million during any one performance period. We repurchase our Class A common stock on the open market to settle stock awards under the plan. We do not issue new shares of common stock to settle stock awards. LTIP awards are considered vested at the end of each applicable performance period. The LTIP provides the recipient the right to earn performance shares or units, or phantom stock based on the level of achievement of performance goals as defined by us. Performance measures and a peer group of property and casualty companies to be used for comparison are determined by the ECDC. The performance measures for the 2015 , 2014 and 2013 awards were the reported growth in direct written premium and statutory combined ratio of the Exchange and its property and casualty subsidiaries and return on invested assets over a three -year performance period as compared to the results of the peer group over the same period. Because the award is based upon a comparison to results of a peer group over a three -year period, the award accrual is based upon estimates of probable results for the remaining performance period. This estimate is subject to variability if our results or the results of the peer group are substantially different than the results we project. The fair value of LTIP awards is measured at each reporting date at the current share price of our Class A common stock. A liability is recorded and compensation expense is recognized ratably over the performance period. At December 31, 2015 , the plan awards for the 2013-2015 performance period were fully vested. Distributions will be made in 2016 once peer group financial information becomes available at which time participants will elect the form of payment, either cash or stock. The estimated plan award based upon the peer group information as of September 30, 2015 is $13.5 million . At December 31, 2014 , the awards for the 2012-2014 period were fully vested. Participants had the option of receiving either cash or stock for the 2012-2014 award. The cash award of $8.2 million was paid in June 2015 and the stock award of 1,567 shares with an average share price of $81.04 and a market value of $0.1 million was delivered to plan participants in June 2015 . At December 31, 2013 , the awards, granted as stock, for the 2011-2013 performance period were fully vested. The average share price on the date the shares were delivered to plan participants for the 2011-2013 performance period was $75.36 . The plan award of 54,371 shares of Class A common stock with a market value of approximately $4.1 million was paid in June 2014 . Earned compensation costs are allocated to related entities and reimbursed to us in cash once the payout is made. The total compensation cost charged to operations related to these LTIP awards was $13.4 million in 2015 , $12.5 million in 2014 , and $7.9 million in 2013 . The related tax benefits recognized in income were $4.7 million in 2015 , $4.4 million in 2014 , and $2.8 million in 2013 . The Exchange reimburses us for approximately 33% of the annual compensation cost of these plans, which represents the amount of compensation expense for our employees performing claims and life insurance functions. At December 31, 2015 , there was $11.1 million of total unrecognized compensation cost for non-vested LTIP awards related to open performance periods. Unrecognized compensation is expected to be recognized over a period of two years. Equity compensation plan Effective April 17, 2013, our Board of Directors approved an equity compensation plan ("ECP") designed to reward key employees, as determined by the ECDC or the chief executive officer, who can have a significant impact on our long-term performance and to further align the interests of such employees with those of our shareholders. The ECP permits grants of restricted shares, restricted share units and other share based awards, to be satisfied with shares of our Class A common stock or cash. The ECDC determines the form of the award to be granted at the beginning of each performance period. The number of shares of the Company's Class A common stock authorized for grant under the ECP is 100,000 shares, with no one person able to receive more than 5,000 shares in a calendar year. Share awards are settled through the repurchase of our Class A common stock on the open market. We do not issue new shares of common stock to satisfy plan awards. Restricted share awards may be entitled to receive dividends payable during the performance period, or, if subject to performance goals, to receive dividend equivalents payable upon vesting. Dividend equivalents may provide for the crediting of interest or hypothetical reinvestment experience payable after expiration of the performance period. Vesting conditions are determined at the time the award is granted and may include continuation of employment for a specific period, satisfaction of performance goals and the defined performance period, and the satisfaction of any other terms and conditions as determined to be appropriate. The plan is to remain in effect until December 31, 2022, unless earlier amended or terminated by our Board of Directors. The total number of restricted stock units granted under the plan was 5,500 and 8,750 in 2015 and 2014 , respectively. There were no awards granted during 2013 . The total compensation charged to operations related to these ECP awards was $0.4 million and $0.3 million in 2015 and 2014 , respectively. The Exchange reimburses us for approximately 31% of the annual compensation cost of these plans, which represents the amount compensation expense for our employees performing claims functions. Unrecognized compensation expense of $0.7 million is expected to be recognized over a period of three years. Deferred compensation plans Our deferred compensation plans are arrangements for our executive and senior vice presidents and outside directors that allows participants to elect to defer receipt of a portion of their compensation until a later date. Employer 401(k) matching contributions that are in excess of the annual contribution or compensation limits are also credited to the participant accounts for those who elected to defer receipt of some portion of their base salary. The deferred compensation plan for our outside directors allows participants to defer receipt of a portion of their director and meeting fees until a later date. Employees or outside directors participating in the respective plans select hypothetical investment funds for their deferrals which are credited with the hypothetical returns generated. The following summarizes the incentive and deferred compensation plans for the years ended December 31 : (in thousands) 2015 2014 2013 Awards, employer match, and hypothetical earnings by plan: Annual incentive plan awards $ 7,057 $ 6,222 $ 8,015 Long-term incentive plan awards 13,407 12,523 7,941 Deferred compensation plans, employer match, and hypothetical earnings 2,042 2,789 2,086 Total plan awards and earnings 22,506 21,534 18,042 Total plan awards paid (14,317 ) (14,839 ) (10,602 ) Compensation deferred under the plans 996 527 146 Distributions from the deferred compensation plans (1,688 ) (1,072 ) (823 ) Funding of rabbi trust for outside directors (9,018 ) — — Gross incentive plan and deferred compensation liabilities at end of period $ 37,457 $ 38,978 $ 32,828 Stock compensation plan for outside directors We have a stock compensation plan for our outside directors to further align the interests of directors with those of our shareholders that provides for a portion of the directors’ annual compensation in shares of our Class A common stock. Each director vests in the grant 25% every three months over the course of a year. Dividends paid by us are credited to each director’s account which vest immediately. We do not issue new shares of common stock to directors. Our practice is to repurchase shares of our Class A common stock in the open market to satisfy these awards. Prior to October 2015 , these shares were accounted for as a liability which was equal to the total number of share credits earned at the current fair market value. Directors were paid shares of our Class A common stock equal to the number of share credits in their deferred stock account upon ending board service. In October 2015 we established a rabbi trust to hold the shares earned by outside directors. The rabbi trust purchased 94,938 shares of our common stock on the open market at an average price of $94.99 for $9.0 million to satisfy the liability of the deferred compensation plan. The rabbi trust is classified and accounted for as equity in a manner consistent with the accounting for treasury stock. Dividends received on the shares in the rabbi trust will be used to purchase additional shares. The shares will be distributed to the outside director from the rabbi trust upon ending board service. The annual charge related to these awards totaled $1.9 million , $2.2 million and $1.1 million in 2015 , 2014 and 2013 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes The provision for income taxes consists of the following for the years ended December 31: (in thousands) 2015 2014 2013 Current income tax expense $ 106,155 $ 87,064 $ 89,005 Deferred income tax benefit (14,584 ) (3,305 ) (5,002 ) Income tax expense $ 91,571 $ 83,759 $ 84,003 A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31: (in thousands) 2015 2014 2013 Income tax at statutory rate $ 93,187 $ 87,943 $ 86,315 Tax-exempt interest (2,285 ) (2,589 ) (2,345 ) Other, net 669 (1,595 ) 33 Income tax expense $ 91,571 $ 83,759 $ 84,003 Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows for the years ended December 31: (in thousands) 2015 2014 Deferred tax assets: Other employee benefits $ 19,945 $ 17,846 Pension and other postretirement benefits 48,897 55,443 Allowance for management fee returned on cancelled policies 4,375 3,850 Other 546 44 Total deferred tax assets 73,763 77,183 Deferred tax liabilities: Depreciation 17,843 17,290 Prepaid expenses 6,929 8,090 Limited partnerships 5,822 10,526 Unrealized gains on investments 1,360 3,691 Other 1,123 265 Total deferred tax liabilities 33,077 39,862 Net deferred tax asset $ 40,686 $ 37,321 We had no valuation allowance recorded at December 31, 2015 or December 31, 2014 . The IRS has examined our tax filings through tax year ended 2009 and is currently examining our federal income tax returns for 2010, 2011 and 2012. We are the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurance exchange. In that capacity, we provide all services and facilities necessary to conduct the Exchange’s insurance business. Indemnity and the Exchange together constitute a single insurance business. Consequently, we are not subject to state corporate income or franchise taxes in states where the Exchange conducts its business and the states collect premium tax in lieu of corporate income or franchise tax, as a result of the Exchange’s remittance of premium taxes in those states.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2015
Class of Stock Disclosures [Abstract]
Capital Stock	Note 11. Capital Stock Class A and B common stock We have two classes of common stock: Class A which has a dividend preference and Class B which has voting power and a conversion right. Each share of Class A common stock outstanding at the time of the declaration of any dividend upon shares of Class B common stock shall be entitled to a dividend payable at the same time, at the same record date, and in an amount at least equal to 2/3 of 1.0% of any dividend declared on each share of Class B common stock. We may declare and pay a dividend in respect to Class A common stock without any requirement that any dividend be declared and paid in respect to Class B common stock. Sole shareholder voting power is vested in Class B common stock except insofar as any applicable law shall permit Class A common shareholders to vote as a class in regards to any changes in the rights, preferences, and privileges attaching to Class A common stock. Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock in 2015 , 2014 or 2013 . Stock repurchases Our Board of Directors authorized a stock repurchase program effective January 1, 1999 allowing the repurchase of our outstanding Class A nonvoting common stock. Treasury shares are recorded in the Statements of Financial Position at total cost based upon trade date. There were no shares repurchased under this program during 2015 . During 2014 , 272,057 shares were repurchased under the program at a total cost of $19.2 million . In October 2011 , our Board of Directors approved a continuation of the current stock repurchase program for a total of $150 million , with no time limitation. We had approximately $17.8 million of repurchase authority remaining under this program at December 31, 2015 , based upon trade date. In 2015 , we purchased 111,535 shares of our outstanding Class A nonvoting common stock outside of our publicly announced share repurchase program at a total cost of $10.4 million . Of this amount, we purchased 1,567 shares of our outstanding Class A nonvoting common stock at a total cost of $0.1 million or $81.91 per share, for the vesting of stock-based awards in conjunction with our long-term incentive plan. These shares were delivered to plan participants in June 2015. We purchased 2,800 shares of our outstanding Class A nonvoting common stock at a total cost of $0.2 million , or $86.24 per share, for the vesting of stock-based awards for executive management. These shares were delivered to executive management in August 2015 . In November 2015, we purchased 12,230 shares of our outstanding Class A nonvoting common stock at a total cost of $1.1 million or $87.03 per share, for the vesting of stock-based awards for a former outside director. These shares were delivered in November 2015. In November and December 2015, we purchased 94,938 shares of our outstanding Class A nonvoting common stock at a total cost of $9.0 million or $94.99 per share, to fund the newly established rabbi trust for the outside director deferred compensation plan. See Note 9, "Incentive and Deferred Compensation Plans". In 2014 , we purchased 64,398 shares of our outstanding Class A nonvoting common stock outside of our publicly announced share repurchase program at a total cost of $4.9 million . Of this amount, we purchased 2,800 shares of our outstanding Class A nonvoting common stock at a total cost of $0.2 million , or $71.93 per share, for the vesting of stock-based awards for executive management. These shares were delivered to executive management in January 2014 . In May 2014 , we purchased 7,227 shares of our outstanding Class A nonvoting common stock at a total cost of $0.6 million , or $76.45 per share, for the vesting of stock-based awards for a former outside director. These shares were delivered in May 2014 . In May and June 2014 , we purchased 54,371 shares of our outstanding Class A nonvoting common stock at a total cost of $4.1 million , or $76.21 per share, for the vesting of stock-based awards in conjunction with our long-term incentive plan. These shares were delivered to plan participants in June 2014 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 12. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, including amounts reclassified out of accumulated other comprehensive income (loss) and the related line item in the Statements of Operations where net income is presented, are as follows for the year ended December 31: (in thousands) 2015 2014 2013 Investment securities: Accumulated other comprehensive income, beginning of the year $ 6,807 $ 5,984 $ 13,325 Other comprehensive (loss) income before reclassifications, net of tax benefit (expense) of $2,678, $(633), and $3,852, respectively (4,973 ) 1,175 (7,153 ) Realized investment gains, net of tax benefit of $172, $226 and $236, respectively (320 ) (420 ) (440 ) Impairment losses, net of tax expense of $(545), $(37), and $(136), respectively 1,013 68 252 Other comprehensive (loss) income, net of tax (4,280 ) 823 (7,341 ) Accumulated other comprehensive income, end of the year $ 2,527 $ 6,807 $ 5,984 Pension and other postretirement plans: Accumulated other comprehensive loss, beginning of the year $ (124,508 ) $ (65,083 ) $ (146,516 ) Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit of $(8,433), $34,378, and $(38,352), respectively 15,661 (63,845 ) 71,226 Amortization of prior service costs, net of tax expense of $234, $248, and $278, respectively (1) 434 461 517 Amortization of net actuarial loss, net of tax expense of $4,858, $2,131, and $5,218, respectively (1) 9,022 3,959 9,690 Other comprehensive income (loss), net of tax 25,117 (59,425 ) 81,433 Accumulated other comprehensive loss, end of the year $ (99,391 ) $ (124,508 ) $ (65,083 ) Total Accumulated other comprehensive loss, beginning of the year $ (117,701 ) $ (59,099 ) $ (133,191 ) Investment securities (4,280 ) 823 (7,341 ) Pension and other postretirement plans 25,117 (59,425 ) 81,433 Other comprehensive income, net of tax 20,837 (58,602 ) 74,092 Accumulated other comprehensive loss, end of the year $ (96,864 ) $ (117,701 ) $ (59,099 ) (1) These components of accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost. See Note 8, "Postretirement Benefits", for additional information.

Related Party

Related Party	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party	Note 13. Related Party Management fee A management fee is charged to the Exchange for services we provide under subscriber’s agreements with policyholders at the Exchange. The fee is a percentage of direct and assumed premiums written by the Exchange. This percentage rate is adjusted periodically by our Board of Directors but cannot exceed 25% . The effective management fee rate charged the Exchange was 25% in 2015 , 2014 and 2013 . The Board of Directors elected to maintain the fee at 25% beginning January 1, 2016. There is no provision in the subscriber's agreement for termination of our appointment as attorney-in-fact by the subscribers of the Exchange and the appointment is not affected by a policyholder’s disability or incapacity. Insurance holding company system Most states have enacted legislation that regulates insurance holding company systems, defined as two or more affiliated persons, one or more of which is an insurer. The Exchange has the following wholly owned property and casualty subsidiaries: Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property and Casualty Company and Flagship City Insurance Company, and a wholly owned life insurance company, Erie Family Life Insurance Company ("EFL"). Indemnity and the Exchange, and its wholly owned subsidiaries, meet the definition of an insurance holding company system. Expense allocations All claims handling services for the Exchange are performed by our employees who are entirely dedicated to claims related activities. All costs associated with these employees are reimbursed to us from the Exchange’s revenues in accordance with the subscriber’s agreement. We are reimbursed by EFL from its revenues for all costs associated with employees who perform life insurance related operating activities for EFL in accordance with its service agreement with us. Common overhead expenses included in the expenses paid by us are allocated based upon appropriate utilization statistics (employee count, square footage, vehicle count, project hours, etc.) specifically measured to accomplish proportional allocations. Executive compensation is allocated based upon each executive’s primary responsibilities (management services, property and casualty claims operations, EFL operations, and investment operations). We believe the methods used to allocate common overhead expenses among the affiliated entities are reasonable. See also Note 8, "Postretirement Benefits" for a discussion of intercompany expense allocations under the postretirement benefit plans. Payments on behalf of related entities We make certain payments on behalf of the Exchange and EFL. These reimbursements are settled on a monthly basis. The amounts of these cash settlements were as follows for the years ended December 31: (in thousands) 2015 2014 Erie Insurance Exchange $ 406,246 $ 378,496 Erie Family Life Insurance 35,761 37,159 Total cash settlements $ 442,007 $ 415,655 Office leases We lease certain office space from the Exchange including the home office and three field office facilities. Rent expenses under these leases totaled $6.5 million , $7.8 million and $5.9 million in 2015 , 2014 and 2013 , respectively. We also have a lease commitment with EFL for a branch office until 2018. Annual rentals paid to EFL under this lease totaled $0.4 million in 2015 , 2014 and 2013 . Notes receivable from EFL We are due $25 million from EFL in the form of a surplus note that was issued in 2003. The note may be repaid only out of unassigned surplus of EFL. Both principal and interest payments are subject to prior approval by the Pennsylvania Insurance Commissioner. The note bears an annual interest rate of 6.7% and will be payable on demand on or after December 31, 2018, with interest scheduled to be paid semi-annually. EFL paid annual interest to us of $1.7 million in 2015 , 2014 and 2013 .

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2015
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Note 14. Concentrations of Credit Risk Financial instruments could potentially expose us to concentrations of credit risk, including unsecured receivables from the Exchange. A large majority of our revenue and receivables are from the Exchange and affiliates. See also Note 1, "Nature of Operations". Management fee amounts and other reimbursements due from the Exchange and affiliates were $348.1 million and $335.2 million at December 31, 2015 and 2014 , respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15. Commitments and Contingencies We have contractual commitments to invest up to $19.1 million related to our limited partnership investments at December 31, 2015 . These commitments are split between private equity securities of $7.3 million , mezzanine debt securities of $8.2 million , and real estate activities of $3.6 million . These commitments will be funded as required by the limited partnership agreements. We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our financial condition, operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our financial condition, results of operations, or cash flows.

Supplementary Data on Cash Flow

Supplementary Data on Cash Flows	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplementary Data on Cash Flows	Note 16. Supplementary Data on Cash Flows A reconciliation of net income to net cash provided by operating activities as presented in the Statements of Cash Flows is as follows for the years ended December 31: (in thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 174,678 $ 167,505 $ 162,611 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 16,461 15,656 14,998 Deferred income tax benefit (14,584 ) (3,305 ) (5,002 ) Realized losses (gains) and impairments on investments 1,066 (952 ) (557 ) Equity in earnings of limited partnerships (16,983 ) (10,929 ) (21,694 ) Net amortization of bond premium 8,160 7,225 6,864 (Decrease) increase in deferred compensation (1,526 ) 6,149 6,762 Limited partnership distributions 14,112 15,327 27,050 Increase in receivables from affiliates (12,835 ) (34,778 ) (19,655 ) Decrease (increase) in accrued investment income 47 (915 ) (374 ) (Increase) decrease in federal income taxes recoverable (499 ) (8,421 ) 2,812 Decrease in prepaid pension 20,307 557 17,842 Decrease (increase) in prepaid expenses and other assets 1,193 (1,747 ) (5,831 ) Increase in accounts payable and accrued expenses 3,633 1,753 4,910 Increase in commissions payable 5,624 20,596 10,508 Increase in accrued agent bonuses 18,524 12,292 16,764 Net cash provided by operating activities $ 217,378 $ 186,013 $ 218,008

Quarterly Results of Operations

Quarterly Results of Operations (unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results of Operations (unaudited)	Note 17. Quarterly Results of Operations (unaudited) Year ended December 31, 2015 (in thousands, except per share data) First quarter Second quarter Third quarter Fourth quarter Year Operating revenue $ 350,831 $ 401,660 $ 396,637 $ 356,380 $ 1,505,508 Operating expenses 298,401 331,677 328,348 314,541 1,272,967 Investment income 6,539 15,705 7,220 4,244 33,708 Income before income taxes 58,969 85,688 75,509 46,083 266,249 Net income $ 38,833 $ 56,150 $ 49,562 $ 30,133 $ 174,678 Earnings per share (1) Net income per share Class A common stock – basic $ 0.83 $ 1.21 $ 1.06 $ 0.65 $ 3.75 Class A common stock – diluted $ 0.74 $ 1.07 $ 0.94 $ 0.57 $ 3.33 Class B common stock – basic $ 125 $ 181 $ 160 $ 97 $ 563 Class B common stock – diluted $ 125 $ 180 $ 159 $ 97 $ 562 ( 1) The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented. Year ended December 31, 2014 (in thousands, except per share data) First quarter Second quarter Third quarter Fourth quarter Year Operating revenue $ 326,247 $ 373,978 $ 369,638 $ 337,256 $ 1,407,119 Operating expenses 267,819 306,060 308,550 301,843 1,184,272 Investment income 11,599 6,872 7,604 2,342 28,417 Income before income taxes 70,027 74,790 68,692 37,755 $ 251,264 Net income $ 46,262 $ 49,047 $ 46,900 $ 25,296 $ 167,505 Earnings per share (1) Net income per share Class A common stock – basic $ 0.99 $ 1.05 $ 1.01 $ 0.54 $ 3.59 Class A common stock – diluted $ 0.88 $ 0.94 $ 0.90 $ 0.48 $ 3.18 Class B common stock – basic $ 149 $ 158 $ 151 $ 81 $ 539 Class B common stock – diluted $ 149 $ 158 $ 151 $ 81 $ 538 ( 1) The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 18. Subsequent Events No items were identified in the period subsequent to the financial statement date that required adjustment or disclosure.

Significant Accounting Polici27

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP").
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New accounting standards	Retrospective adoption of recently issued accounting standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation , which changed the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance changed the conditions to be met in determining if a reporting entity has a variable interest in a legal entity. In accordance with the new accounting guidance, Indemnity is not deemed to have a variable interest in the Exchange as the fees paid for services provided to the Exchange no longer represent a variable interest. The compensation received from the attorney-in-fact fee arrangement with the subscribers is for services provided by Indemnity acting in its role as attorney-in-fact and is commensurate with the level of effort required to perform those services. Under the previously issued accounting guidance, Indemnity was deemed to be the primary beneficiary of the Exchange and its financial position and operating results were consolidated with Indemnity. Following adoption of the new accounting guidance, the Exchange’s results are no longer required to be consolidated with Indemnity. Indemnity adopted the new accounting standard on a retrospective basis effective with the annual reporting period ending December 31, 2015. The 2014 and 2013 financial information within this report has been conformed to the presentation in accordance with the amended guidance. The effects on the financial statements of no longer consolidating the Exchange include: • Indemnity's management fee revenues are included on the face of the Statements of Operations. The Noncontrolling Interest - Exchange revenues and expenses are no longer included in the Statements of Operations, Statements of Comprehensive Income or Statements of Cash Flows. • The assets and liabilities of the Noncontrolling Interest - Exchange are not included on the Statements of Financial Position. The assets and liabilities of Indemnity are presented on a classified basis, which distinguishes between current and noncurrent on the Statements of Financial Position. • There is no cumulative effect to Indemnity's shareholders’ equity. The noncontrolling interest in total equity that represented the amount of the Exchange’s subscribers’ equity was presented separately from Indemnity's shareholders’ equity. In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement" , which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and limits the disclosure requirements. ASU 2015-07 is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. Our disclosure was prepared in accordance with this amended guidance at December 31, 2015. In November 2015, the FASB issued ASU 2015-17, " Balance Sheet Classification of Deferred Taxes". ASU 2015-17 simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for annual periods beginning after December 15, 2016 with early adoption permitted. We adopted the guidance on a retrospective basis effective December 31, 2015. Prior to December 31, 2015, we were not required to present a classified balance sheet that distinguished between current and noncurrent deferred taxes. Recently issued accounting standards In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" . ASU 2014-09 clarifies the principles for recognizing revenue and provides a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, ASU 2015-14, "Revenue from Contracts with Customers", deferred the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017. Earlier application is permitted only as of annual and interim reporting periods beginning after December 15, 2016. We do not expect the adoption of ASU 2014-09 related to the management fee and service agreement revenue to have a material impact on our financial statements.
Cash and cash equivalents	Cash and cash equivalents – Cash, money market accounts and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents.
Investments - Available-for-sale securities	Available-for-sale securities – Fixed maturity, preferred stock, and common stock securities classified as available-for-sale are reported at fair value. Available-for-sale securities with a remaining maturity of 12 months or less are reported as current assets on the Statements of Financial Position. Unrealized holding gains and losses, net of related tax effects, on available-for-sale securities are recorded directly to shareholders’ equity as accumulated other comprehensive income (loss). Common stock securities classified as available-for-sale represent certain exchange traded funds with underlying holdings of fixed maturity securities. Realized gains and losses on sales of available-for-sale securities are recognized in income based upon the specific identification method. Interest and dividend income are recognized as earned. Available-for-sale securities are evaluated monthly for other-than-temporary impairment loss. For fixed income and redeemable preferred stock (debt securities) that have experienced a decline in fair value and that we intend to sell, or for which it is more likely than not we will be required to sell the security before recovery of its amortized cost, an other-than-temporary impairment is deemed to have occurred, and is recognized in earnings. Debt securities that have experienced a decline in fair value and that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is other-than-temporary. Some factors considered in this evaluation include: • the extent and duration to which fair value is less than cost; • historical operating performance and financial condition of the issuer; • short and long-term prospects of the issuer and its industry based upon analysts’ recommendations; • specific events that occurred affecting the issuer, including a ratings downgrade; • near term liquidity position of the issuer; and • compliance with financial covenants. If a decline is deemed to be other-than-temporary, an assessment is made to determine the amount of the total impairment related to a credit loss and that related to all other factors. Consideration is given to all available information relevant to the collectability of the security in this determination. If the entire amortized cost basis of the security will not be recovered, a credit loss exists. Currently, we have the intent to sell all of our securities that have been determined to have a credit-related impairment. As a result, the entire amount of any impairment would be recognized in earnings. If we had securities with credit impairments that we did not intend to sell, the non-credit portion of the impairment would be recorded in other comprehensive income. For equity securities in an unrealized loss position where fair value is not expected to recover to our cost basis in a reasonable time period, or where we do not expect to hold the security for a period of time sufficient to allow for a recovery to our cost basis, an other-than-temporary impairment is deemed to have occurred, and is recognized in earnings.
Investments - Limited partnerships	Limited partnerships – Limited partnerships include U.S. and foreign private equity, mezzanine debt, and real estate investments. The majority of our limited partnership holdings are considered investment companies and are recorded using the equity method of accounting. For these limited partnerships the general partners record assets at fair value, including any other-than-temporary impairments of these individual investments. Our ownership interest in partnerships accounted for under the equity method is generally less than 10% , and does not provide us the ability to significantly influence the operations of the partnerships. However, we believe the equity method most appropriately reflects the value of our economic interest in these investments. We also own certain real estate limited partnerships that do not meet the criteria of an investment company. These partnerships prepare audited financial statements on a cost basis. We have elected to report these limited partnerships under the fair value option, which is based on the net asset value (NAV) from our partner’s capital statement reflecting the general partner’s estimate of fair value for the fund’s underlying assets. Limited partnerships reported under the fair value option are disclosed in Note 4, "Fair Value" as other investments. Fair value provides consistency in the evaluation and financial reporting for these limited partnerships and limited partnerships accounted for under the equity method. Because of the timing of the preparation and delivery of financial statements for limited partnership investments, the use of the most recently available financial statements provided by the general partners results in a quarter delay in the inclusion of the limited partnership results in our Statements of Operations. Due to this delay, these financial statements do not yet reflect the market conditions experienced in the fourth quarter of 2015 for all partnerships other than the real estate limited partnerships that are reported under the fair value option. Nearly all of the underlying investments in our limited partnerships are valued using a source other than quoted prices in active markets. The fair value amounts for our private equity and mezzanine debt partnerships are based upon the financial statements of the general partners, who use multiple methods to estimate fair value including the market approach, income approach or the cost approach. The market approach uses prices and other pertinent information from market-generated transactions involving identical or comparable assets or liabilities. Such valuation techniques often use market multiples derived from a set of comparables. The income approach uses valuation techniques to convert future cash flows or earnings to a single discounted present value amount. The measurement is based upon the value indicated by current market expectations on those future amounts. The cost approach is derived from the amount that is currently required to replace the service capacity of an asset. If information becomes available that would impair the cost of investments owned by the partnerships, then the general partner would adjust to the net realizable value. For real estate limited partnerships, the general partners record these at fair value based upon an independent appraisal or internal estimates of fair value. While we perform various procedures in review of the general partners’ valuations, we rely on the general partners’ financial statements as the best available information to record our share of the partnership unrealized gains and losses resulting from valuation changes. Due to the limited market for these investments, there is a greater potential for market price variability. Unrealized gains and losses for these investments are reflected in equity in earnings (losses) of limited partnerships in our Statements of Operations in accordance with the equity method of accounting or the fair value option, as applicable. Cash contributions made to and distributions received from the partnerships are recorded in the period in which the transaction occurs.
Deferred taxes	Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts.
Software costs	Software costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use. Capitalized software costs are included in fixed assets and amortized on a straight-line basis over the estimated useful lives of the software, which do not exceed seven years .
Agent bonus estimates	Agent bonus estimates Agent bonuses are based upon an individual agency’s property and casualty underwriting profitability and also include a component for growth in agency property and casualty premiums if the agency’s underwriting profitability targets for the book of business are met. The estimate for agent bonuses, which are based upon the performance over 36 months , is modeled on a monthly basis using actual underwriting data by agency for the prior two years combined with the current year-to-date actual data. At December 31 of each year, we use actual data available and record an accrual based upon the expected payment amount. These costs are included in commissions expense in the Statements of Operations.
Recognition of management fee revenue	Recognition of management fee revenue We earn management fees from the Exchange for providing certain sales, underwriting, and policy issuance services. Pursuant to the subscriber’s agreements with the policyholders at the Exchange, we may retain up to 25% of all direct and assumed premiums written by the Exchange. Management fee revenue is calculated by multiplying the management fee rate by the direct and assumed premiums written by the Exchange. The Exchange issues policies with annual terms only. Management fees are recorded as revenue upon policy issuance or renewal, as substantially all of the services required to be performed by us have been satisfied at that time. Certain activities are performed and related costs are incurred by us subsequent to policy issuance in connection with the services provided to the Exchange; however, these activities are inconsequential and perfunctory.
Recognition of service agreement revenue	Recognition of service agreement revenue Service agreement revenue consists of service charges we collect from policyholders for providing multiple payment plans on policies written by the Exchange. Service charges, which are flat dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees.
Earnings per share	Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 11, "Capital Stock". Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. See Note 9, "Incentive and Deferred Compensation Plans".
Fair value of financial instruments	Our available-for-sale and trading securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and trading securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Although the majority of our prices are obtained from third-party sources, we also perform an internal pricing review for securities with low trading volumes under current market conditions. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 category includes those securities valued using an exchange traded price provided by the pricing service. The methodologies used by the pricing service that support a Level 2 classification of a financial instrument include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. We perform continuous reviews of the prices obtained from the pricing service. This includes evaluating the methodology and inputs used by the pricing service to ensure that we determine the proper classification level of the financial instrument. Price variances, including large periodic changes, are investigated and corroborated by market data. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs, such as data, and transaction volumes and believe that the prices adequately consider market activity in determining fair value. Our review process continues to evolve based upon accounting guidance and requirements. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. Our evaluation includes the consideration of benchmark yields, reported trades, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. For certain securities in an illiquid market, there may be no prices available from a pricing service and no comparable market quotes available. In these situations, we value the security using an internally-developed, risk-adjusted, discounted cash flow model.
Fair value of financial instruments, transfers between levels	We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs. Transfers in and out of level classifications are reported as having occurred at the beginning of the quarter in which the transfers occurred.
Commitments and contingencies	We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our financial condition, operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our financial condition, results of operations, or cash flows.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of reconciliation of the numerators and denominators used in the basic and diluted per-share computations	A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: (dollars in thousands, except per share data) For the years ended December 31, 2015 2014 2013 Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Class A – Basic EPS: Income available to Class A stockholders $ 173,248 46,186,671 $ 3.75 $ 166,134 46,247,876 $ 3.59 $ 161,290 46,660,651 $ 3.46 Dilutive effect of stock-based awards 0 211,340 — 0 267,558 — 0 94,306 — Assumed conversion of Class B shares 1,430 6,100,800 — 1,371 6,100,800 — 1,321 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 174,678 52,498,811 $ 3.33 $ 167,505 52,616,234 $ 3.18 $ 162,611 52,855,757 $ 3.08 Class B – Basic EPS: Income available to Class B stockholders $ 1,430 2,542 $ 563 $ 1,371 2,542 $ 539 $ 1,321 2,542 $ 520 Class B – Diluted EPS: Income available to Class B stockholders $ 1,429 2,542 $ 562 $ 1,369 2,542 $ 538 $ 1,320 2,542 $ 519

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of consolidated fair value measurements on a recurring basis by asset class and level of input	The following tables present our fair value measurements on a recurring basis by asset class and level of input: At December 31, 2015 Fair value measurements using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Available-for-sale securities: States & political subdivisions $ 231,847 $ 0 $ 231,847 $ 0 Corporate debt securities 250,333 0 250,264 69 Residential mortgage-backed securities 13,513 0 13,513 0 Commercial mortgage-backed securities 37,571 0 37,571 0 Collateralized debt obligations 51,745 0 43,168 8,577 Other debt securities 2,200 0 2,200 0 Total fixed maturities 587,209 0 578,563 8,646 Common stock 12,732 12,732 0 0 Total available-for-sale securities 599,941 12,732 578,563 8,646 Other investments (1) 4,526 — — — Total $ 604,467 $ 12,732 $ 578,563 $ 8,646 At December 31, 2014 Fair value measurements using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Observable inputs Level 2 Unobservable inputs Level 3 Available-for-sale securities: States & political subdivisions $ 231,134 $ 0 $ 231,134 $ 0 Corporate debt securities 234,040 0 234,040 0 Residential mortgage-backed securities 8,375 0 8,375 0 Commercial mortgage-backed securities 51,255 0 51,255 0 Collateralized debt obligations 32,932 0 32,932 0 Other debt securities 6,804 0 6,804 0 Total fixed maturities 564,540 0 564,540 0 Nonredeemable preferred stock 12,541 2,068 10,473 0 Common stock 12,689 12,689 0 0 Total available-for-sale securities 589,770 14,757 575,013 0 Other investments (1) 7,583 — — — Total $ 597,353 $ 14,757 $ 575,013 $ 0 (1) Other investments measured at fair value represent real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option using the net asset value practical expedient. These amounts are not required to be categorized in the fair value hierarchy. The investments can never be redeemed with the funds. Instead, distributions are received when liquidation of the underlying assets of the funds occur. It is estimated that the underlying assets will generally be liquidated between 5 and 10 years from the inception of the funds. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner. Fair value is based on our proportionate share of the NAV based on the most recent partners' capital statements received from the general partners, which is generally one quarter prior to our balance sheet date. These values are then analyzed to determine if the NAV represents fair value at our balance sheet date, with adjustment being made where appropriate. We consider observable market data and perform a review validating the appropriateness of the NAV at each balance sheet date. It is likely that all of the investments will be redeemed at a future date for an amount different than the NAV of our ownership interest in partners' capital as of December 31, 2015 and December 31, 2014 . During the year ended December 31, 2015 , no contributions were made and distributions totaling $3.5 million were received from these investments. During the year ended December 31, 2014 , no contributions were made and distributions totaling $12.9 million were received from these investments. As of December 31, 2015 and 2014, the amount of unfunded commitments related to the investments was $0.6 million .
Schedule of roll forward of Level 3 consolidated fair value measurements on a recurring basis	Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2013 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers in and (out) of Level 3 Ending balance at December 31, 2014 Available-for-sale securities: Corporate debt securities $ 1,054 $ 0 $ (28 ) $ 0 $ (85 ) $ (941 ) $ 0 Commercial mortgage-backed securities 0 1 9 2,976 0 (2,986 ) 0 Collateralized debt obligations 378 (47 ) (40 ) 0 (291 ) 0 0 Total fixed maturities 1,432 (46 ) (59 ) 2,976 (376 ) (3,927 ) 0 Total available-for-sale securities 1,432 (46 ) (59 ) 2,976 (376 ) (3,927 ) 0 Total Level 3 assets $ 1,432 $ (46 ) $ (59 ) $ 2,976 $ (376 ) $ (3,927 ) $ 0 (1) These amounts are reported in the Statements of Operations as net realized investment gains (losses) for the year ended December 31, 2014 on Level 3 securities. Level 3 Assets –Year-to-Date Change: (in thousands) Beginning balance at December 31, 2014 Included in earnings (1) Included in other comprehensive income Purchases Sales Transfers in and (out) of Level 3 Ending balance at December 31, 2015 Available-for-sale securities: Corporate debt securities $ 0 $ (1 ) $ (59 ) $ 180 $ 0 $ (51 ) $ 69 Collateralized debt obligations 0 3 (7 ) 8,581 0 0 8,577 Total fixed maturities 0 2 (66 ) 8,761 0 (51 ) 8,646 Total available-for-sale securities 0 2 (66 ) 8,761 0 (51 ) 8,646 Total Level 3 assets $ 0 $ 2 $ (66 ) $ 8,761 $ 0 $ (51 ) $ 8,646 (1) These amounts are reported in the Statements of Operations as net investment income (losses) for the year ended December 31, 2015 on Level 3 securities.
Schedule of consolidated fair value measurements on a recurring basis by pricing source	The following table presents our fair value measurements on a recurring basis by pricing source: (in thousands) At December 31, 2015 Total Level 1 Level 2 Level 3 Fixed maturities: Priced via pricing services $ 578,516 $ 0 $ 578,516 $ 0 Priced via market comparables/broker quotes 8,693 0 47 8,646 Total fixed maturities 587,209 0 578,563 8,646 Common stock: Priced via pricing services 12,732 12,732 0 0 Total common stock 12,732 12,732 0 0 Other investments: Priced via unobservable inputs (1) 4,526 — — — Total other investments 4,526 — — — Total $ 604,467 $ 12,732 $ 578,563 $ 8,646 (1) Other investments measured at fair value represent real estate funds included on the balance sheet as limited partnership investments that are reported under the fair value option using the net asset value practical expedient. These amounts are not required to be categorized in the fair value hierarchy. The fair value of these investments is based on the net asset value (NAV) information provided by the general partner.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Schedule of reconciliation of cost to fair value of available-for-sale securities	Available-for-sale securities The following tables summarize the cost and fair value of our available-for-sale securities: At December 31, 2015 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: States & political subdivisions $ 221,093 $ 10,761 $ 7 $ 231,847 Corporate debt securities 254,464 281 4,412 250,333 Residential mortgage-backed securities 13,639 4 130 13,513 Commercial mortgage-backed securities 38,630 30 1,089 37,571 Collateralized debt obligations 51,905 61 221 51,745 Other debt securities 2,241 0 41 2,200 Total fixed maturities 581,972 11,137 5,900 587,209 Common stock 12,865 0 133 12,732 Total available-for-sale securities $ 594,837 $ 11,137 $ 6,033 $ 599,941 At December 31, 2014 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: States & political subdivisions $ 219,550 $ 11,609 $ 25 $ 231,134 Corporate debt securities 235,613 1,491 3,064 234,040 Residential mortgage-backed securities 8,379 15 19 8,375 Commercial mortgage-backed securities 51,647 63 455 51,255 Collateralized debt obligations 32,964 40 72 32,932 Other debt securities 6,832 0 28 6,804 Total fixed maturities 554,985 13,218 3,663 564,540 Nonredeemable preferred stock 11,375 1,166 0 12,541 Common stock 12,865 0 176 12,689 Total available-for-sale securities $ 579,225 $ 14,384 $ 3,839 $ 589,770
Schedule of amortized cost and estimated fair value of fixed maturities by remaining contractual term to maturity	The amortized cost and estimated fair value of fixed maturities at December 31, 2015 , are shown below by remaining contractual term to maturity. Mortgage-backed securities are allocated based upon stated maturity dates. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2015 (in thousands) Amortized Estimated cost fair value Due in one year or less $ 62,113 $ 62,067 Due after one year through five years 267,468 265,917 Due after five years through ten years 163,827 168,918 Due after ten years 88,564 90,307 Total fixed maturities $ 581,972 $ 587,209
Schedule of available-for-sale securities in a gross unrealized loss position by length of time securities were in a gross unrealized loss position	Available-for-sale securities in a gross unrealized loss position are as follows. Data is provided by length of time for securities in a gross unrealized loss position. At December 31, 2015 (dollars in thousands) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of value losses value losses value losses holdings Available-for-sale securities: States & political subdivisions $ 5,867 $ 7 $ 0 $ 0 $ 5,867 $ 7 3 Corporate debt securities 172,831 2,447 19,086 1,965 191,917 4,412 349 Residential mortgage-backed securities 9,827 84 936 46 10,763 130 9 Commercial mortgage-backed securities 13,081 68 19,081 1,021 32,162 1,089 24 Collateralized debt obligations 27,981 103 9,174 118 37,155 221 19 Other debt securities 1,960 40 241 1 2,201 41 2 Total fixed maturities 231,547 2,749 48,518 3,151 280,065 5,900 406 Common stock 12,732 133 0 0 12,732 133 1 Total available-for-sale securities $ 244,279 $ 2,882 $ 48,518 $ 3,151 $ 292,797 $ 6,033 407 Quality breakdown of fixed maturities: Investment grade $ 174,723 $ 1,296 $ 38,369 $ 1,256 $ 213,092 $ 2,552 105 Non-investment grade 56,824 1,453 10,149 1,895 66,973 3,348 301 Total fixed maturities $ 231,547 $ 2,749 $ 48,518 $ 3,151 $ 280,065 $ 5,900 406 At December 31, 2014 (dollars in thousands) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized No. of value losses value losses value losses holdings Available-for-sale securities: States & political subdivisions $ 6,251 $ 10 $ 2,378 $ 15 $ 8,629 $ 25 4 Corporate debt securities 120,850 3,064 0 0 120,850 3,064 250 Residential mortgage-backed securities 5,702 19 0 0 5,702 19 4 Commercial mortgage-backed securities 40,865 455 0 0 40,865 455 24 Collateralized debt obligations 20,985 72 0 0 20,985 72 9 Other debt securities 6,805 28 0 0 6,805 28 3 Total fixed maturities 201,458 3,648 2,378 15 203,836 3,663 294 Common stock 0 0 12,689 176 12,689 176 1 Total available-for-sale securities $ 201,458 $ 3,648 $ 15,067 $ 191 $ 216,525 $ 3,839 295 Quality breakdown of fixed maturities: Investment grade $ 145,364 $ 949 $ 2,378 $ 15 $ 147,742 $ 964 58 Non-investment grade 56,094 2,699 0 0 56,094 2,699 236 Total fixed maturities $ 201,458 $ 3,648 $ 2,378 $ 15 $ 203,836 $ 3,663 294
Schedule of investment income, net of expenses, from portfolios	Net investment income Interest and dividend income are recognized as earned and recorded to net investment income. Investment income, net of expenses, was generated from the following portfolios for the years ended December 31: (in thousands) 2015 2014 2013 Fixed maturities $ 16,457 $ 14,173 $ 11,945 Equity securities 1,045 1,550 2,126 Cash equivalents and other 1,174 1,207 1,439 Total investment income 18,676 16,930 15,510 Less: investment expenses 885 394 483 Investment income, net of expenses $ 17,791 $ 16,536 $ 15,027
Schedule of realized gains and losses on sales of securities recognized in income based upon the specific identification method	Realized investment gains (losses) Realized gains and losses on sales of securities are recognized in income based upon the specific identification method. Realized gains (losses) on investments were as follows for the years ended December 31: (in thousands) 2015 2014 2013 Available-for-sale securities: Fixed maturities: Gross realized gains $ 1,571 $ 453 $ 890 Gross realized losses (1,764 ) (333 ) (43 ) Net realized (losses) gains (193 ) 120 847 Equity securities: Gross realized gains 759 1,132 391 Gross realized losses (74 ) (195 ) (293 ) Net realized gains 685 937 98 Net realized investment gains $ 492 $ 1,057 $ 945
Schedule of components of other-than-temporary impairments on investments	The components of other-than-temporary impairments on investments are included below for the years ended December 31: (in thousands) 2015 2014 2013 Fixed maturities $ (1,558 ) $ (105 ) $ (388 ) Total other-than-temporary impairments (1,558 ) (105 ) (388 ) Portion recognized in other comprehensive income 0 0 0 Net impairment losses recognized in earnings $ (1,558 ) $ (105 ) $ (388 )
Schedule of limited partnership results, generally reported on a one quarter lag	The following table summarizes limited partnership investments by sector at December 31: (in thousands) 2015 2014 Private equity $ 48,397 $ 51,379 Mezzanine debt 12,701 13,978 Real estate 22,911 39,677 Real estate - fair value option 4,526 7,583 Total limited partnerships $ 88,535 $ 112,617 Amounts included in equity in earnings of limited partnerships by method of accounting are included below for the years ended December 31: (in thousands) 2015 2014 2013 Equity in earnings of limited partnerships accounted for under the equity method $ 16,545 $ 8,517 $ 20,488 Change in fair value of limited partnerships accounted for under the fair value option 438 2,412 1,206 Equity in earnings of limited partnerships $ 16,983 $ 10,929 $ 21,694

Capitalized Software Developm31

Capitalized Software Development Costs (Tables)	12 Months Ended
	Dec. 31, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of total capitalized software development costs subject to amortization and related amortization expense	The following table outlines the total capitalized software development costs subject to amortization and the related amortization expense: (in thousands) Years ended December 31, 2015 2014 2013 Gross carrying amount $ 81,007 $ 67,820 $ 58,408 Accumulated amortization (34,210 ) (25,210 ) (17,804 ) Net carrying amount $ 46,797 $ 42,610 $ 40,604 Amortization expense $ 9,000 $ 7,406 $ 6,909
Schedule of estimated future amortization expense related to capitalized software development costs	The following table outlines the estimated future amortization expense related to capitalized software development costs as of December 31, 2015 : (in thousands) Years ending December 31, Estimated amortization expense 2016 $ 9,314 2017 8,674 2018 4,906 2019 3,467 2020 2,405

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of cost of pension plans	Cost of pension plans Pension plan cost includes the following components: (in thousands) 2015 2014 2013 Service cost for benefits earned $ 30,433 $ 22,510 $ 26,896 Interest cost on benefit obligation 30,755 28,112 25,474 Expected return on plan assets (35,921 ) (31,419 ) (30,414 ) Prior service cost amortization 670 712 798 Net actuarial loss amortization 14,031 6,344 14,946 Pension plan cost (1) $ 39,968 $ 26,259 $ 37,700 (1) Pension plan costs represent the total cost before reimbursements to Indemnity from the Exchange and EFL.
Schedule of actuarial assumptions used to measure the year-end obligations and net periodic benefit costs for the subsequent year	Actuarial assumptions The following table describes the assumptions at December 31 used to measure the year-end obligations and the net periodic benefit costs for the subsequent year: 2015 2014 2013 2012 Employee pension plan: Discount rate 4.57 % 4.17 % 5.11 % 4.19 % Expected return on assets 7.00 7.00 7.50 7.50 Compensation increases (1) 3.32 3.32 4.15 4.15 SERP: Discount rate – pre-retirement/post-retirement 4.57/4.07 4.17/3.67 5.11/4.61 4.19/3.69 Rate of compensation increase 5.00 5.00 6.00 6.00 (1) The rate of compensation increase for the employee plan is age-graded. An equivalent single compensation increase rate of 3.32% in 2015 and 2014 , and 4.15% in 2013 would produce similar results.
Schedule of funded status of pension plans and amounts recognized in the Statements of Financial Position	The following table sets forth the funded status of the pension plans and the amounts recognized in the Statements of Financial Position at December 31: (in thousands) 2015 2014 Funded status at end of year $ (173,089 ) $ (188,917 ) Pension liabilities – due within one year (1) $ (389 ) $ (97 ) Pension liabilities – due after one year (172,700 ) (188,820 ) Net amount recognized $ (173,089 ) $ (188,917 ) (1) The current portion of pension liabilities is included in accrued expenses and other current liabilities in the Statements of Financial Position.
Schedule of reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation	The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31: (in thousands) 2015 2014 Projected benefit obligation, beginning of year $ 736,705 $ 557,279 Service cost for benefits earned 30,433 22,510 Interest cost on benefit obligation 30,755 28,112 Plan amendments 0 164 Actuarial (gain) loss (60,774 ) 139,816 Benefits paid (12,539 ) (11,176 ) Projected benefit obligation, end of year $ 724,580 $ 736,705 Accumulated benefit obligation, end of year $ 583,432 $ 583,469
Schedule of defined benefit pension plans with assets less than accumulated benefit obligation	The following table describes plans with assets less than accumulated benefit obligation at December 31: (in thousands) 2015 2014 Projected benefit obligation $ 724,580 $ 736,705 Accumulated benefit obligation 583,432 583,469 Plan assets 551,491 547,788
Schedule of reconciliation of beginning and ending balances of the fair value of plan assets	Pension assets The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31: (in thousands) 2015 2014 Fair value of plan assets, beginning of year $ 547,788 $ 462,322 Actual (loss) gain on plan assets (1,042 ) 72,932 Employer contributions 17,284 23,710 Benefits paid (12,539 ) (11,176 ) Fair value of plan assets, end of year $ 551,491 $ 547,788
Schedule of amounts included in accumulated other comprehensive income that were not yet recognized as components of net benefit costs	Accumulated other comprehensive income Net actuarial loss and prior service cost included in accumulated other comprehensive income that were not yet recognized as components of net benefit costs were as follows: (in thousands) 2015 2014 Net actuarial loss $ 148,865 $ 186,707 Prior service cost 4,605 5,274 Net amount not yet recognized $ 153,470 $ 191,981
Schedule of amounts recognized in other comprehensive income for pension plans	Other comprehensive income Amounts recognized in other comprehensive income for pension plans: (in thousands) 2015 2014 Net actuarial (gain) loss arising during the year $ (23,810 ) $ 98,303 Amortization of net actuarial loss (14,031 ) (6,344 ) Amortization of prior service cost (670 ) (712 ) Amendments 0 164 (1) Total recognized in other comprehensive income $ (38,511 ) $ 91,411 (1) The charges recognized as amendments were the result of factoring in the prior service cost for four new plan participants in 2014 .
Schedule of target and actual asset allocations for the portfolio	The target and actual asset allocations for the portfolio are as follows for the years ended December 31: Target asset allocation Target asset allocation Actual asset allocation Actual asset allocation Asset allocation: 2015 2014 2015 2014 Equity securities: U.S. equity securities 35 % (1) 35 % 36 % 37 % Non-U.S. equity securities 20 (2) 20 20 19 Total equity securities 55 55 56 56 Debt securities 44 (3) 44 43 43 Other 1 (4) 1 1 1 Total 100 % 100 % 100 % 100 % (1) U.S. equity securities – 22% seek to achieve excess returns relative to the Russell 2000 Index, while 30% seek to achieve excess returns relative to the S&P 500. The remaining 48% of the allocation to U.S. equity securities are comprised of equity index funds that track the S&P 500. (2) Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 11% are allocated to international emerging market investments. The remaining 78% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index. (3) Debt securities – 44% are allocated to long U.S. Treasury Strips, 44% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better, while the remaining 12% are allocated to floating rate high income leverage loans. (4) Institutional money market fund.
Schedule of fair value measurements of pension plan assets by major category and level of input	The following tables represent the fair value measurements for the pension plan assets by major category and level of input: At December 31, 2015 Fair value measurements of plan assets using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Equity securities: U.S. equity securities $ 201,021 $ 0 $ 201,021 $ 0 Non-U.S. equity securities 107,945 0 107,945 0 Total equity securities 308,966 0 308,966 0 Debt securities 236,619 0 236,619 0 Other 5,906 5,906 0 0 Total $ 551,491 $ 5,906 $ 545,585 $ 0 At December 31, 2014 Fair value measurements of plan assets using: (in thousands) Total Quoted prices in active markets for identical assets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Equity securities: U.S. equity securities $ 202,036 $ 0 $ 202,036 $ 0 Non-U.S. equity securities 106,025 0 106,025 0 Total equity securities 308,061 0 308,061 0 Debt securities 236,402 0 236,402 0 Other 3,325 3,325 0 0 Total $ 547,788 $ 3,325 $ 544,463 $ 0
Schedule of benefits expected to be paid over the next 10 years from pension plans	Estimated future benefit payments The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of December 31: (in thousands) Year ending December 31, Expected future benefit payments 2016 $ 14,781 2017 16,595 2018 18,632 2019 20,669 2020 23,223 2021 - 2025 163,388

Incentive and Deferred Compen33

Incentive and Deferred Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation Related Costs [Abstract]
Schedule of awards, employer match, and hypothetical earnings by incentive and deferred compensation plans	The following summarizes the incentive and deferred compensation plans for the years ended December 31 : (in thousands) 2015 2014 2013 Awards, employer match, and hypothetical earnings by plan: Annual incentive plan awards $ 7,057 $ 6,222 $ 8,015 Long-term incentive plan awards 13,407 12,523 7,941 Deferred compensation plans, employer match, and hypothetical earnings 2,042 2,789 2,086 Total plan awards and earnings 22,506 21,534 18,042 Total plan awards paid (14,317 ) (14,839 ) (10,602 ) Compensation deferred under the plans 996 527 146 Distributions from the deferred compensation plans (1,688 ) (1,072 ) (823 ) Funding of rabbi trust for outside directors (9,018 ) — — Gross incentive plan and deferred compensation liabilities at end of period $ 37,457 $ 38,978 $ 32,828

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes consists of the following for the years ended December 31: (in thousands) 2015 2014 2013 Current income tax expense $ 106,155 $ 87,064 $ 89,005 Deferred income tax benefit (14,584 ) (3,305 ) (5,002 ) Income tax expense $ 91,571 $ 83,759 $ 84,003
Schedule of reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rates to pre-tax income	A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31: (in thousands) 2015 2014 2013 Income tax at statutory rate $ 93,187 $ 87,943 $ 86,315 Tax-exempt interest (2,285 ) (2,589 ) (2,345 ) Other, net 669 (1,595 ) 33 Income tax expense $ 91,571 $ 83,759 $ 84,003
Schedule of temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities	Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows for the years ended December 31: (in thousands) 2015 2014 Deferred tax assets: Other employee benefits $ 19,945 $ 17,846 Pension and other postretirement benefits 48,897 55,443 Allowance for management fee returned on cancelled policies 4,375 3,850 Other 546 44 Total deferred tax assets 73,763 77,183 Deferred tax liabilities: Depreciation 17,843 17,290 Prepaid expenses 6,929 8,090 Limited partnerships 5,822 10,526 Unrealized gains on investments 1,360 3,691 Other 1,123 265 Total deferred tax liabilities 33,077 39,862 Net deferred tax asset $ 40,686 $ 37,321

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive income (loss) by component, including amounts reclassified out of accumulated other comprehensive income (loss) and the related line item in the Statements of Operations where net income is presented	Changes in accumulated other comprehensive income (loss) by component, including amounts reclassified out of accumulated other comprehensive income (loss) and the related line item in the Statements of Operations where net income is presented, are as follows for the year ended December 31: (in thousands) 2015 2014 2013 Investment securities: Accumulated other comprehensive income, beginning of the year $ 6,807 $ 5,984 $ 13,325 Other comprehensive (loss) income before reclassifications, net of tax benefit (expense) of $2,678, $(633), and $3,852, respectively (4,973 ) 1,175 (7,153 ) Realized investment gains, net of tax benefit of $172, $226 and $236, respectively (320 ) (420 ) (440 ) Impairment losses, net of tax expense of $(545), $(37), and $(136), respectively 1,013 68 252 Other comprehensive (loss) income, net of tax (4,280 ) 823 (7,341 ) Accumulated other comprehensive income, end of the year $ 2,527 $ 6,807 $ 5,984 Pension and other postretirement plans: Accumulated other comprehensive loss, beginning of the year $ (124,508 ) $ (65,083 ) $ (146,516 ) Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit of $(8,433), $34,378, and $(38,352), respectively 15,661 (63,845 ) 71,226 Amortization of prior service costs, net of tax expense of $234, $248, and $278, respectively (1) 434 461 517 Amortization of net actuarial loss, net of tax expense of $4,858, $2,131, and $5,218, respectively (1) 9,022 3,959 9,690 Other comprehensive income (loss), net of tax 25,117 (59,425 ) 81,433 Accumulated other comprehensive loss, end of the year $ (99,391 ) $ (124,508 ) $ (65,083 ) Total Accumulated other comprehensive loss, beginning of the year $ (117,701 ) $ (59,099 ) $ (133,191 ) Investment securities (4,280 ) 823 (7,341 ) Pension and other postretirement plans 25,117 (59,425 ) 81,433 Other comprehensive income, net of tax 20,837 (58,602 ) 74,092 Accumulated other comprehensive loss, end of the year $ (96,864 ) $ (117,701 ) $ (59,099 ) (1) These components of accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost. See Note 8, "Postretirement Benefits", for additional information.

Related Party (Tables)

Related Party (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of payments on behalf of related entities	Payments on behalf of related entities We make certain payments on behalf of the Exchange and EFL. These reimbursements are settled on a monthly basis. The amounts of these cash settlements were as follows for the years ended December 31: (in thousands) 2015 2014 Erie Insurance Exchange $ 406,246 $ 378,496 Erie Family Life Insurance 35,761 37,159 Total cash settlements $ 442,007 $ 415,655

Supplementary Data on Cash Fl37

Supplementary Data on Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of reconciliation of net income to net cash provided by operating activities as presented in the Statements of Cash Flows	A reconciliation of net income to net cash provided by operating activities as presented in the Statements of Cash Flows is as follows for the years ended December 31: (in thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 174,678 $ 167,505 $ 162,611 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 16,461 15,656 14,998 Deferred income tax benefit (14,584 ) (3,305 ) (5,002 ) Realized losses (gains) and impairments on investments 1,066 (952 ) (557 ) Equity in earnings of limited partnerships (16,983 ) (10,929 ) (21,694 ) Net amortization of bond premium 8,160 7,225 6,864 (Decrease) increase in deferred compensation (1,526 ) 6,149 6,762 Limited partnership distributions 14,112 15,327 27,050 Increase in receivables from affiliates (12,835 ) (34,778 ) (19,655 ) Decrease (increase) in accrued investment income 47 (915 ) (374 ) (Increase) decrease in federal income taxes recoverable (499 ) (8,421 ) 2,812 Decrease in prepaid pension 20,307 557 17,842 Decrease (increase) in prepaid expenses and other assets 1,193 (1,747 ) (5,831 ) Increase in accounts payable and accrued expenses 3,633 1,753 4,910 Increase in commissions payable 5,624 20,596 10,508 Increase in accrued agent bonuses 18,524 12,292 16,764 Net cash provided by operating activities $ 217,378 $ 186,013 $ 218,008

Quarterly Results of Operatio38

Quarterly Results of Operations (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly results of operations (unaudited)	Year ended December 31, 2015 (in thousands, except per share data) First quarter Second quarter Third quarter Fourth quarter Year Operating revenue $ 350,831 $ 401,660 $ 396,637 $ 356,380 $ 1,505,508 Operating expenses 298,401 331,677 328,348 314,541 1,272,967 Investment income 6,539 15,705 7,220 4,244 33,708 Income before income taxes 58,969 85,688 75,509 46,083 266,249 Net income $ 38,833 $ 56,150 $ 49,562 $ 30,133 $ 174,678 Earnings per share (1) Net income per share Class A common stock – basic $ 0.83 $ 1.21 $ 1.06 $ 0.65 $ 3.75 Class A common stock – diluted $ 0.74 $ 1.07 $ 0.94 $ 0.57 $ 3.33 Class B common stock – basic $ 125 $ 181 $ 160 $ 97 $ 563 Class B common stock – diluted $ 125 $ 180 $ 159 $ 97 $ 562 ( 1) The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented. Year ended December 31, 2014 (in thousands, except per share data) First quarter Second quarter Third quarter Fourth quarter Year Operating revenue $ 326,247 $ 373,978 $ 369,638 $ 337,256 $ 1,407,119 Operating expenses 267,819 306,060 308,550 301,843 1,184,272 Investment income 11,599 6,872 7,604 2,342 28,417 Income before income taxes 70,027 74,790 68,692 37,755 $ 251,264 Net income $ 46,262 $ 49,047 $ 46,900 $ 25,296 $ 167,505 Earnings per share (1) Net income per share Class A common stock – basic $ 0.99 $ 1.05 $ 1.01 $ 0.54 $ 3.59 Class A common stock – diluted $ 0.88 $ 0.94 $ 0.90 $ 0.48 $ 3.18 Class B common stock – basic $ 149 $ 158 $ 151 $ 81 $ 539 Class B common stock – diluted $ 149 $ 158 $ 151 $ 81 $ 538 ( 1) The cumulative sum of quarterly basic and diluted net income per share amounts may not equal total basic and diluted net income per share for the year due to differences in weighted average shares and equivalent shares outstanding for each of the periods presented.

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2015
Agent compensation expense
Nature of expense as a percentage of total expenses
Nature of expense as a percentage of total expenses (as a percent)	67.00%
Underwriting and policy processing expense
Nature of expense as a percentage of total expenses
Nature of expense as a percentage of total expenses (as a percent)	11.00%
Information technology expense
Nature of expense as a percentage of total expenses
Nature of expense as a percentage of total expenses (as a percent)	10.00%

Significant Accounting Polici40

Significant Accounting Policies (Details) $ in Millions	Dec. 31, 2015USD ($)
Cumulative-Effect Adjustment, Deconsolidation of Variable Interest Entity
ASU 2015-02 cumulative-effect adjustment, deconsolidation of variable interest entity
Cumulative effect to shareholders' equity due to adoption of ASU 2015-02	$ 0

Significant Accounting Polici41

Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash and cash equivalents
Cash and cash equivalents, maximum maturity at the date of purchase (in months)	3 months
Available-for-sale securities
Available-for-sale securities, maximum maturity to be classified as current assets (in months)	12 months
Software costs
Capitalized software costs, estimated useful life (in years)	7 years
Agent bonus estimates
Performance period for agent bonuses (in months)	36 months
Period of prior year actual underwriting data used to estimate agent bonuses (in years)	2 years
Less than 10%
Limited partnerships
Limited partnerships, general ownership percentage (as a percent)	10.00%
Erie Insurance Exchange (EIE)
Recognition of management fee revenue
Indemnity's maximum management fee rate as a percent of premiums written and assumed by the Exchange (as a percent)	25.00%	25.00%	25.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class A
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) (in dollars)									$ 173,248	$ 166,134	$ 161,290
Weighted shares (denominator) (in shares)									46,186,671	46,247,876	46,660,651
Per-share amount (in dollars per share)	$ 0.65	$ 1.06	$ 1.21	$ 0.83	$ 0.54	$ 1.01	$ 1.05	$ 0.99	$ 3.75	$ 3.59	$ 3.46
Dilutive effect of stock-based awards
Allocated net income (numerator) (in dollars)									$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares)									211,340	267,558	94,306
Assumed conversion of Class B shares
Allocated net income (numerator) (in dollars)									$ 1,430	$ 1,371	$ 1,321
Weighted shares (denominator) (in shares)									6,100,800	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) (in dollars)									$ 174,678	$ 167,505	$ 162,611
Weighted shares (denominator) (in shares)									52,498,811	52,616,234	52,855,757
Per-share amount (in dollars per share)	$ 0.57	0.94	1.07	0.74	$ 0.48	0.90	0.94	0.88	$ 3.33	$ 3.18	$ 3.08
Class B
Reconciliation of the numerators and denominators used in the basic and diluted per-share computations
Ratio for converting shares of Class B common stock into shares of Class A common stock (as a percent)	2400.00%				2400.00%				2400.00%	2400.00%
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) (in dollars)									$ 1,430	$ 1,371	$ 1,321
Weighted shares (denominator) (in shares)									2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 97	160	181	125	$ 81	151	158	149	$ 563	$ 539	$ 520
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) (in dollars)									$ 1,429	$ 1,369	$ 1,320
Weighted shares (denominator) (in shares)									2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 97	$ 159	$ 180	$ 125	$ 81	$ 151	$ 158	$ 149	$ 562	$ 538	$ 519

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 599,941	$ 589,770
Other investments:
Contributions made to the funds	928	1,123	$ 2,907
Distributions received from the funds	26,735	28,613	$ 29,054
Fair value measurements on a recurring basis
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	599,941	589,770
Total	604,467	597,353
Fair value measurements on a recurring basis | Fixed maturities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	587,209	564,540
Fair value measurements on a recurring basis | States & political subdivisions
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	231,847	231,134
Fair value measurements on a recurring basis | Corporate debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	250,333	234,040
Fair value measurements on a recurring basis | Residential mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	13,513	8,375
Fair value measurements on a recurring basis | Commercial mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	37,571	51,255
Fair value measurements on a recurring basis | Collateralized debt obligations
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	51,745	32,932
Fair value measurements on a recurring basis | Other debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	2,200	6,804
Fair value measurements on a recurring basis | Nonredeemable preferred stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities		12,541
Fair value measurements on a recurring basis | Common stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	12,732	12,689
Fair value measurements on a recurring basis | Real estate
Consolidated fair value measurements on a recurring basis by asset class and level of input
Other investments	4,526	7,583
Fair value measurements on a recurring basis | Level 1
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	12,732	14,757
Total	12,732	14,757
Fair value measurements on a recurring basis | Level 1 | Fixed maturities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | States & political subdivisions
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Corporate debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Residential mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Commercial mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Collateralized debt obligations
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Other debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Nonredeemable preferred stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities		2,068
Fair value measurements on a recurring basis | Level 1 | Common stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	12,732	12,689
Fair value measurements on a recurring basis | Level 2
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	578,563	575,013
Total	578,563	575,013
Fair value measurements on a recurring basis | Level 2 | Fixed maturities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	578,563	564,540
Fair value measurements on a recurring basis | Level 2 | States & political subdivisions
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	231,847	231,134
Fair value measurements on a recurring basis | Level 2 | Corporate debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	250,264	234,040
Fair value measurements on a recurring basis | Level 2 | Residential mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	13,513	8,375
Fair value measurements on a recurring basis | Level 2 | Commercial mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	37,571	51,255
Fair value measurements on a recurring basis | Level 2 | Collateralized debt obligations
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	43,168	32,932
Fair value measurements on a recurring basis | Level 2 | Other debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	2,200	6,804
Fair value measurements on a recurring basis | Level 2 | Nonredeemable preferred stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities		10,473
Fair value measurements on a recurring basis | Level 2 | Common stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	8,646	0
Total	8,646	0
Fair value measurements on a recurring basis | Level 3 | Fixed maturities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	8,646	0
Fair value measurements on a recurring basis | Level 3 | States & political subdivisions
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3 | Corporate debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	69	0
Fair value measurements on a recurring basis | Level 3 | Residential mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3 | Commercial mortgage-backed securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3 | Collateralized debt obligations
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	8,577	0
Fair value measurements on a recurring basis | Level 3 | Other debt securities
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3 | Nonredeemable preferred stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities		0
Fair value measurements on a recurring basis | Level 3 | Common stock
Consolidated fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 3 | Real estate
Other investments:
Contributions made to the funds	0	0
Distributions received from the funds	3,500	12,900
Unfunded commitments	$ 600	$ 600
Fair value measurements on a recurring basis | Level 3 | Real estate | Minimum
Other investments:
Underlying assets, liquidation period from inception of fund (in years)	5 years	5 years
Fair value measurements on a recurring basis | Level 3 | Real estate | Maximum
Other investments:
Underlying assets, liquidation period from inception of fund (in years)	10 years	10 years

Fair Value (Details 2)

Fair Value (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Holdings	Dec. 31, 2014USD ($)Holdings
Fair value transfers due to changes in available market observable inputs
Transfers from level 1 to level 2	$ 0	$ 0
Transfers from level 2 to level 1	0	0
Transfers from level 2 to level 3	100	0
Transfers from level 3 to level 2	$ 200	$ 3,900
Fixed maturities
Fair value transfers due to changes in available market observable inputs
No. of securities transferred between Level 2 and Level 3 | Holdings	1
No. of securities transferred between Level 3 and Level 2 | Holdings	2	2
Level 3
Roll forward of Level 3 consolidated fair value measurements on a recurring basis
Beginning balance	$ 0	$ 1,432
Included in earnings	2	(46)
Included in other comprehensive income	(66)	(59)
Purchases	8,761	2,976
Sales	0	(376)
Transfers in and (out) of Level 3	(51)	(3,927)
Ending balance	8,646	0
Level 3 | Available-for-sale securities
Roll forward of Level 3 consolidated fair value measurements on a recurring basis
Beginning balance	0	1,432
Included in earnings	2	(46)
Included in other comprehensive income	(66)	(59)
Purchases	8,761	2,976
Sales	0	(376)
Transfers in and (out) of Level 3	(51)	(3,927)
Ending balance	8,646	0
Level 3 | Fixed maturities | Available-for-sale securities
Roll forward of Level 3 consolidated fair value measurements on a recurring basis
Beginning balance	0	1,432
Included in earnings	2	(46)
Included in other comprehensive income	(66)	(59)
Purchases	8,761	2,976
Sales	0	(376)
Transfers in and (out) of Level 3	(51)	(3,927)
Ending balance	8,646	0
Level 3 | Corporate debt securities | Available-for-sale securities
Roll forward of Level 3 consolidated fair value measurements on a recurring basis
Beginning balance	0	1,054
Included in earnings	(1)	0
Included in other comprehensive income	(59)	(28)
Purchases	180	0
Sales	0	(85)
Transfers in and (out) of Level 3	(51)	(941)
Ending balance	69	0
Level 3 | Commercial mortgage-backed securities | Available-for-sale securities
Roll forward of Level 3 consolidated fair value measurements on a recurring basis
Beginning balance	0	0
Included in earnings		1
Included in other comprehensive income		9
Purchases		2,976
Sales		0
Transfers in and (out) of Level 3		(2,986)
Ending balance		0
Level 3 | Collateralized debt obligations | Available-for-sale securities
Roll forward of Level 3 consolidated fair value measurements on a recurring basis
Beginning balance	0	378
Included in earnings	3	(47)
Included in other comprehensive income	(7)	(40)
Purchases	8,581	0
Sales	0	(291)
Transfers in and (out) of Level 3	0	0
Ending balance	$ 8,577	$ 0

Fair Value (Details 3)

Fair Value (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair value by pricing source
Available-for-sale securities	$ 599,941	$ 589,770
Fair value measurements on a recurring basis
Fair value by pricing source
Available-for-sale securities	599,941	589,770
Total	604,467	597,353
Fair value measurements on a recurring basis | Fixed maturities
Fair value by pricing source
Available-for-sale securities	587,209	564,540
Fair value measurements on a recurring basis | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	578,516
Fair value measurements on a recurring basis | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	8,693
Fair value measurements on a recurring basis | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities		12,541
Fair value measurements on a recurring basis | Common stock
Fair value by pricing source
Available-for-sale securities	12,732	12,689
Fair value measurements on a recurring basis | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	12,732
Fair value measurements on a recurring basis | Real estate
Fair value by pricing source
Other investments	4,526	7,583
Fair value measurements on a recurring basis | Real estate | Priced via unobservable inputs
Fair value by pricing source
Other investments	4,526
Fair value measurements on a recurring basis | Level 1
Fair value by pricing source
Available-for-sale securities	12,732	14,757
Total	12,732	14,757
Fair value measurements on a recurring basis | Level 1 | Fixed maturities
Fair value by pricing source
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 1 | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 1 | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities		2,068
Fair value measurements on a recurring basis | Level 1 | Common stock
Fair value by pricing source
Available-for-sale securities	12,732	12,689
Fair value measurements on a recurring basis | Level 1 | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	12,732
Fair value measurements on a recurring basis | Level 2
Fair value by pricing source
Available-for-sale securities	578,563	575,013
Total	578,563	575,013
Fair value measurements on a recurring basis | Level 2 | Fixed maturities
Fair value by pricing source
Available-for-sale securities	578,563	564,540
Fair value measurements on a recurring basis | Level 2 | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	578,516
Fair value measurements on a recurring basis | Level 2 | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	47
Fair value measurements on a recurring basis | Level 2 | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities		10,473
Fair value measurements on a recurring basis | Level 2 | Common stock
Fair value by pricing source
Available-for-sale securities	0	0
Fair value measurements on a recurring basis | Level 2 | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3
Fair value by pricing source
Available-for-sale securities	8,646	0
Total	8,646	0
Fair value measurements on a recurring basis | Level 3 | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	8,600
Fair value measurements on a recurring basis | Level 3 | Fixed maturities
Fair value by pricing source
Available-for-sale securities	8,646	0
Fair value measurements on a recurring basis | Level 3 | Fixed maturities | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a recurring basis | Level 3 | Fixed maturities | Priced via market comparables/broker quotes
Fair value by pricing source
Available-for-sale securities	8,646
Fair value measurements on a recurring basis | Level 3 | Nonredeemable preferred stock
Fair value by pricing source
Available-for-sale securities		0
Fair value measurements on a recurring basis | Level 3 | Common stock
Fair value by pricing source
Available-for-sale securities	0	$ 0
Fair value measurements on a recurring basis | Level 3 | Common stock | Priced via pricing services
Fair value by pricing source
Available-for-sale securities	0
Fair value measurements on a nonrecurring basis
Fair value by pricing source
Total	$ 0

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale securities
Amortized cost, fixed maturities	$ 581,972
Amortized cost	594,837	$ 579,225
Gross unrealized gains	11,137	14,384
Gross unrealized losses	6,033	3,839
Estimated fair value, fixed maturities	587,209
Estimated fair value	599,941	589,770
Fixed maturities
Available-for-sale securities
Amortized cost, fixed maturities	581,972	554,985
Gross unrealized gains, fixed maturities	11,137	13,218
Gross unrealized losses, fixed maturities	5,900	3,663
Estimated fair value, fixed maturities	587,209	564,540
States & political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities	221,093	219,550
Gross unrealized gains, fixed maturities	10,761	11,609
Gross unrealized losses, fixed maturities	7	25
Estimated fair value, fixed maturities	231,847	231,134
Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	254,464	235,613
Gross unrealized gains, fixed maturities	281	1,491
Gross unrealized losses, fixed maturities	4,412	3,064
Estimated fair value, fixed maturities	250,333	234,040
Residential mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	13,639	8,379
Gross unrealized gains, fixed maturities	4	15
Gross unrealized losses, fixed maturities	130	19
Estimated fair value, fixed maturities	13,513	8,375
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	38,630	51,647
Gross unrealized gains, fixed maturities	30	63
Gross unrealized losses, fixed maturities	1,089	455
Estimated fair value, fixed maturities	37,571	51,255
Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	51,905	32,964
Gross unrealized gains, fixed maturities	61	40
Gross unrealized losses, fixed maturities	221	72
Estimated fair value, fixed maturities	51,745	32,932
Other debt securities
Available-for-sale securities
Amortized cost, fixed maturities	2,241	6,832
Gross unrealized gains, fixed maturities	0	0
Gross unrealized losses, fixed maturities	41	28
Estimated fair value, fixed maturities	2,200	6,804
Nonredeemable preferred stock
Available-for-sale securities
Amortized cost, equity securities		11,375
Gross unrealized gains, equity securities		1,166
Gross unrealized losses, equity securities		0
Estimated fair value, equity securities		12,541
Common stock
Available-for-sale securities
Amortized cost, equity securities	12,865	12,865
Gross unrealized gains, equity securities	0	0
Gross unrealized losses, equity securities	133	176
Estimated fair value, equity securities	$ 12,732	$ 12,689

Investments (Details 2)

Investments (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Amortized cost
Due in one year or less	$ 62,113
Due after one year through five years	267,468
Due after five years through ten years	163,827
Due after ten years	88,564
Amortized cost, fixed maturities	581,972
Estimated fair value
Due in one year or less	62,067
Due after one year through five years	265,917
Due after five years through ten years	168,918
Due after ten years	90,307
Estimated fair value, fixed maturities	$ 587,209

Investments (Details 3)

Investments (Details 3) $ in Thousands	Dec. 31, 2015USD ($)Holdings	Dec. 31, 2014USD ($)Holdings
Fair value
Less than 12 months	$ 244,279	$ 201,458
12 months or longer	48,518	15,067
Total	292,797	216,525
Unrealized losses
Less than 12 months	2,882	3,648
12 months or longer	3,151	191
Total	$ 6,033	$ 3,839
No. of holdings | Holdings	407	295
Investment grade
Fair value
Less than 12 months	$ 174,723	$ 145,364
12 months or longer	38,369	2,378
Total	213,092	147,742
Unrealized losses
Less than 12 months	1,296	949
12 months or longer	1,256	15
Total	$ 2,552	$ 964
No. of holdings | Holdings	105	58
Non-investment grade
Fair value
Less than 12 months	$ 56,824	$ 56,094
12 months or longer	10,149	0
Total	66,973	56,094
Unrealized losses
Less than 12 months	1,453	2,699
12 months or longer	1,895	0
Total	$ 3,348	$ 2,699
No. of holdings | Holdings	301	236
Fixed maturities
Fair value
Less than 12 months	$ 231,547	$ 201,458
12 months or longer	48,518	2,378
Total	280,065	203,836
Unrealized losses
Less than 12 months	2,749	3,648
12 months or longer	3,151	15
Total	$ 5,900	$ 3,663
No. of holdings | Holdings	406	294
States & political subdivisions
Fair value
Less than 12 months	$ 5,867	$ 6,251
12 months or longer	0	2,378
Total	5,867	8,629
Unrealized losses
Less than 12 months	7	10
12 months or longer	0	15
Total	$ 7	$ 25
No. of holdings | Holdings	3	4
Corporate debt securities
Fair value
Less than 12 months	$ 172,831	$ 120,850
12 months or longer	19,086	0
Total	191,917	120,850
Unrealized losses
Less than 12 months	2,447	3,064
12 months or longer	1,965	0
Total	$ 4,412	$ 3,064
No. of holdings | Holdings	349	250
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 9,827	$ 5,702
12 months or longer	936	0
Total	10,763	5,702
Unrealized losses
Less than 12 months	84	19
12 months or longer	46	0
Total	$ 130	$ 19
No. of holdings | Holdings	9	4
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 13,081	$ 40,865
12 months or longer	19,081	0
Total	32,162	40,865
Unrealized losses
Less than 12 months	68	455
12 months or longer	1,021	0
Total	$ 1,089	$ 455
No. of holdings | Holdings	24	24
Collateralized debt obligations
Fair value
Less than 12 months	$ 27,981	$ 20,985
12 months or longer	9,174	0
Total	37,155	20,985
Unrealized losses
Less than 12 months	103	72
12 months or longer	118	0
Total	$ 221	$ 72
No. of holdings | Holdings	19	9
Other debt securities
Fair value
Less than 12 months	$ 1,960	$ 6,805
12 months or longer	241	0
Total	2,201	6,805
Unrealized losses
Less than 12 months	40	28
12 months or longer	1	0
Total	$ 41	$ 28
No. of holdings | Holdings	2	3
Common stock
Fair value
Less than 12 months	$ 12,732	$ 0
12 months or longer	0	12,689
Total	12,732	12,689
Unrealized losses
Less than 12 months	133	0
12 months or longer	0	176
Total	$ 133	$ 176
No. of holdings | Holdings	1	1

Investments (Details 4)

Investments (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment income from portfolios
Total investment income	$ 18,676	$ 16,930	$ 15,510
Less: investment expenses	885	394	483
Investment income, net of expenses	17,791	16,536	15,027
Fixed maturities
Investment income from portfolios
Total investment income	16,457	14,173	11,945
Equity securities
Investment income from portfolios
Total investment income	1,045	1,550	2,126
Cash equivalents and other
Investment income from portfolios
Total investment income	$ 1,174	$ 1,207	$ 1,439

Investments (Details 5)

Investments (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Realized investment gains (losses)
Net realized investment gains	$ 492	$ 1,057	$ 945
Other-than-temporary impairments on investments
Other -than-temporary impairments on investments	(1,558)	(105)	(388)
Portion recognized in other comprehensive income	0	0	0
Net impairment losses recognized in earnings	(1,558)	(105)	(388)
Fixed maturities
Available-for-sale securities:
Gross realized gains	1,571	453	890
Gross realized losses	(1,764)	(333)	(43)
Net realized gains (losses)	(193)	120	847
Other-than-temporary impairments on investments
Other -than-temporary impairments on investments	(1,558)	(105)	(388)
Equity securities
Available-for-sale securities:
Gross realized gains	759	1,132	391
Gross realized losses	(74)	(195)	(293)
Net realized gains (losses)	$ 685	$ 937	$ 98

Investments (Details 6)

Investments (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment in limited partnerships
Equity in earnings of limited partnerships	$ 16,983	$ 10,929	$ 21,694
Equity method of accounting
Investment in limited partnerships
Equity in earnings of limited partnerships	16,545	8,517	20,488
Fair value option
Investment in limited partnerships
Equity in earnings of limited partnerships	$ 438	$ 2,412	$ 1,206

Investments (Details 7)

Investments (Details 7) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in limited partnerships
Asset recorded	$ 88,535	$ 112,617
Private equity
Investment in limited partnerships
Asset recorded	48,397	51,379
Mezzanine debt
Investment in limited partnerships
Asset recorded	12,701	13,978
Real estate
Investment in limited partnerships
Asset recorded	22,911	39,677
Fair value option | Real estate
Investment in limited partnerships
Asset recorded	$ 4,526	$ 7,583

Capitalized Software Developm53

Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total capitalized software development costs subject to amortization and the related amortization expense
Gross carrying amount	$ 81,007	$ 67,820	$ 58,408
Accumulated amortization	(34,210)	(25,210)	(17,804)
Net carrying amount	46,797	42,610	40,604
Amortization expense	9,000	7,406	6,909
Gross carrying amount, not yet subject to amortization	15,800	$ 10,900	$ 9,200
Estimated future amortization expense related to capitalized software development costs
2,016	9,314
2,017	8,674
2,018	4,906
2,019	3,467
2,020	$ 2,405

Bank Line of Credit (Details)

Bank Line of Credit (Details) - Revolving line of credit $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100
Maximum letter of credit sublimit under the bank revolving line of credit	$ 25
Expiration date of the bank revolving line of credit	Nov. 3, 2020
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	$ 98.2
Outstanding amount of letters of credit sublimit under the bank revolving line of credit	1.8
Available amount of letters of credit sublimit under the bank revolving line of credit	23.2
Borrowings outstanding under the bank revolving line of credit	0
Fair value of bonds pledged as collateral on the bank revolving line of credit	$ 109

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cost of pension plans:
Service cost for benefits earned	$ 30,433	$ 22,510	$ 26,896
Interest cost on benefit obligation	30,755	28,112	25,474
Expected return on plan assets	(35,921)	(31,419)	(30,414)
Prior service cost amortization	670	712	798
Net actuarial loss amortization	14,031	6,344	14,946
Pension plan cost	$ 39,968	$ 26,259	$ 37,700
Erie Insurance Exchange (EIE)
Postretirement benefits
Postretirement annual benefit expense reimbursed to Indemnity from the Exchange (as a percent)	57.00%
Erie Family Life Insurance Company (EFL)
Postretirement benefits
Contingent liability for amount of nonparticipating annuity contracts the employee pension plan purchased from EFL	$ 22,600

Postretirement Benefits (Deta56

Postretirement Benefits (Details 2)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee pension plan
Actuarial assumptions used to determine benefit obligations:
Discount rate (as a percent)	4.57%	4.17%	5.11%	4.19%
Compensation increases (as a percent)	3.32%	3.32%	4.15%	4.15%
Actuarial assumptions used to determine net periodic benefit cost:
Discount rate (as a percent)	4.17%	5.11%	4.19%
Expected return on assets (as a percent)	7.00%	7.00%	7.50%	7.50%
Rate of compensation increase (as a percent)	3.32%	4.15%	4.15%
Supplemental employee retirement plan (SERP)
Actuarial assumptions used to determine benefit obligations:
Pre-retirement discount rate (as a percent)	4.57%	4.17%	5.11%	4.19%
Post-retirement discount rate (as a percent)	4.07%	3.67%	4.61%	3.69%
Compensation increases (as a percent)	5.00%	5.00%	6.00%	6.00%
Actuarial assumptions used to determine net periodic benefit cost:
Pre-retirement discount rate (as a percent)	4.17%	5.11%	4.19%
Post-retirement discount rate (as a percent)	3.67%	4.61%	3.69%
Rate of compensation increase (as a percent)	5.00%	6.00%	6.00%

Postretirement Benefits (Deta57

Postretirement Benefits (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Postretirement benefits
Decrease in projected benefit obligation	$ (12,100)
Funded status at end of year	(173,089)	$ (188,917)
Net amount recognized in the Statements of Financial Position:
Pension liabilities - due within one year	(389)	(97)
Pension liabilities - due after one year	(172,700)	(188,820)
Net amount recognized	$ (173,089)	$ (188,917)
Employee pension plan
Postretirement benefits
Funding target (as a percentage of the funding target liability)	100.00%
Expected employer contribution during next fiscal year	$ 17,400

Postretirement Benefits (Deta58

Postretirement Benefits (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Projected benefit obligation:
Projected benefit obligation, beginning of year	$ 736,705	$ 557,279
Service cost for benefits earned	30,433	22,510	$ 26,896
Interest cost on benefit obligation	30,755	28,112	25,474
Plan amendments	0	164
Actuarial (gain) loss	(60,774)	139,816
Benefits paid	(12,539)	(11,176)
Projected benefit obligation, end of year	724,580	736,705	$ 557,279
Accumulated benefit obligation, end of year	$ 583,432	$ 583,469

Postretirement Benefits (Deta59

Postretirement Benefits (Details 5) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Information for the defined benefit pension plans with assets less than accumulated benefit obligation:
Projected benefit obligation	$ 724,580	$ 736,705
Accumulated benefit obligation	583,432	583,469
Plan assets	$ 551,491	$ 547,788

Postretirement Benefits (Deta60

Postretirement Benefits (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair value of plan assets:
Fair value of plan assets, beginning of year	$ 547,788	$ 462,322
Actual (loss) gain on plan assets	(1,042)	72,932
Employer contributions	17,284	23,710
Benefits paid	(12,539)	(11,176)
Fair value of plan assets, end of year	$ 551,491	$ 547,788

Postretirement Benefits (Deta61

Postretirement Benefits (Details 7) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Amounts included in accumulated other comprehensive income
Net actuarial loss	$ 148,865	$ 186,707
Prior service cost	4,605	5,274
Net amount not yet recognized	153,470	$ 191,981
Amounts that will be amortized from accumulated other comprehensive income into pension cost during next fiscal year
Estimated net actuarial loss that will be amortized from accumulated other comprehensive income into pension cost during next fiscal year, before tax	7,600
Estimated net prior service cost that will be amortized from accumulated other comprehensive income into pension cost during next fiscal year, before tax	$ 700

Postretirement Benefits (Deta62

Postretirement Benefits (Details 8) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Amounts recognized in other comprehensive income for pension plans:
Net actuarial (gain) loss arising during the year	$ (23,810)	$ 98,303
Amortization of net actuarial loss	(14,031)	(6,344)
Amortization of prior service cost	(670)	(712)
Amendments	0	164
Total recognized in other comprehensive income	$ (38,511)	$ 91,411
Number of new plan participants resulting in charges recognized as amendments		4

Postretirement Benefits (Deta63

Postretirement Benefits (Details 9) - Employee pension plan	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Target asset allocation for the portfolio:
Total plan assets (as a percent)	100.00%	100.00%
Actual asset allocation for the portfolio:
Total plan assets (as a percent)	100.00%	100.00%
Total equity securities
Target asset allocation for the portfolio:
Total plan assets (as a percent)	55.00%	55.00%
Actual asset allocation for the portfolio:
Total plan assets (as a percent)	56.00%	56.00%
U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets (as a percent)	35.00%	35.00%
Actual asset allocation for the portfolio:
Total plan assets (as a percent)	36.00%	37.00%
U.S. small capitalization core equity
Target asset allocation for the portfolio:
Total plan assets (as a percent)	22.00%
U.S. large capitalization core equity
Target asset allocation for the portfolio:
Total plan assets (as a percent)	30.00%
U.S. equity index
Target asset allocation for the portfolio:
Total plan assets (as a percent)	48.00%
Non-U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets (as a percent)	20.00%	20.00%
Actual asset allocation for the portfolio:
Total plan assets (as a percent)	20.00%	19.00%
International small capitalization risk controlled equity
Target asset allocation for the portfolio:
Total plan assets (as a percent)	11.00%
International emerging markets equity
Target asset allocation for the portfolio:
Total plan assets (as a percent)	11.00%
International risk controlled equity
Target asset allocation for the portfolio:
Total plan assets (as a percent)	78.00%
Debt securities
Target asset allocation for the portfolio:
Total plan assets (as a percent)	44.00%	44.00%
Actual asset allocation for the portfolio:
Total plan assets (as a percent)	43.00%	43.00%
U.S. Treasury Strips
Target asset allocation for the portfolio:
Total plan assets (as a percent)	44.00%
U.S. corporate bonds with an emphasis on long duration bonds rated A or better
Target asset allocation for the portfolio:
Total plan assets (as a percent)	44.00%
Floating rate high income leverage loans
Target asset allocation for the portfolio:
Total plan assets (as a percent)	12.00%
Other
Target asset allocation for the portfolio:
Total plan assets (as a percent)	1.00%	1.00%
Actual asset allocation for the portfolio:
Total plan assets (as a percent)	1.00%	1.00%

Postretirement Benefits (Deta64

Postretirement Benefits (Details 10) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair value measurements of pension plan assets:
Total	$ 551,491	$ 547,788	$ 462,322
Employee pension plan
Fair value measurements of pension plan assets:
Total	551,491	547,788
Employee pension plan | Level 1
Fair value measurements of pension plan assets:
Total	5,906	3,325
Employee pension plan | Level 2
Fair value measurements of pension plan assets:
Total	545,585	544,463
Employee pension plan | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Total equity securities
Fair value measurements of pension plan assets:
Total	308,966	308,061
Employee pension plan | Total equity securities | Level 1
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Total equity securities | Level 2
Fair value measurements of pension plan assets:
Total	308,966	308,061
Employee pension plan | Total equity securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | U.S. equity securities
Fair value measurements of pension plan assets:
Total	201,021	202,036
Employee pension plan | U.S. equity securities | Level 1
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | U.S. equity securities | Level 2
Fair value measurements of pension plan assets:
Total	201,021	202,036
Employee pension plan | U.S. equity securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Non-U.S. equity securities
Fair value measurements of pension plan assets:
Total	107,945	106,025
Employee pension plan | Non-U.S. equity securities | Level 1
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Non-U.S. equity securities | Level 2
Fair value measurements of pension plan assets:
Total	107,945	106,025
Employee pension plan | Non-U.S. equity securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Debt securities
Fair value measurements of pension plan assets:
Total	236,619	236,402
Employee pension plan | Debt securities | Level 1
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Debt securities | Level 2
Fair value measurements of pension plan assets:
Total	236,619	236,402
Employee pension plan | Debt securities | Level 3
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Other
Fair value measurements of pension plan assets:
Total	5,906	3,325
Employee pension plan | Other | Level 1
Fair value measurements of pension plan assets:
Total	5,906	3,325
Employee pension plan | Other | Level 2
Fair value measurements of pension plan assets:
Total	0	0
Employee pension plan | Other | Level 3
Fair value measurements of pension plan assets:
Total	$ 0	$ 0

Postretirement Benefits (Deta65

Postretirement Benefits (Details 11) $ in Thousands	Dec. 31, 2015USD ($)
Benefits expected to be paid over the next 10 years from pension plans:
2,016	$ 14,781
2,017	16,595
2,018	18,632
2,019	20,669
2,020	23,223
2021-2025	$ 163,388

Postretirement Benefits (Deta66

Postretirement Benefits (Details 12) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee savings plan
Employer matching contribution paid to the plan	$ 11.6	$ 10.7	$ 10.4
Class A common stock held by plan participants (in shares)	0.2	0.2
100% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions (as a percent)	100.00%
100% employer matching contribution | Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer (as a percent)	3.00%
50% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions (as a percent)	50.00%
50% employer matching contribution | Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer (as a percent)	5.00%
50% employer matching contribution | Minimum
Employee savings plan
Percentage of eligible employee compensation, matched by employer (as a percent)	3.00%

Incentive and Deferred Compen67

Incentive and Deferred Compensation Plans (Details) - USD ($)	1 Months Ended				2 Months Ended		12 Months Ended
	Nov. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	May. 31, 2014	Dec. 17, 2015	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class A
Incentive and deferred compensation plans
Total cost of shares purchased outside of publicly announced stock repurchase program							$ 10,400,000	$ 4,900,000
Class A | Performance shares
Incentive and deferred compensation plans
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)							111,535	64,398
Long-term incentive plan
Incentive and deferred compensation plans
Vesting period of performance and/or service condition(s) (in years and/or months)							3 years
Maximum dollar amount which may be received by any single participant during any specified period							$ 5,000,000
Compensation cost related to share-based compensation plan awards							13,407,000	$ 12,523,000	$ 7,941,000
Tax benefits recognized in income related to award expense							4,700,000	4,400,000	$ 2,800,000
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods							$ 11,100,000
Expected period of recognition related to unrecognized compensation cost (in years)							2 years
Long-term incentive plan | Class A
Incentive and deferred compensation plans
Maximum number of shares authorized for grant (in shares)							1,500,000
Maximum number of shares which may be received by any single participant during any specified period (in shares)							250,000
Average price per share for shares purchased (in dollars per share)		$ 81.91	$ 76.21			$ 76.21
Total cost of shares purchased outside of publicly announced stock repurchase program		$ 100,000				$ 4,100,000
Long-term incentive plan | Class A | Performance shares
Incentive and deferred compensation plans
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)		1,567				54,371
Long-term incentive plan | 2013-2015 performance period
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards							$ 13,500,000
Long-term incentive plan | 2012-2014 performance period
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards		$ 8,200,000
Long-term incentive plan | 2012-2014 performance period | Class A
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards		$ 100,000
Average price per share for shares delivered (in dollars per share)		$ 81.04
Long-term incentive plan | 2012-2014 performance period | Class A | Performance shares
Incentive and deferred compensation plans
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)		1,567
Long-term incentive plan | 2011-2013 performance period | Class A
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards			$ 4,100,000
Average price per share for shares delivered (in dollars per share)			$ 75.36			$ 75.36
Long-term incentive plan | 2011-2013 performance period | Class A | Performance shares
Incentive and deferred compensation plans
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)			54,371
Equity compensation plan
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards							400,000	$ 300,000
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods							$ 700,000
Expected period of recognition related to unrecognized compensation cost (in years)							3 years
Equity compensation plan | Class A
Incentive and deferred compensation plans
Maximum number of shares authorized for grant (in shares)							100,000
Maximum number of shares which may be received by any single participant during any specified period (in shares)							5,000
Restricted stock units granted							5,500	8,750	0
Stock compensation plan for outside directors
Incentive and deferred compensation plans
Compensation cost related to share-based compensation plan awards							$ 1,900,000	$ 2,200,000	$ 1,100,000
Stock compensation plan for outside directors | Class A
Incentive and deferred compensation plans
Average price per share for shares purchased (in dollars per share)	$ 87.03			$ 76.45	$ 94.99
Total cost of shares purchased outside of publicly announced stock repurchase program	$ 1,100,000			$ 600,000	$ 9,000,000
Stock compensation plan for outside directors | Class A | Performance shares
Incentive and deferred compensation plans
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)	12,230			7,227	94,938
Stock compensation plan for outside directors | Three month vesting period | Class A
Incentive and deferred compensation plans
Vesting period of performance and/or service condition(s) (in years and/or months)							3 months
Vesting percent of the grant in Class A common stock (as a percent)							25.00%
Erie Insurance Exchange (EIE) | Long-term incentive plan
Incentive and deferred compensation plans
Incentive plan compensation cost reimbursed to Indemnity from the Exchange (as a percent)							33.00%
Erie Insurance Exchange (EIE) | Equity compensation plan
Incentive and deferred compensation plans
Incentive plan compensation cost reimbursed to Indemnity from the Exchange (as a percent)							31.00%

Incentive and Deferred Compen68

Incentive and Deferred Compensation Plans (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total incentive and deferred compensation plans
Awards, employer match, and hypothetical earnings by plan:
Total plan awards and earnings	$ 22,506	$ 21,534	$ 18,042
Total plan awards paid	(14,317)	(14,839)	(10,602)
Gross incentive plan and deferred compensation liabilities at end of period	37,457	38,978	32,828
Annual incentive plan
Awards, employer match, and hypothetical earnings by plan:
Annual incentive plan awards	7,057	6,222	8,015
Long-term incentive plan
Awards, employer match, and hypothetical earnings by plan:
Long-term incentive plan awards	13,407	12,523	7,941
Deferred compensation plans and stock compensation plan for outside directors
Awards, employer match, and hypothetical earnings by plan:
Deferred compensation plans, employer match, and hypothetical earnings	2,042	2,789	2,086
Compensation deferred under the plans	996	527	146
Distributions from the deferred compensation plans	(1,688)	(1,072)	(823)
Funding of rabbi trust for outside directors	$ (9,018)	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of provision for income taxes
Current income tax expense	$ 106,155	$ 87,064	$ 89,005
Deferred income tax benefit	(14,584)	(3,305)	(5,002)
Income tax expense	91,571	83,759	84,003
Reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rates to pre-tax income
Income tax at statutory rate	93,187	87,943	86,315
Tax-exempt interest	(2,285)	(2,589)	(2,345)
Other, net	669	(1,595)	33
Income tax expense	$ 91,571	$ 83,759	$ 84,003

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Other employee benefits	$ 19,945	$ 17,846
Pension and other postretirement benefits	48,897	55,443
Allowance for management fee returned on cancelled policies	4,375	3,850
Other	546	44
Total deferred tax assets	73,763	77,183
Deferred tax liabilities:
Depreciation	17,843	17,290
Prepaid expenses	6,929	8,090
Limited partnerships	5,822	10,526
Unrealized gains on investments	1,360	3,691
Other	1,123	265
Total deferred tax liabilities	33,077	39,862
Net deferred tax asset	$ 40,686	$ 37,321

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset valuation allowance
Deferred tax asset valuation allowance	$ 0	$ 0

Capital Stock (Details)

Capital Stock (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class A
Common stock
Minimum multiplier for dividend payable on Class A common stock per dividend declared on Class B common stock (as a percent)	67.00%
Class B
Common stock
Percentage of dividend declared on Class B common stock used to determine dividend payable on Class A common stock (as a percent)	67.00%
Ratio for converting shares of Class B common stock into shares of Class A common stock (as a percent)	2400.00%	2400.00%
Class B common stock shares converted into Class A common stock shares (in shares)	0	0	0

Capital Stock (Details 2)

Capital Stock (Details 2) - Class A - USD ($) $ / shares in Units, $ in Millions	1 Months Ended					2 Months Ended		12 Months Ended
	Nov. 30, 2015	Aug. 31, 2015	Jun. 30, 2015	May. 31, 2014	Jan. 31, 2014	Dec. 17, 2015	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2011
Shares purchased outside of stock repurchase program
Total cost of shares purchased outside of publicly announced stock repurchase program								$ 10.4	$ 4.9
Performance shares
Shares purchased outside of stock repurchase program
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)								111,535	64,398
Other stock based awards
Shares purchased outside of stock repurchase program
Total cost of shares purchased outside of publicly announced stock repurchase program		$ 0.2			$ 0.2
Average price per share for shares purchased (in dollars per share)		$ 86.24			$ 71.93
Other stock based awards | Performance shares
Shares purchased outside of stock repurchase program
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)		2,800			2,800
Stock compensation plan for outside directors
Shares purchased outside of stock repurchase program
Total cost of shares purchased outside of publicly announced stock repurchase program	$ 1.1			$ 0.6		$ 9
Average price per share for shares purchased (in dollars per share)	$ 87.03			$ 76.45		$ 94.99
Stock compensation plan for outside directors | Performance shares
Shares purchased outside of stock repurchase program
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)	12,230			7,227		94,938
Long-term incentive plan
Shares purchased outside of stock repurchase program
Total cost of shares purchased outside of publicly announced stock repurchase program			$ 0.1				$ 4.1
Average price per share for shares purchased (in dollars per share)			$ 81.91				$ 76.21
Long-term incentive plan | Performance shares
Shares purchased outside of stock repurchase program
Shares purchased outside of publicly announced stock repurchase program for share-based compensation awards (in shares)			1,567				54,371
Stock repurchase program
Stock repurchases
Shares repurchased under stock repurchase program (in shares)								0	272,057
Total cost of shares repurchased under stock repurchase program									$ 19.2
Amount of authorized stock repurchases approved for continuation under the current program										$ 150
Approximate amount of repurchase authority remaining under the current stock repurchase program								$ 17.8

Accumulated Other Comprehensi74

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in accumulated other comprehensive income (loss) by component, including amounts reclassified out of accumulated other comprehensive income (loss) and the related line item in the Statements of Operations where net income is presented
Accumulated other comprehensive income (loss), beginning of the year	$ (117,701)	$ (59,099)	$ (133,191)
Other comprehensive (loss) income, net of tax	(4,280)	823	(7,341)
Other comprehensive income (loss), net of tax	(25,117)	59,425	(81,433)
Other comprehensive income, net of tax	20,837	(58,602)	74,092
Accumulated other comprehensive income (loss), end of the year	(96,864)	(117,701)	(59,099)
Investment securities:
Changes in accumulated other comprehensive income (loss) by component, including amounts reclassified out of accumulated other comprehensive income (loss) and the related line item in the Statements of Operations where net income is presented
Accumulated other comprehensive income (loss), beginning of the year	6,807	5,984	13,325
Other comprehensive (loss) income before reclassifications, net of tax benefit (expense) of $2,678, $(633), and $3,852, respectively	(4,973)	1,175	(7,153)
Realized investment gains, net of tax benefit of $172, $226 and $236, respectively	320	420	440
Impairment losses, net of tax expense of $(545), $(37), and $(136), respectively	(1,013)	(68)	(252)
Other comprehensive (loss) income, net of tax	(4,280)	823	(7,341)
Accumulated other comprehensive income (loss), end of the year	2,527	6,807	5,984
Investment securities, tax
Other comprehensive (loss) income, unrealized holding (loss) gain on investment securities, tax benefit (expense)	2,678	(633)	3,852
Reclassification adjustment for realized investment gains, tax benefit	172	226	236
Reclassification adjustment for impairment losses, tax expense	(545)	(37)	(136)
Pension and other postretirement plans:
Changes in accumulated other comprehensive income (loss) by component, including amounts reclassified out of accumulated other comprehensive income (loss) and the related line item in the Statements of Operations where net income is presented
Accumulated other comprehensive income (loss), beginning of the year	(124,508)	(65,083)	(146,516)
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit of $(8,433), $34,378, and $(38,352), respectively	15,661	(63,845)	71,226
Amortization of prior service costs, net of tax expense of $234, $248, and $278, respectively	434	461	517
Amortization of net actuarial loss, net of tax expense of $4,858, $2,131, and $5,218, respectively	9,022	3,959	9,690
Other comprehensive income (loss), net of tax	25,117	(59,425)	81,433
Accumulated other comprehensive income (loss), end of the year	(99,391)	(124,508)	(65,083)
Pension and other postretirement plans, tax
Other comprehensive income (loss), pension and other postretirement plans, tax (expense) benefit	(8,433)	34,378	(38,352)
Reclassification adjustment for amortization of prior service costs, tax expense	234	248	278
Reclassification adjustment for amortization of net actuarial loss, tax expense	$ 4,858	$ 2,131	$ 5,218

Related Party (Details)

Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions
Minimum number of affiliates to be classified as an insurance holding company system	2
Minimum number of insurer affiliates to be classified as an insurance holding company system	1
Cash settlements for payments made by Indemnity on the account of related parties	$ 442,007	$ 415,655
Note receivable from EFL	$ 25,000	$ 25,000
Erie Insurance Exchange (EIE)
Related Party Transactions
Indemnity's management fee rate as a percent of premiums written and assumed by the Exchange (as a percent)	25.00%	25.00%	25.00%
Indemnity's management fee rate effective January 1, 2016 as a percent of premiums written and assumed by the Exchange (as a percent)	25.00%
Cash settlements for payments made by Indemnity on the account of related parties	$ 406,246	$ 378,496
Number of field office facilities leased from the Exchange	3
Rent expense on office space leased from Exchange	$ 6,500	7,800	$ 5,900
Erie Insurance Exchange (EIE) | Maximum
Related Party Transactions
Indemnity's management fee rate as a percent of premiums written and assumed by the Exchange (as a percent)	25.00%
Erie Family Life Insurance Company (EFL)
Related Party Transactions
Cash settlements for payments made by Indemnity on the account of related parties	$ 35,761	37,159
Annual rentals paid to EFL	400	400	400
Note receivable from EFL	$ 25,000
Note receivable from EFL, annual interest rate (as a percent)	6.70%
Note receivable from EFL, interest income recognized by Indemnity	$ 1,700	$ 1,700	$ 1,700

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Concentrations of credit risk from unsecured receivables
Receivables from Erie Insurance Exchange and affiliates	$ 348,055	$ 335,220

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Contractual commitments to invest in limited partnership investments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 19.1
Description of commitment: contractual commitment to invest in limited partnership investments	Contractual commitments to invest in limited partnership investments, consisting of private equity securities, mezzanine debt securities, and real estate activities.
Private equity
Contractual commitments to invest in limited partnership investments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 7.3
Mezzanine debt
Contractual commitments to invest in limited partnership investments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	8.2
Real estate
Contractual commitments to invest in limited partnership investments
Represents the entity's maximum contractual commitments to invest in its limited partnership investments	$ 3.6

Supplementary Data on Cash Fl78

Supplementary Data on Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 30,133	$ 49,562	$ 56,150	$ 38,833	$ 25,296	$ 46,900	$ 49,047	$ 46,262	$ 174,678	$ 167,505	$ 162,611
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization									16,461	15,656	14,998
Deferred income tax benefit									(14,584)	(3,305)	(5,002)
Realized losses (gains) and impairments on investments									1,066	(952)	(557)
Equity in earnings of limited partnerships									(16,983)	(10,929)	(21,694)
Net amortization of bond premium									8,160	7,225	6,864
(Decrease) increase in deferred compensation									(1,526)	6,149	6,762
Limited partnership distributions									14,112	15,327	27,050
Increase in receivables from affiliates									(12,835)	(34,778)	(19,655)
Decrease (increase) in accrued investment income									47	(915)	(374)
(Increase) decrease in federal income taxes recoverable									(499)	(8,421)	2,812
Decrease in prepaid pension									20,307	557	17,842
Decrease (increase) in prepaid expenses and other assets									1,193	(1,747)	(5,831)
Increase in accounts payable and accrued expenses									3,633	1,753	4,910
Increase in commissions payable									5,624	20,596	10,508
Increase in accrued agent bonuses									18,524	12,292	16,764
Net cash provided by operating activities									$ 217,378	$ 186,013	$ 218,008

Quarterly Results of Operatio79

Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Results of Operations (unaudited)
Operating revenue	$ 356,380	$ 396,637	$ 401,660	$ 350,831	$ 337,256	$ 369,638	$ 373,978	$ 326,247	$ 1,505,508	$ 1,407,119	$ 1,297,331
Operating expenses	314,541	328,348	331,677	298,401	301,843	308,550	306,060	267,819	1,272,967	1,184,272	1,087,995
Investment income	4,244	7,220	15,705	6,539	2,342	7,604	6,872	11,599	33,708	28,417	37,278
Income before income taxes	46,083	75,509	85,688	58,969	37,755	68,692	74,790	70,027	266,249	251,264	246,614
Net income	$ 30,133	$ 49,562	$ 56,150	$ 38,833	$ 25,296	$ 46,900	$ 49,047	$ 46,262	$ 174,678	$ 167,505	$ 162,611
Class A
Net income per share
Common stock - basic (in dollars per share)	$ 0.65	$ 1.06	$ 1.21	$ 0.83	$ 0.54	$ 1.01	$ 1.05	$ 0.99	$ 3.75	$ 3.59	$ 3.46
Common stock - diluted (in dollars per share)	0.57	0.94	1.07	0.74	0.48	0.90	0.94	0.88	3.33	3.18	3.08
Class B
Net income per share
Common stock - basic (in dollars per share)	97	160	181	125	81	151	158	149	563	539	520
Common stock - diluted (in dollars per share)	$ 97	$ 159	$ 180	$ 125	$ 81	$ 151	$ 158	$ 149	$ 562	$ 538	$ 519