Erie Indemnity (ERIE) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	0-24000
Entry Registrant Name	ERIE INDEMNITY COMPANY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0466020
Entity Address, Address Line One	100 Erie Insurance Place,
Entity Address, City or Town	Erie,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16530
City Area Code	814
Local Phone Number	870-2000
Title of 12(b) Security	Class A common stock,
Trading Symbol	ERIE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000922621
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating revenue
Operating revenue	$ 616,737	$ 594,106
Operating expenses
Operating expenses	531,046	507,984
Operating income	85,691	86,122
Investment income
Net investment income	8,369	8,517
Net realized investment (losses) gains	(10,806)	2,503
Net impairment losses recognized in earnings	(3,053)	(78)
Equity in losses of limited partnerships	(3,705)	(1,147)
Total investment (loss) income	(9,195)	9,795
Interest expense, net	3	449
Other (expense) income	(366)	47
Income before income taxes	76,127	95,515
Income tax expense	16,801	20,204
Net income	$ 59,326	$ 75,311
Class A common stock
Class B – Basic and diluted EPS:
Class A common stock - basic (in dollars per share)	$ 1.27	$ 1.62
Class A common stock - diluted (in dollars per share)	$ 1.13	$ 1.44
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,188,789	46,188,337
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,324,350	52,312,036
Dividends declared per share
Common stock (in dollars per share)	$ 0.965	$ 0.90
Class B common stock
Class B – Basic and diluted EPS:
Class B common stock – basic and diluted (in dollars per share)	$ 191	$ 243
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	2,542	2,542
Dividends declared per share
Common stock (in dollars per share)	$ 144.75	$ 135
Management fee revenue - policy issuance and renewal services, net
Operating revenue
Operating revenue	$ 443,750	$ 430,983
Operating expenses
Operating expenses	379,492	365,504
Management fee revenue - administrative services, net
Operating revenue
Operating revenue	14,771	13,951
Administrative services reimbursement revenue
Operating revenue
Operating revenue	151,554	142,480
Operating expenses
Operating expenses	151,554	142,480
Service agreement revenue
Operating revenue
Operating revenue	$ 6,662	$ 6,692

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 59,326	$ 75,311
Other comprehensive (loss) income, net of tax
Change in unrealized holding (losses) gains on available-for-sale securities	(32,236)	5,478
Amortization of prior service costs and net actuarial loss on pension and other postretirement plans	2,660	1,232
Total other comprehensive (loss) income, net of tax	(29,576)	6,710
Comprehensive income	$ 29,750	$ 82,021

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 228,646	$ 336,739
Available-for-sale securities	34,818	32,810
Equity securities	0	2,381
Receivables from Erie Insurance Exchange and affiliates, net	482,238	468,636
Prepaid expenses and other current assets	58,715	44,943
Federal income taxes recoverable	0	462
Accrued investment income	5,657	5,433
Total current assets	810,074	891,404
Available-for-sale securities, net	716,835	697,891
Equity securities	58,014	64,752
Limited partnership investments	22,492	26,775
Fixed assets, net	238,296	221,379
Agent loans, net	59,877	60,978
Deferred income taxes, net	19,281	17,186
Other assets	32,624	35,875
Total assets	1,957,493	2,016,240
Current liabilities:
Commissions payable	270,328	262,963
Agent bonuses	29,661	96,053
Accounts payable and accrued liabilities	130,035	134,957
Dividends payable	44,940	44,940
Contract liability	35,810	35,938
Deferred executive compensation	10,910	10,882
Federal income taxes payable	18,040	0
Current portion of long-term borrowings	2,000	1,979
Total current liabilities	541,724	587,712
Defined benefit pension plans	153,558	145,659
Long-term borrowings	95,342	95,842
Contract liability	18,461	18,435
Deferred executive compensation	11,983	13,734
Other long-term liabilities	19,433	21,605
Total liabilities	840,501	882,987
Shareholders’ equity
Additional paid-in-capital	16,487	16,483
Accumulated other comprehensive loss	(146,444)	(116,868)
Retained earnings	2,390,869	2,377,558
Total contributed capital and retained earnings	2,263,082	2,279,343
Treasury stock, at cost; 22,110,132 shares held	(1,159,682)	(1,158,910)
Deferred compensation	13,592	12,820
Total shareholders’ equity	1,116,992	1,133,253
Total liabilities and shareholders’ equity	1,957,493	2,016,240
Class A common stock
Shareholders’ equity
Common stock	1,992	1,992
Class B common stock
Shareholders’ equity
Common stock	$ 178	$ 178

STATEMENTS OF FINANCIAL POSIT_2

STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Treasury stock (in shares)	22,110,132	22,110,132
Class A common stock
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
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 (UNAUDITED) - USD ($) $ in Thousands		Total	Class A common stock	Class B common stock	Common stockClass A common stock	Common stockClass B common stock	Additional paid-in-capital	Accumulated other comprehensive (loss) income	Retained earnings	Retained earningsClass A common stock	Retained earningsClass B common stock	Treasury stock	Deferred compensation
Beginning balance at Dec. 31, 2018		$ 973,672			$ 1,992	$ 178	$ 16,459	$ (130,284)	$ 2,231,417			$ (1,157,625)	$ 11,535
Increase (decrease) in shareholders' equity
Net income		75,311							75,311
Other comprehensive (loss) income		6,710						6,710
Dividends declared:			$ (41,570)	$ (343)						$ (41,570)	$ (343)
Net purchase of treasury stock	[1]	24					24					0
Deferred compensation		0										(1,154)	1,154
Ending balance at Mar. 31, 2019		1,013,804			1,992	178	16,483	(123,574)	2,264,815			(1,158,779)	12,689
Beginning balance at Dec. 31, 2019		1,133,253			1,992	178	16,483	(116,868)	2,377,558			(1,158,910)	12,820
Increase (decrease) in shareholders' equity
Net income		59,326							59,326
Other comprehensive (loss) income		(29,576)						(29,576)
Dividends declared:			$ (44,572)	$ (368)						$ (44,572)	$ (368)
Net purchase of treasury stock	[1]	4					4					0
Deferred compensation		0										(772)	772
Ending balance at Mar. 31, 2020		$ 1,116,992			$ 1,992	$ 178	$ 16,487	$ (146,444)	$ 2,390,869			$ (1,159,682)	$ 13,592
[1]	Net purchases of treasury stock in 2020 and 2019 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock based compensation awards. See Note 11, "Capital Stock".

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class A common stock
Dividends declared (in dollars per share)	$ 0.965	$ 0.90
Class B common stock
Dividends declared (in dollars per share)	$ 144.75	$ 135

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Management fee received	$ 453,635	$ 433,735
Administrative services reimbursements received	140,300	148,308
Service agreement fee received	6,662	6,692
Net investment income received	9,364	9,112
Limited partnership distributions	254	1,225
Commissions paid to agents	(215,999)	(204,633)
Agents bonuses paid	(97,085)	(104,689)
Salaries and wages paid	(49,520)	(50,840)
Employee benefits paid	(9,738)	(10,875)
General operating expenses paid	(68,491)	(60,439)
Administrative services expenses paid	(149,666)	(143,046)
Income taxes recovered	375	138
Interest paid	(14)	(448)
Net cash provided by operating activities	20,077	24,240
Purchase of investments:
Available-for-sale securities	(137,442)	(220,811)
Equity securities	(18,089)	0
Limited partnerships	(13)	(9)
Proceeds from investments:
Available-for-sale securities sales	44,562	149,155
Available-for-sale securities maturities/calls	35,405	154,343
Equity securities	13,446	0
Limited partnerships	328	2,411
Purchase of fixed assets	(21,086)	(17,411)
Loans to agents	(1,803)	(6,233)
Collections on agent loans	1,943	2,313
Net cash (used in) provided by investing activities	(82,749)	63,758
Cash flows from financing activities
Dividends paid to shareholders	(44,940)	(41,910)
Net payments on long-term borrowings	(481)	(460)
Net cash used in financing activities	(45,421)	(42,370)
Net (decrease) increase in cash and cash equivalents	(108,093)	45,628
Cash and cash equivalents, beginning of period	336,739	266,417
Cash and cash equivalents, end of period	228,646	312,045
Supplemental disclosure of noncash transactions
Operating lease assets obtained in exchange for new operating lease liabilities	1,333	32,515
Liability incurred to purchase fixed assets	$ 767	$ 0

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	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. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for its insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these two capacities 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. Pursuant to the subscriber's agreement for acting as attorney-in-fact in these two capacities, we earn a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange. The policy issuance and renewal 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. The underwriting services we provide include underwriting and policy processing. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above. Included in these expenses are allocations of costs for departments that support these policy issuance and renewal functions. By virtue of its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. The amounts incurred for these services are reimbursed to Indemnity at cost in accordance with the subscriber's agreement and the service agreements. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. 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 and cost reimbursements. See Note 13, "Concentrations of Credit Risk". Coronavirus ("COVID-19") pandemic On March 11, 2020, the World Health Organization declared the outbreak of the coronavirus ("COVID-19") a global pandemic. The impacts of the pandemic have resulted in recessionary conditions in the economy and significant volatility in the financial markets. The Exchange will likely experience constraints on premium growth due to the economic conditions, and has announced planned future rate reductions to provide financial relief to policyholders, which will impact our management fee revenue. See also Note 15, "Subsequent Events".

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on February 27, 2020 . 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. Recently adopted accounting standards In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments-Credit Losses" , which requires financial assets measured at amortized cost to be presented at the net amount expected to be collected through the use of a new forward-looking current expected credit loss model and credit losses relating to available-for-sale debt securities to be recognized through an allowance for credit losses. We adopted this guidance, which applies to our receivable from Erie Insurance Exchange and affiliates, agent loans and investments, on January 1, 2020. For assets measured at amortized cost for which a current expected credit loss allowance was required, we adopted the guidance using the modified-retrospective approach. At January 1, 2020, we recorded current expected credit loss allowances related to agent loans of $0.8 million and receivables from Erie Insurance Exchange and affiliates of $0.6 million . This resulted in the recording of a cumulative effect adjustment, net of taxes, to retained earnings of $1.1 million . Our available-for-sale investments are not measured at amortized cost, and therefore do not require the use of a current expected credit loss model. Any credit losses, however, are required to be recorded as an allowance for credit losses rather than a reduction of the carrying value of the asset. For available-for-sale securities, we adopted the guidance using the prospective approach. We recorded an allowance for credit losses of $0.6 million at March 31, 2020. The adoption of this standard did not have a material impact on our Statements of Financial Position, net income or net cash flows. Investments Available-for-sale securities - Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income (loss). Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value 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 credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the balance sheet. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security’s amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported as net realized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Both interest and dividend income are reported as net investment income. We do not record an allowance for credit losses on accrued investment income as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults. Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance with interest recorded in investment income as earned. The current portion of agent loans is recorded in prepaid expenses and other current assets. The adoption of ASU 2016-13 on January 1, 2020 requires the recording of a current expected credit loss allowance on these loans. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current conditions and forecasted information. When establishing the expected credit loss allowance upon implementation of ASU 2016-13, a cumulative effect adjustment was recorded to beginning retained earnings. Future changes to the allowance will be recognized in earnings as adjustments to net impairment losses. Prior to the adoption of ASU 2016-13, we did not record an allowance for credit losses as the majority of these loans are senior secured and have had insignificant default amounts. Other assets Other assets include operating lease assets and other long-term prepaid assets. The determination of whether an arrangement is a lease, and the related lease classification, is made at inception of a contract. Our leases are classified as operating leases. Operating lease assets and liabilities are recorded at inception based on the present value of the future minimum lease payments over the lease term at commencement date. When an implicit rate for the lease is not available, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of future payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Most of our lease contracts contain lease and non-lease components. Non-lease components are expensed as incurred. Operating lease assets are included in other assets, and the current and noncurrent portions of the operating lease liabilities are included in accounts payable and accrued expenses and other long-term liabilities, respectively.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. Pursuant to the subscriber’s agreement, we earn a management fee calculated as a percentage, not to exceed 25% , of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative service reimbursement revenue, is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. We update the transaction price allocation annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. We reviewed our transaction price allocation at March 31, 2020 considering current economic conditions related to the COVID-19 pandemic and determined that there was no material change to the allocation in the current period. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). Our customer, the subscriber (policyholder), receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. The Exchange, by virtue of its legal structure as a reciprocal insurer, does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over time as these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Statements of Operations. Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies with annual terms only, cash collections generally occur within one year. A constraining estimate exists around the management fee received as consideration related to the potential for management fee to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and unearned premiums are refunded to them. We maintain an estimated allowance to reduce the management fee to its estimated net realizable value to account for the potential of mid-term policy cancellations based on historical cancellation rates. At March 31, 2020, we adjusted our historical cancellation rates to factor in the potential for increased cancellations given the current economic conditions related to the COVID-19 pandemic, resulting in a $3.5 million increase to our current allowance at March 31, 2020 compared to a $0.9 million increase at March 31, 2019. This estimated allowance has been allocated between the two performance obligations consistent with the revenue allocation proportions. The following table disaggregates revenue by our two performance obligations: Three months ended March 31, (in thousands) 2020 2019 Management fee revenue - policy issuance and renewal services, net $ 443,750 $ 430,983 Management fee revenue - administrative services, net 14,771 13,951 Administrative services reimbursement revenue 151,554 142,480 Total administrative services $ 166,325 $ 156,431

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	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. 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: Three months ended March 31, 2020 2019 (dollars in thousands, except per share data) 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 $ 58,840 46,188,789 $ 1.27 $ 74,694 46,188,337 $ 1.62 Dilutive effect of stock-based awards 0 34,761 — 0 22,899 — Assumed conversion of Class B shares 486 6,100,800 — 617 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 59,326 52,324,350 $ 1.13 $ 75,311 52,312,036 $ 1.44 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 486 2,542 $ 191 $ 617 2,542 $ 243

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial instruments carried at fair value Our available-for-sale and equity 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 equity 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. 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 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities 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. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. 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. 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. As of March 31, 2020, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: March 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 439,297 $ 2,243 $ 424,998 $ 12,056 Residential mortgage-backed securities 127,417 0 127,417 0 Commercial mortgage-backed securities 88,602 0 81,219 7,383 Collateralized debt obligations 87,615 0 87,615 0 Other debt securities 8,722 0 8,722 0 Total available-for-sale securities 751,653 2,243 729,971 19,439 Equity securities - nonredeemable preferred stock: Financial services sector 47,099 15,637 31,462 0 Utilities sector 6,469 3,411 3,058 0 Communications sector 2,215 2,215 0 0 Energy sector 1,005 0 1,005 0 Other sectors 1,226 897 329 0 Total equity securities 58,014 22,160 35,854 0 Total $ 809,667 $ 24,403 $ 765,825 $ 19,439 December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 454,880 $ 2,683 $ 443,873 $ 8,324 Residential mortgage-backed securities 125,343 0 125,343 0 Commercial mortgage-backed securities 67,541 0 64,220 3,321 Collateralized debt obligations 77,856 0 77,856 0 Other debt securities 5,081 0 5,081 0 Total available-for-sale securities 730,701 2,683 716,373 11,645 Equity securities - nonredeemable preferred and common stock: Financial services sector 53,513 14,927 38,586 0 Utilities sector 6,818 3,190 3,628 0 Communications sector 3,433 3,433 0 0 Energy sector 1,881 0 1,881 0 Other sectors 1,488 0 1,488 0 Total equity securities 67,133 21,550 45,583 0 Total $ 797,834 $ 24,233 $ 761,956 $ 11,645 We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs. Level 3 Assets – Year-to-Date Change: Beginning balance at December 31, 2019 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at March 31, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ 7 $ (1,378 ) $ 1,718 $ (427 ) $ 6,895 $ (3,083 ) $ 12,056 Commercial mortgage-backed securities 3,321 (8 ) (148 ) 312 (86 ) 4,557 (565 ) 7,383 Total Level 3 available-for-sale securities $ 11,645 $ (1 ) $ (1,526 ) $ 2,030 $ (513 ) $ 11,452 $ (3,648 ) $ 19,439 Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2018 Included in earnings (1) Included comprehensive income Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at March 31, 2019 Available-for-sale securities: Corporate debt securities $ 12,577 $ 11 $ 268 $ 734 $ (431 ) $ 4,813 $ (6,449 ) $ 11,523 Residential mortgage-backed securities 0 0 0 921 (6 ) 0 0 915 Commercial mortgage-backed securities 0 (2 ) 0 478 0 706 0 1,182 Total Level 3 available-for-sale securities $ 12,577 $ 9 $ 268 $ 2,133 $ (437 ) $ 5,519 $ (6,449 ) $ 13,620 (1) These amounts are reported as net investment income and net realized investment (losses) gains for each of the periods presented above. (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. Quantitative and Qualitative Disclosures about Unobservable Inputs Investments totaling $12.4 million and $1.3 million at March 31, 2020 and December 31, 2019 , respectively, were priced using a non-binder broker quote as the only pricing input and were classified within Level 3. The quantitative detail of the unobservable inputs supporting these quotes is neither provided nor reasonably available to us. Our Level 3 assets are not material in total and, with the exception of the tables above, additional Level 3 disclosures are not provided. Financial instruments not carried at fair value The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: March 31, 2020 December 31, 2019 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 66,574 $ 61,455 $ 67,696 $ 71,602 Long-term borrowings (2) 97,599 122,557 98,080 101,888 (1) The discount rate used to calculate fair value at March 31, 2020 is reflective of an increase in the BB+ financial yield curve due to the market volatility resulting from the COVID-19 pandemic. (2) The discount rate used to calculate fair value at March 31, 2020 is reflective of a decline in U.S. Treasury bond yields due to the market volatility resulting from the COVID-19 pandemic.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	Investments Available-for-sale securities See Note 5, "Fair Value" for additional fair value disclosures. The following tables summarize the cost and fair value, net of credit loss allowance, of our available-for-sale securities as of: March 31, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses (1) Estimated fair value Corporate debt securities $ 460,508 $ 1,954 $ 23,165 $ 439,297 Residential mortgage-backed securities 124,082 3,748 413 127,417 Commercial mortgage-backed securities 91,355 976 3,729 88,602 Collateralized debt obligations 94,210 40 6,635 87,615 Other debt securities 9,163 84 525 8,722 Total available-for-sale securities, net $ 779,318 $ 6,802 $ 34,467 $ 751,653 (1) The increase in gross unrealized losses in the first quarter of 2020 is primarily due to the financial market volatility resulting from the COVID-19 pandemic. December 31, 2019 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 450,295 $ 6,289 $ 1,704 $ 454,880 Residential mortgage-backed securities 124,337 1,056 50 125,343 Commercial mortgage-backed securities 67,210 479 148 67,541 Collateralized debt obligations 78,059 44 247 77,856 Other debt securities 5,049 71 39 5,081 Total available-for-sale securities, net $ 724,950 $ 7,939 $ 2,188 $ 730,701 The amortized cost and estimated fair value of available-for-sale securities at March 31, 2020 are shown below by remaining contractual term to maturity. 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. March 31, 2020 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 27,108 $ 26,764 Due after one year through five years 344,995 333,389 Due after five years through ten years 134,580 125,505 Due after ten years 272,635 265,995 Total available-for-sale securities (1) $ 779,318 $ 751,653 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statements of Financial Position at March 31, 2020. The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following table presents available-for-sale securities based on length of time in a gross unrealized loss position as of: March 31, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Corporate debt securities $ 299,653 $ 20,247 $ 6,822 $ 2,918 $ 306,475 $ 23,165 662 Residential mortgage-backed securities 2,798 413 0 0 2,798 413 4 Commercial mortgage-backed securities 59,786 3,729 0 0 59,786 3,729 73 Collateralized debt obligations 72,456 5,490 13,122 1,145 85,578 6,635 87 Other debt securities 6,358 525 0 0 6,358 525 15 Total available-for-sale securities $ 441,051 $ 30,404 $ 19,944 $ 4,063 $ 460,995 $ 34,467 841 Quality breakdown of available-for-sale securities: Investment grade $ 362,145 $ 19,158 $ 13,122 $ 1,146 $ 375,267 $ 20,304 298 Non-investment grade 78,906 11,246 6,822 2,917 85,728 14,163 543 Total available-for-sale securities $ 441,051 $ 30,404 $ 19,944 $ 4,063 $ 460,995 $ 34,467 841 December 31, 2019 Less than 12 months 12 months or longer Total (dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Corporate debt securities $ 25,804 $ 342 $ 15,699 $ 1,362 $ 41,503 $ 1,704 158 Residential mortgage-backed securities 16,712 50 0 0 16,712 50 7 Commercial mortgage-backed securities 21,981 147 372 1 22,353 148 30 Collateralized debt obligations 20,889 33 41,010 214 61,899 247 49 Other debt securities 2,350 39 0 0 2,350 39 2 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246 Quality breakdown of available-for-sale securities: Investment grade $ 76,315 $ 287 $ 46,390 $ 218 $ 122,705 $ 505 100 Non-investment grade 11,421 324 10,691 1,359 22,112 1,683 146 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246 Credit loss allowance on investments As of March 31, 2020, the current expected credit loss allowance on agent loans is $1.0 million and the credit loss allowance on available-for-sale securities is $0.6 million . Net investment income Investment income, net of expenses, was generated from the following portfolios for the three months ended March 31: (in thousands) 2020 2019 Available-for sale securities $ 5,788 $ 6,161 Equity securities 856 141 Cash equivalents and other 1,974 2,465 Total investment income 8,618 8,767 Less: investment expenses 249 250 Investment income, net of expenses $ 8,369 $ 8,517 Realized investment (losses) gains Realized (losses) gains on investments were as follows for the three months ended March 31: (in thousands) 2020 2019 Available-for-sale securities: Gross realized gains $ 1,074 $ 2,258 Gross realized losses (459 ) (340 ) Net realized gains on available-for-sale securities 615 1,918 Equity securities (1) (11,422 ) 585 Miscellaneous 1 — Net realized investment (losses) gains $ (10,806 ) $ 2,503 (1) The increase in net losses recognized on equity securities in the first quarter of 2020 is primarily due to the financial market volatility resulting from the COVID-19 pandemic. The portion of net unrealized gains and losses recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the three months ended March 31: (in thousands) 2020 2019 Equity securities: Net (losses) gains recognized during the period (1) $ (11,422 ) $ 585 Less: net losses recognized on securities sold (37 ) 0 Net unrealized (losses) gains recognized on securities held at reporting date $ (11,385 ) $ 585 (1) The increase in net losses recognized on equity securities in the first quarter of 2020 is primarily due to the financial market volatility resulting from the COVID-19 pandemic. Net impairments losses recognized in earnings Upon adoption of ASU 2016-13 on January 1, 2020, impairments on available-for-sale securities that are deemed to be credit related are recognized in earnings with a corresponding available-for-sale security allowance. All unrealized losses related to factors other than credit are recorded in other comprehensive (loss) income. Prior to January 1, 2020, we had the intent to sell all credit-impaired available-for-sale securities; therefore, the entire amount of the impairment charges was included in earnings and no impairments were recognized in other comprehensive (loss) income. See also Note 2, "Significant Accounting Policies". Impairments on available-for-sale securities and agent loans were as follows for the three months ended March 31: (in thousands) 2020 2019 Available-for-sale securities: Intent to sell $ 2,242 $ 78 Credit impaired 641 — Total available-for-sale securities 2,883 78 Agent loans - expected credit losses 170 — Net impairment losses recognized in earnings $ 3,053 $ 78

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases The following table summarizes our lease assets and liabilities as of: (in thousands) March 31, 2020 December 31, 2019 Operating lease assets $ 20,381 $ 22,401 Operating lease liabilities - current $ 10,929 $ 11,289 Operating lease liabilities - long-term 9,021 10,665 Total operating lease liabilities $ 19,950 $ 21,954 We currently have leases for real estate, technology equipment, copiers, and vehicles. Our largest operating lease asset at March 31, 2020 of $10.7 million is for office space leased from the Exchange, including the home office. Under this lease, rent is based on rental rates of like property and all operating expenses are the responsibility of the tenant (Indemnity). The lease agreement expires December 31, 2021. Operating lease costs for the three months ended March 31, 2020 and March 31, 2019 were $3.4 million and $3.6 million , respectively. Of this amount, the Exchange and its subsidiaries reimbursed us $1.4 million and $1.5 million for the three months ended March 31, 2020 and March 31, 2019 , respectively, which represents the allocated share of lease costs supporting administrative services activities.

Borrowing Arrangements

Borrowing Arrangements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Bank line of credit As of March 31, 2020 , we have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 30, 2023 . As of March 31, 2020 , a total of $99.1 million remains available under the facility due to $0.9 million outstanding letters of credit, which reduce the availability for letters of credit to $24.1 million . We had no borrowings outstanding on our line of credit as of March 31, 2020 . Investments with a fair value of $117.8 million were pledged as collateral on the line at March 31, 2020 . The investments pledged as collateral have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents as of March 31, 2020 . The banks require compliance with certain covenants, which include leverage ratios and debt restrictions, for our line of credit. We are in compliance with all covenants at March 31, 2020 . Term loan credit facility In 2016, we entered into a credit agreement for a $100 million senior secured draw term loan credit facility ("Credit Facility") for the acquisition of real property and construction of an office building that will serve as part of our principal headquarters. On January 1, 2019, the Credit Facility converted to a fully-amortized term loan with monthly payments of principal and interest at a fixed rate of 4.35% over a period of 28 years . Investments with a fair value of $120.6 million were pledged as collateral for the facility and are reported as available-for-sale securities and cash and cash equivalents as of March 31, 2020 . The bank requires compliance with certain covenants, which include leverage ratios, debt restrictions and minimum net worth, for our Credit Facility. We are in compliance with all covenants at March 31, 2020 . The remaining unpaid balance from the Credit Facility is reported at carrying value on our Statements of Financial Position, net of unamortized loan origination and commitment fees. See Note 5, "Fair Value" for the estimated fair value of these borrowings. Annual principal payments The following table sets forth future principal payments: (in thousands) Year Principal payments 2020 $ 1,498 2021 2,019 2022 2,109 2023 2,226 2024 2,302 Thereafter 87,445

Postretirement Benefits

Postretirement Benefits	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Postretirement Benefits	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 for certain members of executive and senior management. Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange and its subsidiaries reimburse us for approximately 57% of the annual benefit expense of these plans, which represents pension benefits for employees performing administrative services and their allocated share of costs for employees in departments that support the administrative functions. The cost of our pension plans are as follows: Three months ended March 31, (in thousands) 2020 2019 Service cost for benefits earned $ 10,873 $ 8,463 Interest cost on benefits obligation 9,395 9,827 Expected return on plan assets (12,353 ) (11,871 ) Prior service cost amortization 336 349 Net actuarial loss amortization 3,031 1,278 Pension plan cost (1) $ 11,282 $ 8,046 (1) The components of pension plan costs other than the service cost component are included in the line item "Other (expense) income" in the Statements of Operations after reimbursements from the Exchange and its subsidiaries.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. For the three months ended March 31, 2020 and 2019, our effective tax rate was 22.1% and 21.2% , respectively. At March 31, 2020 we recorded a valuation allowance against our net deferred tax assets primarily related to unrealized losses in our available-for-sale security portfolio generated by the financial market volatility resulting from the COVID-19 pandemic that exceeded the amount available to carryback. Of the $6.8 million valuation allowance, $5.8 million related to unrealized losses and was recorded in other comprehensive income. The remaining $1.0 million related to other deferred tax assets and was recorded as income tax expense. The amount recognized in income tax expense increased the effective tax rate by 1.2% for the three months ended March 31, 2020. We will continue to monitor our deferred tax assets on a quarterly basis and if we determine it is more likely than not these deferred tax assets will be realized in the future, the related valuation allowance will be reduced.

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2020
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B 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 during the three months ended March 31, 2020 and the year ended December 31, 2019 . There is no provision for conversion of Class A shares to Class B shares, and Class B shares surrendered for conversion cannot be reissued. Stock repurchases In 2011 , our Board of Directors approved a continuation of the current stock repurchase program of $150 million , with no time limitation. There were no shares repurchased under this program during the three months ended March 31, 2020 and the year ended December 31, 2019 . We had approximately $17.8 million of repurchase authority remaining under this program at March 31, 2020 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended March 31, 2020 March 31, 2019 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ 5,664 $ 1,189 $ 4,475 $ (9,169 ) $ (1,926 ) $ (7,243 ) OCI (loss) before reclassifications (1) (35,693 ) (1,665 ) (34,028 ) 8,774 1,843 6,931 Realized investment gains (615 ) (129 ) (486 ) (1,918 ) (403 ) (1,515 ) Impairment losses 2,883 605 2,278 78 16 62 OCI (loss) (33,425 ) (1,189 ) (32,236 ) 6,934 1,456 5,478 AOCI (loss), end of period (1) $ (27,761 ) $ 0 $ (27,761 ) $ (2,235 ) $ (470 ) $ (1,765 ) Pension and other postretirement plans: AOCI (loss), beginning of period $ (153,600 ) $ (32,257 ) $ (121,343 ) $ (155,749 ) $ (32,708 ) $ (123,041 ) Amortization of prior service costs 336 71 265 349 73 276 Amortization of net actuarial loss 3,031 636 2,395 1,210 254 956 OCI 3,367 707 2,660 1,559 327 1,232 AOCI (loss), end of period $ (150,233 ) $ (31,550 ) $ (118,683 ) $ (154,190 ) $ (32,381 ) $ (121,809 ) Total AOCI (loss), beginning of period $ (147,936 ) $ (31,068 ) $ (116,868 ) $ (164,918 ) $ (34,634 ) $ (130,284 ) Investment securities (33,425 ) (1,189 ) (32,236 ) 6,934 1,456 5,478 Pension and other postretirement plans 3,367 707 2,660 1,559 327 1,232 OCI (loss) (30,058 ) (482 ) (29,576 ) 8,493 1,783 6,710 AOCI (loss), end of period $ (177,994 ) $ (31,550 ) $ (146,444 ) $ (156,425 ) $ (32,851 ) $ (123,574 ) (1)

Concentrations of Credit Risk

Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	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 its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $482.2 million and $468.6 million at March 31, 2020 and December 31, 2019 , respectively. Given the financial strength of the Exchange and historical experience of no credit losses, we previously did not record a credit loss allowance to these receivables. Upon adoption of ASU 2016-13, we recorded an allowance for current expected credit losses of $0.6 million related to the receivables from the Exchange and affiliates. See also Note 2, "Significant Accounting Policies". There was no change to this allowance for the three months ended March 31, 2020

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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, results of 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 the financial condition, results of operations, or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Exchange is planning rate reductions in response to changes in exposure and to provide financial relief to policyholders due to the COVID-19 pandemic. In a Form 8-K filed with the SEC on April 9, 2020, the Exchange and its subsidiaries announced an estimated $200 million in personal and commercial auto rate reductions scheduled to begin in the second half of 2020, pending regulatory approval. Once approved, premium adjustments will take effect at the time of new policy initiation or renewal. The estimated impact of these rate reductions on 2020 premiums written by the Exchange is a reduction of approximately $90 million , which will result in an estimated $23 million reduction in our management fees.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on February 27, 2020 .
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.
Recently adopted accounting standards	Recently adopted accounting standards In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments-Credit Losses" , which requires financial assets measured at amortized cost to be presented at the net amount expected to be collected through the use of a new forward-looking current expected credit loss model and credit losses relating to available-for-sale debt securities to be recognized through an allowance for credit losses. We adopted this guidance, which applies to our receivable from Erie Insurance Exchange and affiliates, agent loans and investments, on January 1, 2020. For assets measured at amortized cost for which a current expected credit loss allowance was required, we adopted the guidance using the modified-retrospective approach. At January 1, 2020, we recorded current expected credit loss allowances related to agent loans of $0.8 million and receivables from Erie Insurance Exchange and affiliates of $0.6 million . This resulted in the recording of a cumulative effect adjustment, net of taxes, to retained earnings of $1.1 million . Our available-for-sale investments are not measured at amortized cost, and therefore do not require the use of a current expected credit loss model. Any credit losses, however, are required to be recorded as an allowance for credit losses rather than a reduction of the carrying value of the asset. For available-for-sale securities, we adopted the guidance using the prospective approach. We recorded an allowance for credit losses of $0.6 million at March 31, 2020. The adoption of this standard did not have a material impact on our Statements of Financial Position, net income or net cash flows.
Investments	Investments Available-for-sale securities - Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income (loss). Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value 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 credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the balance sheet. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security’s amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported as net realized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Both interest and dividend income are reported as net investment income. We do not record an allowance for credit losses on accrued investment income as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults.
Agent loans	Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance with interest recorded in investment income as earned. The current portion of agent loans is recorded in prepaid expenses and other current assets. The adoption of ASU 2016-13 on January 1, 2020 requires the recording of a current expected credit loss allowance on these loans. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current conditions and forecasted information. When establishing the expected credit loss allowance upon implementation of ASU 2016-13, a cumulative effect adjustment was recorded to beginning retained earnings. Future changes to the allowance will be recognized in earnings as adjustments to net impairment losses. Prior to the adoption of ASU 2016-13, we did not record an allowance for credit losses as the majority of these loans are senior secured and have had insignificant default amounts.
Other assets	Other assets Other assets include operating lease assets and other long-term prepaid assets. The determination of whether an arrangement is a lease, and the related lease classification, is made at inception of a contract. Our leases are classified as operating leases. Operating lease assets and liabilities are recorded at inception based on the present value of the future minimum lease payments over the lease term at commencement date. When an implicit rate for the lease is not available, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of future payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Most of our lease contracts contain lease and non-lease components. Non-lease components are expensed as incurred. Operating lease assets are included in other assets, and the current and noncurrent portions of the operating lease liabilities are included in accounts payable and accrued expenses and other long-term liabilities, respectively.
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.
Fair value of financial instruments	Financial instruments carried at fair value Our available-for-sale and equity 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 equity 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. 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 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities 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. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. 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. 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. As of March 31, 2020, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
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, results of 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 the financial condition, results of operations, or cash flows.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Performance Obligation	The following table disaggregates revenue by our two performance obligations: Three months ended March 31, (in thousands) 2020 2019 Management fee revenue - policy issuance and renewal services, net $ 443,750 $ 430,983 Management fee revenue - administrative services, net 14,771 13,951 Administrative services reimbursement revenue 151,554 142,480 Total administrative services $ 166,325 $ 156,431

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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: Three months ended March 31, 2020 2019 (dollars in thousands, except per share data) 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 $ 58,840 46,188,789 $ 1.27 $ 74,694 46,188,337 $ 1.62 Dilutive effect of stock-based awards 0 34,761 — 0 22,899 — Assumed conversion of Class B shares 486 6,100,800 — 617 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 59,326 52,324,350 $ 1.13 $ 75,311 52,312,036 $ 1.44 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 486 2,542 $ 191 $ 617 2,542 $ 243

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of 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 as of: March 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 439,297 $ 2,243 $ 424,998 $ 12,056 Residential mortgage-backed securities 127,417 0 127,417 0 Commercial mortgage-backed securities 88,602 0 81,219 7,383 Collateralized debt obligations 87,615 0 87,615 0 Other debt securities 8,722 0 8,722 0 Total available-for-sale securities 751,653 2,243 729,971 19,439 Equity securities - nonredeemable preferred stock: Financial services sector 47,099 15,637 31,462 0 Utilities sector 6,469 3,411 3,058 0 Communications sector 2,215 2,215 0 0 Energy sector 1,005 0 1,005 0 Other sectors 1,226 897 329 0 Total equity securities 58,014 22,160 35,854 0 Total $ 809,667 $ 24,403 $ 765,825 $ 19,439 December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 454,880 $ 2,683 $ 443,873 $ 8,324 Residential mortgage-backed securities 125,343 0 125,343 0 Commercial mortgage-backed securities 67,541 0 64,220 3,321 Collateralized debt obligations 77,856 0 77,856 0 Other debt securities 5,081 0 5,081 0 Total available-for-sale securities 730,701 2,683 716,373 11,645 Equity securities - nonredeemable preferred and common stock: Financial services sector 53,513 14,927 38,586 0 Utilities sector 6,818 3,190 3,628 0 Communications sector 3,433 3,433 0 0 Energy sector 1,881 0 1,881 0 Other sectors 1,488 0 1,488 0 Total equity securities 67,133 21,550 45,583 0 Total $ 797,834 $ 24,233 $ 761,956 $ 11,645
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis	Level 3 Assets – Year-to-Date Change: Beginning balance at December 31, 2019 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at March 31, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ 7 $ (1,378 ) $ 1,718 $ (427 ) $ 6,895 $ (3,083 ) $ 12,056 Commercial mortgage-backed securities 3,321 (8 ) (148 ) 312 (86 ) 4,557 (565 ) 7,383 Total Level 3 available-for-sale securities $ 11,645 $ (1 ) $ (1,526 ) $ 2,030 $ (513 ) $ 11,452 $ (3,648 ) $ 19,439 Level 3 Assets – Year-to-Date Change: (in thousands) Beginning balance at December 31, 2018 Included in earnings (1) Included comprehensive income Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at March 31, 2019 Available-for-sale securities: Corporate debt securities $ 12,577 $ 11 $ 268 $ 734 $ (431 ) $ 4,813 $ (6,449 ) $ 11,523 Residential mortgage-backed securities 0 0 0 921 (6 ) 0 0 915 Commercial mortgage-backed securities 0 (2 ) 0 478 0 706 0 1,182 Total Level 3 available-for-sale securities $ 12,577 $ 9 $ 268 $ 2,133 $ (437 ) $ 5,519 $ (6,449 ) $ 13,620 (1) These amounts are reported as net investment income and net realized investment (losses) gains for each of the periods presented above. (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Schedule of Financial Instruments Not Carried at Fair Value	The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: March 31, 2020 December 31, 2019 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 66,574 $ 61,455 $ 67,696 $ 71,602 Long-term borrowings (2) 97,599 122,557 98,080 101,888 (1) The discount rate used to calculate fair value at March 31, 2020 is reflective of an increase in the BB+ financial yield curve due to the market volatility resulting from the COVID-19 pandemic. (2) The discount rate used to calculate fair value at March 31, 2020 is reflective of a decline in U.S. Treasury bond yields due to the market volatility resulting from the COVID-19 pandemic.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities	The following tables summarize the cost and fair value, net of credit loss allowance, of our available-for-sale securities as of: March 31, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses (1) Estimated fair value Corporate debt securities $ 460,508 $ 1,954 $ 23,165 $ 439,297 Residential mortgage-backed securities 124,082 3,748 413 127,417 Commercial mortgage-backed securities 91,355 976 3,729 88,602 Collateralized debt obligations 94,210 40 6,635 87,615 Other debt securities 9,163 84 525 8,722 Total available-for-sale securities, net $ 779,318 $ 6,802 $ 34,467 $ 751,653 (1) The increase in gross unrealized losses in the first quarter of 2020 is primarily due to the financial market volatility resulting from the COVID-19 pandemic. December 31, 2019 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 450,295 $ 6,289 $ 1,704 $ 454,880 Residential mortgage-backed securities 124,337 1,056 50 125,343 Commercial mortgage-backed securities 67,210 479 148 67,541 Collateralized debt obligations 78,059 44 247 77,856 Other debt securities 5,049 71 39 5,081 Total available-for-sale securities, net $ 724,950 $ 7,939 $ 2,188 $ 730,701
Schedule of Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Remaining Contractual Term to Maturity	The amortized cost and estimated fair value of available-for-sale securities at March 31, 2020 are shown below by remaining contractual term to maturity. 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. March 31, 2020 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 27,108 $ 26,764 Due after one year through five years 344,995 333,389 Due after five years through ten years 134,580 125,505 Due after ten years 272,635 265,995 Total available-for-sale securities (1) $ 779,318 $ 751,653 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statements of Financial Position at March 31, 2020.
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time	The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following table presents available-for-sale securities based on length of time in a gross unrealized loss position as of: March 31, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Corporate debt securities $ 299,653 $ 20,247 $ 6,822 $ 2,918 $ 306,475 $ 23,165 662 Residential mortgage-backed securities 2,798 413 0 0 2,798 413 4 Commercial mortgage-backed securities 59,786 3,729 0 0 59,786 3,729 73 Collateralized debt obligations 72,456 5,490 13,122 1,145 85,578 6,635 87 Other debt securities 6,358 525 0 0 6,358 525 15 Total available-for-sale securities $ 441,051 $ 30,404 $ 19,944 $ 4,063 $ 460,995 $ 34,467 841 Quality breakdown of available-for-sale securities: Investment grade $ 362,145 $ 19,158 $ 13,122 $ 1,146 $ 375,267 $ 20,304 298 Non-investment grade 78,906 11,246 6,822 2,917 85,728 14,163 543 Total available-for-sale securities $ 441,051 $ 30,404 $ 19,944 $ 4,063 $ 460,995 $ 34,467 841 December 31, 2019 Less than 12 months 12 months or longer Total (dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses No. of holdings Corporate debt securities $ 25,804 $ 342 $ 15,699 $ 1,362 $ 41,503 $ 1,704 158 Residential mortgage-backed securities 16,712 50 0 0 16,712 50 7 Commercial mortgage-backed securities 21,981 147 372 1 22,353 148 30 Collateralized debt obligations 20,889 33 41,010 214 61,899 247 49 Other debt securities 2,350 39 0 0 2,350 39 2 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246 Quality breakdown of available-for-sale securities: Investment grade $ 76,315 $ 287 $ 46,390 $ 218 $ 122,705 $ 505 100 Non-investment grade 11,421 324 10,691 1,359 22,112 1,683 146 Total available-for-sale securities $ 87,736 $ 611 $ 57,081 $ 1,577 $ 144,817 $ 2,188 246
Schedule of Investment Income, Net of Expenses, from Portfolios	Investment income, net of expenses, was generated from the following portfolios for the three months ended March 31: (in thousands) 2020 2019 Available-for sale securities $ 5,788 $ 6,161 Equity securities 856 141 Cash equivalents and other 1,974 2,465 Total investment income 8,618 8,767 Less: investment expenses 249 250 Investment income, net of expenses $ 8,369 $ 8,517
Schedule of Realized Gains and Losses on Investments and Net Unrealized Gains and Losses Recognized during the Reporting Period Related to Equity Securities Held at the Reporting Date	Realized (losses) gains on investments were as follows for the three months ended March 31: (in thousands) 2020 2019 Available-for-sale securities: Gross realized gains $ 1,074 $ 2,258 Gross realized losses (459 ) (340 ) Net realized gains on available-for-sale securities 615 1,918 Equity securities (1) (11,422 ) 585 Miscellaneous 1 — Net realized investment (losses) gains $ (10,806 ) $ 2,503 (1) The increase in net losses recognized on equity securities in the first quarter of 2020 is primarily due to the financial market volatility resulting from the COVID-19 pandemic. The portion of net unrealized gains and losses recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the three months ended March 31: (in thousands) 2020 2019 Equity securities: Net (losses) gains recognized during the period (1) $ (11,422 ) $ 585 Less: net losses recognized on securities sold (37 ) 0 Net unrealized (losses) gains recognized on securities held at reporting date $ (11,385 ) $ 585 (1) The increase in net losses recognized on equity securities in the first quarter of 2020 is primarily due to the financial market volatility resulting from the COVID-19 pandemic.
Schedule of Impairments on Available-For-Sale Securities and Agent Loans	Impairments on available-for-sale securities and agent loans were as follows for the three months ended March 31: (in thousands) 2020 2019 Available-for-sale securities: Intent to sell $ 2,242 $ 78 Credit impaired 641 — Total available-for-sale securities 2,883 78 Agent loans - expected credit losses 170 — Net impairment losses recognized in earnings $ 3,053 $ 78
Schedule of Impairments on Available-For-Sale Securities and Agent Loans	Impairments on available-for-sale securities and agent loans were as follows for the three months ended March 31: (in thousands) 2020 2019 Available-for-sale securities: Intent to sell $ 2,242 $ 78 Credit impaired 641 — Total available-for-sale securities 2,883 78 Agent loans - expected credit losses 170 — Net impairment losses recognized in earnings $ 3,053 $ 78

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Lease Assets and Liabilities Recorded in Statement of Financial Position	The following table summarizes our lease assets and liabilities as of: (in thousands) March 31, 2020 December 31, 2019 Operating lease assets $ 20,381 $ 22,401 Operating lease liabilities - current $ 10,929 $ 11,289 Operating lease liabilities - long-term 9,021 10,665 Total operating lease liabilities $ 19,950 $ 21,954

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	The following table sets forth future principal payments: (in thousands) Year Principal payments 2020 $ 1,498 2021 2,019 2022 2,109 2023 2,226 2024 2,302 Thereafter 87,445

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Schedule of Cost of Pension Plans	The cost of our pension plans are as follows: Three months ended March 31, (in thousands) 2020 2019 Service cost for benefits earned $ 10,873 $ 8,463 Interest cost on benefits obligation 9,395 9,827 Expected return on plan assets (12,353 ) (11,871 ) Prior service cost amortization 336 349 Net actuarial loss amortization 3,031 1,278 Pension plan cost (1) $ 11,282 $ 8,046 (1) The components of pension plan costs other than the service cost component are included in the line item "Other (expense) income" in the Statements of Operations after reimbursements from the Exchange and its subsidiaries.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to 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 ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended March 31, 2020 March 31, 2019 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ 5,664 $ 1,189 $ 4,475 $ (9,169 ) $ (1,926 ) $ (7,243 ) OCI (loss) before reclassifications (1) (35,693 ) (1,665 ) (34,028 ) 8,774 1,843 6,931 Realized investment gains (615 ) (129 ) (486 ) (1,918 ) (403 ) (1,515 ) Impairment losses 2,883 605 2,278 78 16 62 OCI (loss) (33,425 ) (1,189 ) (32,236 ) 6,934 1,456 5,478 AOCI (loss), end of period (1) $ (27,761 ) $ 0 $ (27,761 ) $ (2,235 ) $ (470 ) $ (1,765 ) Pension and other postretirement plans: AOCI (loss), beginning of period $ (153,600 ) $ (32,257 ) $ (121,343 ) $ (155,749 ) $ (32,708 ) $ (123,041 ) Amortization of prior service costs 336 71 265 349 73 276 Amortization of net actuarial loss 3,031 636 2,395 1,210 254 956 OCI 3,367 707 2,660 1,559 327 1,232 AOCI (loss), end of period $ (150,233 ) $ (31,550 ) $ (118,683 ) $ (154,190 ) $ (32,381 ) $ (121,809 ) Total AOCI (loss), beginning of period $ (147,936 ) $ (31,068 ) $ (116,868 ) $ (164,918 ) $ (34,634 ) $ (130,284 ) Investment securities (33,425 ) (1,189 ) (32,236 ) 6,934 1,456 5,478 Pension and other postretirement plans 3,367 707 2,660 1,559 327 1,232 OCI (loss) (30,058 ) (482 ) (29,576 ) 8,493 1,783 6,710 AOCI (loss), end of period $ (177,994 ) $ (31,550 ) $ (146,444 ) $ (156,425 ) $ (32,851 ) $ (123,574 ) (1)

Nature of Operations (Details)

Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2020Obligations
Revenue, Performance Obligation [Abstract]
Performance obligations under subscriber's agreement	2

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent loans, allowance for credit loss		$ 1,000
Cumulative effect adjustment	[1]		$ 1,075
Available-for-sale securities, allowance for credit loss		600
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent loans, allowance for credit loss			800
Cumulative effect adjustment			1,100
Available-for-sale securities, allowance for credit loss		$ 600
Erie Insurance Exchange | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables from Erie Insurance Exchange, allowance for credit loss			$ 600
[1]	The cumulative effect adjustment is related to the implementation of new credit loss allowance accounting guidance effective January 1, 2020. See Note 2. "Significant Accounting Policies".

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Obligations	Mar. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Indemnity's management fee rate as a percent of direct and affiliated assumed written premiums of the Exchange (percentage)	25.00%
Performance obligations under subscriber's agreement | Obligations	2
Increase in allowance for cancellations due to COVID-19 | $	$ 3.5	$ 0.9

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenues By Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of revenue by performance obligation
Revenue	$ 616,737	$ 594,106
Management fee revenue - policy issuance and renewal services, net
Disaggregation of revenue by performance obligation
Revenue	443,750	430,983
Management fee revenue - policy issuance and renewal services, net | Transferred at point in time
Disaggregation of revenue by performance obligation
Revenue	443,750	430,983
Management fee revenue - administrative services, net
Disaggregation of revenue by performance obligation
Revenue	14,771	13,951
Management fee revenue - administrative services, net | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	14,771	13,951
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	151,554	142,480
Administrative services reimbursement revenue | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	151,554	142,480
Administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	$ 166,325	$ 156,431

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class A common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) (in dollars)	$ 58,840	$ 74,694
Weighted shares (denominator) (in shares)	46,188,789	46,188,337
Per-share amount (in dollars per share)	$ 1.27	$ 1.62
Dilutive effect of stock-based awards
Allocated net income (numerator) (in dollars)	$ 0	$ 0
Weighted shares (denominator) (in shares)	34,761	22,899
Assumed conversion of Class B shares
Allocated net income (numerator) (in dollars)	$ 486	$ 617
Weighted shares (denominator) (in shares)	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) (in dollars)	$ 59,326	$ 75,311
Weighted shares (denominator) (in shares)	52,324,350	52,312,036
Per-share amount (in dollars per share)	$ 1.13	$ 1.44
Class B common stock
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%
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) (in dollars)	$ 486	$ 617
Weighted shares (denominator) (in shares)	2,542	2,542
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) (in dollars)	$ 486	$ 617
Weighted shares (denominator) (in shares)	2,542	2,542
Class B – Basic and diluted EPS:
Weighted shares (denominator) (in shares)	2,542	2,542
Per share amount (in dollars per share)	$ 191	$ 243

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 751,653
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	439,297	$ 454,880
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	127,417	125,343
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	88,602	67,541
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	87,615	77,856
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	8,722	5,081
Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	751,653	730,701
Fair Value, Measurements, Recurring Basis
Fair value measurements on a recurring basis by asset class and level of input
Total	809,667	797,834
Fair Value, Measurements, Recurring Basis | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	439,297	454,880
Fair Value, Measurements, Recurring Basis | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	127,417	125,343
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	88,602	67,541
Fair Value, Measurements, Recurring Basis | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	87,615	77,856
Fair Value, Measurements, Recurring Basis | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	8,722	5,081
Fair Value, Measurements, Recurring Basis | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	751,653	730,701
Fair Value, Measurements, Recurring Basis | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	58,014	67,133
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	47,099
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	6,469
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,215
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,005
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,226
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		53,513
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		6,818
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		3,433
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		1,881
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		1,488
Fair Value, Measurements, Recurring Basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	24,403	24,233
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	2,243	2,683
Fair Value, Measurements, Recurring Basis | Level 1 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	2,243	2,683
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	22,160	21,550
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	15,637
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	3,411
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,215
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	897
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		14,927
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		3,190
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		3,433
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	765,825	761,956
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	424,998	443,873
Fair Value, Measurements, Recurring Basis | Level 2 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	127,417	125,343
Fair Value, Measurements, Recurring Basis | Level 2 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	81,219	64,220
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	87,615	77,856
Fair Value, Measurements, Recurring Basis | Level 2 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	8,722	5,081
Fair Value, Measurements, Recurring Basis | Level 2 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	729,971	716,373
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	35,854	45,583
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	31,462
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	3,058
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,005
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	329
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		38,586
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		3,628
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		1,881
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		1,488
Fair Value, Measurements, Recurring Basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	19,439	11,645
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	12,056	8,324
Fair Value, Measurements, Recurring Basis | Level 3 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	7,383	3,321
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	19,439	11,645
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	$ 0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Other sectors
Fair value measurements on a recurring basis by asset class and level of input
Equity securities		$ 0

Fair Value - Level 3 Assets (De

Fair Value - Level 3 Assets (Details) - Level 3 - Available-for-sale securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 11,645	$ 12,577
Included in earnings	(1)	9
Included in other comprehensive income	(1,526)	268
Purchases	2,030	2,133
Sales	(513)	(437)
Transfers into Level 3	11,452	5,519
Transfers out of Level 3	(3,648)	(6,449)
Ending balance	19,439	13,620
Corporate debt securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	8,324	12,577
Included in earnings	7	11
Included in other comprehensive income	(1,378)	268
Purchases	1,718	734
Sales	(427)	(431)
Transfers into Level 3	6,895	4,813
Transfers out of Level 3	(3,083)	(6,449)
Ending balance	12,056	11,523
Residential mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance		0
Included in earnings		0
Included in other comprehensive income		0
Purchases		921
Sales		(6)
Transfers into Level 3		0
Transfers out of Level 3		0
Ending balance		915
Commercial mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	3,321	0
Included in earnings	(8)	(2)
Included in other comprehensive income	(148)	0
Purchases	312	478
Sales	(86)	0
Transfers into Level 3	4,557	706
Transfers out of Level 3	(565)	0
Ending balance	$ 7,383	$ 1,182

Fair Value - Quantitative and Q

Fair Value - Quantitative and Qualitative Disclosures about Unobservable Inputs (Details) - Level 3 - Available-for-sale securities - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Fair value measurements on a recurring basis, valuation techniques
Fair value, measurement with unobservable inputs	$ 19,439	$ 11,645	$ 13,620	$ 12,577
Fair Value, Measurements, Recurring Basis | Non-Binding Broker Quote
Fair value measurements on a recurring basis, valuation techniques
Fair value, measurement with unobservable inputs	$ 12,400	$ 1,300

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agent loans	$ 66,574	$ 67,696
Long-term borrowings	97,599	98,080
Level 3 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agent loans	61,455	71,602
Long-term borrowings	$ 122,557	$ 101,888

Investments - Cost and Fair Val

Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available-for-sale securities
Amortized cost	$ 779,318
Estimated fair value	751,653
Corporate debt securities
Available-for-sale securities
Amortized cost	460,508	$ 450,295
Gross unrealized gains	1,954	6,289
Gross unrealized losses	23,165	1,704
Estimated fair value	439,297	454,880
Residential mortgage-backed securities
Available-for-sale securities
Amortized cost	124,082	124,337
Gross unrealized gains	3,748	1,056
Gross unrealized losses	413	50
Estimated fair value	127,417	125,343
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost	91,355	67,210
Gross unrealized gains	976	479
Gross unrealized losses	3,729	148
Estimated fair value	88,602	67,541
Collateralized debt obligations
Available-for-sale securities
Amortized cost	94,210	78,059
Gross unrealized gains	40	44
Gross unrealized losses	6,635	247
Estimated fair value	87,615	77,856
Other debt securities
Available-for-sale securities
Amortized cost	9,163	5,049
Gross unrealized gains	84	71
Gross unrealized losses	525	39
Estimated fair value	8,722	5,081
Available-for-sale securities
Available-for-sale securities
Amortized cost	779,318	724,950
Gross unrealized gains	6,802	7,939
Gross unrealized losses	34,467	2,188
Estimated fair value	$ 751,653	$ 730,701

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2020USD ($)
Amortized cost
Due in one year or less	$ 27,108
Due after one year through five years	344,995
Due after five years through ten years	134,580
Due after ten years	272,635
Amortized cost	779,318
Estimated fair value
Due in one year or less	26,764
Due after one year through five years	333,389
Due after five years through ten years	125,505
Due after ten years	265,995
Estimated fair value	$ 751,653

Investments - Available-For-Sal

Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2020USD ($)Holdings	Dec. 31, 2019USD ($)Holdings
Investment grade
Fair value
Less than 12 months	$ 362,145	$ 76,315
12 months or longer	13,122	46,390
Total	375,267	122,705
Unrealized losses
Less than 12 months	19,158	287
12 months or longer	1,146	218
Total	$ 20,304	$ 505
No. of holdings | Holdings	298	100
Non-investment grade
Fair value
Less than 12 months	$ 78,906	$ 11,421
12 months or longer	6,822	10,691
Total	85,728	22,112
Unrealized losses
Less than 12 months	11,246	324
12 months or longer	2,917	1,359
Total	$ 14,163	$ 1,683
No. of holdings | Holdings	543	146
Available-for-sale securities
Fair value
Less than 12 months	$ 441,051	$ 87,736
12 months or longer	19,944	57,081
Total	460,995	144,817
Unrealized losses
Less than 12 months	30,404	611
12 months or longer	4,063	1,577
Total	$ 34,467	$ 2,188
No. of holdings | Holdings	841	246
Corporate debt securities
Fair value
Less than 12 months	$ 299,653	$ 25,804
12 months or longer	6,822	15,699
Total	306,475	41,503
Unrealized losses
Less than 12 months	20,247	342
12 months or longer	2,918	1,362
Total	$ 23,165	$ 1,704
No. of holdings | Holdings	662	158
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 2,798	$ 16,712
12 months or longer	0	0
Total	2,798	16,712
Unrealized losses
Less than 12 months	413	50
12 months or longer	0	0
Total	$ 413	$ 50
No. of holdings | Holdings	4	7
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 59,786	$ 21,981
12 months or longer	0	372
Total	59,786	22,353
Unrealized losses
Less than 12 months	3,729	147
12 months or longer	0	1
Total	$ 3,729	$ 148
No. of holdings | Holdings	73	30
Collateralized debt obligations
Fair value
Less than 12 months	$ 72,456	$ 20,889
12 months or longer	13,122	41,010
Total	85,578	61,899
Unrealized losses
Less than 12 months	5,490	33
12 months or longer	1,145	214
Total	$ 6,635	$ 247
No. of holdings | Holdings	87	49
Other debt securities
Fair value
Less than 12 months	$ 6,358	$ 2,350
12 months or longer	0	0
Total	6,358	2,350
Unrealized losses
Less than 12 months	525	39
12 months or longer	0	0
Total	$ 525	$ 39
No. of holdings | Holdings	15	2

Investments - Credit Loss Allow

Investments - Credit Loss Allowance on Investments (Details) $ in Millions	Mar. 31, 2020USD ($)
Investments [Abstract]
Agent loans, allowance for credit loss	$ 1
Available-for-sale securities, allowance for credit loss	$ 0.6

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investment income from portfolios
Total investment income	$ 8,618	$ 8,767
Less: investment expenses	249	250
Investment income, net of expenses	8,369	8,517
Available-for-sale securities
Investment income from portfolios
Total investment income	5,788	6,161
Equity securities
Investment income from portfolios
Total investment income	856	141
Cash equivalents and other
Investment income from portfolios
Total investment income	$ 1,974	$ 2,465

Investments - Realized Investme

Investments - Realized Investment (Losses) Gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Available-for-sale securities:
Net realized investment (losses) gains	$ (10,806)	$ 2,503
Available-for-sale securities
Available-for-sale securities:
Gross realized gains	1,074	2,258
Gross realized losses	(459)	(340)
Net realized gains on available-for-sale securities	615	1,918
Equity securities
Available-for-sale securities:
Equity securities	(11,422)	585
Miscellaneous
Available-for-sale securities:
Miscellaneous	$ 1	$ 0

Investments - Portion of Net Un

Investments - Portion of Net Unrealized Gains and Losses Recognized During the Reporting Period Related To Equity Securities (Details) - Equity securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity securities:
Net (losses) gains recognized during the period	$ (11,422)	$ 585
Less: net losses recognized on securities sold	(37)	0
Net unrealized (losses) gains recognized on securities held at reporting date	$ (11,385)	$ 585

Investments - Impairments on Av

Investments - Impairments on Available-For-Sale Securities and Agent Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Available-for-sale securities:
Intent to sell	$ 2,242	$ 78
Credit impaired	641	0
Total available-for-sale securities	2,883	78
Agent loans - expected credit losses	170	0
Net impairment losses recognized in earnings	$ 3,053	$ 78

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 3,400	$ 3,600
Erie Insurance Exchange
Lessee, Lease, Description [Line Items]
Operating lease costs, amount reimbursed from Exchange and its subsidiaries	1,400	$ 1,500
Erie Insurance Exchange | Office Space
Lessee, Lease, Description [Line Items]
Operating lease assets	10,700
Other Noncurrent Assets
Lessee, Lease, Description [Line Items]
Operating lease assets	20,381		$ 22,401
Accounts Payable and Accrued Liabilities
Lessee, Lease, Description [Line Items]
Operating lease liabilities - current	10,929		11,289
Other Noncurrent Liabilities
Lessee, Lease, Description [Line Items]
Operating lease liabilities - long-term	9,021		10,665
Liabilities
Lessee, Lease, Description [Line Items]
Total operating lease liabilities	$ 19,950		$ 21,954

Borrowing Arrangements - Bank L

Borrowing Arrangements - Bank Line of Credit (Details) - Revolving line of credit	Mar. 31, 2020USD ($)
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100,000,000
Maximum letter of credit sublimit under the bank revolving line of credit	25,000,000
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	99,100,000
Outstanding amount of letters of credit under the bank revolving line of credit	900,000
Available amount of letters of credit under the bank revolving line of credit	24,100,000
Borrowings outstanding under the bank revolving line of credit	0
Fair value of investments pledged as collateral on the bank revolving line of credit	$ 117,800,000

Borrowing Arrangements - Term L

Borrowing Arrangements - Term Loan Credit Facility (Details) - Secured debt - USD ($)	Jan. 01, 2019	Mar. 31, 2020	Dec. 31, 2016
Term loan credit facility
Amount of senior secured draw term loan credit facility			$ 100,000,000
Fixed interest rate of credit facility (as a percent)	4.35%
Repayment period of credit facility	28 years
Fair value of investments pledged as collateral on the credit facility		$ 120,600,000

Borrowing Arrangements - Annual

Borrowing Arrangements - Annual Principal Payments (Details) - Secured debt $ in Thousands	Mar. 31, 2020USD ($)
Future principal payments:
2020	$ 1,498
2021	2,019
2022	2,109
2023	2,226
2024	2,302
Thereafter	$ 87,445

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cost of pension plans:
Service cost for benefits earned	$ 10,873	$ 8,463
Interest cost on benefits obligation	9,395	9,827
Expected return on plan assets	(12,353)	(11,871)
Prior service cost amortization	336	349
Net actuarial loss amortization	3,031	1,278
Pension plan cost	$ 11,282	$ 8,046
Erie Insurance Exchange
Postretirement Benefits
Postretirement annual benefit expense reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)	57.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	22.10%	21.20%
Deferred tax assets, valuation allowance recorded	$ 6.8
Amount of valuation allowance recognized in other comprehensive income	5.8
Amount of valuation allowance recognized in income tax expense	$ 1
Amount of valuation allowance recognized in income tax expense, impact on effective income tax rate (percent)	1.20%

Capital Stock - Class A and B C

Capital Stock - Class A and B Common Stock (Details) - Class B common stock - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Common Stock
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

Capital Stock - Stock Repurchas

Capital Stock - Stock Repurchases (Details) - Class A common stock - Stock repurchase program - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2011
Stock repurchases
Amount of authorized stock repurchases approved for continuation under the current program			$ 150,000,000
Shares repurchased under stock repurchase program (in shares)	0	0
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 17,800,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	$ (116,868)
Investment securities, OCI (loss)	(32,236)	$ 5,478
Pension and other postretirement plans, OCI (loss)	2,660	1,232
OCI (loss)	(29,576)	6,710
AOCI (loss), end of period	(146,444)
Investment securities:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	5,664	(9,169)
OCI (loss) before reclassifications	(35,693)	8,774
Realized investment gains	(615)	(1,918)
Impairment losses	2,883	78
Investment securities, OCI (loss)	(33,425)	6,934
AOCI (loss), end of period	(27,761)	(2,235)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	1,189	(1,926)
OCI (loss) before reclassifications	(1,665)	1,843
Realized investment gains	(129)	(403)
Impairment losses	605	16
Investment securities, OCI (loss)	(1,189)	1,456
AOCI (loss), end of period	0	(470)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	4,475	(7,243)
OCI (loss) before reclassifications	(34,028)	6,931
Realized investment gains	(486)	(1,515)
Impairment losses	2,278	62
Investment securities, OCI (loss)	(32,236)	5,478
AOCI (loss), end of period	(27,761)	(1,765)
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(153,600)	(155,749)
Amortization of prior service costs	336	349
Amortization of net actuarial loss	3,031	1,210
Pension and other postretirement plans, OCI (loss)	3,367	1,559
AOCI (loss), end of period	(150,233)	(154,190)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(32,257)	(32,708)
Amortization of prior service costs	71	73
Amortization of net actuarial loss	636	254
Pension and other postretirement plans, OCI (loss)	707	327
AOCI (loss), end of period	(31,550)	(32,381)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(121,343)	(123,041)
Amortization of prior service costs	265	276
Amortization of net actuarial loss	2,395	956
Pension and other postretirement plans, OCI (loss)	2,660	1,232
AOCI (loss), end of period	(118,683)	(121,809)
Total
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(147,936)	(164,918)
Investment securities, OCI (loss)	(33,425)	6,934
Pension and other postretirement plans, OCI (loss)	3,367	1,559
OCI (loss)	(30,058)	8,493
AOCI (loss), end of period	(177,994)	(156,425)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(31,068)	(34,634)
Investment securities, OCI (loss)	(1,189)	1,456
Pension and other postretirement plans, OCI (loss)	707	327
OCI (loss)	(482)	1,783
AOCI (loss), end of period	(31,550)	(32,851)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(116,868)	(130,284)
Investment securities, OCI (loss)	(32,236)	5,478
Pension and other postretirement plans, OCI (loss)	2,660	1,232
OCI (loss)	(29,576)	6,710
AOCI (loss), end of period	$ (146,444)	$ (123,574)

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables from Erie Insurance Exchange and its affiliates	$ 482,238,000		$ 468,636,000
Erie Insurance Exchange
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in allowance for credit loss	$ 0
Erie Insurance Exchange | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables from Erie Insurance Exchange, allowance for credit loss		$ 600,000

Subsequent Events (Details)

Subsequent Events (Details) - Forecast - USD ($) $ in Millions	Apr. 09, 2020	Dec. 31, 2020
Subsequent Event [Line Items]
Impact of rate reductions on premiums		$ 90
Impact of rate reductions on management fees		$ 23
Subsequent Event
Subsequent Event [Line Items]
Estimated personal and commercial auto rate reductions	$ 200

Uncategorized Items - erie10-q0

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,075,000)	[1]
[1]	The cumulative effect adjustment is related to the implementation of new credit loss allowance accounting guidance effective January 1, 2020. See Note 2. "Significant Accounting Policies".