CONTACT: Mark Dombrowski, Corporate Communications
1-800-458-0811, ext. 2285 or 814/870-2285
For Immediate Release
Erie Indemnity Company Director resigns
Also extends to Erie Family Life Board
Erie, Pa. - May 27, 2004 - Samuel P. Katz, president, Wynnefield Capital
Advisors, Inc., today announced his resignation from the Erie Indemnity Company
Board of Directors, effective immediately. In a letter to the Board of
Directors, Mr. Katz cited personal reasons for his resignation.
The Directors of Erie Indemnity Company's Board also compose the Board of
Directors for Erie Family Life Insurance Company, an affiliated company of Erie
Indemnity and a member company of Erie Insurance Group. Mr. Katz's resignation
also applies to his board position with Erie Family Life Insurance Company.
On behalf of the Board and Company management, Chairman F. William Hirt,
expressed appreciation for Mr. Katz's dedicated service to the Company during
his four-year tenure on the Board.
The Board's independent Nominating & Governance Committee has initiated the
process to determine whether to fill the vacated position prior to the 2005
Annual Shareholders' Meeting or reduce the number of directors from 15 to 14.
Based on their deliberations, the committee will develop a recommendation for
the full Board's consideration.
Erie Indemnity Company provides management services to the member companies of
the Erie Insurance Group, which includes the Erie Insurance Exchange, Flagship
City Insurance Company, Erie Insurance Company, Erie Insurance Property and
Casualty Company, Erie Insurance Company of New York and Erie Family Life
Insurance Company. According to A.M. Best Company, Erie Insurance Group, based
in Erie, Pennsylvania, is the 16th largest automobile insurer in the United
States based on direct premiums written and the 20th largest property/casualty
insurer in the United States based on total lines net premium written. The
Group, rated A+ (Superior) by A.M. Best Company, has more than 3.7 million
policies in force and operates in 11 states and the District of Columbia. Erie
Insurance Group ranked 368 on the FORTUNE 500 and is included in Forbes
Magazine's PLATINUM 400 list of the best-managed companies in America.
News releases and more information about Erie Insurance Group are available at
http://www.erieinsurance.com
- ----------------------------
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
1995: Certain forward-looking statements contained herein involve risks and
uncertainties. These statements include certain discussions relating to
management fee revenue, cost of management operations, underwriting, premium and
investment income volume, business strategies, profitability and business
relationships and the Company's other business activities during 2004 and
beyond. In some cases, you can identify forward-looking statements by terms such
as "may," "will," "should," "could," "would," "expect," "plan," "intend,"
"anticipate," "believe," "estimate," "project," "predict," "potential" and
similar expressions. These forward-looking statements reflect the Company's
current views about future events, are based on assumptions and are subject to
known and unknown risks and uncertainties that may cause results to differ
materially from those anticipated in those statements. Many of the factors that
will determine future events or achievements are beyond our ability to control
or predict.
4