Erie Indemnity Company announced that Terrence W. Cavanaugh, president and chief executive officer, will retire at the close of 2016. Cavanaugh shared the decision yesterday during a meeting of the Board of Directors.
“The generous timeframe around Terry’s decision allows the Board to provide a thoughtful and effective transition of leadership,” said Chairman of the Board Thomas B. Hagen in a statement. “Equally important, it allows us to maintain our dedicated focus on protecting and serving our customers, and supporting our agents and employees for the long-term.”Cavanaugh, who is also finishing a year serving as chair of the Board of Governors of Property Casualty Insurers Association of America (PCI), spoke to Carrier Management at last year’s PCI annual meeting about Erie’s relationships with independent agents and growth initiatives.
Erie Indemnity Company provides management services to the member companies of the Erie Insurance Group, which includes 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.
A Chicago native, Cavanaugh joined Erie Insurance in 2008 after a 33-year career with the Chubb Group of Insurance Companies. Under his leadership, Erie Insurance has grown property and casualty direct written premium by more than 45 percent and increased policyholder surplus by 60 percent, according to a company statement.
In addition to his roles at Erie and PCI, Cavanaugh is also on the Pennsylvania Workforce Investment Board and boards of the American Institute for CPCU and Insurance Institute of America. Cavanaugh also serves on the Board of Directors of Highmark, a diversified health and wellness system based in Pittsburgh, Pa.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pa., is the 11th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 16th largest property/casualty insurer in the United States based on total lines net premium written. With more than 5 million policies in force, the group operates in 12 states and the District of Columbia.
Source: Erie Indemnity Company