Erie Indemnity Co. announced that Terrence W. Cavanaugh, president and chief executive officer, will retire at the close of 2016.
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.
Erie Chairman Thomas B. Hagen said the “generous timeframe” around Cavanugh’s decision allows the board to provide an effective transition of leadership.
Cavanaugh joined Erie Insurance in 2008 after a 33-year career with the Chubb Group. Under his leadership, Erie Insurance has grown property/casualty direct written premium by more than 45 percent and increased policyholder surplus by 60 percent.
Cavanaugh currently serves as the chair of the board of governors of Property Casualty Insurers Association of America (PCI). He 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 Highmark, a diversified health and wellness system based in Pittsburgh, Pa. In Northwest Pennsylvania, where ERIE’s headquarters are located, Cavanaugh provides board leadership for a number of community organizations.
Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer and 12th largest automobile insurer in the United States.