Erie Estimates $33-$37 Million in Claims from Tornadoes, Hail Storms

May 23, 2002

Pennsylvania-based Erie Insurance Group announced that claims estimates are between $33 and $37 million as a result of the damages caused by the tornadoes, wind and hail storms that struck Maryland, Virginia, West

Virginia and Tennessee in late April and early May.

Erie indicated that it has received loss notification from nearly 11,000 policyholders in the areas most affected by the storms. The number may increases as the company still has a number of “catastrophe action teams” still working to handle policy holder claims.

Jeff Ludrof, Erie Insurance president and CEO, praised the work of the company’s “dedicated employees and agents” who “continue to deliver our promise of service.” He noted that “Even as the most severe of these spring storms was subsiding, our employees were on the scene mobilizing quickly, helping communities recover and neighbors rebuild their lives.”

Erie announced that it will “incur pre tax losses in its underwriting operations of $1.8 to $2 million. The storm losses equate to approximately $0.02 per share, after taxes.”

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