Pennsylvania-based Erie Indemnity Company has filed a registration statement with the Securities and Exchange Commission relating to a proposed offering of up to 4,000,000 shares of the company’s Class A non-voting common stock to be sold by a selling shareholder.
In addition, the selling shareholder has granted the underwriters an option to purchase up to an additional 600,000 shares. Erie Indemnity Company will not receive any of the proceeds from the proposed offering. Timing of the public offering will depend on market conditions. The lead underwriters for this offering are Goldman, Sachs & Co. and Credit Suisse First Boston.
Since 1925, Erie Indemnity Company has served as a provider of management services to the policyholders of the Erie Insurance Exchange, an unincorporated association that is a reciprocal insurance exchange. Erie Indemnity Company is also an underwriter of property and casualty insurance through its three subsidiaries.
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