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Erie Insurance Co. Assigned 'AApi' Rating by S&P

NEW YORK, Aug. 4 /PRNewswire/ -- Standard & Poor's today assigned its double-'Api' insurer financial strength rating to Erie Insurance Co. The company is licensed in 10 states. Erie Insurance's major line of business is private passenger auto liability, and it is a member of Erie Insurance Group, a large insurance group. The company commenced operations in 1973. The company meets Standard & Poor's rating criteria for pool members, and therefore it is assigned the double-'Api' rating of qualifying members of the Erie Insurance Exchange Pool.

Ratings denoted with a 'pi' subscript are insurer financial strength ratings based on an analysis of published financial information and additional information in the public domain. The ratings do not reflect in-depth meetings with an insurer's management nor do they incorporate material nonpublic information, and are therefore based on less comprehensive information than ratings without a pi subscript. Pi ratings are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event that may affect an insurer's financial security occurs.

The pi rating process covers U.S. insurers to which Standard & Poor's previously assigned quantitative ('q') ratings, and may include information beyond that used to derive the previous quantitative-only ratings. Pi ratings are not modified with 'plus' or 'minus' designations, nor are they subject to potential CreditWatch listings, Standard & Poor's said. -- CreditWire

SOURCE Standard & Poor's CreditWire
 -0- 08/04/98


/CONTACT: Maria G. Carvo, 208-1938, or James Kane, 208-8438, both of Standard & Poor's CreditWire/

/Company News On-Call: http://www.prnewswire.com or fax, 800-758-5804, ext. 121503/

CO: Erie Insurance Exchange ST: New York IN: INS SU: RTG

ES -- NYSP013 -- 1663 08/04/98 12:59 EDT http://www.prnewswire.com
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Publication:PR Newswire
Date:Aug 4, 1998
Words:283
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