Spruce Point goes short Erie Indemnity, sees up to 55% downside [Yahoo! Finance]
Erie Indemnity Company - Class A (ERIE)
Last erie indemnity company - class a earnings: 10/24 04:15 pm
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US:NASDAQ Investor Relations:
erieinsurance.com/investor
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Source: Yahoo! Finance
In its latest short report, the firm raised significant concerns about the sustainability of Erie's management fee model, which collects 25% of premiums written by its sole client, Erie Insurance Exchange. The short seller highlighted Erie's dual fiduciary structure, which requires balancing responsibilities to both shareholders and Exchange policyholders, is unique in the public markets. "Erie is the only public company structured with a management company overseeing a policyholder-owned insurance exchange," Spruce Point wrote. While Erie's stock has surged, bolstered by its recent inclusion in the S&P 400 in 2023 and the S&P 500 in 2024, Spruce Point warned that index-driven investors may have overlooked structural risks in Erie's business model. The firm's short report showed a financial divergence between Erie and the Exchange. They note that since 2021, Erie's profits have surged to $1.2 billion, while the Exchange, carrying all the underwriting risk, has incurred $4.2
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ERIE
News
- Erie Indemnity (NASDAQ:ERIE) Will Pay A Larger Dividend Than Last Year At $1.37 [Yahoo! Finance]Yahoo! Finance
- Erie Indemnity Approves Management Fee Rate and Dividend Increase, Declares Regular DividendsPR Newswire
- Erie Indemnity Q3 Earnings Top on Higher Management Fee Revenues [Yahoo! Finance]Yahoo! Finance
- Erie Indemnity Third Quarter 2024 Earnings: Revenues Beat Expectations [Yahoo! Finance]Yahoo! Finance
- Erie Indemnity Reports Third Quarter 2024 ResultsPR Newswire
ERIE
Earnings
- 10/31/24 - Beat
ERIE
Sec Filings
- 12/17/24 - Form 8-K
- 12/12/24 - Form 8-K
- 11/14/24 - Form SC
- ERIE's page on the SEC website