Erie Indemnity declares govt appointment
At its regular meeting last week, the Erie Indemnity Company Board of Directors appointed a new Executive Vice President, set the management fee rate charged by the Erie Insurance Exchange, approved a shareholder dividend increase, and approved the regular quarterly dividend.
The board of directors has named Brian W. Bolash as executive vice president. Bolash has been with Erie for 21 years and is currently Senior Vice President, Secretary and General Counsel responsible for Legal and Internal Audit. He will assume his new role effective January 1st and continue to serve as General Counsel and Corporate Secretary.
Next read: Erie Insurance announces senior management change
The board also agreed to keep the current management fee rate paid by the Erie Insurance Exchange to the Erie Indemnity Company at 25%.
The board increased the regular quarterly cash dividend from $ 1.035 to $ 1.11 for each Class A share and from $ 155.25 to $ 166.50 for each Class B share, increasing the payout per share by 7, 2% compared to the current dividend rate. The next quarterly dividend is payable to shareholders of record on January 20th.