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  "documentTitle": "Erie Indemnity Company (ERIE)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-10-18 00:00:00",
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  "notes": "Red dashed box highlights the period where management fee was below 25% and premiums-to-surplus ratio was high.",
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      "text": "For four years, from 2003 to 2006, the management fee stayed below 25% until both underwriting profitability and the surplus returned to healthier levels.",
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      "text": "Management Fee Rate: 25%",
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      "text": "For four years, from 2003 to 2006, the management fee stayed below 25% until both underwriting profitability and the surplus returned to healthier levels. By the end of 2006, the premiums-to-surplus ratio was 89% (below 100%), and improved underwriting results likely influenced the Board's decision to raise the management fee to 25%.",
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      "kind": "source-note",
      "text": "Source: S&P Capital IQ, ERIE 10-Ks 1999 to 2007",
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      "text": "Erie Insurance Exchange Financial Highlights",
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      "text": "25% Fee Did Not Return For Four Years Until 2007",
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