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  "documentTitle": "Erie Indemnity Company (ERIE)",
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      "text": "Given the recent deterioration of the Exchange's financial performance and historical precedent, we believe it is increasingly likely that ERIE's management fee will decline for the first time in decades which could reset earnings expectations by approximately 20% and slow premium growth at the Exchange over the coming years.",
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      "text": "management fee: 25%",
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      "text": "After conducting a forensic financial review of Erie Indemnity Company... we have grave concerns about the sustainability of ERIE's 25% management fee collected on premiums written by the Exchange.",
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      "text": "Spruce Point Issues A \"Strong Sell\" Opinion On Erie Indemnity Company (ERIE) With 35% - 55% Potential Downside Risk",
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