At its regular meeting held last week, the board of directors of Erie Indemnity Company appointed a new executive vice president, set the management fee rate charged to Erie Insurance Exchange, approved an increase in shareholder dividends and declared the regular quarterly dividend.
The board appointed Brian W. Bolash as executive vice president. Bolash has been with Erie for 21 years and currently serves as senior vice president, secretary and general counsel, with responsibility for the law division and internal audit. He will take on his new role effective Jan. 1, and will continue to serve as general counsel and corporate secretary.
The board also agreed to maintain the current management fee rate paid to Erie Indemnity Company by Erie Insurance Exchange at 25%.
The board increased the regular quarterly cash dividend from $1.035 to $1.11 on each Class A share and from $155.25 to $166.50 on each Class B share. This is a 7.2% increase in the payout per share over the current dividend rate. The next quarterly dividend is payable on Jan. 20 to shareholders of record.
