Erie Indemnity Company (NASDAQ:ERIE) Q1 2020 Earnings Conference Call - Final Transcript

May 08, 2020 • 10:00 am ET


Erie Indemnity Company (NASDAQ:ERIE) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Erie Indemnity Company's First Quarter 2020 Earnings Conference Call. This call was prerecorded, and there will be no question-and-answer session following the recording.

Now, I'd like to introduce your host for the call, Vice President of Investor Relations, Scott Beilharz.

Scott Beilharz

Thank you and welcome, everyone. We appreciate you joining us for this recorded discussion about our 2020 first quarter results. This recording will include remarks from Tim NeCastro, President and Chief Executive Officer; and Greg Gutting, Executive Vice President and Chief Financial Officer. Our earnings release and financial supplement were issued yesterday afternoon after the market close and are available within the Investor Relations section of our Web site,

Before we begin, I would like to remind everyone that today's discussion may contain forward-looking remarks that reflect the company's current views about future events. These remarks are based on assumptions subject to known and unexpected risks and uncertainties. These risks and uncertainties may cause results to differ materially from those described in these remarks. For information on important factors that may cause such differences, please see the safe harbor statements in our Form 10-K filing with the SEC, dated May 7, 2020, and in the related press release. This prerecorded call is the property of Erie Indemnity Company. It may not be reproduced or rebroadcast by any other party without the prior written consent of Erie Indemnity Company.

With that, we will move on to Tim's remarks.

Timothy G. NeCastro

Thanks, Scott. And thanks to all of you for taking time to learn more about Erie's performance in the first quarter of 2020. I hope you and your loved ones are healthy and staying safe. These last few months have demanded a lot from all of us, deeply impacting how we live, how we work, and how we connect with one another. Our thoughts and prayers are with everyone affected by the pandemic. I want to extend our sincere appreciation to those serving on the frontlines, the first responders and healthcare providers, and to the workers on the job every day making sure we have deliveries, food, and other necessities.

I also want to express my gratitude to our nearly 6,000 employees and the 13,000 license agents who make up the Erie family. As members of an essential industry, all of us have adapted, and adapted quickly to new ways of working and serving our customers. Every day our agents and customer care team have challenging conversations with our customers. Some have lost loved ones. Others are no longer working or are facing the potential loss of the business they built. These complex situations not only require a high level of care and empathy, which our agents and employees are showing, but also actions that will give our customers some relief and piece of mind in these uncertain times. I'd like to talk more about how we're doing that before we get into Erie's performance for the first quarter.

Next week, we'll start mailing policyholder dividends to