June 10, 2011
Jim B. Rosenberg
Senior Assistant Chief Accountant
Securities and Exchange Commission
100 F Street N.E.
Washington, D.C. 20549
Senior Assistant Chief Accountant
Securities and Exchange Commission
100 F Street N.E.
Washington, D.C. 20549
Re: | Erie Indemnity Company Form 10-K for the Year Ended December 31, 2010 Filed February 24, 2011 File No. 000-24000 |
Dear Mr. Rosenberg,
On behalf of Erie Indemnity Company (the “Company”) this letter is in response to comments received from the Staff (the “Staff”) of the Securities and Exchange Commission (the “Commission” or “SEC”) by letter dated May 26, 2011, with respect to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010.
We appreciate your comments with respect to the above-referenced report and have carefully considered the Staff’s comments. We continuously strive to improve the financial disclosure that we include in our public filings and look forward to working with you on the matters outlined in your letter.
Our responses to your comments are provided below. For convenience, each of the Staff’s comments is reprinted below, followed by the Company’s response. We are providing the information that you requested and where you have requested revised disclosure, we have provided the revision we would include in future filings.
The adequacy and accuracy of the disclosure in our filings is the responsibility of the Company. We acknowledge that Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing. We also acknowledge that Staff comments may not be asserted as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
1
SEC Comment #1 and #2:Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Financial Condition — Investments — Fixed Maturities, page 52
Please provide us proposed disclosure for future periodic reports indicating the source of the ratings used in the table on page 52.
Company Response:
We respectfully propose enhancing our fixed maturities disclosure in the Investment section of our Management’s Discussion and Analysis of Financial Condition and Results of Operations as highlighted in bold in Exhibit A. |
Please provide us the following regarding your investments in “Government — Municipal:”
• | The amount of your general obligation and special revenue bonds categorized by state, municipality and political subdivision; and | |
• | The nature and primary revenue sources for your special revenue bonds |
Company Response:
We have included a detailed schedule which lists the amount of general obligation and special revenue bonds by category and the nature and primary revenue source for the special revenue bonds in Exhibit B. |
SEC Comment #3:Consolidated Financial Statements — Notes to Consolidated Financial Statements — Note 1. Nature of Operations, page 75
In the fourth and sixth paragraphs where you indicate that Indemnity and Exchange are deemed to be under common control, please provide us proposed disclosures to be included in future periodic reports that indicate who the common parent is and the nature and extent of its control over each of these two entities.
Company Response:
Indemnity and the Exchange do not have a common parent. We intended to disclose that there is no common parent but that Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance by acting as the common attorney-in-fact and decision maker for the subscribers (policyholders) at the Exchange. | ||
We respectfully propose enhancing our disclosure in Note 1. Nature of Operations as highlighted in bold in Exhibit C. |
SEC Comment #4:Consolidated Financial Statements — Note 2. Significant Accounting Policies — Retrospective adoption of new accounting principles, page 75
Regarding your conclusion that consolidation of Exchange upon the adoption of ASU 2009-17 is required, please address the following for us:
• | You state that you are deemed to be the primary beneficiary of the Exchange given the significance of the management fee to the Exchange and given your power to direct the Exchange’s significant activities. Please clarify for us which of the six criteria in ASC 810-10-55-37 caused the management fee to be a variable interest. |
2
Company Response:
Under ASC 810-10-55-37, fees paid to a legal entity’s decision maker(s) or service provider(s) are not variable interests if all six criteria are met. Criteria e. in ASC 810-10-55-37 requires that “the total amount of anticipated fees are insignificant relative to the total amount of the VIE’s anticipated economic performance.” |
We believe the management fee paid to Indemnity by the Exchange is not insignificant relative to the total amount of the Exchange’s anticipated economic performance. |
Our analysis of the management fee is as follows: |
1. | The Exchange’s anticipated economic performance is the product of its underwriting results combined with its investment results. The fees paid to Indemnity under the subscriber’s agreement impact the anticipated economic performance attributable to the Exchange’s underwriting results but have no impact on the anticipated economic performance attributable to the Exchange’s investment results. | ||
2. | In 2010, the gross management fees incurred by the Exchange totaled $1 billion. These amounts are calculated by multiplying the direct premiums written by the Exchange and the other members of the Property and Casualty Group, which are assumed by the Exchange under the intercompany pooling agreement ($4.0 billion), by the management fee rate (25% in 2010). Indemnity’s Board of Directors determines the management fee rate paid by the Exchange to Indemnity, up to a maximum rate of 25%. | ||
3. | The total fees of $1 billion are more than insignificant relative to the total amount of the Exchange’s anticipated economic performance. |
• | Please tell us how you measured the assets and liabilities of the Exchange upon the initial adoption of ASU 2009-17 and how it complies with ASC 810-10-65-2. Also, clarify for us why there was no cumulative effect to your shareholders’ equity upon consolidation of Exchange. |
Company Response:
The assets and liabilities of the Exchange were measured at their carrying amounts at the date the requirements first applied in accordance with ASC 810-10-65-2b.1. | ||
The consolidation of the Exchange with Indemnity did not impact total Indemnity shareholders’ equity because Indemnity has no rights to or obligations arising from the assets and liabilities of the Exchange. The noncontrolling interest equity represents the Exchange’s equity held for the benefit of its subscribers (policyholders). The policyholders, and not the shareholders, are entitled to the residuals of the noncontrolling interest in the consolidated equity. |
• | Please provide us proposed revised disclosure to be included in future periodic reports that provides all applicable disclosures pursuant to ASC 810-10-50-2AA through ASC 810-10-50-2AB. |
Company Response:
We respectfully propose enhancing our disclosure in Note 4. Variable Interest Entity as highlighted in bold in Exhibit D. |
3
SEC Comment #5:Consolidated Financial Statements — Note 21. Commitments and Contingencies, page 123
Confirm, if true, that by “effects, if any” in your disclosure “In our opinion, the effects, if any, of such litigation are not expected to be material to our consolidated financial condition, operations or cash flows,” you mean possible loss or range of loss as used in ASC 450-20-50-4. Please provide us proposed revised disclosure to be included in future periodic reports.
Company Response:
We confirm that by “effects, if any” in our current Note 21. Commitments and Contingencies disclosure we mean possible loss or range of loss as used in ASC 450-20-50-4. | ||
We respectfully propose enhancing our disclosure in Note 21. Commitments and Contingencies as highlighted in bold in Exhibit E. |
Please do not hesitate to contact me if you have any further questions or comments.
Sincerely,
Erie Indemnity Company
By: Marcia A. Dall
Executive Vice President and Chief Financial Officer
Executive Vice President and Chief Financial Officer
cc: | Terrence W. Cavanaugh, President and Chief Executive Officer James J. Tanous, Executive Vice President, Secretary and General Counsel Lisa Vanjoske, Accounting Reviewer, Securities and Exchange Commission Ibolya Ignat, Staff Accountant, Securities and Exchange Commission |
4
Exhibit A
Management’s Discussion and Analysis of Financial Condition — Investments
Fixed maturities
Under our investment strategy, we maintain a fixed maturities portfolio that is of high quality and well diversified within each market sector. This investment strategy also achieves a balanced maturity schedule. The fixed maturities portfolio is managed with the goal of achieving reasonable returns while limiting exposure to risk. The municipal bond portfolio accounts for $197 million, or 75%, of the total fixed maturity portfolio for Indemnity and $1.5 billion or 20% of the fixed maturity portfolio for the Exchange at December 31, 2010. The overall credit rating of the municipal portfolio without consideration of the underlying insurance is AA-. Because of the rating downgrades of municipal bond insurers, the underlying insurance does not improve the overall credit rating.
Fixed maturities classified as available-for-sale are carried at fair value with unrealized gains and losses, net of deferred taxes, included in shareholders’ equity. At December 31, 2010, Indemnity’s net unrealized gains on fixed maturities, net of deferred taxes, amounted to $5 million compared to net unrealized gains of $14 million at December 31, 2009. At December 31, 2010, the Exchange had net unrealized gains on fixed maturities of $270 million compared to net unrealized gains of $156 million at December 31, 2009.
The following is a breakdown of the fair value of our fixed maturities portfolio by sector and rating as of December 31, 2010 for Indemnity and Exchange, respectively:
Erie Insurance Group(2) | ||||||||||||||||||||||||
(in millions) | Non-investment | Fair | ||||||||||||||||||||||
Industry Sector | AAA | AA | A | BBB | Grade | Value | ||||||||||||||||||
Indemnity | ||||||||||||||||||||||||
Structured securities(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4 | $ | 4 | ||||||||||||
Financial | 0 | 2 | 10 | 12 | 2 | 26 | ||||||||||||||||||
Government — municipal | 63 | 95 | 37 | 2 | 0 | 197 | ||||||||||||||||||
Industrial | 0 | 0 | 2 | 0 | 0 | 2 | ||||||||||||||||||
U.S. treasury | 25 | 0 | 0 | 0 | 0 | 25 | ||||||||||||||||||
Utilities | 0 | 0 | 0 | 10 | 0 | 10 | ||||||||||||||||||
Total — Indemnity | $ | 88 | $ | 97 | $ | 49 | $ | 24 | $ | 6 | $ | 264 | ||||||||||||
Exchange | ||||||||||||||||||||||||
Structured securities(1) | $ | 327 | $ | 42 | $ | 9 | $ | 23 | $ | 36 | $ | 437 | ||||||||||||
Basic materials | 0 | 0 | 37 | 157 | 5 | 199 | ||||||||||||||||||
Communications | 0 | 0 | 150 | 328 | 21 | 499 | ||||||||||||||||||
Consumer | 0 | 27 | 195 | 415 | 67 | 704 | ||||||||||||||||||
Diversified | 0 | 0 | 22 | 0 | 0 | 22 | ||||||||||||||||||
Energy | 17 | 11 | 107 | 331 | 31 | 497 | ||||||||||||||||||
Financial | 27 | 317 | 1,154 | 637 | 144 | 2,279 | ||||||||||||||||||
Funds | 0 | 0 | 0 | 5 | 0 | 5 | ||||||||||||||||||
Government — municipal | 422 | 795 | 228 | 24 | 2 | 1,471 | ||||||||||||||||||
Industrial | 0 | 5 | 93 | 220 | 26 | 344 | ||||||||||||||||||
U.S. treasury | 12 | 0 | 0 | 0 | 0 | 12 | ||||||||||||||||||
Government sponsored entity | 73 | 0 | 2 | 0 | 0 | 75 | ||||||||||||||||||
Government — other countries | 0 | 0 | 15 | 6 | 0 | 21 | ||||||||||||||||||
Technology | 0 | 0 | 41 | 72 | 0 | 113 | ||||||||||||||||||
Utilities | 0 | 3 | 88 | 435 | 75 | 601 | ||||||||||||||||||
Total — Exchange | $ | 878 | $ | 1,200 | $ | 2,141 | $ | 2,653 | $ | 407 | $ | 7,279 | ||||||||||||
(1) | Structured securities include asset-backed securities, collateral, lease and debt obligations, commercial mortgage-backed securities and residential mortgage-backed securities. | |
(2) | Ratings are supplied by S&P, Moody’s, and Fitch. The table is based on the lowest rating for each security. |
Exhibit B
Erie Indemnity Company Analysis of Government-Municipal Holdings December 31, 2010 | Page: 1 of 7 |
General | Revenue Funding Source | Total Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Municipality/Political Subdivision | Obligation | Development | Education | Health | Housing | Lease | Service | Tax | Transportation | Utilities | Other | Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||
AK | State | $ | 2,174,200 | $ | — | $ | 2,063,320 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,210,120 | $ | — | $ | — | $ | 5,273,440 | $ | 7,447,640 | |||||||||||||||||||||||||||||
Total AK | $ | 2,174,200 | $ | — | $ | 2,063,320 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,210,120 | $ | — | $ | — | $ | 5,273,440 | $ | 7,447,640 | ||||||||||||||||||||||||||||||
AZ | PIMA CNTY ARIZ UNI SCH DIS | $ | 1,921,774 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,921,774 | |||||||||||||||||||||||||||||
Total AZ | $ | 1,921,774 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,921,774 | ||||||||||||||||||||||||||||||
AL | State | $ | — | $ | — | $ | 2,249,120 | $ | — | $ | 1,245,041 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,494,161 | $ | 3,494,161 | |||||||||||||||||||||||||||||
Total AL | $ | — | $ | — | $ | 2,249,120 | $ | — | $ | 1,245,041 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,494,161 | $ | 3,494,161 | ||||||||||||||||||||||||||||||
CA | LOS ANGELES CALIF HBR DEPT | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,537,215 | $ | — | $ | — | $ | 1,537,215 | $ | 1,537,215 | |||||||||||||||||||||||||||||
CA | State | $ | 30,512 | $ | 962,200 | $ | — | $ | — | $ | 2,090,048 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,052,248 | $ | 3,082,760 | |||||||||||||||||||||||||||||
Total CA | $ | 30,512 | $ | 962,200 | $ | — | $ | — | $ | 2,090,048 | $ | — | $ | — | $ | — | $ | 1,537,215 | $ | — | $ | — | $ | 4,589,463 | $ | 4,619,975 | ||||||||||||||||||||||||||||||
DC | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,836,249 | $ | — | $ | — | $ | 2,836,249 | $ | 2,836,249 | |||||||||||||||||||||||||||||
Total DC | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,836,249 | $ | — | $ | — | $ | 2,836,249 | $ | 2,836,249 | ||||||||||||||||||||||||||||||
FL | COLLIER CNTY FLA SCH BRD C | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,406,480 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,406,480 | $ | 4,406,480 | |||||||||||||||||||||||||||||
FL | HILLSBOROUGH CNTY FLA AVIA | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,735,526 | $ | — | $ | — | $ | 2,735,526 | $ | 2,735,526 | |||||||||||||||||||||||||||||
FL | MIAMI-DADE CNTY FLA SCH BR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,011,680 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,011,680 | $ | 1,011,680 | |||||||||||||||||||||||||||||
FL | ORANGE CNTY FLA SCH BRD CT | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,092,520 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,092,520 | $ | 2,092,520 | |||||||||||||||||||||||||||||
FL | PINELLAS CNTY FLA HEALTH F | $ | — | $ | — | $ | — | $ | 4,553,377 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,553,377 | $ | 4,553,377 | |||||||||||||||||||||||||||||
Total FL | $ | — | $ | — | $ | — | $ | 4,553,377 | $ | — | $ | 7,510,680 | $ | — | $ | — | $ | 2,735,526 | $ | — | $ | — | $ | 14,799,583 | $ | 14,799,583 | ||||||||||||||||||||||||||||||
IA | POLK CNTY IOWA GO BDS 2010 | $ | 2,023,100 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,023,100 | |||||||||||||||||||||||||||||
Total IA | $ | 2,023,100 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,023,100 | ||||||||||||||||||||||||||||||
IL | DU PAGE CNTY ILL CMNTY HIG | $ | 2,157,500 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,157,500 | |||||||||||||||||||||||||||||
IL | KANE & DU PAGE CNTYS ILL C | $ | 2,236,900 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,236,900 | |||||||||||||||||||||||||||||
IL | LAKE CNTY ILL CMNTY HIGH S | $ | 2,111,880 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,111,880 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL MIDWAY ARPT RE | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,026,870 | $ | — | $ | — | $ | 2,026,870 | $ | 2,026,870 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL O HARE INTL AR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,954,665 | $ | — | $ | — | $ | 2,715,450 | $ | — | $ | — | $ | 4,670,115 | $ | 4,670,115 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL TRAN AUTH CAP | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,099,220 | $ | — | $ | — | $ | 2,099,220 | $ | 2,099,220 | |||||||||||||||||||||||||||||
IL | JOLIET ILL WTRWKS & SEW RE | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,897,032 | $ | — | $ | 3,897,032 | $ | 3,897,032 | |||||||||||||||||||||||||||||
Total IL | $ | 6,506,280 | $ | — | $ | — | $ | — | $ | — | $ | 1,954,665 | $ | — | $ | — | $ | 6,841,540 | $ | 3,897,032 | $ | — | $ | 12,693,237 | $ | 19,199,517 | ||||||||||||||||||||||||||||||
IN | INDIANAPOLIS IND LOC PUB I | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,135,760 | $ | — | $ | 1,135,760 | $ | 1,135,760 | |||||||||||||||||||||||||||||
IN | State | $ | — | $ | — | $ | — | $ | 4,058,766 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,146,800 | $ | — | $ | 6,205,566 | $ | 6,205,566 | |||||||||||||||||||||||||||||
Total IN | $ | — | $ | — | $ | — | $ | 4,058,766 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,282,560 | $ | — | $ | 7,341,326 | $ | 7,341,326 | ||||||||||||||||||||||||||||||
KS | UNIVERSITY KANS HOSP AUTH | $ | — | $ | — | $ | — | $ | 1,317,286 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,317,286 | $ | 1,317,286 | |||||||||||||||||||||||||||||
Total KS | $ | — | $ | — | $ | — | $ | 1,317,286 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,317,286 | $ | 1,317,286 | ||||||||||||||||||||||||||||||
KY | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,091,310 | $ | — | $ | — | $ | 2,137,960 | $ | — | $ | 3,229,270 | $ | 3,229,270 | |||||||||||||||||||||||||||||
Total KY | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,091,310 | $ | — | $ | — | $ | 2,137,960 | $ | — | $ | 3,229,270 | $ | 3,229,270 | ||||||||||||||||||||||||||||||
MD | NORTHEAST MD WASTE DISP AU | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,136,060 | $ | — | $ | 2,136,060 | $ | 2,136,060 | |||||||||||||||||||||||||||||
Total MD | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,136,060 | $ | — | $ | 2,136,060 | $ | 2,136,060 | ||||||||||||||||||||||||||||||
MI | CHIPPEWA VALLEY MICH SCHS | $ | 2,817,693 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,817,693 | |||||||||||||||||||||||||||||
MI | DETROIT MICH CITY SCH DIST | $ | 2,074,800 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,074,800 | |||||||||||||||||||||||||||||
MI | State | $ | — | $ | — | $ | 4,300,680 | $ | — | $ | — | $ | — | $ | — | $ | 2,174,220 | $ | — | $ | 4,604,614 | $ | — | $ | 11,079,514 | $ | 11,079,514 | |||||||||||||||||||||||||||||
MI | WAYNE CHARTER CNTY MICH AR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,116,070 | $ | — | $ | — | $ | 3,116,070 | $ | 3,116,070 | |||||||||||||||||||||||||||||
Total MI | $ | 4,892,493 | $ | — | $ | 4,300,680 | $ | — | $ | — | $ | — | $ | — | $ | 2,174,220 | $ | 3,116,070 | $ | 4,604,614 | $ | — | $ | 14,195,584 | $ | 19,088,077 | ||||||||||||||||||||||||||||||
MN | MINNEAPOLIS MINN SPL SCH D | $ | 2,079,560 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,079,560 | |||||||||||||||||||||||||||||
Total MN | $ | 2,079,560 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,079,560 | ||||||||||||||||||||||||||||||
MO | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,120,300 | $ | — | $ | — | $ | 2,120,300 | $ | 2,120,300 | |||||||||||||||||||||||||||||
Total MO | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,120,300 | $ | — | $ | — | $ | 2,120,300 | $ | 2,120,300 | ||||||||||||||||||||||||||||||
NC | DURHAM CNTY N C GO REF BDS | $ | 3,462,570 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,462,570 | |||||||||||||||||||||||||||||
NC | State | $ | — | $ | — | $ | — | $ | 1,953,283 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,953,283 | $ | 1,953,283 | |||||||||||||||||||||||||||||
Total NC | $ | 3,462,570 | $ | — | $ | — | $ | 1,953,283 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,953,283 | $ | 5,415,853 | ||||||||||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | - | |||||||||||||||||||||||||||||||||||
NJ | State | $ | — | $ | — | $ | 2,141,020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,190,388 | $ | 2,961,168 | $ | — | $ | 7,292,576 | $ | 7,292,576 | |||||||||||||||||||||||||||||
Total NJ | $ | — | $ | — | $ | 2,141,020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,190,388 | $ | 2,961,168 | $ | — | $ | 7,292,576 | $ | 7,292,576 | ||||||||||||||||||||||||||||||
NM | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,522,268 | $ | — | $ | — | $ | — | $ | — | $ | 1,522,268 | $ | 1,522,268 |
Erie Indemnity Company Analysis of Government-Municipal Holdings December 31, 2010 | Exhibit B Page: 2 of 7 |
General | Revenue Funding Source | Total Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Municipality/Political Subdivision | Obligation | Development | Education | Health | Housing | Lease | Service | Tax | Transportation | Utilities | Other | Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||
Total NM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,522,268 | $ | — | $ | — | $ | — | $ | — | $ | 1,522,268 | $ | 1,522,268 | ||||||||||||||||||||||||||||||
NV | State | $ | 2,663,387 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,663,387 | |||||||||||||||||||||||||||||
NV | CLARK CNTY NEV ARPT REV AI | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,172,440 | $ | — | $ | — | $ | 2,172,440 | $ | 2,172,440 | |||||||||||||||||||||||||||||
Total NV | $ | 2,663,387 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,172,440 | $ | — | $ | — | $ | 2,172,440 | $ | 4,835,827 | ||||||||||||||||||||||||||||||
NY | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,788,915 | $ | — | $ | — | $ | — | $ | 5,788,915 | $ | 5,788,915 | |||||||||||||||||||||||||||||
NY | SUFFOLK CNTY N Y PUB IMPT | $ | 3,405,793 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,405,793 | |||||||||||||||||||||||||||||
Total NY | $ | 3,405,793 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,788,915 | $ | — | $ | — | $ | — | $ | 5,788,915 | $ | 9,194,708 | ||||||||||||||||||||||||||||||
OH | State | $ | — | $ | — | $ | — | $ | — | $ | 2,580,259 | $ | — | $ | — | $ | — | $ | — | $ | 5,350,242 | $ | — | $ | 7,930,501 | $ | 7,930,501 | |||||||||||||||||||||||||||||
OH | COLUMBUS OHIO CITY SCH DIS | $ | 2,109,120 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,109,120 | |||||||||||||||||||||||||||||
Total OH | $ | 2,109,120 | $ | — | $ | — | $ | — | $ | 2,580,259 | $ | — | $ | — | $ | — | $ | — | $ | 5,350,242 | $ | — | $ | 7,930,501 | $ | 10,039,621 | ||||||||||||||||||||||||||||||
OK | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,862,089 | $ | — | $ | 1,862,089 | $ | 1,862,089 | |||||||||||||||||||||||||||||
Total OK | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,862,089 | $ | — | $ | 1,862,089 | $ | 1,862,089 | ||||||||||||||||||||||||||||||
PA | State | $ | 2,332,914 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,332,914 | |||||||||||||||||||||||||||||
PA | MOON AREA SCH DIST PA GO B | $ | 3,359,850 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,359,850 | |||||||||||||||||||||||||||||
PA | PITTSBURGH PA SCH DIST GO | $ | 2,872,953 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,872,953 | |||||||||||||||||||||||||||||
PA | PHILADELPHIA PA WTR & WAST | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,248,085 | $ | — | $ | 2,248,085 | $ | 2,248,085 | |||||||||||||||||||||||||||||
Total PA | $ | 8,565,717 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,248,085 | $ | — | $ | 2,248,085 | $ | 10,813,802 | ||||||||||||||||||||||||||||||
RI | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,575,176 | $ | 2,449,135 | $ | — | $ | 6,024,311 | $ | 6,024,311 | |||||||||||||||||||||||||||||
Total RI | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,575,176 | $ | 2,449,135 | $ | — | $ | 6,024,311 | $ | 6,024,311 | ||||||||||||||||||||||||||||||
TN | MEMPHIS TENN GO IMPT REF B | $ | 2,280,280 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,280,280 | |||||||||||||||||||||||||||||
TN | MEMPHIS TENN ELEC SYS REV | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,211,880 | $ | — | $ | 2,211,880 | $ | 2,211,880 | |||||||||||||||||||||||||||||
Total TN | $ | 2,280,280 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,211,880 | $ | — | $ | 2,211,880 | $ | 4,492,160 | ||||||||||||||||||||||||||||||
TX | AUSTIN TEX G O REF PUB IMP | $ | 2,267,700 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,267,700 | |||||||||||||||||||||||||||||
TX | BEDFORD TEX G O REF BDS 20 | $ | 2,254,144 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,254,144 | |||||||||||||||||||||||||||||
TX | DALLAS TEX INDPT SCH DIST | $ | 4,021,425 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,021,425 | |||||||||||||||||||||||||||||
TX | PORT HOUSTON AUTH TEX HARR | $ | 2,216,290 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,216,290 | |||||||||||||||||||||||||||||
TX | ROUND ROCK TEX INDPT SCH D | $ | 3,429,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,429,000 | |||||||||||||||||||||||||||||
TX | DENTON TEX UTIL SYS REV RE | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,168,960 | $ | — | $ | 2,168,960 | $ | 2,168,960 | |||||||||||||||||||||||||||||
TX | TRINITY RIVER AUTH TEX REV | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,310,273 | $ | — | $ | 2,310,273 | $ | 2,310,273 | |||||||||||||||||||||||||||||
Total TX | $ | 14,188,559 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,479,233 | $ | — | $ | 4,479,233 | $ | 18,667,792 | ||||||||||||||||||||||||||||||
UT | State | $ | 1,922,420 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,922,420 | |||||||||||||||||||||||||||||
Total UT | $ | 1,922,420 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,922,420 | ||||||||||||||||||||||||||||||
VA | State | $ | — | $ | — | $ | — | $ | — | $ | 6,124,260 | $ | — | $ | — | $ | — | $ | 2,047,860 | $ | — | $ | — | $ | 8,172,120 | $ | 8,172,120 | |||||||||||||||||||||||||||||
Total VA | $ | — | $ | — | $ | — | $ | — | $ | 6,124,260 | $ | — | $ | — | $ | — | $ | 2,047,860 | $ | — | $ | — | $ | 8,172,120 | $ | 8,172,120 | ||||||||||||||||||||||||||||||
WA | KING CNTY WASH SCH DIST NO | $ | 4,245,120 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,245,120 | |||||||||||||||||||||||||||||
WA | PIERCE CNTY WASH SCH DIST | $ | 2,393,560 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,393,560 | |||||||||||||||||||||||||||||
WA | PORT SEATTLE WASH LTGO BDS | $ | 2,127,400 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,127,400 | |||||||||||||||||||||||||||||
WA | CENTRAL PUGET SOUND WASH R | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,369,451 | $ | — | $ | — | $ | — | $ | 2,369,451 | $ | 2,369,451 | |||||||||||||||||||||||||||||
Total WA | $ | 8,766,080 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,369,451 | $ | — | $ | — | $ | — | $ | 2,369,451 | $ | 11,135,531 | ||||||||||||||||||||||||||||||
WI | MILWAUKEE WIS GO CORP PURP | $ | 1,778,834 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,778,834 | |||||||||||||||||||||||||||||
Total WI | $ | 1,778,834 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,778,834 | ||||||||||||||||||||||||||||||
Total Indemnity | $ | 68,770,679 | $ | 962,200 | $ | 10,754,140 | $ | 11,882,712 | $ | 12,039,608 | $ | 9,465,345 | $ | 2,613,578 | $ | 10,332,586 | $ | 32,382,884 | $ | 37,620,058 | $ | — | $ | 128,053,111 | $ | 196,823,790 |
Exhibit B
Erie Insurance Exchange Analysis of Government-Municipal Holdings December 31, 2010 | Page: 3 of 7 |
General | Revenue Funding Source | Total Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Municipality/Political Subdivision | Obligation | Development | Education | Health | Housing | Lease | Service | Tax | Transportation | Utilities | Other | Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||
AK | State | $ | 5,435,500 | $ | — | $ | 3,947,288 | $ | 7,742,850 | $ | — | $ | — | $ | — | $ | — | $ | 1,369,288 | $ | — | $ | — | $ | 13,059,426 | $ | 18,494,926 | |||||||||||||||||||||||||||||
Total AK | $ | 5,435,500 | $ | — | $ | 3,947,288 | $ | 7,742,850 | $ | — | $ | — | $ | — | $ | — | $ | 1,369,288 | $ | — | $ | — | $ | 13,059,426 | $ | 18,494,926 | ||||||||||||||||||||||||||||||
AL | MONTGOMERY ALA GO WTS 2010 | $ | 2,833,470 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,833,470 | |||||||||||||||||||||||||||||
AL | State | $ | — | $ | — | $ | — | $ | — | $ | 15,094 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15,094 | $ | 15,094 | |||||||||||||||||||||||||||||
AL | BIRMINGHAM ALA SPL CARE FA | $ | — | $ | — | $ | — | $ | 4,922,410 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,922,410 | $ | 4,922,410 | |||||||||||||||||||||||||||||
Total AL | $ | 2,833,470 | $ | — | $ | — | $ | 4,922,410 | $ | 15,094 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,937,504 | $ | 7,770,974 | ||||||||||||||||||||||||||||||
AR | State | $ | — | $ | — | $ | — | $ | 7,617,172 | $ | — | $ | 7,902,574 | $ | 20,008,326 | $ | — | $ | — | $ | 170,912 | $ | — | $ | 35,698,984 | $ | 35,698,984 | |||||||||||||||||||||||||||||
Total AR | $ | — | $ | — | $ | 7,617,172 | $ | — | $ | 7,902,574 | $ | 20,008,326 | $ | — | $ | — | $ | 170,912 | $ | — | $ | 35,698,984 | $ | 35,698,984 | ||||||||||||||||||||||||||||||||
AZ | PHOENIX ARIZ GO BDS 2005 | $ | 5,446,100 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,446,100 | |||||||||||||||||||||||||||||
AZ | PIMA CNTY ARIZ UNI SCH DIS | $ | 6,300,900 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,300,900 | |||||||||||||||||||||||||||||
AZ | REGIONAL PUB TRANSN AUTH A | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,027,800 | $ | — | $ | — | $ | 2,027,800 | $ | 2,027,800 | |||||||||||||||||||||||||||||
Total AZ | $ | 11,747,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,027,800 | $ | — | $ | — | $ | 2,027,800 | $ | 13,774,800 | ||||||||||||||||||||||||||||||
CA | State | $ | 8,454,411 | $ | 14,765,280 | $ | — | $ | 184,777 | $ | 1,021,248 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15,971,305 | $ | 24,425,716 | |||||||||||||||||||||||||||||
CA | LOS ANGELES CALIF HBR DEPT | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,000,000 | $ | — | $ | — | $ | 4,000,000 | $ | 4,000,000 | |||||||||||||||||||||||||||||||
CA | RIVERSIDE CALIF WTR REV RE | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,294,379 | $ | — | $ | 10,294,379 | $ | 10,294,379 | |||||||||||||||||||||||||||||||
Total CA | $ | 8,454,411 | $ | 14,765,280 | $ | — | $ | 184,777 | $ | 1,021,248 | $ | — | $ | — | $ | — | $ | 4,000,000 | $ | 10,294,379 | $ | — | $ | 30,265,684 | $ | 38,720,095 | ||||||||||||||||||||||||||||||
CT | State | $ | 1,603,890 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,603,890 | |||||||||||||||||||||||||||||
Total CT | $ | 1,603,890 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,603,890 | ||||||||||||||||||||||||||||||
CO | State | $ | — | $ | — | $ | — | $ | 8,790,640 | $ | — | $ | 2,607,592 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,398,232 | $ | 11,398,232 | |||||||||||||||||||||||||||||
CO | DENVER COLO CITY & CNTY AR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,709,755 | $ | — | $ | — | $ | 10,709,755 | $ | 10,709,755 | |||||||||||||||||||||||||||||
Total CO | $ | — | $ | — | $ | — | $ | 8,790,640 | $ | — | $ | 2,607,592 | $ | — | $ | — | $ | 10,709,755 | $ | — | $ | — | $ | 22,107,987 | $ | 22,107,987 | ||||||||||||||||||||||||||||||
DC | DISTRICT COLUMBIA G O REF | $ | 8,657,824 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,657,824 | |||||||||||||||||||||||||||||
DC | DISTRICT COLUMBIA INCOME T | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,359,389 | $ | — | $ | — | $ | — | $ | — | $ | 5,359,389 | $ | 5,359,389 | |||||||||||||||||||||||||||||
DC | DISTRICT COLUMBIA WTR & SW | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,682,520 | $ | — | $ | 1,682,520 | $ | 1,682,520 | |||||||||||||||||||||||||||||
DC | METROPOLITAN WASH D C ARPT | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14,202,834 | $ | — | $ | — | $ | 14,202,834 | $ | 14,202,834 | |||||||||||||||||||||||||||||
Total DC | $ | 8,657,824 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,359,389 | $ | — | $ | 14,202,834 | $ | 1,682,520 | $ | — | $ | 21,244,743 | $ | 29,902,567 | ||||||||||||||||||||||||||||||
FL | FLORIDA ST BRD ED PUB ED C | $ | 9,843,015 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,843,015 | |||||||||||||||||||||||||||||
FL | MIAMI FLA LTD AD VALOREM T | $ | 7,174,443 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,174,443 | |||||||||||||||||||||||||||||
FL | State | $ | 4,933,900 | $ | — | $ | — | $ | — | $ | — | $ | 7,000,000 | $ | 4,923,828 | $ | — | $ | — | $ | — | $ | — | $ | 11,923,828 | $ | 16,857,728 | |||||||||||||||||||||||||||||
FL | BROWARD CNTY FLA ARPT SYS | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,183,700 | $ | — | $ | — | $ | 5,183,700 | $ | 5,183,700 | |||||||||||||||||||||||||||||
FL | BROWARD CNTY FLA HSG FIN A | $ | — | $ | — | $ | — | $ | — | $ | 2,848,337 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,848,337 | $ | 2,848,337 | |||||||||||||||||||||||||||||
FL | BROWARD CNTY FLA SCH BRD C | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,025,560 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,025,560 | $ | 2,025,560 | |||||||||||||||||||||||||||||
FL | CAPE CORAL FLA UTIL IMPT A | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,659,888 | $ | — | $ | 5,659,888 | $ | 5,659,888 | |||||||||||||||||||||||||||||
FL | COLLIER CNTY FLA SCH BRD C | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,957,602 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,957,602 | $ | 6,957,602 | |||||||||||||||||||||||||||||
FL | HERNANDO CNTY FLA HOSP REV | $ | — | $ | — | $ | — | $ | 3,193,233 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,193,233 | $ | 3,193,233 | |||||||||||||||||||||||||||||
FL | HILLSBOROUGH CNTY FLA AVIA | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,269,300 | $ | — | $ | — | $ | 5,269,300 | $ | 5,269,300 | |||||||||||||||||||||||||||||
FL | LEE CNTY FLA JUSTICE CTR C | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,293,520 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,293,520 | $ | 8,293,520 | |||||||||||||||||||||||||||||
FL | LEE CNTY FLA SOLID WASTE S | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,872,480 | $ | — | $ | 8,872,480 | $ | 8,872,480 | |||||||||||||||||||||||||||||
FL | MIAMI-DADE CNTY FLA SCH BR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,264,633 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,264,633 | $ | 2,264,633 | |||||||||||||||||||||||||||||
FL | ORANGE CNTY FLA SCH BRD CT | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,749,925 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,749,925 | $ | 5,749,925 | |||||||||||||||||||||||||||||
FL | PINELLAS CNTY FLA HEALTH F | $ | — | $ | — | $ | — | $ | 3,210,710 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,210,710 | $ | 3,210,710 | |||||||||||||||||||||||||||||
Total FL | $ | 21,951,358 | $ | — | $ | — | $ | 6,403,943 | $ | 2,848,337 | $ | 32,291,240 | $ | 4,923,828 | $ | — | $ | 10,453,000 | $ | 14,532,368 | $ | — | $ | 71,452,716 | $ | 93,404,074 | ||||||||||||||||||||||||||||||
GA | GWINNETT CNTY GA G O BDS 2 | $ | 3,944,438 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,944,438 | |||||||||||||||||||||||||||||
GA | State | $ | 7,315,876 | $ | — | $ | — | $ | — | $ | 7,833,137 | $ | — | $ | — | $ | — | $ | 3,231,607 | $ | — | $ | — | $ | 11,064,744 | $ | 18,380,620 | |||||||||||||||||||||||||||||
GA | GWINNETT CNTY GA DEV AUTH | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,673,750 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,673,750 | $ | 2,673,750 | |||||||||||||||||||||||||||||
Total GA | $ | 11,260,314 | $ | — | $ | — | $ | — | $ | 7,833,137 | $ | 2,673,750 | $ | — | $ | — | $ | 3,231,607 | $ | — | $ | — | $ | 13,738,494 | $ | 24,998,808 | ||||||||||||||||||||||||||||||
HI | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,704,451 | $ | — | $ | — | $ | 3,704,451 | $ | 3,704,451 | |||||||||||||||||||||||||||||
Total HI | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,704,451 | $ | — | $ | — | $ | 3,704,451 | $ | 3,704,451 | ||||||||||||||||||||||||||||||
IA | POLK CNTY IOWA GO BDS 2010 | $ | 5,057,750 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,057,750 | |||||||||||||||||||||||||||||
IA | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,275,680 | $ | — | $ | 8,275,680 | $ | 8,275,680 | |||||||||||||||||||||||||||||
Total IA | $ | 5,057,750 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,275,680 | $ | — | $ | 8,275,680 | $ | 13,333,430 | ||||||||||||||||||||||||||||||
ID | State | $ | — | $ | — | $ | — | $ | — | $ | 6,244,328 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,244,328 | $ | 6,244,328 | |||||||||||||||||||||||||||||
Total ID | $ | — | $ | — | $ | — | $ | — | $ | 6,244,328 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,244,328 | $ | 6,244,328 |
Exhibit B
Erie Insurance Exchange Analysis of Government-Municipal Holdings December 31, 2010 | Page: 4 of 7 |
General | Revenue Funding Source | Total Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Municipality/Political Subdivision | Obligation | Development | Education | Health | Housing | Lease | Service | Tax | Transportation | Utilities | Other | Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||
IL | CHICAGO ILL BRD ED GO BDS | $ | 5,247,300 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,247,300 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL GO BONDS 2004 | $ | 8,899,564 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,899,564 | |||||||||||||||||||||||||||||
IL | COOK CNTY ILL FST PRESV DI | $ | 5,135,950 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,135,950 | |||||||||||||||||||||||||||||
IL | DU PAGE CNTY ILL CMNTY HIG | $ | 6,464,677 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,464,677 | |||||||||||||||||||||||||||||
IL | KANE & DU PAGE CNTYS ILL C | $ | 9,803,214 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,803,214 | |||||||||||||||||||||||||||||
IL | LAKE CNTY ILL CMNTY HIGH S | $ | 3,431,805 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,431,805 | |||||||||||||||||||||||||||||
IL | State | $ | 22,293,578 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,133,970 | $ | 5,124,050 | $ | — | $ | — | $ | 17,258,020 | $ | 39,551,598 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL MET WTR RECLAM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,665,848 | $ | — | $ | 7,665,848 | $ | 7,665,848 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL MIDWAY ARPT RE | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,412,507 | $ | — | $ | — | $ | 11,412,507 | $ | 11,412,507 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL O HARE INTL AR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,334,875 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,334,875 | $ | 4,334,875 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL O HARE INTL AR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,051,728 | $ | — | $ | — | $ | 12,051,728 | $ | 12,051,728 | |||||||||||||||||||||||||||||
IL | CHICAGO ILL TRAN AUTH CAP | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,543,039 | $ | — | $ | — | $ | 10,543,039 | $ | 10,543,039 | |||||||||||||||||||||||||||||
IL | JOLIET ILL WTRWKS & SEW RE | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,237,233 | $ | — | $ | 4,237,233 | $ | 4,237,233 | |||||||||||||||||||||||||||||
IL | REGIONAL TRANSN AUTH ILL T | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,168,750 | $ | — | $ | — | $ | 5,168,750 | $ | 5,168,750 | |||||||||||||||||||||||||||||
Total IL | $ | 61,276,088 | $ | — | $ | — | $ | — | $ | — | $ | 4,334,875 | $ | — | $ | 12,133,970 | $ | 44,300,074 | $ | 11,903,081 | $ | — | $ | 72,672,000 | $ | 133,948,088 | ||||||||||||||||||||||||||||||
IN | BENTON IND SCH IMPT BLDG C | $ | 171,618 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 171,618 | |||||||||||||||||||||||||||||
IN | EAST PORTER CNTY SCH BLDG | $ | 5,568,596 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,568,596 | |||||||||||||||||||||||||||||
IN | HAMILTON SOUTHEASTERN IND | $ | 3,105,652 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,105,652 | |||||||||||||||||||||||||||||
IN | KNOX CNTY IND HOSP ASSN LE | $ | 5,214,559 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,214,559 | |||||||||||||||||||||||||||||
IN | LOGANSPORT IND SCH BLDG CO | $ | 10,977,390 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,977,390 | |||||||||||||||||||||||||||||
IN | MERRILLVILLE IND MULTI SCH | $ | 3,431,832 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,431,832 | |||||||||||||||||||||||||||||
IN | MSD WARREN TWP IND VISION | $ | 5,569,438 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,569,438 | |||||||||||||||||||||||||||||
IN | NORTH SIDE IND HIGH SCH BL | $ | 6,045,679 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,045,679 | |||||||||||||||||||||||||||||
IN | SOUTHWEST ALLEN IND MULTI | $ | 594,066 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 594,066 | |||||||||||||||||||||||||||||
IN | WAYNE TWP IND MARION CNTY | $ | 11,893,448 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,893,448 | |||||||||||||||||||||||||||||
IN | ZIONSVILLE IND CMNTY SCHS | $ | 3,306,647 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,306,647 | |||||||||||||||||||||||||||||
IN | State | $ | — | $ | — | $ | — | $ | 8,753,612 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13,875,846 | $ | — | $ | 22,629,458 | $ | 22,629,458 | |||||||||||||||||||||||||||||
IN | INDIANAPOLIS IND LOC PUB I | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,153,000 | $ | — | $ | — | $ | — | $ | — | $ | 4,153,000 | $ | 4,153,000 | |||||||||||||||||||||||||||||
IN | INDIANAPOLIS IND LOC PUB I | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,338,400 | $ | — | $ | 5,338,400 | $ | 5,338,400 | |||||||||||||||||||||||||||||
Total IN | $ | 55,878,925 | $ | — | $ | — | $ | 8,753,612 | $ | — | $ | — | $ | 4,153,000 | $ | — | $ | — | $ | 19,214,246 | $ | — | $ | 32,120,858 | $ | 87,999,783 | ||||||||||||||||||||||||||||||
KS | JOHNSON CNTY KANS UNI SCH | $ | 4,079,320 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,079,320 | |||||||||||||||||||||||||||||
Total KS | $ | 4,079,320 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,079,320 | ||||||||||||||||||||||||||||||
KY | LOUISVILLE & JEFFERSON CNTY | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,677,771 | $ | — | $ | — | $ | — | $ | — | $ | 2,677,771 | $ | 2,677,771 | |||||||||||||||||||||||||||||
Total KY | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,677,771 | $ | — | $ | — | $ | — | $ | — | $ | 2,677,771 | $ | 2,677,771 | ||||||||||||||||||||||||||||||
MA | State | $ | 18,828,572 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18,828,572 | |||||||||||||||||||||||||||||
MA | MASSACHUSETTS ST WTR POLLU | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,309,789 | $ | — | $ | 1,309,789 | $ | 1,309,789 | |||||||||||||||||||||||||||||
Total MA | $ | 18,828,572 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,309,789 | $ | — | $ | 1,309,789 | $ | 20,138,361 | ||||||||||||||||||||||||||||||
MD | State | $ | 10,386,255 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,386,255 | |||||||||||||||||||||||||||||
MD | MONTGOMERY CNTY MD PUB IMP | $ | 5,072,150 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,072,150 | |||||||||||||||||||||||||||||
MD | NORTHEAST MD WASTE DISP AU | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,782,433 | $ | — | $ | 1,782,433 | $ | 1,782,433 | |||||||||||||||||||||||||||||
Total MD | $ | 15,458,405 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,782,433 | $ | — | $ | 1,782,433 | $ | 17,240,838 | ||||||||||||||||||||||||||||||
MI | CHIPPEWA VALLEY MICH SCHS | $ | 2,188,220 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,188,220 | |||||||||||||||||||||||||||||
MI | DEARBORN MICH SCH DIST GO | $ | 2,549,995 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,549,995 | |||||||||||||||||||||||||||||
MI | DETROIT MICH CITY SCH DIST | $ | 16,098,046 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16,098,046 | |||||||||||||||||||||||||||||
MI | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,815,310 | $ | — | $ | 13,428,987 | $ | — | $ | 21,244,297 | $ | 21,244,297 | |||||||||||||||||||||||||||||
MI | WAYNE CHARTER CNTY MICH AR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,660,678 | $ | — | $ | 3,660,678 | $ | 3,660,678 | |||||||||||||||||||||||||||||
MI | WAYNE CNTY MICH ARPT AUTH | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 112,717 | $ | — | $ | 112,717 | $ | 112,717 | |||||||||||||||||||||||||||||
Total MI | $ | 20,836,261 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,815,310 | $ | — | $ | 17,202,382 | $ | — | $ | 25,017,692 | $ | 45,853,953 | ||||||||||||||||||||||||||||||
MN | State | $ | 16,218,900 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16,218,900 | |||||||||||||||||||||||||||||
MN | MINNEAPOLIS MINN SPL SCH D | $ | 4,455,457 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,455,457 | |||||||||||||||||||||||||||||
MN | MINNEAPOLIS & ST PAUL MINN | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,755,682 | $ | — | $ | — | $ | 8,755,682 | $ | 8,755,682 | |||||||||||||||||||||||||||||
Total MN | $ | 20,674,357 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,755,682 | $ | — | $ | — | $ | 8,755,682 | $ | 29,430,039 | ||||||||||||||||||||||||||||||
MO | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,279,108 | $ | — | $ | — | $ | 8,279,108 | $ | 8,279,108 | |||||||||||||||||||||||||||||||
MO | MISSOURI ST HWYS & TRANS C | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,940,529 | $ | — | $ | — | $ | 3,940,529 | $ | 3,940,529 | |||||||||||||||||||||||||||||||
Total MO | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,219,637 | $ | — | $ | — | $ | 12,219,637 | $ | 12,219,637 |
Exhibit B
Erie Insurance Exchange Analysis of Government-Municipal Holdings December 31, 2010 | Page: 5 of 7 |
General | Revenue Funding Source | Total Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Municipality/Political Subdivision | Obligation | Development | Education | Health | Housing | Lease | Service | Tax | Transportation | Utilities | Other | Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||
NC | State | $ | — | $ | — | $ | 210,556 | $ | — | $ | — | $ | 5,375,901 | $ | — | $ | — | $ | 11,976,995 | $ | — | $ | — | $ | 17,563,452 | $ | 17,563,452 | |||||||||||||||||||||||||||||
NC | CHARLOTTE N C WTR & SWR SY | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,242,261 | $ | — | $ | 8,242,261 | $ | 8,242,261 | |||||||||||||||||||||||||||||
NC | DURHAM N C LTD OBLIG TAXAB | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,589,845 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,589,845 | $ | 3,589,845 | |||||||||||||||||||||||||||||
NC | IREDELL CNTY N C CTFS PART | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 155,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 155,000 | $ | 155,000 | |||||||||||||||||||||||||||||
NC | NEW HANOVER CNTY N C LTD O | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,231,900 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,231,900 | $ | 2,231,900 | |||||||||||||||||||||||||||||
NC | UNIVERSITY N C CHAPEL HILL | $ | — | $ | — | $ | 4,133,037 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,133,037 | $ | 4,133,037 | |||||||||||||||||||||||||||||
Total NC | $ | — | $ | — | $ | 4,343,593 | $ | — | $ | — | $ | 11,352,646 | $ | — | $ | — | $ | 11,976,995 | $ | 8,242,261 | $ | — | $ | 35,915,495 | $ | 35,915,495 | ||||||||||||||||||||||||||||||
NJ | State | $ | 2,164,320 | $ | — | $ | 2,026,680 | $ | — | $ | — | $ | 8,048,900 | $ | — | $ | — | $ | 4,481,695 | $ | 5,233,850 | $ | — | $ | 19,791,125 | $ | 21,955,445 | |||||||||||||||||||||||||||||
NJ | ATLANTIC CNTY N J UTILS AU | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,182,036 | $ | — | $ | 2,182,036 | $ | 2,182,036 | |||||||||||||||||||||||||||||
NJ | HOPATCONG BORO N J SWR BDS | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,830,300 | $ | — | $ | 4,830,300 | $ | 4,830,300 | |||||||||||||||||||||||||||||
NJ | RINGWOOD BORO N J SEW AUTH | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,991,360 | $ | — | $ | 2,991,360 | $ | 2,991,360 | |||||||||||||||||||||||||||||
Total NJ | $ | 2,164,320 | $ | — | $ | 2,026,680 | $ | — | $ | — | $ | 8,048,900 | $ | — | $ | — | $ | 4,481,695 | $ | 15,237,546 | $ | — | $ | 29,794,821 | $ | 31,959,141 | ||||||||||||||||||||||||||||||
NM | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 421,230 | $ | — | $ | 5,666,000 | $ | — | $ | — | $ | — | $ | 6,087,230 | $ | 6,087,230 | |||||||||||||||||||||||||||||
NM | ALBUQUERQUE N MEX ARPT REV | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,282,709 | $ | — | $ | — | $ | 9,282,709 | $ | 9,282,709 | |||||||||||||||||||||||||||||
NM | LOS ALAMOS CNTY N MEX INC | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,529,700 | $ | — | $ | 5,529,700 | $ | 5,529,700 | |||||||||||||||||||||||||||||
NM | RIO RANCHO N MEX WTR & WAS | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,818,576 | $ | — | $ | 5,818,576 | $ | 5,818,576 | |||||||||||||||||||||||||||||
Total NM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 421,230 | $ | — | $ | 5,666,000 | $ | 9,282,709 | $ | 11,348,276 | $ | — | $ | 26,718,215 | $ | 26,718,215 | ||||||||||||||||||||||||||||||
NV | CLARK CNTY NEV ARPT REV AI | $ | 5,525,700 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,741,872 | $ | — | $ | — | $ | 4,741,872 | $ | 10,267,572 | |||||||||||||||||||||||||||||
Total NV | $ | 5,525,700 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,741,872 | $ | — | $ | — | $ | 4,741,872 | $ | 10,267,572 | ||||||||||||||||||||||||||||||
NY | NISKAYUNA N Y CENT SCH DIS | $ | 512,505 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 512,505 | |||||||||||||||||||||||||||||
NY | State | $ | — | $ | — | $ | — | $ | — | $ | 9,093,946 | $ | — | $ | — | $ | 16,231,537 | $ | 13,270,273 | $ | — | $ | — | $ | 38,595,756 | $ | 38,595,756 | |||||||||||||||||||||||||||||
NY | NEW YORK N Y CITY MUN WTR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,101,500 | $ | — | $ | 5,101,500 | $ | 5,101,500 | |||||||||||||||||||||||||||||
NY | NEW YORK N Y CITY TRANSITI | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,838,312 | $ | — | $ | — | $ | — | $ | — | $ | 4,838,312 | $ | 4,838,312 | |||||||||||||||||||||||||||||
NY | PORT AUTH N Y & N J CONS B | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,153,750 | $ | — | $ | — | $ | — | $ | 11,153,750 | $ | 11,153,750 | |||||||||||||||||||||||||||||
Total NY | $ | 512,505 | $ | — | $ | — | $ | — | $ | 9,093,946 | $ | — | $ | 4,838,312 | $ | 27,385,287 | $ | 13,270,273 | $ | 5,101,500 | $ | — | $ | 59,689,318 | $ | 60,201,823 | ||||||||||||||||||||||||||||||
OH | COLUMBUS OHIO CITY SCH DIS | $ | 8,436,480 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,436,480 | |||||||||||||||||||||||||||||
OH | State | $ | — | $ | — | $ | — | $ | — | $ | 4,630,040 | $ | 21,635,081 | $ | — | $ | — | $ | — | $ | 102,211 | $ | — | $ | 26,367,332 | $ | 26,367,332 | |||||||||||||||||||||||||||||
OH | CUYAHOGA CNTY OHIO REV REV | $ | — | $ | — | $ | — | $ | 85,989 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 85,989 | $ | 85,989 | |||||||||||||||||||||||||||||
OH | LORAIN CNTY OHIO HOSP REV | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,011,680 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,011,680 | $ | 1,011,680 | |||||||||||||||||||||||||||||
Total OH | $ | 8,436,480 | $ | — | $ | — | $ | 85,989 | $ | 4,630,040 | $ | 22,646,761 | $ | — | $ | — | $ | — | $ | 102,211 | $ | — | $ | 27,465,001 | $ | 35,901,481 | ||||||||||||||||||||||||||||||
OK | CLEVELAND CNTY OKLA HOME L | $ | — | $ | — | $ | — | $ | — | $ | 2,053,568 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,053,568 | $ | 2,053,568 | |||||||||||||||||||||||||||||
Total OK | $ | — | $ | — | $ | — | $ | — | $ | 2,053,568 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,053,568 | $ | 2,053,568 | ||||||||||||||||||||||||||||||
OR | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,041,428 | $ | — | $ | — | $ | 3,041,428 | $ | 3,041,428 | |||||||||||||||||||||||||||||
Total OR | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,041,428 | $ | — | $ | — | $ | 3,041,428 | $ | 3,041,428 | ||||||||||||||||||||||||||||||
PA | ABINGTON PA SCH DIST REF G | $ | 1,116,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,116,000 | |||||||||||||||||||||||||||||
PA | ALLEGHENY CNTY PA GO BDS 2 | $ | 165,937 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 165,937 | |||||||||||||||||||||||||||||
PA | BALDWIN & WHITEHALL PA SCH | $ | 1,092,440 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,092,440 | |||||||||||||||||||||||||||||
PA | BERKS CNTY PA BA | $ | 2,847,630 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,847,630 | |||||||||||||||||||||||||||||
PA | BETHEL PARK PA SCH DIST GO | $ | 3,124,319 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,124,319 | |||||||||||||||||||||||||||||
PA | BRISTOL BORO PA SCH DIST G | $ | 2,605,925 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,605,925 | |||||||||||||||||||||||||||||
PA | BRISTOL TWP PA SCH DIST GO | $ | 3,111,129 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,111,129 | |||||||||||||||||||||||||||||
PA | GATEWAY PA SCH DIST ALLEGH | $ | 1,033,195 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,033,195 | |||||||||||||||||||||||||||||
PA | HANOVER PA AREA SCH DIST L | $ | 1,098,880 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,098,880 | |||||||||||||||||||||||||||||
PA | HATBORO HORSHAM PA SCH DIS | $ | 554,650 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 554,650 | |||||||||||||||||||||||||||||
PA | MOON AREA SCH DIST PA GO B | $ | 1,899,720 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,899,720 | |||||||||||||||||||||||||||||
PA | NORRISTOWN PA AREA SCH DIS | $ | 1,087,760 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,087,760 | |||||||||||||||||||||||||||||
PA | PHILADELPHIA PA SCH DIST G | $ | 7,302,835 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,302,835 | |||||||||||||||||||||||||||||
PA | PITTSBURGH PA GO REF BDS 2 | $ | 1,077,120 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,077,120 | |||||||||||||||||||||||||||||
PA | PITTSBURGH PA SCH DIST GO | $ | 1,115,710 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,115,710 | |||||||||||||||||||||||||||||
PA | POCONO MTN PA SCH DIST GO | $ | 548,310 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 548,310 | |||||||||||||||||||||||||||||
PA | RINGGOLD PA SCH DIST AUTH | $ | 1,193,216 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,193,216 | |||||||||||||||||||||||||||||
PA | TUNKHANNOCK PA AREA SCH DI | $ | 4,972,139 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,972,139 | |||||||||||||||||||||||||||||
PA | UNIONVILLE-CHADDS FORD PA | $ | 6,062,150 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,062,150 | |||||||||||||||||||||||||||||
PA | WEST MIFFLIN PA AREA SCH D | $ | 5,966,174 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,966,174 | |||||||||||||||||||||||||||||
PA | State | $ | 15,487,841 | $ | — | $ | 2,056,458 | $ | — | $ | 13,283,140 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15,339,598 | $ | 30,827,439 | |||||||||||||||||||||||||||||
PA | ALLEGHENY CNTY PA HOSP DEV | $ | — | $ | — | $ | — | $ | 7,574,910 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,574,910 | $ | 7,574,910 |
Exhibit B
Erie Insurance Exchange Analysis of Government-Municipal Holdings December 31, 2010 | Page: 6 of 7 |
General | Revenue Funding Source | Total Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Municipality/Political Subdivision | Obligation | Development | Education | Health | Housing | Lease | Service | Tax | Transportation | Utilities | Other | Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||
PA | BRIGHTON TWP PA SEW AUTH G | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,280,370 | $ | — | $ | 5,280,370 | $ | 5,280,370 | |||||||||||||||||||||||||||||
PA | CAMBRIA CNTY PA HOSP DEV A | $ | — | $ | — | $ | — | $ | 11,017,323 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,017,323 | $ | 11,017,323 | |||||||||||||||||||||||||||||
PA | ERIE CNTY PA HOSP AUTH REV | $ | — | $ | — | $ | — | $ | 17,558,850 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17,558,850 | $ | 17,558,850 | |||||||||||||||||||||||||||||
PA | PENN HILLS MUNICIPALITY PA | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,028,840 | $ | — | $ | — | $ | — | $ | — | $ | 7,028,840 | $ | 7,028,840 | |||||||||||||||||||||||||||||
PA | PHILADELPHIA PA ARPT REV R | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,789,292 | $ | — | $ | — | $ | 4,789,292 | $ | 4,789,292 | |||||||||||||||||||||||||||||
PA | WEST VIEW PA MUN AUTH SPL | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,742,474 | $ | — | $ | 5,742,474 | $ | 5,742,474 | |||||||||||||||||||||||||||||
Total PA | $ | 63,463,080 | $ | — | $ | 2,056,458 | $ | 36,151,083 | $ | 13,283,140 | $ | — | $ | 7,028,840 | $ | — | $ | 4,789,292 | $ | 11,022,844 | $ | — | $ | 74,331,657 | $ | 137,794,737 | ||||||||||||||||||||||||||||||
RI | State | $ | — | $ | — | $ | 4,070,205 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,764,145 | $ | — | $ | — | $ | 7,834,350 | $ | 7,834,350 | |||||||||||||||||||||||||||||
Total RI | $ | — | $ | — | $ | 4,070,205 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,764,145 | $ | — | $ | — | $ | 7,834,350 | $ | 7,834,350 | ||||||||||||||||||||||||||||||
SC | State | $ | 5,521,975 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,521,975 | |||||||||||||||||||||||||||||
SC | HORRY CNTY S C SCH DIST SC | $ | 10,796,120 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,796,120 | |||||||||||||||||||||||||||||
Total SC | $ | 16,318,095 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16,318,095 | ||||||||||||||||||||||||||||||
TN | MEMPHIS TENN GO IMPT REF B | $ | 3,420,420 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,420,420 | |||||||||||||||||||||||||||||
TN | MEMPHIS TENN ELEC SYS REV | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,076,450 | $ | — | $ | 5,076,450 | $ | 5,076,450 | |||||||||||||||||||||||||||||
Total TN | $ | 3,420,420 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,076,450 | $ | — | $ | 5,076,450 | $ | 8,496,870 | ||||||||||||||||||||||||||||||
TX | BEDFORD TEX G O REF BDS 20 | $ | 6,294,821 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,294,821 | |||||||||||||||||||||||||||||
TX | CARROLLTON TEX FMRS BRH IN | $ | 8,490,640 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,490,640 | |||||||||||||||||||||||||||||
TX | DENTON TEX INDPT SCH DIST | $ | 3,377,610 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,377,610 | |||||||||||||||||||||||||||||
TX | GARLAND TEX INDPT SCH DIST | $ | 5,221,432 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,221,432 | |||||||||||||||||||||||||||||
TX | GRAND PRAIRIE TEX INDPT SC | $ | 5,154,200 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,154,200 | |||||||||||||||||||||||||||||
TX | GRAPEVINE-COLLEYVILLE INDP | $ | 9,687,996 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,687,996 | |||||||||||||||||||||||||||||
TX | HARRIS CNTY TEX REF BDS 20 | $ | 8,796,513 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,796,513 | |||||||||||||||||||||||||||||
TX | HIDALGO CNTY TEX CTFS OF O | $ | 5,554,234 | $ | ��� | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,554,234 | |||||||||||||||||||||||||||||
TX | HOUSTON TEX INDPT SCH DIST | $ | 9,178,810 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,178,810 | |||||||||||||||||||||||||||||
TX | KATY TEX INDPT SCH DIST BA | $ | 2,972,460 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,972,460 | |||||||||||||||||||||||||||||
TX | KELLER TEX INDPT SCH DIST | $ | 3,092,613 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,092,613 | |||||||||||||||||||||||||||||
TX | LEWISVILLE TEX INDPT SCH D | $ | 6,535,297 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,535,297 | |||||||||||||||||||||||||||||
TX | NORTH EAST INDPT SCH DIST | $ | 6,254,435 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,254,435 | |||||||||||||||||||||||||||||
TX | NORTHSIDE TEX INDPT SCH DI | $ | 3,085,440 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,085,440 | |||||||||||||||||||||||||||||
TX | NORTHWEST TEX INDPT SCH DI | $ | 11,810,156 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,810,156 | |||||||||||||||||||||||||||||
TX | PORT HOUSTON AUTH TEX HARR | $ | 5,312,900 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,312,900 | |||||||||||||||||||||||||||||
TX | ROUND ROCK TEX INDPT SCH D | $ | 8,001,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,001,000 | |||||||||||||||||||||||||||||
TX | SOUTH SAN ANTONIO TEX INDP | $ | 5,793,330 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,793,330 | |||||||||||||||||||||||||||||
TX | TEXAS ST GO BDS FUND | $ | 3,067,984 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,067,984 | |||||||||||||||||||||||||||||
TX | TOMBALL TEX INDPT SCH DIST | $ | 4,729,798 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,729,798 | |||||||||||||||||||||||||||||
TX | WILLIAMSON CNTY TEX G.O RD | $ | 3,213,693 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,213,693 | |||||||||||||||||||||||||||||
TX | State | $ | 5,293,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,128,520 | $ | 9,862,996 | $ | — | $ | 17,991,516 | $ | 23,284,516 | |||||||||||||||||||||||||||||
TX | CORPUS CHRISTI TEX UTIL SY | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,055,955 | $ | — | $ | 4,055,955 | $ | 4,055,955 | |||||||||||||||||||||||||||||
TX | DALLAS FORT WORTH TEX INTL | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,518,900 | $ | — | $ | — | $ | 3,518,900 | $ | 3,518,900 | |||||||||||||||||||||||||||||
TX | DALLAS TEX AREA RAPID TRAN | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,414,655 | $ | — | $ | — | $ | — | $ | 11,414,655 | $ | 11,414,655 | |||||||||||||||||||||||||||||
TX | DALLAS TEX ARPT REV REV BD | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,583,950 | $ | — | $ | — | $ | 5,583,950 | $ | 5,583,950 | |||||||||||||||||||||||||||||
TX | DALLAS TEX WTRWKS & SWR SY | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,407,400 | $ | — | $ | 4,407,400 | $ | 4,407,400 | |||||||||||||||||||||||||||||
TX | DENTON TEX UTIL SYS REV RE | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,058,150 | $ | — | $ | 5,058,150 | $ | 5,058,150 | |||||||||||||||||||||||||||||
TX | HARRIS CNTY TEX HEALTH FAC | $ | — | $ | — | $ | — | $ | 513,125 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 513,125 | $ | 513,125 | |||||||||||||||||||||||||||||
TX | HARRIS CNTY TEX HSG FIN CO | $ | — | $ | — | $ | — | $ | — | $ | 45,125 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 45,125 | $ | 45,125 | |||||||||||||||||||||||||||||
TX | HOUSTON TEX ARPT SYS REV S | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,327,254 | $ | — | $ | — | $ | 5,327,254 | $ | 5,327,254 | |||||||||||||||||||||||||||||
TX | HOUSTON TEX UTIL SYS REV F | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,030,266 | $ | — | $ | 11,030,266 | $ | 11,030,266 | |||||||||||||||||||||||||||||
TX | NORTH TEX MUN WTR DIST TEX | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,516,110 | $ | — | $ | 7,516,110 | $ | 7,516,110 | |||||||||||||||||||||||||||||
TX | SAN ANTONIO TEX GEN IMPT & | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,702,534 | $ | — | $ | — | $ | — | $ | 11,702,534 | $ | 11,702,534 | |||||||||||||||||||||||||||||
TX | TEXAS A & M UNIV REVS REV | $ | — | $ | — | $ | 4,136,508 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,136,508 | $ | 4,136,508 | |||||||||||||||||||||||||||||
TX | TRINITY RIVER AUTH TEX REV | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,455,623 | $ | — | $ | 4,455,623 | $ | 4,455,623 | |||||||||||||||||||||||||||||
TX | UNIVERSITY HOUSTON TEX UNI | $ | — | $ | — | $ | 5,033,300 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,033,300 | $ | 5,033,300 | |||||||||||||||||||||||||||||
TX | UNIVERSITY TEX PERM UNIV F | $ | — | $ | — | $ | 12,736,475 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,736,475 | $ | 12,736,475 | |||||||||||||||||||||||||||||
Total TX | $ | 130,918,362 | $ | — | $ | 21,906,283 | $ | 513,125 | $ | 45,125 | $ | — | $ | — | $ | 23,117,189 | $ | 22,558,624 | $ | 46,386,500 | $ | — | $ | 114,526,846 | $ | 245,445,208 | ||||||||||||||||||||||||||||||
UT | UTAH ST BRD REGENTS REV RE | $ | 9,882,350 | $ | — | $ | — | $ | — | $ | 2,605,367 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,605,367 | $ | 12,487,717 | |||||||||||||||||||||||||||||
Total UT | $ | 9,882,350 | $ | — | $ | — | $ | — | $ | 2,605,367 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,605,367 | $ | 12,487,717 | ||||||||||||||||||||||||||||||
VA | State | $ | 531,410 | $ | — | $ | 5,655,550 | $ | 4,215,293 | $ | 10,972,969 | $ | — | $ | — | $ | — | $ | 15,325,613 | $ | 6,846,976 | $ | — | $ | 43,016,401 | $ | 43,547,811 | |||||||||||||||||||||||||||||
VA | HAMPTON ROADS SANTN DIST V | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,589,155 | $ | — | $ | 11,589,155 | $ | 11,589,155 |
Exhibit B
Erie Insurance Exchange Analysis of Government-Municipal Holdings December 31, 2010 | Page: 7 of 7 |
General | Revenue Funding Source | Total Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
State | Municipality/Political Subdivision | Obligation | Development | Education | Health | Housing | Lease | Service | Tax | Transportation | Utilities | Other | Bonds | Total | ||||||||||||||||||||||||||||||||||||||||||
VA | RICHMOND VA PUB UTIL REV P | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,073,471 | $ | — | $ | 4,073,471 | $ | 4,073,471 | |||||||||||||||||||||||||||||
Total VA | $ | 531,410 | $ | — | $ | 5,655,550 | $ | 4,215,293 | $ | 10,972,969 | $ | — | $ | — | $ | — | $ | 15,325,613 | $ | 22,509,602 | $ | — | $ | 58,679,027 | $ | 59,210,437 | ||||||||||||||||||||||||||||||
WA | KING CNTY WASH SCH DIST NO | $ | 6,776,273 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,776,273 | |||||||||||||||||||||||||||||
WA | PORT SEATTLE WASH LTGO BDS | $ | 6,999,146 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,999,146 | |||||||||||||||||||||||||||||
WA | SPOKANE CNTY WASH SCH DIST | $ | 11,031,700 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,031,700 | |||||||||||||||||||||||||||||
WA | State | $ | 21,992,221 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,586,034 | $ | — | $ | — | $ | — | $ | 4,359,415 | $ | 10,945,449 | $ | 32,937,670 | |||||||||||||||||||||||||||||
WA | CENTRAL PUGET SOUND WASH R | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,447,187 | $ | — | $ | — | $ | — | $ | 1,447,187 | $ | 1,447,187 | |||||||||||||||||||||||||||||
WA | KING CNTY WASH SWR REV REF | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,675,325 | $ | — | $ | 6,675,325 | $ | 6,675,325 | |||||||||||||||||||||||||||||
WA | SEATTLE WASH WTR SYS REV R | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,672,850 | $ | — | $ | 5,672,850 | $ | 5,672,850 | |||||||||||||||||||||||||||||
Total WA | $ | 46,799,340 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,586,034 | $ | 1,447,187 | $ | — | $ | 12,348,175 | $ | 4,359,415 | $ | 24,740,811 | $ | 71,540,151 | ||||||||||||||||||||||||||||||
WI | MILWAUKEE CNTY WIS G O REF | $ | 10,380,800 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,380,800 | |||||||||||||||||||||||||||||
WI | MILWAUKEE WIS GO CORP PURP | $ | 6,391,020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,391,020 | |||||||||||||||||||||||||||||
WI | State | $ | 12,664,710 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,664,710 | |||||||||||||||||||||||||||||
WI | FRANKLIN WIS SOLID WASTE D | $ | — | $ | — | $ | 8,045,321 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,045,321 | $ | 8,045,321 | |||||||||||||||||||||||||||||
Total WI | $ | 29,436,530 | $ | — | $ | 8,045,321 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,045,321 | $ | 37,481,851 | ||||||||||||||||||||||||||||||
WY | State | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,458,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,458,000 | $ | 5,458,000 | |||||||||||||||||||||||||||||
Total WY | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,458,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,458,000 | $ | 5,458,000 | ||||||||||||||||||||||||||||||
Total Exchange | $ | 591,442,037 | $ | 14,765,280 | $ | 52,051,378 | $ | 85,380,894 | $ | 60,646,299 | $ | 97,737,568 | $ | 55,575,500 | $ | 77,564,943 | $ | 208,206,774 | $ | 223,743,155 | $ | 4,359,415 | $ | 880,031,206 | $ | 1,471,473,243 |
Exhibit C
Note 1. Nature of Operations
Erie Indemnity Company (“Indemnity”) is a publicly held Pennsylvania business corporation that since 1925 has been the managing attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (“Exchange”). The Exchange is a subscriber owned Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance.
Indemnity’s primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange. This is done in accordance with a subscriber’s agreement (a limited power of attorney) executed by each subscriber (policyholder), appointing Indemnity as their common attorney-in-fact to transact business on their behalf and to manage the affairs of the Exchange. Pursuant to the subscriber’s agreement and for its services as attorney-in-fact, Indemnity earns a management fee calculated as a percentage of the direct premiums written by the Exchange and the other members of the Property and Casualty Group, which are assumed by the Exchange under an intercompany pooling arrangement.
Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance by acting as the common attorney-in-fact and decision maker for the subscribers (policyholders) at the Exchange.
Through December 31, 2010, Indemnity also operated as a property and casualty insurer through its wholly owned subsidiaries, Erie Insurance Company (“EIC”), Erie Insurance Company of New York (“ENY”) and Erie Insurance Property and Casualty Company (“EPC”). EIC, ENY and EPC, together with the Exchange and its wholly owned subsidiary, Flagship City Insurance Company (“Flagship”), are collectively referred to as the “Property and Casualty Group”. The Property and Casualty Group operates in 11 Midwestern, Mid-Atlantic and Southeastern states and the District of Columbia and primarily writes private passenger automobile (48%), homeowners (21%), commercial multi-peril (11%), commercial automobile (7%), and workers compensation (6%) lines of insurance based upon 2010 direct written premiums.
On December 31, 2010, Indemnity sold all of the outstanding capital stock of its wholly owned property and casualty subsidiaries to the Exchange. There was no gain or loss resulting from this sale as Indemnityis the primary decision maker for the Exchange.Under this new structure, all property and casualty insurance operations are owned by the Exchange, and Indemnity will continue to function as the management company. There was no impact on the existing reinsurance pooling agreement between the Exchange and EIC or ENY as a result of the sale, nor was there any impact to the subscribers (policyholders) of the Exchange, to the Exchange’s independent insurance agents, or to Indemnity’s employees.
Erie Family Life Insurance Company (“EFL”) is an affiliated life insurance company that underwrites and sells individual and group life insurance policies and fixed annuities. Indemnity and the Exchange own 21.6% and 78.4% of EFL, respectively. On November 4, 2010, Indemnity entered into a definitive agreement for the sale of its 21.6% ownership interest in EFL to the Exchange, which is scheduled to close by March 31, 2011. Upon the closing date, the Exchange will own 100% of EFL.
Because Indemnityis the primary decision maker for the Exchange,for financial reporting purposes, any gains or losses resulting from the sale of Indemnity’s equity interest in EFL will be recorded as an adjustment directly to Indemnity’s equity balance at March 31, 2011.
“Indemnity shareholder interest” refers to the interest in Erie Indemnity Company owned by the Class A and Class B shareholders. “Noncontrolling interest” refers to the interest in the Erie Insurance Exchange held for the benefit of the subscribers (policyholders).
The consolidated financial statements of Erie Indemnity Company reflect the results of Indemnity and its variable interest entity, the Exchange, which we refer to collectively as “Erie Insurance Group” (“we,” “us,” “our”).
Exhibit D
Note 4. Variable Interest Entity
Exchange
The Exchange is a reciprocal insurance exchange domiciled in Pennsylvania, for which Indemnity serves as attorney-in-fact. Indemnity holds a variable interest in the Exchange because of the absence of decision-making capabilities by the equity owners (subscribers) of the Exchange and because of the significance of the management fee the Exchange pays to Indemnity as the decision maker. The new accounting guidance, which we adopted on January 1, 2010, requires entities to perform a qualitative analysis to determine the primary beneficiary of variable interest entities. As a result of adopting the new guidance, Indemnity is deemed to have a controlling financial interest in the Exchange and is considered the primary beneficiary. The Exchange’s results have been consolidated with those of Indemnity. We have retrospectively applied the new accounting guidance and have consolidated the Exchange for all periods presented in this report for comparability purposes. See Note 2, “Significant Accounting Policies.”
Consolidation of the Exchange is required given the significance of the management fee to the Exchange and because Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance. Indemnity earns management fee revenues from the Exchange for services provided as attorney-in-fact for the Exchange. Indemnity’s management fee revenues are based on all premiums written or assumed by the Exchange. Indemnity’s Board of Directors determines the management fee rate paid by the Exchange to Indemnity. This rate cannot exceed 25% of the direct and affiliated assumed written premiums of the Exchange, as defined by the subscriber’s agreement signed by each policyholder. The management fee revenues and management fee expenses are eliminated in consolidation.
The shareholders of Indemnity have no rights to the assets of the Exchange and no obligations arising from the liabilities of the Exchange.Indemnity has no obligation related to any underwriting and/or investment losses experienced by the Exchange. Indemnity would however be adversely impacted if the Exchange incurred significant underwriting and/or investment losses. If the surplus of the Exchange were to decline significantly from its current level, its financial strength ratings could be reduced and as a consequence the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange would have an adverse effect on the amount of the management fees Indemnity receives. In addition, a decline in the surplus of the Exchange from its current level may impact the management fee rate received by Indemnity. Indemnity also has an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for its management fee.If any of these events occurred, Indemnity’s financial position, financial performance and/or cash flows could be adversely impacted.
On December 31, 2010, Indemnity sold all of the outstanding capital stock of its wholly owned subsidiaries to the Exchange. Under this new structure, all property and casualty insurance operations are owned by the Exchange, and Indemnity will continue to function as the management company. There was no impact on the existing reinsurance pooling agreement between the Exchange and EIC or ENY as a result of the sale, nor was there any impact to the subscribers (policyholders) of the Exchange, to the Exchange’s independent insurance agents, or to Indemnity’s employees.
Indemnity has not provided financial or other support to the Exchange for the reporting periods presented. At December 31, 2010, there are no explicit or implicit arrangements that would require Indemnity to provide future financial support to the Exchange. Indemnity is not liable if the Exchange was to be in violation of its debt covenants or was unable to meet its obligation for unfunded commitments to limited partnerships.
Exhibit E
Note 21. Commitments and Contingencies
Indemnity has contractual commitments to invest up to $50 million related to its limited partnership investments at December 31, 2010. These commitments are split between private equity securities of $21 million, real estate activities of $17 million and mezzanine debt securities of $12 million. These commitments will be funded as required by the partnership agreements.
The Exchange, including EFL, has contractual commitments to invest up to $402 million related to its limited partnership investments at December 31, 2010. These commitments are split between private equity securities of $177 million, real estate activities of $143 million and mezzanine debt securities of $82 million. These commitments will be funded as required by the partnership agreements.
We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, operations or cash flows. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, operations or cash flows.
For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. The outcome of this pending litigation is uncertain, but in our opinion the outcome of each case, individually and in the aggregate, is not expected to be material to our consolidated financial condition, operations or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions.