2022-08-25 | NDAQ:ERIE | Press release


Erie Strategic Ventures will invest and provide business support to startups focused on the insurance industry and related spaces

ERIE, Pa., August 25, 2022 /PRNewswire/ — Erie Insurancean auto, home, business and life insurance company based in Erie, Pennsylvaniatoday announced the creation of Erie Strategic Ventures to support visionary entrepreneurs. The fund is the most recent example of of ERIE commitment to supporting entrepreneurship and delivering innovative products, services and experiences to its customers and network of independent agents.

Erie Strategic Ventures will focus on the personal and commercial insurance value chain as well as natural adjacencies that offer the potential to deliver value to ERIE customers and agents. Initial areas of focus include insurance innovation in risk prevention, claims, underwriting, digital sales, agency productivity tools, and products and services for home, families, and businesses. small enterprises. The fund is independent of stage and geography, but will primarily focus on seed investments in North America.

“We are excited to continue our expanding innovation efforts with the launch of this venture capital fund,” said Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance. “ERIE is committed to a culture of service and our corporate values ​​will translate well to supporting the founders we invest in.”

Erie Strategic Ventures is the venture capital arm of Erie Insurance, a Fortune 500 insurance company that generated $7.9 billion in direct written premium in 2021. Founded in 1925, ERIE is the 11th largest home insurer in the United States, the 13th largest automobile insurer and the 13th largest commercial lines insurer based on direct premiums written. ERIE is rated A+ (superior) by AM Best and has over six million policies in force.

In addition to capital, Erie Strategic Ventures will leverage of ERIE industry leadership and value proposition to support portfolio companies. With nearly 100 years of insurance expertise, ERIE has the potential to serve as both a customer and development partner for startups. ERIE will seek to partner with startups to bring innovative products and services to market, leveraging a strong network of independent agents in 12 states and washington d.c.

Erie Strategic Ventures will partner with Touchdown Venturesa firm specializing in corporate venture capital, which will work closely with the senior executives of ERIE on fund transactions.

“We are thrilled to partner with a values-driven firm like Erie Insurance, which has the scale, resources and ability to positively impact the corporate venture capital landscape.” declared rich grant, co-founder and managing director of Touchdown Ventures. “Our combined team at Erie Strategic Ventures has significant experience in the insurance and corporate venture capital industry. We will leverage this expertise and of ERIE unique position on the market to support entrepreneurs.”

Learn more about Erie Strategic Ventures at www.erieinsurance.com/ventures.

About Erie Insurance

According to AM Best Company, Erie Insurance Group, based in Erie, Pennsylvaniais the 11th home insurer, the 13th auto insurer and the 13th business insurer in United States based on direct written premiums. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property and casualty insurer in United States based on the total number of net premium lines written. Rated A+ (superior) by AM Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Colombia. Press releases and more information are available at of ERIE website at www.erieinsurance.com.

About Touchdown Ventures

Touchdown Ventures partners with companies to manage their venture capital programs. Touchdown works closely with each company to achieve the financial and strategic benefits of venture capital investments. The firm is a registered investment adviser and has offices in Los Angeles, philadelphia creamand San Francisco. More information about Touchdown can be found at www.touchdownvc.com.

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SOURCE Erie Indemnity Company


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