ERIE, Pa., July 28, 2016 /PRNewswire/ -- Erie Insurance
President & Chief Executive Officer Terrence W. Cavanaugh announced today that he
will step down as CEO effective Monday, Aug.
1. Timothy G. NeCastro, who
was previously selected as President & CEO-designate, will
succeed him as Chief Executive Officer. Cavanaugh, who previously
announced his intention to retire this year, will continue as
President until Dec. 31, 2016.
"Over the last two months, Tim and I have been working closely
together to ensure a smooth transition into the CEO role," said
Cavanaugh. "I'm delighted to be able to pass on the responsibility
to the capable and ready leader we have in Tim. I'm confident he
and his team will build upon ERIE's tremendous success and legacy of
service."
NeCastro joined Erie Insurance in 1996 as manager of internal
auditing and was promoted to senior vice president and controller
in 1997. In 2008, he broadened his experience, taking on the role
of senior vice president of product and policy services, overseeing
customer service, personal and commercial product development and
processing areas.
Previous to his selection as ERIE's next CEO in May
2016, he held the position of senior vice president and
regional officer of ERIE's west
region. This encompasses the sales and agency responsibilities in
the western half of ERIE's
12-state footprint.
"My 20 years of experience at The ERIE has developed in me a profound respect
for the people—agents and employees—who deliver on our promise of
service every day. I pledge to work for them to secure ERIE's future and build on the strong
foundation they've created," said NeCastro. "Together, we will
continue to succeed by embracing innovation, upholding our strong
financial position and ensuring ERIE's distinctive service reputation grows
even stronger."
Prior to joining Erie Insurance, NeCastro held positions as the
director of finance at Plastek Group and as a senior manager at
Ernst & Young.
NeCastro earned a bachelor's degree in accounting from
Gannon University in Erie, Pa., followed by the Certified Public
Accountant designation in 1995. He is also a Certified Insurance
Counselor and holds licenses in property & casualty and life
insurance.
NeCastro is a native of Erie,
and is married to Lisa NeCastro, who
recently retired from Erie Insurance. Together, the couple have
five children, and are active supporters of many nonprofit
organizations, including St. Paul Parish and the Sisters of
St. Joseph Neighborhood Network,
where NeCastro is also on the Board of Directors.
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 10th
largest homeowners insurer and 12th largest automobile insurer in
the United States based on direct
premiums written and the 15th largest property/casualty insurer in
the United States based on total
lines net premium written. The Group, rated A+ (Superior) by A.M.
Best Company, has more than 5 million policies in force and
operates in 12 states and the District of
Columbia. Erie Insurance Group is a FORTUNE 500 company, a
Barron's 500 company and has been recognized by Forbes as one of
America's 50 Most Trustworthy Financial Companies.
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
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SOURCE Erie Insurance