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May 14, 2025 Reinsurance

2025 Q1 – Flagship City Insurance Company

U.S. Markets via PUBT

‌PROPERTY AND CASUALTY COMPANIES • ASSOCIATION EDITION

QUARTERLY STATEMENT

AS OF MARCH 31, 2025

OF THE CONDITION AND AFFAIRS OF THE

FLAGSHIP CITY INSURANCE COMPANY

NAIC Group Code 213213 NAIC Company Code 35585 Employer's ID Number 25-1675935

lCurrent Period} IPrior Period)

Organized under the Laws of the State of PENNSYLVANIA State of Domicile or Port of Entry PENNSYLVANIA Country of Domicile U S. Incorporated January 22, 1992 Commenced Business November 1. 1992 Statutory Home Office _ l0Erie Insurance Place SriPHA 16530

(Street and Number) (C\\ty or Town. State aod Zip Code)

Main Administrative Office 100 Erie Insurance Place Erie. PA 16530 814-870-2000

(Sircct and Number) (City or Tom n. Slaie and Zip Code) (Area Code) ITelephone Numbcr)

Mail Address 100 Erie Insurance Place Erie, PA 16530

(Slreet and Number) (City or Town. State and Zip Code)

Primary location of Books and Records 100 Erie Insurance Place Erie PA 16530 814-870-2000

(Street and Number) (City or Town, State and Zip Code) (Area Code) (Telephone Numher)

Internet Website Address https://www.erieinsurance.com

Statutory Statement Contact Bridget Marie Fetzner

I Name)

Bridget.FetznerJerieinsurance com

(E-Mail Address)

814-870-2000 x 2239

(Area Code) (Telephone Number) (Extension)

814-870-4040

(Area Code) (Fax Number)

DIRECTORS

Rrian William Bolash

Julie Maric Pelkowskt

Sean David Dugan Michael Eugene Rafiis

Jonathan Hirt Hagen. Chairman

Timothy Gerard NeCastro

EXECUTIVE OFFICERS

President

& Chief Executive Officer: Timothy Gerard NeCastro

Exccut›ve Vice President.

Executive Vice President

& Chief Financial Officer Julie Marie Pelkowski

Sccrclar} & General Ccunscl:

rxecutive Vice President

hrian William 9olash

Executive Vice President.

Scan David Dugan

& Chicf Information Officer: Parthasarathy Srinivasa Executive Vice President Cody William Cook#

Executive Vice President:

I3ouglas Edwatd Smtth Saroh Jennifer Shined

Senior Vice President & Chief Actuary: Rot›ert John Zehr

Senior Vice President & Controller: Jorie Lee Novacek Senior Vice President & Chief Investment Ot'ficer' Ronald Steven Habursky Senior Vice President & Corporate Treasurer Michael Eugene Ruftis#

State of PennsylvaniaSS

County of Erie

"I"hc nl"ficers of this reporting cntH} being duly swam. each depose and say tha‹ they are ihe described officers of sa›d reporting emi,tsandthat on Ihe

reporting period slated above, all cf the herein descr bed assets were the ahsolule propeny of the sald reporting entlh . free and clear from any liens or clatms thereon, except aS here n stated. and that lhis statement together with related exh bits schedules and explanations thereIn contained. annexed or referred to. is a full and true statemcnt of all the asseis and liabilities and of lhe condition and affairs of the said reporting ent›t as of the reponing per›ud slated above and of Ms income and deduciions therefrom for the per od ended. and have been completed In accordance with the NAIC Anitzinl Stniemeni litsiruciions and

r and Procedures manual except to the extent that ( I ) state Ian may diffcr: or. (2) that state rules or rcgulations rcqulrC dilTerences in rcporttng not related to accounting practices and procedures, accord ng to the besi of their information, knowledge and belief respectively Funhermore. the scope of this attestation by the described ot'ficcrs also includes the related corresponding electronic fiI›ng with the NAIC, u'hen required thai is an exact copy (except for formatting dit'fercnccs due to electronic filing) of the enclosed statement The electronic filtng may be requested by various regulators in lieu of ord lhc enclosed siaicment

Timothy Gerard President & CEO

Subscribcd and swoto beforC me this 9th daj of May. 2025

'sh e Mar e Pe owski

Executive Vice President. Secretar) & General Counsel Executive Vice President & CFO

(a) 1s this an original filing? Yes (X) No () tb) lf no.(it State the amendment number:

(ii) Date fi!ed.

(ui) Number ol pages attached

C0fñfñ0nwealth of Pgnnsylvanla - NotarySealJulie Elizabeth Oborski, NotaryPublicErie County

M COmmlssion expires August 31, 2025

Commission number 1407081

‌ASSETS

	Current Statement Date			4 December 31 Prior Year Net Admitted Assets
	1 Assets	2 Nonadmitted Assets	3 Net Admitted Assets (Cols. 1 - 2)	4 December 31 Prior Year Net Admitted Assets
Bonds ............................................................................................................. Stocks: Preferred stocks ....................................................................................... Common stocks ....................................................................................... Mortgage loans on real estate: First liens .................................................................................................. Other than first liens.................................................................................. Real estate: Properties occupied by the company (less $ ................................... encumbrances) ....................................................................................... Properties held for the production of income (less $ ................................... encumbrances) ....................................... Properties held for sale (less $ ................................... encumbrances) ....................................................................................... Cash ($ (983,152) ), cash equivalents ($ ...................... 959,924 ) and short-term investments ($ ................................... ) ................................................. Contract loans (including $ ................................... premium notes) ...... Derivatives ..................................................................................................... Other invested assets .................................................................................... Receivables for securities .............................................................................. Securities lending reinvested collateral assets .............................................. Aggregate write-ins for invested assets ......................................................... Subtotals, cash and invested assets (Lines 1 to 11) ..................................... Title plants less $ charged off (for Title insurers only) .............................................................................................................. Investment income due and accrued ............................................................. Premiums and considerations: Uncollected premiums and agents' balances in the course of collection Deferred premiums, agents' balances and installments booked but deferred and not yet due (including $ ................................... earned but unbilled premiums) ............................................................ Accrued retrospective premiums ($ ) and contracts subject to redetermination ($ ................................... ) ....... Reinsurance: Amounts recoverable from reinsurers .................................................... Funds held by or deposited with reinsured companies .......................... Other amounts receivable under reinsurance contracts ........................ Amounts receivable relating to uninsured plans ............................................ Current federal and foreign income tax recoverable and interest thereon .... Net deferred tax asset ................................................................................... Guaranty funds receivable or on deposit ...................................................... Electronic data processing equipment and software ..................................... Furniture and equipment, including health care delivery assets ($ ................................... ) ................................................................ Net adjustment in assets and liabilities due to foreign exchange rates ......... Receivables from parent, subsidiaries and affiliates ..................................... Health care ($ ................................... ) and other amounts receivable ...... Aggregate write-ins for other than invested assets ........................................ Total assets excluding Separate Accounts, Segregated Accounts and Protected Cell Accounts (Lines 12 to 25) ..................................................... From Separate Accounts, Segregated Accounts and Protected Cell Accounts ...................................................................................................... Total (Lines 26 and 27)	. 13,893,734	...................................	. 13,893,734	. 13,725,579
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	. (23,228)	...................................	. (23,228)	. 8,097
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	. 3,338	...................................	. 3,338	. 2,845
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	. 13,873,844	...................................	. 13,873,844	. 13,736,521
	...................................	...................................	...................................	...................................
	. 130,949	...................................	. 130,949	. 131,885
	. 3,485,832	...................................	. 3,485,832	. 2,727,753
	. 47,097,257	...................................	. 47,097,257	. 37,596,605
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	...................................	...................................	...................................	...................................
	. 64,587,882	...................................	. 64,587,882	. 54,192,764
	...................................	...................................	...................................	...................................
	64,587,882		64,587,882	54,192,764
DETAILS OF WRITE-INS
1101. ......................................................................................................................	....................................	....................................	....................................	....................................
1102. ......................................................................................................................	....................................	....................................	....................................	....................................
1103. ......................................................................................................................	....................................	....................................	....................................	....................................
1198. Summary of remaining write-ins for Line 11 from overflow page ...................	...................................	...................................	...................................	...................................
1199. Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)
2501. .......................................................................................................................	....................................	....................................	....................................	....................................
2502. .......................................................................................................................	....................................	....................................	....................................	....................................
2503. .......................................................................................................................	....................................	....................................	....................................	....................................
2598. Summary of remaining write-ins for Line 25 from overflow page ...................	...................................	...................................	...................................	...................................
2599. Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)

‌LIABILITIES, SURPLUS AND OTHER FUNDS

	1 Current Statement Date	2 December 31, Prior Year
Losses (current accident year $ ................................... ) .................................................................................................... Reinsurance payable on paid losses and loss adjustment expenses ....................................................................................... Loss adjustment expenses ........................................................................................................................................................ Commissions payable, contingent commissions and other similar charges ............................................................................. Other expenses (excluding taxes, licenses and fees) ............................................................................................................... Taxes, licenses and fees (excluding federal and foreign income taxes) ................................................................................... Current federal and foreign income taxes (including $ ................................... on realized capital gains (losses)) .............. Net deferred tax liability ............................................................................................................................................................. Borrowed money $ ................................... and interest thereon $ ................................... .............................................. Unearned premiums (after deducting unearned premiums for ceded reinsurance of $ ................. 70,710,898 and including warranty reserves of $ and accrued accident and health experience rating refunds including $ ................................... for medical loss ratio rebate per the Public Health Service Act) ............................... Advance premium ..................................................................................................................................................................... Dividends declared and unpaid: Stockholders ...................................................................................................................................................................... Policyholders ..................................................................................................................................................................... Ceded reinsurance premiums payable (net of ceding commissions) ........................................................................................ Funds held by company under reinsurance treaties .................................................................................................................. Amounts withheld or retained by company for account of others .............................................................................................. Remittances and items not allocated ........................................................................................................................................ Provision for reinsurance (including $ ................................... certified) ............................................................................. Net adjustments in assets and liabilities due to foreign exchange rates ................................................................................... Drafts outstanding ..................................................................................................................................................................... Payable to parent, subsidiaries and affiliates ............................................................................................................................ Derivatives ................................................................................................................................................................................. Payable for securities ................................................................................................................................................................ Payable for securities lending .................................................................................................................................................... Liability for amounts held under uninsured plans ...................................................................................................................... Capital notes $ ................................... and interest thereon $ ................................... ................................................. Aggregate write-ins for liabilities .............................................................................................................................................. Total liabilities excluding protected cell liabilities (Lines 1 through 25) ..................................................................................... Protected cell liabilities .............................................................................................................................................................. Total liabilities (Lines 26 and 27) ............................................................................................................................................... Aggregate write-ins for special surplus funds ............................................................................................................................ Common capital stock ............................................................................................................................................................... Preferred capital stock ............................................................................................................................................................... Aggregate write-ins for other than special surplus funds ........................................................................................................... Surplus notes ............................................................................................................................................................................. Gross paid in and contributed surplus ....................................................................................................................................... Unassigned funds (surplus) ....................................................................................................................................................... Less treasury stock, at cost: ................................... shares common (value included in Line 30 $ ................................... ) .............................. ................................... shares preferred (value included in Line 31 $ ................................... ) .............................. Surplus as regards policyholders (Lines 29 to 35, less 36) ..................................................................................................... Totals (Page 2, Line 28, Col. 3)	................................... ................................... ................................... ................................... ................................... ................................... . 21,441 . 13,889 ...................................	................................... ................................... ................................... ................................... ................................... ................................... . 10,737 . 13,556 ...................................
	................................... ...................................	................................... ...................................
	................................... ................................... . 49,216,958 ................................... . 365,140 . 17,839 ................................... ................................... ................................... . 2,436 ................................... . 270,968 ................................... ................................... ...................................	................................... ................................... . 39,179,069 ................................... . 359,112 . 22,223 ................................... ................................... ................................... . 715 ................................... ................................... ................................... ................................... ...................................
	49,908,671	39,585,412
	................................... . 49,908,671 ................................... . 2,350,000 ................................... ................................... ................................... . 2,925,000 . 9,404,211	................................... . 39,585,412 ................................... . 2,350,000 ................................... ................................... ................................... . 2,925,000 . 9,332,352
	...................................	...................................
	14,679,211	14,607,352
	64,587,882	54,192,764
DETAILS OF WRITE-INS
2501. ....................................................................................................................................................................................................	....................................	....................................
2502. ....................................................................................................................................................................................................	....................................	....................................
2503. ....................................................................................................................................................................................................	....................................	....................................
2598. Summary of remaining write-ins for Line 25 from overflow page ..............................................................................................	...................................	...................................
2599. Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)
2901. ....................................................................................................................................................................................................	....................................	....................................
2902. ....................................................................................................................................................................................................	....................................	....................................
2903. ....................................................................................................................................................................................................	....................................	....................................
2998. Summary of remaining write-ins for Line 29 from overflow page ..............................................................................................	...................................	...................................
2999. Totals (Lines 2901 through 2903 plus 2998)(Line 29 above)
3201. ....................................................................................................................................................................................................	....................................	....................................
3202. ....................................................................................................................................................................................................	....................................	....................................
3203. ....................................................................................................................................................................................................	....................................	....................................
3298. Summary of remaining write-ins for Line 32 from overflow page ..............................................................................................	...................................	...................................
3299. Totals (Lines 3201 through 3203 plus 3298)(Line 32 above)

Current Year to Date

Prior Year to Date

Prior Year Ended December 31

UNDERWRITING INCOME

Premiums earned:
1. Direct (written $ ................. 45,382,702 ) .................................................................................
2. Assumed (written $ ................................... ) .............................................................................
3. Ceded (written $ ................. 45,382,702 ) .................................................................................
4. Net (written $ ................................... ) .....................................................................................
  
  DEDUCTIONS:
Losses incurred (current accident year $ ):
1. Direct ..............................................................................................................................................
2. Assumed ........................................................................................................................................
3. Ceded .............................................................................................................................................
4. Net .................................................................................................................................................
Loss adjustment expenses incurred ....................................................................................................
Other underwriting expenses incurred .................................................................................................
Aggregate write-ins for underwriting deductions ..................................................................................
Total underwriting deductions (Lines 2 through 5) ...............................................................................
Net income of protected cells .............................................................................................................
Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7) .................................................................

INVESTMENT INCOME
Net investment income earned ............................................................................................................
Net realized capital gains (losses) less capital gains tax of $ ................................... ....................
Net investment gain (loss) (Lines 9 + 10) ............................................................................................

OTHER INCOME
Net gain or (loss) from agents' or premium balances charged off (amount recovered

$ ................................... amount charged off $ ................................... ) ..............................
Finance and service charges not included in premiums ......................................................................
Aggregate write-ins for miscellaneous income ...................................................................................
Total other income (Lines 12 through 14) ..........................................................................................
Net income before dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes (Lines 8 + 11 + 15) ....................................................................................
Dividends to policyholders ...................................................................................................................
Net income, after dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes (Line 16 minus Line 17) ...................................................................................
Federal and foreign income taxes incurred ........................................................................................
Net income (Line 18 minus Line 19)(to Line 22) ................................................................................

CAPITAL AND SURPLUS ACCOUNT
Surplus as regards policyholders, December 31 prior year ................................................................
Net income (from Line 20) ...................................................................................................................
Net transfers (to) from Protected Cell accounts ...................................................................................
Change in net unrealized capital gains (losses) less capital gains tax of $ ...................................
Change in net unrealized foreign exchange capital gain (loss) ............................................................
Change in net deferred income tax ......................................................................................................
Change in nonadmitted assets ............................................................................................................
Change in provision for reinsurance ....................................................................................................
Change in surplus notes ......................................................................................................................
Surplus (contributed to) withdrawn from protected cells ......................................................................
Cumulative effect of changes in accounting principles ........................................................................
Capital changes:
1. Paid in ..........................................................................................................................................
2. Transferred from surplus (Stock Dividend) ..................................................................................
3. Transferred to surplus ..................................................................................................................
Surplus adjustments:
1. Paid in ..........................................................................................................................................
2. Transferred to capital (Stock Dividend) ........................................................................................
3. Transferred from capital ...............................................................................................................
Net remittances from or (to) Home Office ............................................................................................
Dividends to stockholders ....................................................................................................................
Change in treasury stock .....................................................................................................................
Aggregate write-ins for gains and losses in surplus ...........................................................................
Change in surplus as regards policyholders (Lines 22 through 37)....................................................
Surplus as regards policyholders, as of statement date (Lines 21 plus 38)

. 36,402,857

...................................

. 36,402,857

...................................

. 35,656,754

...................................

. 35,656,754

...................................

. 144,340,366

...................................

. 144,340,366

...................................

. 22,326,478

...................................

. 22,326,478

...................................

. 18,828,665

...................................

. 18,828,665

...................................

. 72,845,329

...................................

. 72,845,329

...................................

. 110,999

(28,103)

...................................

. 104,603

(33,213)

...................................

. 434,222

(33,970)

. 82,896

. 71,390

. 400,252

...................................

. 82,896

. 71,390

. 400,252

. 82,896

10,704

. 71,390

7,482

. 400,252

56,110

72,192

63,908

344,142

14,607,352

14,269,665

. 72,192

...................................

. (333)

...................................

. 63,908

...................................

. (353)

...................................

. 344,142

...................................

. (6,455)

...................................

71,859

63,555

337,687

14,679,211

14,333,220

14,607,352

DETAILS OF WRITE-INS

0501. ..............................................................................................................................................................

0502. ..............................................................................................................................................................

0503. ..............................................................................................................................................................

0598. Summary of remaining write-ins for Line 5 from overflow page ........................................................... 0599. Totals (Lines 0501 through 0503 plus 0598)(Line 5 above)

....................................

...................................

....................................

...................................

....................................

...................................

1401. ..............................................................................................................................................................

1402. ..............................................................................................................................................................

1403. ..............................................................................................................................................................

1498. Summary of remaining write-ins for Line 14 from overflow page ......................................................... 1499. Totals (Lines 1401 through 1403 plus 1498)(Line 14 above)

....................................

...................................

....................................

...................................

....................................

...................................

3701. ..............................................................................................................................................................

3702. ..............................................................................................................................................................

3703. ..............................................................................................................................................................

3798. Summary of remaining write-ins for Line 37 from overflow page ......................................................... 3799. Totals (Lines 3701 through 3703 plus 3798)(Line 37 above)

....................................

...................................

....................................

...................................

....................................

...................................

‌STATEMENT OF INCOME

‌CASH FLOW

Cash from Operations Premiums collected net of reinsurance ............................................................................................... Net investment income ........................................................................................................................ Miscellaneous income ......................................................................................................................... Total (Lines 1 to 3) .............................................................................................................................. Benefit and loss related payments ...................................................................................................... Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts ................. Commissions, expenses paid and aggregate write-ins for deductions ............................................... Dividends paid to policyholders ........................................................................................................... Federal and foreign income taxes paid (recovered) net of $ tax on capital gains (losses) ................................................................................................................................... Total (Lines 5 through 9) .................................................................................................................... Net cash from operations (Line 4 minus Line 10) ............................................................................... Cash from Investments Proceeds from investments sold, matured or repaid: Bonds ......................................................................................................................................... Stocks ......................................................................................................................................... Mortgage loans ........................................................................................................................... Real estate ................................................................................................................................. Other invested assets ................................................................................................................. Net gains or (losses) on cash, cash equivalents and short-term investments ........................... Miscellaneous proceeds ............................................................................................................. Total investment proceeds (Lines 12.1 to 12.7) ......................................................................... Cost of investments acquired (long-term only): Bonds ......................................................................................................................................... Stocks ......................................................................................................................................... Mortgage loans ........................................................................................................................... Real estate ................................................................................................................................. Other invested assets ................................................................................................................. Miscellaneous applications ......................................................................................................... Total investments acquired (Lines 13.1 to 13.6) ........................................................................ Net increase/(decrease) in contract loans and premium notes .......................................................... Net cash from investments (Line 12.8 minus Line 13.7 and Line 14) ................................................ Cash from Financing and Miscellaneous Sources Cash provided (applied): Surplus notes, capital notes ....................................................................................................... Capital and paid in surplus, less treasury stock ......................................................................... Borrowed funds .......................................................................................................................... Net deposits on deposit-type contracts and other insurance liabilities ....................................... Dividends to stockholders .......................................................................................................... Other cash provided (applied) .................................................................................................... Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5 plus Line 16.6) .................................................................................................................................. RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17) . Cash, cash equivalents and short-term investments: Beginning of year ........................................................................................................................ End of period (Line 18 plus Line 19.1)	1 Current Year To Date	2 Prior Year To Date	3 Prior Year Ended December 31
	. (220,842)	. (48,000)	. (57,966)
	. 132,270	. 127,445	. 511,384
	(88,572)	79,445	453,418
	...................................	...................................	...................................
	...................................	...................................	...................................
	...................................	...................................	...................................
	...................................	...................................	...................................
			37,194
			37,194
	(88,572)	79,445	416,224
	. 505,148	. 527,913	. 1,043,660
	...................................	...................................	...................................
	...................................	...................................	...................................
	...................................	...................................	...................................
	...................................	...................................	...................................
	...................................	...................................	...................................
	270,968		135
	. 776,116	. 527,913	. 1,043,795
	. 721,740	. 624,279	. 1,399,775
	...................................	...................................	...................................
	...................................	...................................	...................................
	...................................	...................................	...................................
	...................................	...................................	...................................
	493	262,899
	722,233	887,178	1,399,775

	53,883	(359,265)	(355,980)
	...................................	................................... ................................... ................................... ................................... ................................... (15,790)	...................................
	...................................		...................................
	...................................		...................................
	...................................		...................................
	...................................		...................................
	3,365		136,868
	3,365	(15,790)	136,868
	. (31,325) . 8,097 (23,228)	. (295,610)	. 197,112 . (189,015) 8,097
		. (189,015)
		(484,625)

Note: Supplemental disclosures of cash flow information for non-cash transactions:

Attachments

Disclaimer

Erie Indemnity Company published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 12:20 UTC.

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2025 Q1 – Flagship City Insurance Company

FLAGSHIP CITY INSURANCE COMPANY

DIRECTORS

EXECUTIVE OFFICERS

County of Erie

‌ASSETS

‌LIABILITIES, SURPLUS AND OTHER FUNDS

‌STATEMENT OF INCOME

‌CASH FLOW

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