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Earnings Calls: 
Erie Indemnity Earnings Call, Second Quarter 2008
Author: Rozalina Destanova
123jump.com
Last Update: 4:52 AM ET August 31 2008
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Management fee revenue was flat as direct written premiums of the property casualty group remained level compared to the second quarter of 2007. Policy retention rate improved to 90.4% compared to 89.9% at the end of the second quarter last year. The total cost to management operations increased by 2.8%. Personnel cost increased by 4.9% compared to 2007 primarily as a result of $1 million charge for executive severance cost.

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Michael S. Zavasky: We are seeing about exactly what we expected. We went through a lot of trading with our agents, gave them a program, got them comfortable with how to operate in the workers comp market that they never operated in before. It has proven to have been a good strategic move. Business is coming in on at about the level we anticipated it being and I am pleased with the quality of the business that we are seeing as well.
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