Erie Indemnity : March 2024 Flagship City Insurance Company

STATEMENT AS OF MARCH 31, 2024 OF THE FLAGSHIP CITY INSURANCE COMPANY

ASSETS

						Current Statement Date		4
					1	2		3	December 31
								Net Admitted Assets	Prior Year Net
					Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds			................. 13,528,446	...................................	.................	13,528,446	................. 13,485,702
2.	Stocks:
	2.1 Preferred stocks		...................................	...................................	...................................	...................................
	2.2 Common stocks		...................................	...................................	...................................	...................................
3.	Mortgage loans on real estate:
	3.1 First liens			...................................	...................................	...................................	...................................
	3.2 Other than first liens	...................................	...................................	...................................	...................................
4.	Real estate:
	4.1 Properties occupied by the company (less $
	encumbrances)		...................................	...................................	...................................	...................................
	4.2 Properties held for	the production of income (less
	$		encumbrances)	...................................	...................................	...................................	...................................
	4.3 Properties held for sale (less $
	.......................................................................................encumbrances)		...................................	...................................	...................................	...................................
5.	Cash ($	(908,283) ), cash equivalents
	($	423,658	) and short-term
	investments ($	...................................	)	(484,625)	...................................	.....................	(484,625)	.....................(189,015)
6.	Contract loans (including $	................................... premium notes)	...................................	...................................	...................................	...................................
7.	Derivatives			...................................	...................................	...................................	...................................
8.	Other invested assets		...................................	...................................	...................................	...................................
9.	Receivables for securities	265,879	...................................	......................	265,879	..........................2,980
10.	Securities lending reinvested collateral assets	...................................	...................................	...................................	...................................
11.	Aggregate write-ins for invested assets	...................................	...................................	...................................	...................................
12.	Subtotals, cash and invested assets (Lines 1 to 11)	13,309,700	...................................	.................	13,309,700	................. 13,299,667
13.	Title plants less $		charged off (for Title insurers
	only)			...................................	...................................	...................................	...................................
14.	Investment income due and accrued	124,346	...................................	......................	124,346	...................... 126,780

15. Premiums and considerations:

15.1	Uncollected premiums and agents' balances in the course of collection	1,174,985	1,174,985	679,209
15.2	Deferred premiums, agents' balances and installments booked but
	...................................deferred and not yet due (including $
	earned but unbilled premiums)	45,659,836	45,659,836	38,808,302
15.3	Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)	................................... ................................... ................................... ...................................

16. Reinsurance:

	....................................................16.1 Amounts recoverable from reinsurers	...................................	...................................	...................................	...................................
	16.2 Funds held by or deposited with reinsured companies	...................................	...................................	...................................	...................................
	16.3 Other amounts receivable under reinsurance contracts	...................................	...................................	...................................	...................................
17.	Amounts receivable relating to uninsured plans	...................................	...................................	...................................	...................................
18.1	....Current federal and foreign income tax recoverable and interest thereon	............................. 697	...................................	............................. 697	..........................8,179
18.2	Net deferred tax asset	...................................	...................................	...................................	...................................
19.	Guaranty funds receivable or on deposit	...................................	...................................	...................................	...................................
20.	Electronic data processing equipment and software	...................................	...................................	...................................	...................................
21.	Furniture and equipment, including health care delivery assets
	($	)	...................................	...................................	...................................	...................................
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	...................................	...................................	...................................	...................................
23.	Receivables from parent, subsidiaries and affiliates	...................................	...................................	...................................	...................................
24.	Health care ($	) and other amounts receivable	...................................	...................................	...................................	...................................
25.	........................................Aggregate write-ins for other than invested assets	...................................	...................................	...................................	...................................
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	................. 60,269,564	...................................	................. 60,269,564	................. 52,922,137
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	...................................	...................................	...................................	...................................
28.	Total (Lines 26 and 27)		60,269,564		60,269,564	52,922,137
	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)

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STATEMENT AS OF MARCH 31, 2024 OF THE FLAGSHIP CITY INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

						1	2
						Current	December 31,
						Statement Date	Prior Year
1.	Losses (current accident year $	)		...................................	...................................
2.	.......................................................................................Reinsurance payable on paid losses and loss adjustment expenses		...................................	...................................
3.	Loss adjustment expenses				...................................	...................................
4.	Commissions payable, contingent commissions and other similar charges	.............................................................................	...................................	...................................
5.	...............................................................................................................Other expenses (excluding taxes, licenses and fees)		...................................	...................................
6.	...................................................................................Taxes, licenses and fees (excluding federal and foreign income taxes)		...................................	...................................
7.1	Current federal and foreign income taxes (including $ ................................... on realized capital gains (losses))	...................................	...................................
7.2	Net deferred tax liability				..........................7,454	..........................7,101
8.	Borrowed money $	and interest thereon $	..............................................	...................................	...................................
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	68,223,313 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)	...................................	...................................
10.	Advance premium				...................................	...................................
11.	Dividends declared and unpaid:
	11.1 Stockholders				...................................	...................................
	11.2 Policyholders				...................................	...................................
12.	........................................................................................Ceded reinsurance premiums payable (net of ceding commissions)		................. 45,699,498	................. 38,400,188
13.	..................................................................................................................Funds held by company under reinsurance treaties		...................................	...................................
14.	..............................................................................................Amounts withheld or retained by company for account of others		...................... 200,299	...................... 224,180
15.	........................................................................................................................................Remittances and items not allocated			........................ 26,741	........................ 20,358
16.	Provision for reinsurance (including $	................................... certified)		...................................	...................................
17.	...................................................................................Net adjustments in assets and liabilities due to foreign exchange rates		...................................	...................................
18.	Drafts outstanding				...................................	...................................
19.	............................................................................................................................Payable to parent, subsidiaries and affiliates		..........................2,352	............................. 645
20.	Derivatives				...................................	...................................
21.	Payable for securities				...................................	...................................
22.	....................................................................................................................................................Payable for securities lending				...................................	...................................
23.	......................................................................................................................Liability for amounts held under uninsured plans		...................................	...................................
24.	Capital notes $	and interest thereon $	.................................................	...................................	...................................
25.	Aggregate write-ins for liabilities
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)		45,936,344	38,652,472
27.	Protected cell liabilities				...................................	...................................
28.	...............................................................................................................................................Total liabilities (Lines 26 and 27)			................. 45,936,344	................. 38,652,472
29.	............................................................................................................................Aggregate write-ins for special surplus funds		...................................	...................................
30.	Common capital stock				...................2,350,000	...................2,350,000
31.	Preferred capital stock				...................................	...................................
32.	...........................................................................................................Aggregate write-ins for other than special surplus funds		...................................	...................................
33.	Surplus notes				...................................	...................................
34.	.......................................................................................................................................Gross paid in and contributed surplus			...................2,925,000	...................2,925,000
35.	Unassigned funds (surplus)				...................9,058,220	...................8,994,665
36.	Less treasury stock, at cost:
	36.1	shares common (value included in Line 30	$	)	...................................	...................................
	36.2	shares preferred (value included in Line 31	$	)
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)		14,333,220	14,269,665
38.	Totals (Page 2, Line 28, Col. 3)				60,269,564	52,922,137
	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)

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STATEMENT AS OF MARCH 31, 2024 OF THE FLAGSHIP CITY INSURANCE COMPANY

STATEMENT OF INCOME

						1	2	3
						Current	Prior Year	Prior Year Ended
						Year to Date	to Date	December 31
			UNDERWRITING INCOME
1.	Premiums earned:
	1.1 Direct (written $	43,350,058	)	................. 35,656,754	................. 36,046,521	................144,972,576
	1.2 Assumed (written $		)	...................................	...................................	...................................
	1.3 Ceded (written $	43,350,058	)	................. 35,656,754	................. 36,046,521	................144,972,576
	1.4 Net (written $	)		...................................	...................................	...................................
			DEDUCTIONS:
2.	Losses incurred (current accident year $	):
	2.1 Direct				18,828,665	9,478,232	................. 51,553,655
	2.2 Assumed				...................................	...................................	...................................
	2.3 Ceded				................. 18,828,665	................... 9,478,232	................. 51,553,655
	2.4 Net				...................................	...................................	...................................
3.	....................................................................................................Loss adjustment expenses incurred		...................................	...................................	...................................
4.	.................................................................................................Other underwriting expenses incurred		...................................	...................................	...................................
5.	..................................................................................Aggregate write-ins for underwriting deductions	...................................	...................................	...................................
6.	Total underwriting deductions (Lines 2 through 5)	...................................	...................................	...................................
7.	.............................................................................................................Net income of protected cells
8.	.................................................................Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)	...................................	...................................	...................................
			INVESTMENT INCOME
9.	Net investment income earned			104,603	94,535	.......................396,932
10.	Net realized capital gains (losses)	less capital gains tax of $	....................	(33,213)	(1,014)	(45,319)
11.	Net investment gain (loss) (Lines 9 + 10)		71,390	93,521	.......................351,613
			OTHER INCOME
12.	Net gain or (loss) from agents' or premium balances charged off (amount recovered
	$	...................................amount charged off $	)	...................................	...................................	...................................
13.	......................................................................Finance and service charges not included in premiums	...................................	...................................	...................................
14.	Aggregate write-ins for miscellaneous income
15.	..........................................................................................Total other income (Lines 12 through 14)
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal
	and foreign income taxes (Lines 8 + 11 + 15)		71,390	93,521	.......................351,613
17.	Dividends to policyholders
18.	Net income, after dividends to policyholders, after capital gains tax and before all other federal and
	foreign income taxes (Line 16 minus Line 17)		71,390	93,521	.......................351,613
19.	Federal and foreign income taxes incurred		7,482	16,694	47,098
20.	Net income (Line 18 minus Line 19)(to Line 22)	63,908	76,827	304,515
		CAPITAL AND SURPLUS ACCOUNT
21.	Surplus as regards policyholders, December 31 prior year	14,269,665	13,970,340	13,970,340
22.	Net income (from Line 20)				63,908	76,827	...................... 304,515
23.	Net transfers (to) from Protected Cell accounts	...................................................................................	...................................	...................................	...................................
24.	Change in net unrealized capital gains (losses)	less capital gains tax of $	...................................	...................................	...................................
25.	............................................................Change in net unrealized foreign exchange capital gain (loss)	...................................	...................................	...................................
26.	......................................................................................................Change in net deferred income tax		............................(353)	............................(100)	........................ (5,190)
27.	............................................................................................................Change in nonadmitted assets			...................................	...................................	...................................
28.	....................................................................................................Change in provision for reinsurance		...................................	...................................	...................................
29.	Change in surplus notes				...................................	...................................	...................................
30.	......................................................................Surplus (contributed to) withdrawn from protected cells	...................................	...................................	...................................
31.	........................................................................Cumulative effect of changes in accounting principles	...................................	...................................	...................................
32.	Capital changes:
	32.1 Paid in				...................................	...................................	...................................
	..................................................................................32.2 Transferred from surplus (Stock Dividend)	...................................	...................................	...................................
	32.3 Transferred to surplus				...................................	...................................	...................................

33. Surplus adjustments:

	33.1 Paid in	...................................	...................................	...................................
	33.2 Transferred to capital (Stock Dividend)
	...................................	...................................	...................................
	33.3 Transferred from capital	...................................	...................................	...................................
34.	Net remittances from or (to) Home Office	...................................	...................................	...................................
35.	Dividends to stockholders	...................................	...................................	...................................
36.	Change in treasury stock	...................................	...................................	...................................
37.	Aggregate write-ins for gains and losses in surplus
38.	Change in surplus as regards policyholders (Lines 22 through 37)	63,555	76,727	299,325
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)	14,333,220	14,047,067	14,269,665
	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)

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STATEMENT AS OF MARCH 31, 2024 OF THE FLAGSHIP CITY INSURANCE COMPANY

CASH FLOW

Cash from Operations

1

Current Year

To Date

2

Prior Year

To Date

3

Prior Year Ended

December 31

1. Premiums collected net of reinsurance ...............................................................................................
2. Net investment income ........................................................................................................................
3. Miscellaneous income .........................................................................................................................
4. Total (Lines 1 to 3) ..............................................................................................................................
5. Benefit and loss related payments ......................................................................................................
6. Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts .................
7. Commissions, expenses paid and aggregate write-ins for deductions ...............................................
8. Dividends paid to policyholders ...........................................................................................................

9. Federal and foreign income taxes paid (recovered) net of $	tax on capital
gains (losses)

1. Total (Lines 5 through 9) ....................................................................................................................
2. Net cash from operations (Line 4 minus Line 10) ...............................................................................

...................... (48,000)	.....................(173,231)	.......................(54,823)
...................... 127,445	.......................118,033	.......................477,984
79,445	(55,198)	423,161
...................................	...................................	...................................

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

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

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

		51,649
		51,649
79,445	(55,198)	371,512

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	.......................527,913	...................... 208,000	...................... 679,428
	12.2	Stocks	...................................	...................................	...................................
	12.3	Mortgage loans	...................................	...................................	...................................
	12.4	Real estate	...................................	...................................	...................................
	12.5	Other invested assets	...................................	...................................	...................................
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	...................................	...................................	...................................
	12.7	Miscellaneous proceeds
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	.......................527,913	...................... 208,000	...................... 679,428
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	...................... 624,279	.......................834,382	...................1,752,025
	13.2	Stocks	...................................	...................................	...................................
	13.3	Mortgage loans	...................................	...................................	...................................
	13.4	Real estate	...................................	...................................	...................................
	13.5	Other invested assets	...................................	...................................	...................................
	13.6	Miscellaneous applications	262,899	15	2,882
	13.7	Total investments acquired (Lines 13.1 to 13.6)	887,178	834,397	1,754,907
14.	......................................................Net increase (or decrease) in contract loans and premium notes
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(359,265)	(626,397)	(1,075,479)
		Cash from Financing and Miscellaneous Sources
16.	Cash provided (applied):
	16.1	Surplus notes, capital notes	...................................	...................................	...................................
	16.2	Capital and paid in surplus, less treasury stock	...................................	...................................	...................................
	16.3	Borrowed funds	...................................	...................................	...................................
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	...................................	...................................	...................................
	..........................................................................................................16.5 Dividends to stockholders	...................................	...................................	...................................
	....................................................................................................16.6 Other cash provided (applied)	(15,790)	(3,820)	(229,158)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	(15,790)	(3,820)	(229,158)
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	.....................(295,610)	.....................(685,415)	.....................(933,125)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	.....................(189,015)	...................... 744,110	...................... 744,110
	19.2 End of period (Line 18 plus Line 19.1)	(484,625)	58,695	(189,015)

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

5