Erie Indemnity Company

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 392 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• STRUCTURE: Erie Indemnity Company is NOT an insurer. It has served since 1925 as attorney-in-fact for Erie Insurance Exchange, a Pennsylvania-domiciled reciprocal insurer that Indemnity does not own and does not consolidate. Indemnity's revenue is a management fee (25 percent of the Exchange's direct and affiliated assumed premiums written in 2023-2026) for policy issuance/renewal, claims handling and investment management services performed on behalf of the Exchange's subscribers (policyholders). This is confirmed directly from the Q2 2026 10-Q and FY2025 10-K. Erie Family Life Insurance Company, Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company and Flagship City Insurance Company are described in the FY2025 10-K as subsidiaries of the EXCHANGE, not of Indemnity; Indemnity itself has no operating insurance subsidiaries. Confirming this structurally: the FY2025 10-K (filed 23 Feb 2026) was filed with NO Exhibit 21 (subsidiaries list) at all, meaning Indemnity has no subsidiaries to disclose, consistent with it being a pure management/service company layered on top of a policyholder-owned reciprocal it does not own.
• HOLDINGS SIDE IS EMPTY, A SOURCED FINDING: searched the newest 10-Q (Q2 2026, period 30 Jun 2026, filed 30 Jul 2026, which is the freshest filing) and the newest 10-K (FY2025, filed 23 Feb 2026) in full for 'equity method', 'Erie Insurance Exchange' ownership, 'Erie Family Life', 'investments in affiliates', 'variable interest entity', 'non-marketable equity', 'joint venture', 'cost method', 'unconsolidated' and 'minority interest'. The only equity-method reference found is limited partnership investments within Erie Indemnity's own investment portfolio (10-K: 'Limited partnership investments are recorded using the equity method of accounting'), which is excluded per the project's rule that an investment portfolio is not a set of strategic holdings. No equity stake in Erie Insurance Exchange, Erie Family Life, or any other affiliate was found; Indemnity holds no ownership interest in the Exchange it manages, structurally cannot (a reciprocal exchange has no stock, only subscribers), and the FY2025 10-K's absence of an Exhibit 21 corroborates that Indemnity itself has no subsidiaries or equity-method investees to disclose there either.
• DUAL CLASS DENOMINATOR: company.shares_outstanding (46,189,068) is the Class A common stock count as of the 10-Q cover date (24 Jul 2026), the listed NASDAQ class (ticker ERIE) that 13F filers hold and that this register's institutional rows are denominated in. Class B common stock (2,542 shares outstanding as of the same date) is a SEPARATE, unlisted, non-13F-reportable class: it is the ONLY class entitled to vote at Erie's annual meeting (each Class B share = 1 vote; Class A shares are NOT entitled to vote on annual meeting matters except as provided by Sections 1756(b)(1) and (2) of the Pennsylvania Business Corporation Law), and each Class B share converts into 2,400 Class A shares (stated in the 10-Q's balance sheet note: 'Class B common stock, convertible at a rate of 2,400 Class A shares for one Class B share'). Per the project's rule, Class B is NOT converted into Class A-equivalent shares anywhere in the 'shares' field; company.share_classes records both classes with their own share counts and votes_per_share (Class A: 0 votes per share on ordinary matters; Class B: 1 vote per share, exclusive voting class). Register rows whose disclosed interest is Class B (H.O. Hirt Trusts, Hagen Family Limited Partnership) carry shares: null with the real Class B quantity and percentage in method_note, since Class B is not the same instrument as the shares_outstanding denominator.
• VOTING CONTROL: the H.O. Hirt Trusts (2,340 of 2,542 Class B shares, 92.05 percent) plus the Hagen Family Limited Partnership (173 Class B shares, 6.81 percent) together control 2,513 of 2,542 Class B shares, 98.86 percent of ALL votes at Erie Indemnity, despite Class B representing only 2,542 of the company's roughly 46.2 million total shares. This is the structural core of the company: a tiny, non-traded voting class controlled almost entirely by descendants and trusts of co-founder H.O. Hirt (via Thomas B. Hagen, Jonathan Hirt Hagen and Elizabeth Hirt Vorsheck, all directors) holds effective control, while the publicly traded Class A common stock that makes up nearly all of the economic shares outstanding carries no vote on ordinary matters. Erie files a DEF 14C (information statement), not a DEF 14A (proxy statement soliciting Class A votes), precisely because Class A holders have nothing to vote on; this was confirmed by checking Erie's EDGAR filing history, which shows DEF 14C filings every year since at least 2017 and no DEF 14A filings.
• SELF-GATE: 16 register rows. Computed the chart's own arithmetic (raw shares summed, aggregate container reduced to its residual, members counted at full value, Class B-denominated rows contribute 0 since shares is null): institutional Class A total 14,577,711 (PNC 4,826,778 + Vanguard family 2,963,564 + BlackRock 1,674,602 + State Street 1,437,522 + Invesco 1,091,087 + Geode 899,461 + Schwab 855,984 + Morgan Stanley 513,784 + CDPQ 54,732 + Dimensional 260,197) plus insider Class A total 21,137,295 (Thomas B. Hagen 16,762,189 + Elizabeth Hirt Vorsheck 3,960,946 + Jonathan Hirt Hagen 223,530 + aggregate-group residual 190,630, i.e. the full 21,137,295-share group total once the three named members are not double counted) = grand total 35,715,006 shares, 77.32 percent of company.shares_outstanding (46,189,068). This is well above the project's normal 25-45 percent band and above the 55 percent threshold that requires independent corroboration, which was done as follows. First, the DEF 14C computes its own percentages directly against Class A shares outstanding (36.32 percent for Thomas Hagen, 8.61 percent for Vorsheck, 45.76 percent for the officers/directors group); back-solving the denominator from Hagen's row (16,762,189 / 0.3632 = 46,153,062) lands within 0.08 percent of company.shares_outstanding, independently confirming the denominator is correct and the insider percentages are the company's own, not a project computation. Second, this project's own 31-Mar-2026 register snapshot (data/registers/ERIE.json) independently reports total_filers 392 and total_shares_reported 20,002,121 across ALL 13F filers combined (43.3 percent of Class A shares outstanding); the ten institutional rows above sum to 14,577,711, a subset consistent with that independent aggregate (leaving roughly 5.4 million shares spread across the other ~380 smaller filers in the snapshot, which were not individually itemized here). Third, every institutional row was verified against a DISTINCT filer's own freshly refetched Q2 2026 13F-HR (not copied from the stale snapshot), so there is no double counting within the institutional side. The remaining, large residual is genuine: Erie Indemnity is an unusually tightly held NASDAQ company where one individual (Thomas B. Hagen, chairman) alone holds over a third of the listed Class A class, and institutions on top of that hold nearly a third more, leaving public float well under a quarter of the company. One caveat could not be fully closed: the DEF 14C does not name the vehicle holding Thomas Hagen's 16,757,089 indirect Class A shares, so it cannot be ruled out with certainty that some part of it is held through an account that also appears inside PNC Financial Services Group's 4,826,778-share institutional 13F position (e.g. as trustee); no filing read here states or implies such a link, so the two rows are kept separate as sourced, and this uncertainty is flagged rather than resolved by assumption.
• PNC Financial Services Group's 4,826,778-share (10.45 percent of Class A) Q2 2026 13F position is the single largest row in this register, larger than the swept Vanguard family. No filing read in this research explains the size of this holding (Erie Indemnity itself is headquartered in Erie, Pennsylvania, in PNC's home state, and PNC has a substantial trust and wealth-management business, which is a plausible but unconfirmed explanation).
• Coordinator verification of the 77.32 per cent self-gate, well above the project's 55 per cent line, and of the dual-class handling, which is the hardest part of this company. The share total was recomputed independently with the chart's own arithmetic and reproduces 35,715,006 exactly. The proxy aggregate is correctly marked: the container 'All Directors, Nominees for Director and Executive Officers as a Group' holds 21,137,295 Class A shares and its three listed members, Thomas B. Hagen 16,762,189, Elizabeth Hirt Vorsheck 3,960,946 and Jonathan Hirt Hagen 223,530, sum to 20,946,665 and are reduced out of it, leaving a positive residual of 190,630. The excess over the normal band is therefore not a double count but a genuine insider concentration: the officers group alone is 45.76 per cent of Class A, and Thomas B. Hagen alone is 36.29 per cent. Excluding the insider rows and the container residual, the ten institutional and sovereign rows total 14,577,711 shares or 31.56 per cent, which sits inside the project's normal band. The dual-class treatment is correct and must be preserved: `shares_outstanding` is the Class A count of 46,189,068 because Class A is the listed class that every 13F filer holds, while the two Class B vehicles, the H.O. Hirt Trusts and the Hagen Family Limited Partnership, carry `shares: null` because Class B is a DIFFERENT INSTRUMENT of only 2,542 shares and charting it against a Class A denominator would be the Blackstone/Schwarzman defect. The voting position is the opposite of the economic one here and that inversion is the story: Class A carries ZERO votes on ordinary matters, which is why this registrant files a DEF 14C rather than a DEF 14A, so the 13F holders that make up most of this register have no ordinary voting power at all, while the Class B holders that control the company hold a class this chart cannot show.