Erie Insurance Posts Strong Quarter

Terry Cavanaugh doesn’t see much mystery in the factors that shaped Erie Indemnity Co.’s $43 million profit in the second quarter.

Cavanaugh, the company’s chief executive, said that profit — down 17 percent from the same quarter in 2011 — was boosted by strong management fee revenues but held back by higher operating expenses and lower investment income.

Erie County’s third-largest employer will likely do what it can to address sagging investment income, which fell 64 percent from $17 million to $6 million.

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