Erie Indemnity Company (Indemnity) is managing attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a subscriber owned, reciprocal insurer, which writes property and casualty insurance. Indemnity�s function is to perform services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange. This is done in accordance with a subscriber�s agreement (a limited power of attorney) executed by each subscriber (policyholder), which appoints Indemnity as their common attorney-in-fact to transact business on their behalf and to manage the affairs of the Exchange. It operates in four segments: management operations, property and casualty insurance operations, life insurance operations and investment operations. On March 31, 2011, Indemnity sold its 21.6% ownership interest in Erie Family Life Insurance Company (EFL) to the Exchange.