May 6, 2009 (FinancialWire) — Erie Indemnity Co.’s (NASDAQ: ERIE) board has approved an additional $20 million in repurchase authority for the company’s stock repurchase program. The additional repurchase authority is in addition to funds available under the company’s current $100 million repurchase program.

Around $80 million of the original $100 million repurchase authority remains from the current stock repurchase program, according to Erie. Under the newly-approved program, the company may repurchase up to $100 million of its outstanding class A common stock through June 30, 2010.

Erie, Pennsylvania-based Erie Indemnity provides management services to the member companies of the Erie Insurance Group, which includes Erie Insurance Exchange, Flagship City Insurance Co., Erie Insurance Co., Erie Insurance Property and Casualty Co., Erie Insurance Company of New York and Erie Family Life Insurance Co..

The group has over 4.0 million policies in force and operates in 11 states and the District of Columbia.

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