Timothy Necastro: A Passionate Leader Enduring Excellence of Decades

Timothy Necastro is the President and CEO of Erie Insurance, a company that offers various kinds of insurance to customers through a network of independent agents. He has been in this position since 2016 and has led the company to achieve remarkable results in customer satisfaction, financial strength, workplace culture, and community involvement. He holds four decades of accounting and insurance industry experience.

From Auditor to CEO: The Remarkable Career Trajectory

Timothy Necastro, or Tim as he prefers to be called, has a bachelor’s degree in accounting from Gannon University, a private Catholic university in Erie, Pennsylvania. He graduated in 1982 and started his career as an Audit Manager at Ernst & Young, a public accounting firm. He worked there for 10 years, gaining valuable experience in auditing, consulting, and tax services. He then moved to The Plastek Group, a plastics manufacturer, where he worked as the director of finance for four years. He was responsible for overseeing the financial operations of the company, which had more than 1,000 employees and several plants in the U.S. and abroad.

In 1996, he joined Erie Insurance, a company that he had admired for a long time. He held various roles in finance, services and sales, such as managing the Internal Auditing Department, the Controller Division, the Product and Policy Services Division, and the field sales operations for several states. He also led the company’s entry into Kentucky, its 12th state, in 2014. In 2016, he was appointed as the president and CEO of Erie Insurance, succeeding Terrence W. Cavanaugh, who retired after eight years in the position. He became the ninth leader of the company since its founding in 1925.

Erie Insurance: People’s Insurance Company

Erie Insurance is a regional property and casualty insurance company that was founded in 1925 by H.O. Hirt and O.G. Crawford in Erie, Pennsylvania. They started with a simple vision: to provide honest, fair, and reliable insurance to their customers. They named their company after the Erie Canal, which symbolized progress, innovation, and connection.

Today, Erie Insurance has grown to become one of the largest and most respected insurance companies in the U.S. They offer auto, home, life, business, and commercial insurance to more than 6 million customers through a network of independent agents. They operate in 12 states and the District of Columbia, namely Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wisconsin.

Erie Insurance is known for its strong financial stability, customer service, and commitment to its communities. They are a mutual company, which means they are owned by their policyholders, not investors. This can lead to lower rates and better customer service, as the company’s focus is on serving its policyholders rather than maximizing profits.

The company serves four insurance segments: Auto & Leisure, Property & Home, Life, and Business. They offer a variety of products and coverages to meet the diverse needs of their customers. For example, they offer the Erie Rate Lock, which guarantees that your auto insurance rate will not increase unless you make changes to your policy. They also offer the Erie Secure Home, which provides comprehensive coverage for your home and personal property, as well as identity theft protection and personal liability coverage.

Furthermore, Erie Insurance has a strong financial rating from A.M. Best (A+), which indicates that they are able to meet their financial obligations to policyholders. They are also ranked as the 12th largest auto insurer, the 12th largest home insurer, and the 13th largest business insurer in the U.S., according to 2020 data from the National Association of Insurance Commissioners.

Empowering Teams, Achieving Milestones

As the president and CEO of Erie Insurance, Tim NeCastro oversees a company that has more than 6,000 employees and 13,000 agents and serves more than 6 million customers in 12 states and the District of Columbia. He is responsible for setting the vision, strategy, and direction of the company, as well as ensuring its financial performance, operational excellence, and customer satisfaction.

Under his leadership, the company has been recognized for its customer satisfaction, financial strength, workplace culture, and community involvement. Some of the awards and accolades that he and his company have received include:

  • The J.D. Power award for highest customer satisfaction among auto insurers in the Mid-Atlantic region for nine consecutive years (2012-2020).
  • The Ward’s 50 list of top-performing property and casualty insurers for 15 consecutive years (2006-2020).
  • The Fortune 500 list of largest U.S. companies, ranked 347th in 2021, based on total revenue for the 2020 fiscal year.
  • The Forbes List of America’s Best Employers, ranked 149th in 2020, based on employee feedback and public perception.
  • The Ethisphere Institute’s list of the world’s most ethical companies was recognized for six years (2012, 2014, 2015, 2016, 2018, and 2019).

NeCastro is also active in various industries and civic organizations. He serves on the board of the American Property Casualty Insurance Association, the leading trade association for the property and casualty insurance industry. He is also a council member for The Pennsylvania Society, a non-profit organization that promotes the cultural, educational, and economic interests of Pennsylvania.

Also Read: The Most Prominent Leaders in Insurance Industry, 2024

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