Along with Apple and Microsoft, Erie Insurance is among 3,300 companies listed on Nasdaq stock exchange
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Tom Hanks, Nelson Mandela, Serena Williams, U.S. presidents and a long list of corporate leaders are among those who have rung the opening or closing bells on U.S. stock exchanges.
Tim NeCastro, CEO of Erie-based Erie Insurance, joined their ranks April 28, ringing the ceremonial opening bell for the Nasdaq stock exchange.
NeCastro, who was named CEO of Erie County’s largest employer in 2016, signaled the opening of the trading day.
What’s behind NeCastro’s visit to New York City?
NeCastro’s visit to Nasdaq’s Marketsite in New York City’s Times Square will mark both the 100th anniversary of Erie Insurance — ranked as the nation’s 376th largest corporation — and the 30th anniversary of the company’s listing on Nasdaq.
While invitations to ring the bell are sometimes extended to celebrities or representatives of nonprofit organizations, bell-ringing privileges are typically reserved for representatives of the more than 3,300 companies listed on the exchange, according to Nasdaq.
Often, the companies that submit applications to ring the bell are celebrating special achievements or milestone anniversaries.
Some of the best-known companies that trade on Nasdaq include Apple, Microsoft, NVIDIA and Alphabet, parent company of Google.
Stock exchange to share story of Erie Insurance
In connection with the bell-ringing ceremony, Nasdaq will share a few facts about Erie Insurance on its social media accounts, including details of the company’s founding in 1925 and the company’s commitment to treating others the way they would like to be treated.
Some evidence suggests customers like how they are being treated. Erie Insurance has one of the highest retention rates among policy holders and is consistently ranked among the top companies for customer satisfaction.
The company, which has 6,800 employees and 14,000 local agents, has more than 7 million policies in force with nearly $12 billion in premiums.
Officials at Erie Insurance will no doubt be hoping for favorable results for the market when trading closes for the day at 4 p.m. The stock market’s performance has been turbulent in recent weeks.
Contact Jim Martin at jmartin@timesnews.com.
(This story was updated)