Erie-based Erie Insurance Group remains a member of the Fortune 500, but just barely.

The latest edition of Fortune’s annual ranking of the 500 largest companies ranks the company at No. 497 on the list.

That’s down a bit from the 2011 list, when Erie County’s third largest employer was the nation’s 461st largest company.

Energy giant Exxon Mobil kicked Walmart out of the top spot, bumping Wal-Mart Stores to second on the list.

The rankings are based on sales. Erie Insurance saw revenues slip 1.4 percent in 2011 to $4.82 billion.
Terrence Cavanaugh, chief executive of Erie Insurance, said in a statement: “Our continued presence on the Fortune 500 is a reflection of the dedication of our agents and employees and a testament to the confidence and trust our customers place in us every day.”

The company, which first appeared on the Fortune list in 2003, ranks as the nation’s 12 largest auto insurer.

The General Electric Co., corporate parent of GE Transportation in Lawrence Park, was 16th on this year’s list.

The Erie-based Erie Insurance Group has returned to Fortune magazine’s list of nation’s 500 largest companies based on revenue.
The magazine has ranked the company No. 484 on its list of the top 500 U.S. companies.
“Erie Insurance’s financial strength puts us in the ranks with the largest companies in the United States,” said Terrence Cavanaugh, the company’s chief executive. “This recognition honors our founder’s legacy and further highlights the superior customer service and dedication of our employees and agents to our policyholders.”
The company is Erie County’s third largest employer with more than 2,100 local employees.