** Property and casualty insurer Erie Indemnity's shares rise ~3.4% to $523.50 premarket
** S&P Dow Jones Indices late on Friday said ERIE to join the benchmark S&P 500 index, effective prior to the open of trading on Sept. 23
** Inclusion typically spells good news for stocks as fund managers and exchange-traded funds tracking the S&P 500 buy shares to match the underlying index
** S&P DJI said ERIE replaces Bio-Rad Laboratories in the S&P 500, which tracks the performance of large-cap firms
** ERIE has a market cap of $26.47 billion, while BIO has a market value of $9.18 billion, according to LSEG data
** As of last close, ERIE up ~51% YTD; BIO up ~2% over the same period
(Reporting by Manya Saini in Bengaluru)
((Manya.Saini@thomsonreuters.com))
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