Hi jstrawn,
I wanted to write with an update. I updated to Premiere 2018, 12.0 x 224. I haven't updated the AE, however. Unfortunately, it is still giving me that error message. Any tips on how I can fix this? Thank you!
Best,
Raghu
HI raghuramv25821507 ,
If the AE Mogrt you are trying to load was created in a version of AE earlier than 14.2.1, then you will still need to install the version of AE that is Dynamic-Link-Compatible with Premiere 2018, 12x244 (Upgrade to AE 2018, 15.0 x 180).
This is because Mogrts created and exported from earlier versions of AE rely on a dynamic link connection to AE in order to be rendered and modified.
New mogrts created in AE 15.0 (with some limitations and conditions in place) can be used on a system that only has 12.0 Premiere installed because we put a sort of "AE engine" inside of PR, but this is a nascent engine and it does not support all effects or renderers in this iteration.
Install the most recent version of AE and let us know if that solves the dilemma for you. Otherwise, we will continue troubleshooting with you till we get you rocking and rolling again. 
Thanks,
Dacia