There is no direct options to save an erwin model as a jpeg file but a user can run the the erwin pinned report - "Diagram Picture Report" exporting the output as HTML and navigate to the directory - Diagram folder where the *.jpg of the diagram is created....
Here are the steps
* Open the erwin model
* Open the Report Designer | go to File | "Open Pinned Reports" | Change the Report Categories to "Model Reports" and select the "Diagram Picture Report.erpt" - click OK
* Right click on "Diagram Picture Report" - select "Export to HTML"
* From the Export - input a directory that you can easily navigate to in the " Specify the directory to which you to export "
* From the " Select Subject Area and Diagram " Choose a Er Diagram - my model is Entity - OK to Run
* From the Navigator to ex - C:\47198\Diagram Picture Report\PublicationSystem r9.7\Entity\Diagrams - open the *.jpeg file of the er Diagram - see the attached sample