Joint Stock Fire and Marine Insurance Companies

" ABEILLE " FIRE INSURANCE COMPANY,
Paris, France.

UNITED STATES BRANCH. 17 CUSTOM

ADMITTED ASSETS, U. S. BRANCH. DECEMBER 31. 1919.
Bonds and stocks owned (market value) ...   $756.305 00

Interest clue and accrued thereon    9.099 53

Cash in banks and office    125,561 91

Agents' balances not over three months due.   188, 285 5!)

Other admitted assets    167 54

TOTAL ADIHTTED ASSETS   $1,079,419 57

HOUSE STREET, PROVIDENCE, R. I.

LIABILITIES, U. S. BRANCH, DECEMBER 31, 1919. LOSSES: Adjusted, not due, $10,839.27; in process of adjustment, $99.087.95; total,

$109.927.22; reinsurance, $30,450.29; net.   $79,476 93

Unearned premiums    443,197 13

Estimated taxes hereafter payable    18, 000 00

Contingent commissions. etc    61, 304 42

TOTAL LIABILITIES, except statutory

capital deposit    $601. 978 48 STATUTORY CAPITAL DEPOSIT, $200,000. NET SURPLUS, U. S. Branch, including

statutory capital deposit    477,441 09

TOTAL   $1,079,419 57

GENERAL REVIEW.

History.— This company was established in 1857. Its authorized capital is 12.000,000 francs ($2,400,000), divided into 12.000 shares, par value 1.000 francs ($200) each. On December 31, 1916, 3,000.000 francs ($600,000) had been paid in and the balance was represented by stockholders' notes. The company is under the same management and control as two other companies of similar title, one of which was established in 1877 to write life insurance, and the other in 1881 to write accident insurance, The United States Branch was established in 1911 and wrote reinsurance only, hut since March. 1919, the company is also operating direct throughout the United States. Previous to that time the company wrote some "surplus lines " in this country through its present United States managers.

Home Office Resources.— All assets of the company are liable for the payment of losses, wherever incurred. We therefore present the following information from the Home Office balance sheet (the latest available), which includes

all its assets and liabilities: Total assets. December 31, 1918. $5,589,684: capital paid in. $600,000. and net surplus. $1.845.655.

Jtanayenont and Reputation.—The company is in excellent repute at its home and abroad, and its loss paying record is excellent. Starkweather &. Shepley, Inc., its United States managers. are in excellent standing and are

conservative underwriters. They also represent, as United States managers, the Union, Nationale and Phenix insurance companies. of Paris, all of which write a direct fire insurance business.

The expense and loss ratios of the United States Branch of this company have been moderate.

The bonds owned are of excellent character. The security valuations are those fixed by the Convention of Insurance Commissioners.

Affiliations.—Western Insurance Bureau, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association.

United States Managers.—Starkweather & Shepley, Inc., 17 Custom House Street, Providence, 11. 1. President, Geo. L. Shepley: vice-president and manager agency department, Emil G. Pieper.

United States Trustee.— Bankers Trust Company of New York.

Class of Business Written.— In the United States it has in the past written fire reinsurance only, acting as a reinsurer for the Nationale and Phenix fire insurance companies, of Paris. The company advised us in 11)19 that from now on it will also do a direct business.

Territory.—It is licensed in Conn., Ill.. Iiy'.. La., Md., Mass.. Mich., Mo., N. II.. N. J., N. Y., N. C'., Ohio, Pa., R. 1., S. C'.. \V. Va. and Wis.

INCOME, U. S. BRANCH, 1919.

Cross premiums written    $1.170.278 04

Less reinsurance    291.347 65

Less return premiums    200,411 47

Total net premiums    $678.518 92

Interest, etc   27,620 63

TOTAL INCOME    $706.139 55

DISBURSEMENTS. U. S. BRANCH, 1919.
Net losses paid    $214.661 56

Underwriting expenses       228.069 26

TOTAI. DISBURSEMENTS    $442.730 82

Ratios to Premiums Written.— Losses paid, 31.6%; incurred, 35.6%: underwriting expenses, 33.6%; underwriting profit. 5.1%.

Ratios to Premiums Earned.—Losses incurred. 44.9%; expenses incurred, 48.6%: underwriting profit, 6.5%. miscellaneous, 1919.— Net losses incurred, $241,382.59; net risks in force December 31, 1919, $83,212,325; net premiums in force. $812,591.29.