BEST'S INSURANCE REPORTS—FIRE AND MARINE.   3

ACADIA FIRE INSURANCE COMPANY —Continued.

Ratios to Premiums Written.— Losses paid, fire, 44.5%;   Miscellaneous, 1919.— Net losses incurred, fire, $110,-

hail, 64.7%; incurred, fire, 49.3%; hail, 64.7%; under-   965.69; hail, $15,532.29; net risks in force December 31,

writing expenses, 35.2%.   1919, $25.432,359; net premiums in force, $370,431.52.

'ETNA INSURANCE COMPANY,
670 Main Street, Hartford, Conn.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $410, 000 00

Loans on collateral security    5, 650 00

Bonds and stocks owned (market value)    29, 323, 465 91

Interest due and accrued thereon    187,120 11

Cash in banks and office    3,109,768 53

Agents' balances not over three months due   3, 833, 140 68

Bills receivable    33,588 78

Reinsurance due on losses paid    152, 301 3S

Salvage recoverable on paid losses   59,034 78

Other admitted assets    556 23

TOTAL ADMITTED ASSETS    $37,114.626 40

LIABILITIES, DECEMBER 31, 1919. LOSSES: Adjusted, not due, $339,781.17; in process of adjustment, $3,691,804.42; resisted, $111,511.75; total, $4,143,097.34;

reinsurance, $1,691,967.75; net    $2,451,129 59 Unearned premiums: Fire and miscellaneous, $16,196,761.93; inland navigation,

$967,462.29; marine, $198,391.43; total   17, 362, 615 65

Amount reclaimable on perpetual deposits   94, 885 69

Salaries, rents, etc    15, 000 00

Estimated taxes hereafter payable    1,465,000 00

Contingent commissions, etc    20, 000 00

TOTAL LIABILITIES, except capital   $21,408, 630 93

CAPITAL PAID UP    5,000,000 00

NET SURPLUS   10, 705, 995 47

TOTAL   $37,114,626 40

GENERAL REVIEW.

History.— This company was incorporated by special act of the Legislature of Connecticut in 1819 to write fire insurance. The first meeting of the stockholders was held on June 15, 1819. and its first policy was issued August 17. 1819. The company's authorized capital was $150,000, with authority to increase it to $500,000. In 1839 its charter was amended to cover inland marine risks.

In addition to the original $150,000 capital, which was paid up in instalments, the following increases have been made: 18.22, $50,000: 1846, $50,000; 1849. 850.000: 1854, $100,000 cash payment and $100,000 stock dividend; 1857. stock dividend. $500.000: 1859, stock dividend. 8500.000; 1864, stock dividend, $750,000; 1866, stock dividend. $750,-000: 1881, $1,000.000, by the issuance of 10.000 new shares at par: 1910. $1,000,000, by the issuance of 10.000 new shares, par value $100, at $200 per share, adding $1.000,000 to surplus. This made the total paid-in capital $5,000.000.

The company issues and guarantees policies under the title ":Etna Underwriters Agency."

Management and Reputation.— The underwriting policy of the company has been conservative and very successful. It has made steady progress and ranks as one of the leading companies of the country.

Its directors are successful men, prominent in business and financial circles. The control of the company is not closely held. The directors owned at the end of 1919 only $249,900, par value. of the company's 85.000,000 capital stock.

The company's loss paying record is excellent. under all conditions. In conflagrations, the company's losses have always been moderate in proportion to its income and re-sources, showing that the conflagration hazard is carefully observed. It writes a volume of business in proper pro-portion to its net resources.

Its expenses of operation are very moderate and its loss ratio normal.

Its investments are excellent. The security valuations

are those fixed by the Convention of Insurance Commissioners. The real estate owned consists of a fire-proof stone and brick five-story office building at 662-680 Main street, Hartford, Conn., and a lot, and building thereon, at 45 Prospect street, adjoining same in rear.

The company has paid substantial dividends, and in addition has steadily increased its surplus.

Affiliations. — Eastern Union, Western Union, South-eastern Underwriters Association, Board of Fire Under-writers of the Pacific, Canadian Fire Underwriters Association. Western Canada Fire Underwriters Association, Main-land Board of Fire Underwriters, New Brunswick Board of Fire Underwriters, Nova Scotia Board of Fire Under-writers, Western Insurance Bureau, Rocky Mountain Underwriters Association, Eastern Automobile Underwriters Conference, National Automobile Underwriters Conference, New England Automobile Underwriters Conference, Pacific Coast Automobile Underwriters Conference, Southern Auto-mobile Underwriters Conference and the Western Auto-mobile Underwriters Conference.

Classes of Business Written. — Fire, marine, automobile, tornado. registered mail, tourists' baggage, explosion, sprinkler leakage and war risk insurance.

Dividends. — In recent years the dividends paid have been as follows: 1907, 19.4%; 1908, 19%; 1909, 18.8%; 1910, '16%; 1911, 10.6%; 1912, 18.9%; 1913 to 1915, inclusive. 18%; 1916 to 1918, inclusive, 20%; 1919, 25%.

Territory.— Licensed in every State and Territory of the United States except Guam, the Philippines, Porto Rico and the Virgin Islands. It also operates in Cuba and Canada, except in Newfoundland.

Officers.— President, William B. Clark; vice-presidents, A. N. Williams and E. J. Sloan; vice-president and secretary, Guy E. Beardsley; vice-president, at Western Branch, Ralph B. Ives; assistant secretaries, E. S. Allen and W. Ross McCain; comptroller, Geo. L. Burnham; marine vice-president. W. F. Whittelsey; marine secretary, R. E. Stronach.