BEST'S INSURANCE REPORTS   FIRE AND MARINE.   7

ALBANY INSURANCE

Dividends.— From 1906 to 1915, inclusive, 10%; 1916 to 1919, inclusive, 12%.

Officers.—President, Ledyard Cogswell; first vice-president, Chas. E. McElroy; second vice-president. Chas. H. Hahn; secretary, John P. Deal.

Directors.

Arnold, Benjamin W., wholesale lumber dealer, Albany. N.Y.

Cogswell. Ledyard, banker, president of company, Albany, N. Y.

Corning, Parker, manufacturer. Albany, N Y.

Ellis, Delancey M., real estate, 111 State street. Albany. Hahn. Charles He second vice-president of company. Albany, N. Y.

Lansing, Gerrit Y., real estate, Albany.

McElroy. Charles E.. banker and broker. Albany Trust Company Building, Albany, N. Y.

Naehtman, Martin T., lawyer, 82 State street, Albany. Oleott. Robert, banker. Albany. N. Y.

Parker. Lewis R . lawyer, 25 No. Pearl street. Albany. Rankin, Edward \V., lawyer, 79 Chapel street, Albany. Sage, Henry M., wholesale lumber dealer, Albany Trust

Company Building, Albany, N. Y.

Sard, Russell E.. stove manufacturer. Albany, N. Y. Stedman. Charles S., lawyer. 51 State street, Albany. N. Y.

Van Antwerp, T. I., banker, Union Trust Company, Albany, N. Y.

Stockholders' Annual Meeting.— Second Monday in January.

General Agent.— Henry- J. Ide, Boston, Mass.

INCOME, 1919.

   Gross premiums written    $676.204 57

Less reinsurance    91,712 40

   Less return premiums    85.760 79

   Total net premiums    $498, 731 38

Interest, etc   65.536'53

COMPANY —Continued.

Other income    4,015 22

TOTAL INCOME       $568,283 13

DISBURSEMENTS, 1919.

Net losses paid    $178,221 27

Underwriting expenses    229,772 20

Dividends to stockholders    30,000 00

Other disbursements    14,639 12

TOTAL DISnuRsENtE\TS    $452,632 59

Ratios to Premiums Written.—Losses paid, 35.7%; incurred, 34.1%; underwriting expenses, 46.1%; underwriting profit, 5.1%.

Ratios to Premiums Earned.—Losses incurred, 39.4%; expenses incurred, 54.5% ; underwriting profit, 5.9%.

31iseellancous, 1919.—Net losses incurred, $170,276.70; net risks in force December 31, 1919, $92,183.71T; net prenii:uns in force, $902,259.50.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $432.024.32; loss from underwriting profit and loss items. $718.40: total, $431,305.92.

Losses incurred during 1919, $170,276.70: underwriting expenses incurred during 1919, $235,427.43; total, $405.-704.13.

Gain from underwriting during 1919, $25,601.79.

Iniestnient Exhibit, 1919.— Interest, etc., earned during 1919. $66.357.03; profit on investments during 1919, $3,-906 S3: total, $70,263.86.

Loss on investments during 1919, $34.372; investment expenses incurred during 1919, $9,401.16; total, $43.773.16. Gain from investments during 1919, $26,490.70.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $25,601.79: investments, $26,490.70: total, $52,092.49. Loss from dividends, $30,000.

Surplus, December 31, 1918, $519.738.43; increase, $22,-092.49; surplus, December 31, 1919, $541,830.92.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Windstorm and tornado   $1, 260 95   $29 10

ALLEMANNIA FIRE INStiRANCE COMPANY,
316 Fourth Avenue, Pittsburgh, Pa.

DECEMBER 31, 1919.

$152. 943 589,795 79.700

1, 383,797 30,800 252. 490 224,095

TOTAL ADMITTED ASSETS    $2,713.622 31

GENERAL REVIEW.

History.— This company was established in April, 1868, with a paid-in capital of $150,000 (par value $50). In 1872 its capital was increased to $200,000 by a stock dividend of $50,000.

Policies issued under the title "Pittsburg Underwriters" are guaranteed by this company and the Superior, National-Ben Franklin, and Republic insurance companies of Pitts-burgh.

Management and Reputation.—The company is backed by substantial interests in Pittsburgh, and its stock is not closely held. The directors owned at the end of 1919 $46,-450, par value, of the $200.000 capital stock.

LIABILITIES, DECEMBER 31. 1919.
Unpaid losses    $153,609 74

Unearned premiums   1,205,170 76

Other liabilities    73,018 85

TOTAL LIABILITIES, except capital   $1,431,799 35

CAPITAL PAID UP   200,000 00

NET SURPLUS    1,081,822 96

TOTAL   $2.713.622 31

Its underwriting policy has been conservative, and the company has made good progress. The average loss ratio is moderate, but the expense ratio has been slightly above the average.

The company has an excellent loss paying record.

Substantial dividends have been paid stockholders.

The investments of the company are high grade. The security valuations are those fixed by the Convention of Insurance Commissioners. The mortgage loans are for small amounts and are well secured.

Affiliations.— Western Insurance Bureau and Rocky Mountain Underwriters Association.

Class of Business Written.—Fire insurance.

ADMITTED ASSETS,

Real estate owned (market value)    

Mortgage loans on real estate    

Loans on collateral security    

Bonds and stocks owned (market value)   

Interest accrued    

Cash in banks and (Alice     Agents' balances not over three months due.

51 63 00 66 00 38 13