10   BEST'S INSURANCE REPORTS - FIRE AND MARINE.

ALLIANCE INSURANCE COMPANY—Continued.

GENERAL REVIEW.

History.— This company was incorporated December 5, 1904, and began business January 1, 1905, with $500,000 capital and $500,000 surplus paid in.

The company reported a net loss of $1,063,576 in the San Francisco conflagration in April, 1906, which exhausted its capital and surplus. Its stockholders contributed $15 a Share as a voluntary contribution, $10.86 of which was applied to capital and $4.14 to surplus account. In return for this the company issued scrip bearing interest at 6%, which was not considered a liability against the company and which was to be redeemed later at the discretion of the directors. During 1911 the scrip, amounting to $194,-348.16, was redeemed.

In 1911 its capital was increased from $500,000 to $750,000. Late in 1919 it voted an increase of 25,000 shares of the capital stock of the company at $15 per share, which, when paid in will make the capital $1,000,000 and increase the surplus $1245,000. We have been advised that this increase was accomplished.

The par value of the stock is $10 per share.

Management and Reputation.— The company was organized by prominent insurance and business men of Philadelphia, many of whom are also identified with the Insurance Company of North America, Philadelphia, a large and responsible company. It is under the same management as that company.

It is backed by substantial interests, and its directorate includes prominent business men and financiers. The control of the company is not closely held. The directors owned at the end of 1919 only $27.020, par value, of the $750,000 capital stock.

The underwriting policy of the company has been conservative and successful.

Its loss paying record is excellent under all conditions. Its expenses of operation are very low. and its average loss ratio is normal. The marine loss ratios in recent years were high.

Its investments are of excellent character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

The company carries as a liability a contingent fund of $762,109.93, which is actually surplus.

Affiliations.— Eastern Union, Western Union, South-eastern Underwriters Association, Board of Fire Under-writers of the Pacific, Rocket Mountain Underwriters Association.   .

Classes of Business Written.—Fire, marine, tornado. tourists' baggage, sprinkler leakage, explosion, earthquake, war risk and motor vehicle insurance.

Dividends.—The dividends paid in recent years have been as follows: 1906. 4% : 1909 and 1910. 6%; 1911 to 1915, inclusive, 8%; 1916. 10%; 1917. 14%; 191S, 10%; 1919, 12%.

Territory.— Ala., Ariz., Cal.. Colo., Conn., D. C . Fla., Ga., Hawaii, Idaho. Ill.. Ind.. Ia., Kan., Ky., La., Me.. Md., Mass., Mich , Minn., Miss.. Mo.. Mont., Nev., N. H . N. J., N. Y.. N. C., O., Ore., Pa.. R. I., S. C., Tex., Utah, Vt., Wash.. W. Va. and Wis. It also operates in Canada in all provinces except Newfoundland.

Officers.— President. Benjamin Rush; vice-president. John O. Platt; second vice-president, Sheldon Catlin: third vice-president. Galloway C. _Morris; secretary, John Kremer: treasurer and assistant secretary, J. J. Connor; marine secretary, T. Learning Smith.

Directors.

Biddle, Henry W., of Thos. A. Biddle & Co., bankers. Gribbell, John, president of John J. Griffin & Co., manufacturers.

Henry. Bayard, attorney at law.

Jones, J. Levering, attorney at law.

Kuhn, C. Hartman, capitalist.

Newbold, Arthur E., of Drexel & Co., bankers.

Packard, Charles S. W.

Rush, Benjamin, president of company.

Winsor, William D., of Henry Winsor & Co.

Stockholders' Annual Meeting.—Third Tuesday in January.

Department Managers and General Agents.—New England States, Chas. E. Parker & Co., Hartford, Conn.; South-ern States, Robt. N. HIughes, Atlanta, Ga.; Pacific Coast, J. C. Johnston, San Francisco, Cal.; Western States, C. R. Tuttle, general manager, Chicago, Ill.; Robt. Hampson & Son, general agents. Montreal, Can.

INCOME, 1919.

Ratios to Premiums Written.—Losses paid, fire. etc., 30.3%; marine. 65.3%; incurred, 40.4%; underwriting expenses, 35.7%; underwriting profit, 8.0%.

Ratios to Premiums Earned.—Losses incurred, 46.7%; expenses incurred. 43.4%; underwriting profit, 9.2%.

.11iseellaneous. 1919.—Net losses incurred, $1,007,496.06: net risks in force December 31. 1919, fire and miscellaneous. 8300,745.339: marine and inland. $11,776,182: net premiums in force, fire and miscellaneous, $2,720.612.09: marine and inland. $176.224.62: perpetual risks in force, not included in above, $755,284: perpetual deposits held. $22,853 70.

Underwriting Exhibit. 1919.—Premiums earned during 1919, $2.156.747.14: loss from underwriting profit and loss items. $14,297.98; total. $2,142,449.16.

Losses incurred during 1919, $1,007,496.06: underwriting expenses incurred during 1919, $935.672.89: total. $1,943,-168.95.

Gain from underwriting during 1919, $199,280.21.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $179,522.05; profit on investments during 1919. $2.-66E3.91: total, $182,190.96.