14   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

AMERICAN AND FOREIGN MARINE INSURANCE COMPANY—Continued.

Management and Reputation.— The underwriting policy of the company has been conservative and successful, and it has made steady and substantial progress.

lts loss paying record is excellent. Its expenses of operation have been very moderate, and its loss ratio has been very low. In 1919 its expense of operation and its loss ratio were above normal. It increased its business considerably in 1918 and made a large underwriting profit that year, but in 1919 its volume fell back to its former level and it sustained a small loss from underwriting. Its in-vestments are of excellent character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

Its president is United States manager of the British and Foreign Marine Insurance Company and also of the Reliance Marine, Ocean Marine and Maritime insurance companies, of England.

Classes of Business Written.— Marine, tourists' baggage, registered mail and automobile insurance.

Dividends.— In recent years it has paid dividends as follows: 1902 to 1906, inclusive, 5%; 1907 to 1913, inclusive, 7%; 1914 to 1916, inclusive, 10%; 1917. 15%; 1915 and 1919, 20%.

Officers.— President, W. L. H. Simpson; vice-president, W. A. W. Burnett; secretary and treasurer, John E. Hoff-man.   '

Directors.— Burnett, W. A. W.; Hoffman, John E.; Jamison, W. A.; Macomber, Frank Gair; Mather, Chas. E.; Pollock, Walter R.; Post, James H.; Simpson, W. L. H.; Mackintosh, W.; Thacher, A. G.; Topping, John A.; Walters, J. H.; Carter, Walter.

INCOME, 1919.

Gross premiums written    $2,503,333 00

Less reinsurance    1,816,546 61

Less return premiums    131.775 52

Total net premiums    $555, 010 87

Interest, etc.   104.811 62

............................

Other income    3,099 is

TOTAL INCOME    $662,9D2 22

DISBURSEMENTS, 1919.

Net losses paid    $281,25.2 23

Underwriting expenses    382.053 66

Dividends to stockholders    60.000 00

Other disbursements    '   1,429 83

TOTAL DISBURSEMENTS    $724.735 72

Ratios to Premiums Written.— Losses paid, 507%; incurred, 55.0%; underwriting expenses, 68.8%; underwriting loss, 4.3%.

Ratios to Premiums Earned.—Losses incurred, 54.9%; expenses incurred, 56.5%; underwriting loss. 4.3%.

Miscellaneous, 1919.—Net losses incurred, $305,314.32; net risks in force December 31, 1919, $51,092,422; net premiums in force, $139,030.78.

Underwriting Exhibit, 1919.—Premiums earned during 1919, $556,010.30; gain from underwriting profit and loss items, $39,454.78; total, $595,465.08.

Losses incurred during 1919, $305.314.32; underwriting expenses incurred during 1919, $314,060.47; total, $619,-374.79.

Loss from underwriting during 1919, $23,909.71.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $106.158.78; profit on investments during 1919, $1,-526.74; total, $107,685.52.

Loss on investments during 1919, $51.822.19: investment expenses incurred during 1919, $2,993.19: total. $54.815.38.

total, $83,909.71.

Surplus, December 31, 1918, $1,623,805.16; decrease, $4,-571.87: surplus, December 31, 1919, $1.619,233.29.

AJ\IERICAN AUTOMOBILE INSURANCE COMPANY,
Pierce Bldg., St. Louis, Mo.

GENERAL REVIEW.

History.—This company was incorporated under the laws of Missouri December 15, 1911. It was organized under the general insurance laws of Missouri for companies other than life, and its charter powers are broad. The intention of the company, however, is to confine its underwriting

to all kinds of insurance on automobiles, including fire, theft, collision, property damage and liability, and any other insurance relating to automobiles.

It began business January 1, 1912, with $200,000 authorized capital divided into 2,000 shares, par value $100 each. The stock was sold at $131 per share and a premium of