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BEST'S INSURANCE REPORTS—FIRE AND MARINE. 23
AMERICAN FIRE INSURANCE CORPORATION,
84 William Street, New York, N. Y.
Executive Offices, 1565 Broad Street, Hartford, Conn.
ADMITTED ASSETS, DECEMBER 31, 1919.
Bonds and stocks owned (market value)... $251, 596 00
Interest due and accrued thereon 397 81
Cash in banks and office 431,379 02
Balances due from companies not over three
months due 112,035 80
TOTAL ADMITTED ASSETS $795,408 63
LIABILITIES, DECEMBER 31, 1919.
Losses in process of adjustment $32,751 00
Unearned premiums 266,146 80
Salaries, rents, etc 26 00
Estimated taxes hereafter payable 700 00
TOTAL LIABILITIES, except capital. $299, 623 80
CAPITAL PAID UP 200,000 00
NET SURPLUS 295, 784 83
TOTAL $795, 408 63
GENERAL REVIEW.
History.— This company was incorporated under the laws of the State of New York and was licensed on February 7, 1919, with a paid-in capital of $200,000 and $300,000 surplus. Stock, par value $100, was sold at $250 per share, thus providing the surplus.
Crosby, J. T., vice-president National City Bank, New York City.
Daggett, J. M., J. S. Frelinghuysen office, New York City. Ellison, «illiam B., attorney, New York City.
Jones, R. E., president Merchants National Bank, N. Y. Hutchings, G. F., secretary Stuyvesant Fire Insurance
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The company was organized a year or more prior to starting operations by J. S. Frelinghuysen and associates, but it is now owned and controlled by other interests. |
Company, New York City. Seibels, Edwin G., manager Cotton Fire & Marine Under- writers, New York City. | ||
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Management and Reputation.— It has the substantial backing of interests identified with the Rossia Insurance Company of America, the Fire Reassurance Company of |
Spycket, Bernard, managing director Fire Reassurance | ||
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Company, Paris, France. Sturhahn, C. F., president of company. |
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Paris, France, and the Fire Reassurance Company of New York, which is now in process of organization for the pur- |
Wiingaard, Aage, general manager International Assur- | ||
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ance Company, Copenhagen, Denmark. |
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pose of taking over the business of the Fire Reassurance Company of Paris, France, a similar transaction to that of the formation of the Rossia Insurance Company of |
Stocknolders' Annual Meeting.— Second February. INCOME, 1919. |
Wednesday in | |
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America to take over the business of the Rossia Insurance |
Gross premiums written |
$540, 332 |
55 |
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Company of Petrograd, Russia. |
Less return premiums |
72,606 |
32 |
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Carl F. Sturhahn, president of this company, is also |
Total net premiums |
$467, 726 |
23 |
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president of the Rossia Insurance Company of America and |
Interest, etc |
11,414 |
87 |
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general attorney in the United States for the Fire Re- assurance Company of Paris, France. |
Surplus paid in |
300,000 |
00 |
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B. N. Carvalho, vice-president, is also vice-president of the Rossia Insurance Company of America and acts as resident manager of the Fire Reassurance Company of |
TOTAL INCOME DISBURSEMENTS, 1919. |
$779, 141 |
10 |
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Paris. |
Net losses paid |
$23,511 |
73 |
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T. B. Boss, secretary and treasurer, holds the same office |
Underwriting expenses |
161,322 |
33 |
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in the Rossia Insurance Company of America and is the |
Investment expenses |
313 |
22 |
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United States treasurer of the Fire Reassurance Company of Paris. |
TOTAL DISBURSEMENTS |
$185,147 |
28 |
The directors are all prominent bankers. attorneys and insurance company officials of American or foreign companies, and held, as of December 31, 1919, all of the $200,000 capital stock.
The company transacts fire reinsurance only and during
its first year wrote a conservative volume of business with
a low loss ratio and moderate expense for a young company. Its investments are of high character.
Classes of Business Written.— Fire reinsurance only. Territory.— It is licensed in Ark., Colo., Conn., Del., Ill.,
Ind., Ia., La., Mass., Mich., Miss., Mont., Nev., N. H.,
N. J.. N. Y., N. C., Ohio, Pa., Tex., Utah and W. Va. Officers.—President, C. F. Sturhahn; vice-president, B.
N. Carvalho; secretary and treasurer, T. B. Boss. Directors.
Boss, T. B., secretary and treasurer of company. Carvalho, B. N.: vice-president of company.
Cillis, Hubert, president Guardian Life Insurance Company of America, New York City.
Ratios to Premiums Written.—Losses paid, 5.0%; incurred, 12.0%; underwriting expenses, 34.5%; underwriting loss, 3.5%.
Ratios to Premiums Earned.—Losses incurred, 27.9%; expenses incurred, 80.3%; underwriting loss, 8.2%. Miscellaneous, 1919.— Net losses incurred, $56,262.73; net risks in force December 31, 1919, $47,565,885; net premiums in force, $447,478.32.
Underwriting Exhibit, 1919.—Premiums earned during 1919, $201,579.43.
Losses incurred during 1919, $56,262.73; underwriting expenses incurred during 1919, $162,048.33; total, $218,-311.06.
Loss from underwriting during 1919, $16.731.63. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $11,812.68; profit on investments during 1919, $1,017; total, $12,829.68.
Investment expenses incurred during 1919, $313.22. Gain from investments during 1919, $12.516.46.
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