BEST'S INSURANCE REPORTS   FIRE AND MARINE.   31

ARIZONA FIRE

Mitchell, S. H., general manager Phoenix Phoenix, Ariz.

Scott, C. M., general manager Arizona Eastern Ry. Co., Phoenix, Ariz.

Norris, T. G., attorney, Prescott, Ariz,

Davis, E. M., general manager Arizona Fire Insurance Co. La Prade, E. T., capitalist, Winslow, Ariz.

Randolph, Epes, vice-president Southern Pacific H. N. Co., Tucson, Ariz.

Sawyer, E. A., cattle business, Winslow, Ariz.

Pascoe, T. A., Globe, Ariz.

stockholders' Annual Meeting.— Second Monday March.

INOOME, 1919.

curred, 39.5%; underwriting expenses, 56.9%; underwriting loss, 10.8%.

Ratios to Premiums Earned.—Losses incurred, 46.1%; expenses incurred, 66.5%; underwriting loss, 12.6%.

Miscellaneous, 1919.—Net losses incurred, $97,109; net risks in force December 31, 1919, $24,050,667; net premiums in force, $332,276 40.

Underwriting Exhibit, 1919.—Premiums earned during 1919, $210,717.87.

Losses incurred during 1919, $97,109; underwriting expenses incurred during 1919, $140,135.75; total, $237',-244.75.

Loss from underwriting during 1919, $26,526.88. Investment Exhibit, 1919.—Interest, etc., earned during 1919, $18,533.93; profit on investments during 1919. $53,-144.67; total, $'1,61S.60.

Loss on investments during 1919, $3,174.67; investment expenses incurred during 1919, $864.75; total, $4,039.42. Gain from investments during 1919, $67,639.18.

Gain and Loss Exhibit, 1919.— Gain from investments, $67.639.18.

Loss from underwriting. $26.526.88.

Surplus, December 31, 1918. $4.158.51; increase, $41,-112.30; surplus, December 31. 1919, $45.270.81.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $8,844 02   $828 04

Windstorm and tornado....   1,925 53   1.045 16

INSURANCE COMPANY — Continued.

Ry. Co.,   Ratios to Premiums Written.— Losses paid, 38.2%; in-

ASSITRANCE COMPANY OF AMERICA,
80 Maiden Lane, New York, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $114.000 00

Interest due and accrued thereon    1,325 00

Bonds and stocks owned (marked value)   836,117 00

Interest due and accrued thereon    6,873 10

Cash in banks and office    70,106 71

Agents' balances not over three months due   79. ISO 57

TOTAL ADMITTED ASSETS    $1.107,602 38

LIABILITIES, DECEMBER 31, 1919.

LOSSES: Adjusted, not due, $9,680.09; in process of adjustment, $130,345.33; total,

$140,028.42; reinsurance, $71,935.42; net.   $68, 093 00

Unearned premiums: Fire and miscellaneous, $284,040.69; inland navigation, $54,-

808 58: total   338, 849 27.

Salaries, rents, etc   500 00

Estimated taxes hereafter payable    14, 500 00

Contingent commissions, etc   3,979 89

TOTAL LIABILITIES, except capital.   $425.922 16

CAPITAL PAID UP    200, 000 00

NET SURPLUS    481, 680 2.2

TOTAL   $1,107,602 38

GENERAL REVIEW.

History.— This company was incorporated in February, 1897, and began business April 1, 1897, with $200.000 capital and $200,000 surplus. It took over the business of the Assurance Lloyds of America, which was organized in 1892.

In December, 1903, it absorbed the National Standard Insurance Company of New York, organized in 1896, which had been under the same management, and the capital was increased to $400,000. In February, 1904, the company sustained a loss of $183,309 in the Baltimore conflagration, which considerably reduced the surplus. In 1906 it sustained a net loss of $400,750 in the San Francisco conflagration, and the capital was reduced from $400,000 to $200.000, transferring $200,000 to surplus.

On February 14, 1907, it reinsured all its outstanding risks in the National Fire Insurance Company, Hartford, Conn. In January, 1908, the company resumed operations,

and since that time has made continuous and substantial progress.

The par value of the stock is $100 per share.

.11anagenient and Reputation.—The management is conservative, and the company writes only certain special classes of business. It is controlled by its directors, who owned $104.900, par value, of its stock on December 31, 1919.

Its management expenses are low, and its operations in recent years have been very profitable, enabling it to pay good dividends to its stockholders, besides materially in-creasing its surplus. Its average loss ratio is normal and in 1919 was low.

its loss paying record is excellent.

Its investments are high grade. The securities in this statement are carried at the actual market value as of December 31, 1919.