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34 BEST'S INSURANCE REPORTS-FIRE AND MARINE. .
ATLANTIC FIRE INSURANCE COMPANY — Continued.
GENERAL REVZEw. Johnson, C. E., Jr., insurance, Raleigh, N. C.
History.— This company was incorporated under the laws of the State of North Carolina in 1905, and commenced business February 1, 1906, with a paid-in capital of $125,000. During that year the stockholders voluntarily contributed $25,000 to create a surplus.
In 1917 the capital was increased to $150,000 through a stock dividend of $25,000. During 1918 it was increased to $200,000 by a stock dividend of $50,000.
The par value of the stock is $100 per share.
Management and Reputation.—Though small, the compally has good local backing, and its underwriting opera-
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tions have been very profitable. It operates only in North Carolina. R. S. Busbee, its secretary. was for several years in the |
Stockholders' Annual Meeting.—Third January. INCOME, 1919. |
Monday in | |
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employ of the South Eastern Underwriters Association, and for seven years special agent of the Seibels General Agency of Columbia. S. C. |
Gross premiums written Less reinsurance Less return premiums |
$323,455 72 142,084 OS 38, 496 36 | |
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The directors owned at the end of 1919 $S5.200, |
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par |
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value, of the capital stock. '1'lie company's loss paying record is excellent It trans- |
Total net premiums Interest, etc. |
$142.875 2S 13,942 99 | |
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acts a conservative volume of business. Its loss ratio in |
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recent years has been low, and its expense ratio has also |
1'OTAL INCOME |
$156.818 27 | |
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been low. The mortgage loans are amply secured by improved town and city property in _North Carolina. |
DISBURSEMENTS, 1919. Net losses paid |
$39,056 26 | |
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The securities owned are North Carolina 4% |
bonds: |
Underwriting expenses |
62, 148 89 |
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St. Mary's School, Raleigh, N. C.. 6% bonds; Peace |
Insti- |
Dividends to stockholders |
19.562 00 |
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tute 6% bonds; Liberty bonds: Carolina Power & |
Light |
Other disbursements |
34S S3 |
Jones, W. N., attorney, Raleigh, N. C.
Park, Chas. B., educator, Raleigh, N. C.
Procter, Ivan _51., capitalist, Raleigh, N. C. Licks, R. H., capitalist, Rocky Mount, N. C. Roberson, Wescott, attorney, High Point, N. C. Royall, R. E., manufacturer, Wake Forest, N. C. Sanders, Wm. M., merchant, Smithfield, N. C. Shepherd, S. B., attorney, Raleigh, N. C. Thompson, Alf. A., manufacturer, Raleigh, N. C. Wilson, W. G., farmer, Wilson's Mills, N. C. Young, W. J., merchant, Raleigh, N. C.
pfd. stock, and Yadkin River Power Co. pfd. stock. Affiliation.—Southeastern Underwriters Association. Class of Business Written.— Fire insurance.
Territory.— North Carolina only.
Dividends.—1908, 12%c; 1909 to 1915, inc., 8%c: 1916. 9%; 1917, 10% cash, and a stock dividend of $25.000: 1915, 1'0% cash, on $150,000 capital, and a stock dividend of $50.000. In 1919 it paid a cash dividend of $19,862.
Officers.— President. Chas. E. Johnson; vice-president, Jos. G. Brown; treasurer, Alf. A. Thompson: secretary. It. S. Busbee.
Directors.
Andrews, A. B.. attorney. Raleigh. N. C.
Andrews, Graham H.. banker, Raleigh, N. C.
Barrow, W. B., contractor, Raleigh, N. C.
Brown, Joseph G., banker. Raleigh, N. C.
Busbee, R. S., secretary of company; insurance, Raleigh, N. C.
Dunn, N. A., merchant. Raleigh, ;T. C.
Durfey, C. K., stocks and bonds. Raleigh, N. C.
Edwards. C. B., capitalist, Raleigh, N. C.
Hicks, H. T., manufacturing chemist, Raleigh, N. C. Hill, D. H.. educator, Raleigh, N. C.
Hillyer, E. C.. capitalist. Raleigh, N. C.
Horne, C. W., merchant. Clayton, N. C.
Johnson, Chas. E., banker and manufacturer, Raleigh, N. C.
TOTAL DISBURSEMENTS $121.4155 98
Ratios to Premiums Britten.—Losses paid, 27.3%; incurred, 26.7%; underwriting expenses, 43.5%; underwriting profit. 16.1%.
Ratios to Premiums Earned.—Losses incurred, 30.9%; expenses incurred. 50.4%; underwriting profit, 18.7%.
Miscellaneous, 1919 — Net losses incurred, $35,105.53; net risks in force December 31. 1919, $11,022,243; net premiums in force, $221,066.32.
Underwriting Exhibit. 1919.—Premiums earned during 1919, $123,232.35; gain from underwriting profit and loss items, $32.22: total, $123,264.57.
Losses incurred during 1919, $38.105.53; underwriting expenses incurred during 1919. $62,148.89; total, $100,-254.42.
Gain from underwriting during 1919. $23,010.15. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $14.136.61.
Investment expenses incurred during 1919, $348.83. Gain from investments during 1919, $13,787.78.
Gain and Loss Exhibit. 1919.—Gains: Underwriting,
$23,010.15: investments, $13.787.78; total, $36,797.93. Loss from dividends, $19,862.
Surplus, December 31, 1918, $62,269.57; increase, $16,-035.93: surplus. December 31, 1919, $79,205.50.
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