38   BEST'S INSURANCE REPORTS—FIRE _1N I) MARINE.

AUTOMOBILE INSURANCE COMPANY,
650 Main Street, Hartford, Conn.

TOTAL ADMITTED ASSETS    $11,022,207 23   TOTAL   $11,022,207 23

GENERAL REVIEW.

History.— This company was incorporated under the laws of Connecticut June 13, 1907, as the Manufacturers Fire and Marine Insurance Company, with an authorized capital of $2,000,000. Early in 1912 its charter was secured by the :Etna Life Insurance Company interests, and it began business in April, 1913, with $300,000 capital and $300,000 surplus paid in. Its stock, par value $100 per share, was paid in at $200 per share.

On February 3, 1915, the stockholders voted to increase the paid-in capital from $300,000 to $1,000,000, the new stock to be sold at $200 per share. On July 8, 1915, the paid-in capital was increased to $500,000, and $200,000 was added to surplus. In December, 1915, the paid-in capital was increased to $1,000,000 and $500,000 additional surplus was paid in, and as of June 30, 1917, the capital was further increased to $2,000,000 by the issuance of 10,000 additional shares of stock at $200 per share, thus adding $1,000,000 to surplus. The capital stock of the company is controlled by the :Etna Life Insurance Company.

This company is authorized by its charter to write all lines of fire and marine insurance, including use and occupancy, loss of profits, and any other consequential loss resulting from destruction or damage to property by fire, water, explosion, or other casualties or calamities.

Policies entitled " Fire and Marine Underwriters Agency " are issued and guaranteed by this company.

Management and Reputation.—The company is under the same management as the 'Etna Casualty and Surety Company and the "Etna Life Insurance Company, of Hart-ford, Conn., and prior to 1915 wrote automobile fire insurance in conjunction with the liability business of those companies. It now writes a general fire and ocean marine business.

On December 31, 1919, the directors owned $89,800, par value, of the capital stock.

During 1917 the company increased its writings very greatly, the premium income being several times as large as in the year before, and although its unearned-premium reserve increased over $1,000,000, the company made an underwriting profit of $455,097.71 in that year. In 1918 the premium income was again very greatly increased, especially the fire premiums, and the underwriting loss in

that year was due to the corresponding increase in unearned premium liability.

In 1919 it again increased its transactions and added to reserve for unearned liability, but, notwithstanding this fact, it gained from underwriting $146,604.47 and paid dividends of $200,000.

The company's loss and expense ratios have been low. Its loss paying reputation is excellent.

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

Affiliations.— Eastern Union, Western Union, Southeast-ern Underwriters Association and Board of Fire Under-writers of the Pacific.

Classes of Business Written.— Ocean and inland marine lines, fire, windstorm, explosion, registered mail, sprinkler leakage and baggage insurance; also fire, theft, collision and loss of use insurance on automobiles.

Territory.— Licensed in all States and Territories except Alaska, Guam, _Miss., N. M., P. I., Porto Rico and Wyo.

Dividends.— It paid a dividend of 10% on $300,000 capital stock in 1914; $28,000 in 1915; 7% on $1,000,000 capital stock in 1916; 5% on $2,000,000 capital stock in 1917, and 1918 and 1919, 10%. Since beginning business it has paid $428,000 to stockholders in dividends.

Officers.— President, M. G. Bulkeley; vice-president, M.

2. Brainard; vice-president and treasurer, C. H. Remington; assistant treasurer, M. G. Bulkeley, Jr.; secretaries, J. C. Barden, W. E. Jones, John S. Turn (N. Y. Branch.

3. R. Ebert (Marine Department) ; assistant secretary, G. R. Fulton; agency secretary, W. L. Mooney.

Directors.--

Brainard, M. B., vice-president Etna Life Ins. Co. Bulkeley, Morgan G., president 'Etna Life Ins. Co. Bulkeley, M. G., Jr., assistant treasurer ;Etna Life Ins. Co. Buckeley, W. E. A., auditor :Etna Life Ins. Co.

Dunham, S. G., president Hartford Electric Light Co. Enders, J. 0., retired capitalist.

English, J. L., vice-president 'Etna Life Ins. Co. Faxon, Walter C., vice-president "Etna Life Ins. Co. Remington, C. H., vice-president 1Etna Life Ins. Co. Western Branch Office.— J. R. _Moloney, manager, 333

Pine street, San Francisco, Cal.; W. R. Briggs, superin-

tendent fire branch.