BEST'S INSURANCE REPORTS   FIRE': AND MARINE.   39

AUTOMOBILE INSURANCE COMPANY — Continued.

Stockholders' Annual Meeting.— First Wednesday in February.

INCOME, 1919.

Marine

   Fire, etc.   and In:and

Gross premiums written. $7, 779. 822 14   $8.837,542 52

Less reinsurance    2,047,294 99   2,578.369 3S

Less return premiums.. 1,822,929 90   1,414,746 88

Total net premiums.. $3.909,567 25   $4.844.426 26

Interest, etc   301.639 31
Increase in liabilities during the year on

account of reinsurance treaties    47,836 20

Othere income    4,167 9S

TOTAL INCOME    $9.107.637 00

DISBURSEMENTS, 1919.

Net losses paid:

Fire and miscellaneous    $1,502.627 2S

Marine and inland   2,232,139 82

TOTAL   $3.734.767 10

Underwriting expenses    3.331,231 72

Dividends to stockholders    200,000 00

Other disbursements    11.620 5S

TOTAL DISBURSEMENTS    $7.277.619 zi

Ratios to Premiums Written.—Losses paid, fire. etc.. 38.4%; marine, 46 1%; incurred, 47.4%; underwriting expenses, 38.0%; underwriting profit, 1.7%.

Ratios to Premiums Earned.— Losses incurred, 53.4%; expenses incurred, 44.5%; underwriting profit, 1.9%.

Miscellaneous, 1919.— Net losses incurred, $4,154,438.71: net risks in force December 31. 1919, tire and miscellaneous, $665.365.208: marine and inland, $230,718,535; net premiums in force, fire and miscellaneous, $5,261,958.57; marine and inland, $2,744,128.06.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $7,782,097.03; loss from underwriting profit and loss items, $16,555.96: total, $7,765,241.07.

Losses incurred during 1919. $4,154,438.71 ; underwriting expenses incurred during 1919, $3,464,197.89: total, $7,-618.636.60.

Gain from underwriting during 1919, $146,604.47.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $309,292.02; profit on investments during 1919, $2,-237.50: total, $311,529.52.

Loss on investments during 1919, $27,685.30: investment expenses incurred duril4P 1919, $S,76475; total, $36,450.05.

Gain from investments during 1919, $275,079.47.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $146.604.47: investments, $275.079.47; total, $421,683.94.

Loss from dividends, $200,000.

Surplus. December 31, 1918, $1,833.866.73: increase, $221.683.94: surplus, December 31, 1919. $2 055,550.67.

   ., et Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $2,118.119 51   $912, 180 19

Turists' baggage    48, 905 56   15, 142 87

Registered mail    274, 682 82   195, 991 38

Windstorm and tornado   61, 302 37   25, 210 99

Hail   162. 055 07   81, 111 52

Sprinkler leakage    31. 162 39   3.890 21

Explosion   186. 915 46   -885 64

BALTICA INSURANCE COMPANY. LTD.,
Copenhagen, Denmark.

UNITED STATES BRANCH, 45 JOHN STREET, NEW YORK. N. Y.

ADMITTED ASSETS, U. S. BRANCH, DECEMBER 31, 1919.

Bonds and stocks owned (market value)    $1,400.653 00

Interest due and accrued thereon    20,141 13

Cash in banks and office    101,849 22

Agents' balances not over three months due   220, 377 73

TOTAL ADMITTED ASSETS    $1.743.021 OS

LIABILITIES, U. S. BRANCH, DECEMBER 31, 1919. Losses in process of adjustment, $239,808;

reinsurance, $959; net   $238. 849 00 Unearned premiums: Fire and miscellaneous. $222,876.33; inland navigation, $38,-

175.42: marine, $25,623.28; total    286, 675 03

Salaries, rents, etc   4,500 00

Estimated taxes hereafter payable   7,573 31

TOTAL LIABILITIES, except statutory

capital deposit   $537,597 34 STATUTORY CAPITAL DEPOSIT, $400,000. NET SURPLUS, U. S. Branch, including

statutory capital deposit   1,205,423 74

TOTAL   $1,743,021 08

GENERAL REVIEW.

History.—This company was established in 1915. It is an exclusively Danish Company, the majority of the stock being owned by prominent Danish banks and steamship companies whose managers are all members of the board of directors of this company.

The authorized capital of the company is 17,000,000 crowns ($4,420,000) with 25% actually paid in. No stock of the company can be transferred without the consent of the board of directors.

The company's Home Office statement as of December 31, 1918 (the latest available) showed the following: