A.M. Best Fire and Marine Insurance Companies (1919)

BEST'S INSURANCE REPORTS—FIRE AND MARINE. 43

BANKERS AND SHIPPERS INSURANCE

Raskob, J. J., vice-president. E. I. Du Pont de Nemours Company.

Rowe, J. Scofield, president, Maritime Underwriting Agency, Inc.

Spoor, John A., chairman, Chicago Junction Railway. Stanley, Harold, vice-president, Guaranty Trust Co. Thayer, E. V. R., president, Chase National Bank. Walker, Elisha, director, Salomon & Co.

Watson. Jr., John J., vice-president, International Agri-

cultural Chemical Co.			Underwriting Exhibit, 1919.— Premiums earned during
Willcox, William G., vice-president, Willcox, Peck & Hughes. Wood, Oakley, treasurer, Barber & Company.			1919, $596,565.57; gain from underwriting profit and loss items, $152,536.11; total, $749,101.68. Losses incurred during 1919, $635.574.70; underwriting expenses incurred during 1919, $320,602.13; total, $956,-

INCOME, 1919. Marine Fire, etc. and Inland.			176.83. Loss from underwriting during 1919, $207,075.15.
Gross premiums written.. $1,033,655 55	$1,191,214	76	Investment Exhibit, 1919.—Interest, etc., earned during
Less reinsurance 369,486 84	554,377	93	1919, $113,188.31; profit on investments during 1919, $750;
Less return premiums.. 114,086 72	30, 031	50	total, $113,938.31. Loss on investments during 1919, $25,021.57.

Total net premiums.. $550, 081 99	$606, 805	33	Gain from investments during 1919, $88,916.74.
Interest, etc	78,882	76	Gain and Loss Exhibit, 1919.— Gain from investments,
Other income	750	00	$88,916.74.
TOTAL INCOME $1,236,520		08	Loss from underwriting, $207,075.15. Surplus, December 31, 1918, $1,500.000; decrease, $118,-
DISBURSEMENTS. 1919.		08
DISBURSEMENTS. 1919.			158.41; surplus, December 31. 1919, $1.381,841.59.
Net losses paid:			158.41; surplus, December 31. 1919, $1.381,841.59.
Fire and miscellaneous	$45.828	94	Net Premiums Net Losses
Marine and inland	$45.828	94	Net Premiums Net Losses
Marine and inland	47,351	04	MISCELLANEOUS CLASSES: Written. Incurred.
TOTAL	$93,179	98	Motor vehicles $67, 205 52 $8, 965 36
Underwriting expenses	297,573	90	Windstorm and tornado.... 554 62
TOTAL DISBURSEMENTS	$390,753	88	Sprinkler leakage 12 35
Ratios to Premiums Written.— Losses	paid, fire, etc.,		Explosion 902 14

BANKERS AUTOMOBILE INSURANCE COMPANY,
1541 0 Street, Lincoln, Nebraska.

ADMITTED ASSETS, DECEMBER 31,	1919.		LIABILITIES, DECEMBER 31, 1919.
Mortgage loans on real estate	$389.900	00	Unpaid losses	$27,566	00
Interest due and accrued thereon	10.623	20	Unearned premiums	100,387	25
Bonds and stocks owned (market value)	46. 200	00	Salaries, rents, etc	400	00
Interest due and accrued thereon	420	30	Estimated taxes hereafter payable	2, 500	00
Cash in banks and office	2,409	96	Other liabilities	6.280	00
Agents' balances not over three months due.	3S, 502	43
Agents' balances not over three months due.	3S, 502	43
War Saving Stamps	860	60	TOTAL LIABILITIES, except capital	$137, 133	25
Certificates of deposit	55, 972	59	CAPITAL PAID UP	288, 400	00
Other'admitted assets	2,098	47	NET SURPLUS	121, 454	30
TOTAL ADMITTED ASSETS	$546,987	55	TOTAL	$546,987	55

COMPANY — Continued.

8.3%; marine, 7.8%; incurred, 54.9%; underwriting expenses, 25.7%; underwriting loss, 17.9%.

Ratios to Premiums Earned.— Losses incurred, 106.5%; expenses incurred, 53.7%; underwriting loss, 34.7%. Miscellaneous, 1919.— Net losses incurred, $635,574.70; net risks in force December 31, 1919, fire and miscellaneous, $59,4$9,027; marine and inland; $34,953,781; net premiums in force, fire and miscellaneous, $520,164.71; marine and inland, $225,195.72.

GENERAL REVIEW.

History.—This company was incorporated under the laws of Nebraska April 14, 1917, and commenced business June 1. 1917. with $500.000 authorized capital. of which, on December 31. 1917, $100,000 had been paid in, with $25,000 surplus. Its stock, par value $50 per share, was sold at $100 per share.

During 1918 the paid-in capital was increased to $200,-000, and a premium of $36,025 was collected. In 1919 the capital was increased to $288,400 and $61,880 added to surplus account.

Management and Reputation.- Severe criticism was made of the promotion methods of the interests operating this company when they organized the Bankers Fire Insurance Company in 1919. (See report upon that company do pages 44 and 45.) The company writes automobile insur-

ance exclusively. The president, Charles Maixner, who is treasurer of the Bankers Fire Insurance Company organized in 1919, is said to own the State Bank at Ceresco. Nebraska, and to be a director of several other banks.

Frank Dwiggins, secretary of the company, is said to own the controlling interest in the American State Bank in Lincoln; he is a director in several other banks in Nebraska.

The general manager of the company, H. \V. Kenyon, who is also secretary of the Bankers Fire Insurance Company, has been in the insurance business for over twenty-five years, having been connected with companies such as the Royal Indemnity Co., Ocean Accident & Guarantee Corp., and the Hartford Accident & Indemnity Co.

A joint examination of this company was made by the Insurance Departments of North Carolina, Nebraska, Iowa, Colorado, Kansas and South Dakota as of July 31, 1919.