BEST'S INSURANCE REPORTS—FIRE AND MARINE.   45

INSURANCE COMPANY — Continued.

of this company are, for the most part, officers and directors of the Bankers Automobile Insurance Co., of Lincoln, Neb., which was organized in 1917.

A. H. Armstrong, president, is vice-president of the Bankers Automobile Insurance Co.; Chas. M. Maixner, vice-president, is president of the Bankers Automobile Insurance Co.; H. W. Kenyon, secretary and general manager, is treasurer and general manager of that company.

8. W. Kenyon, secretary and general manager, informs us that he has been in the insurance business continuously for more than twenty years, most of which time he spent as general underwriter and field agency supervisor in Western branch offices in Chicago of the Hartford, Ocean and Royal companies.

9. W. Rockey, vice-president, who came to the company after it was well under organization, has had a long insurance training, having been with the Traders Insurance Company of Chicago, and the Dixie Fire, in the under-writing departments at the home offices, and subsequently served as superintendent of agencies of the New Jersey Fire Insurance Company and managing underwriter of the Merchants National Fire Insurance Company, which, together with other companies, was merged into the Western Alliance Insurance Company early in 1919.

Classes of Business Written.—Fire, marine and allied lines.

Territory.— It is licensed in Nebraska only, but expects to enter several other States at an early date.

Officers.— President, A. H. Armstrong; vice-presidents, I. W. Rockey and Charles M. Maixner; secretary and general manager. H. W. Kenyon.

BEAVER FIRE INSURANCE COMPANY,
Winnipeg, Manitoba. Can.

BANKERS FIRE

profit out of its underwriting agreement, and that it had in effect deprived the Fire Insurance Company of the benefits of the sale of its stock which it ought to have received.

" After continuous negotiations the Brokerage Company has restored to the treasury of the Fire Insurance Company the sum of $100,000 and has, in the view of the Department, made substantial restitution of the unreasonable profits which it made on the underwriting contract. The Depart ment feels that, from the standpoint of the Fire Insurance Company, it is considerably better off by means of this $100,000 restitution, and that as a company it is now on a substantial basis. The underwriting contract between the Brokerage Company and the Fire Insurance Company has been cancelled, and under the new rules of the Department of Trade and Commerce adopted on December 1 it will not be possible for any companies in the future to enter into any contracts or underwriting agreements whereby they can be deprived of an unreasonable amount of the money they should receive for the sale of their stock. The Department feels that the hundred thousand dollar restitution which the Brokerage Company made was a signal victory for the Department and a great aid in putting on a substantial basis the fire Insurance Company."

The Bankers Fire was incorporated by H. W. Kenyon, Clark Turney, H. K. Burket, C. H. Swallow, H. W. Lansing, Will W. Wertz, A. H. Armstrong, Charles Maixner and M. V. Beghtol.

The Brokerage Company incorporated at the same time with a capital of $5,000, the articles being signed by H. W. Kenyon, Charles Maixner and M. V. Beghtol.

Management and Reputation.— The officers and directors

GENERAL REVIEW.

History.— This company was incorporated under the laws of the Dominion of Canada May 16, 1913, and began business January 15. 1914. Its authorized capital is $1.000,-000, $300,500 of which was subscribed and $105,175 paid in, with $15,025 surplus, when it began business. The organization expenses were $10,814.15. Its stock, par value $100 per share, was sold at $105 per share.

The company's Dominion charter called for an annual inn-crease in paid-up capital of at least $15,000, until such item became $175,000. On December 1. 1914, a call of 5% on the subscribed capital was made, increasing the paid-in capital to $120,200, and in 1915. $15,025 more was paid into capital account, making that item $135.225. In 1916 the capital was again increased by $15,025, making it $150,250,

and in 1917 it was increased to $165.275. In 1918 it was increased to $180,300, and in 1919 it was further increased, by a call of 5% of the subscribed capital, to $195,325.

Management and Reputation.— The company bears a good reputation and is conservatively managed. It writes only " preferred " business, and its net lines are small. The expenses of management are moderate, and the loss ratio is low.

The securities owned are of good character.

The unearned premium reserve is calculated upon the Dominion Government basis.

The company's loss paying reputation is excellent. Affiliations.— Western Canada Fire Underwriters Association and Mainland Board of Fire Underwriters. Class of Business Written.— Fire insurance.