BEST'S INSURANCE REPORTS   FIRE AND MARINE.   49

BRITISH AMERICA ASSURANCE COMPANY,
15, 20, 22 Front Street, E., Toronto, Canada.

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

TOTAL AI)MITTEI) ASSETS   $2.297,350 46

GENERAL REVIEW.

History.— This company was incorporated in 1833 as the British America Eire and Life Assurance Company, and began business in June, 1833. Its title was after-wards changed to the above.

Its authorized capital is $3,000,000, of which $1,400,000 has been subscribed and $1,399,029.79 paid ill. Of this, $550,000 is preferred stock and $849,029.79 common.

It entered the United States in 1874. It is under the same directorate and has the same president and general manager as the Western Assurance Company of Toronto, Ontario. but the offices of the companies are in separate buildings and the stockholders are not identical.

To offset. heavy losses sustained in the Baltimore, Md , and Toronto conflagrations in 1904 the stockholders agreed to write off $500,000 of the capital, and authorized the issue of a like amount of new stock. The stockholders paid into the treasury $350,000 on account of this new capital. making same $850,000.

The company reported a net loss of $1.029.025.43 in the San Francisco conflagration in 1906, to offset which $550,000 of the preferred stock was issued at a premium of 25%, and the entire proceeds of the new issue, viz.. $687,-500, were paid in before December 31, 1906.

A policy entitled " British Empire Underwriters " is guaranteed by this company. It is issued in Canada only.

Management and Reputation.—The company has strong backing. its board of directors being influential and wealthy men. Its stock is fairly well distributed.

The company is in excellent repute concerning its general treatment of loss claims, and credit is due it for the manner in which it has met the severe conflagration losses sustained in the past.

The United States Branch writes a large volume of business in proportion to its net resources. The expense and loss ratios of the United States Branch have been above the average.

The loss from underwriting in recent years was due to the increase in the company's business in those years and the corresponding increase in unearned premium liability. In 1919 a substantial underwriting profit was made. The

LIABILITIES, U. S BRANCH, DECEMBER 31. 1919.

LOSSES: In process of adjustment, $244,-389.35; resisted. $5,319; total, $249,-

708 35; reinsurance, $56,335; net    $193,373 35

Unearned premiums: Fire and miscellaneous, $1,252,282.39; inland navigation,

$17,898.50; marine, $2,272.97; total    1, 272, 453 86

Salaries, rents, etc    2,000 00

Estimated taxes hereafter payable    47.523 38

Contingent commissions, etc    2.500 00

TOTAL LIABILITIES, except statutory

capital deposit    $1,517,850 59 STATUTORY CAPITAL DEPOSIT, $200,000.

NET SURPLUS. U. S. Branch, including

statutory capital deposit   779,499 87

TOTAL   $2,297,350 46

surplus decreased $36,997.96 during 1919, but this was due to the fact that $347,017.95 net was remitted to the Home Office.

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

Affiliations.— Eastern Union. Western Union, Western Insurance Bureau, Southeastern Underwriters Association, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association.

United States Trustee.—United States Mortgage and Trust Company, New York City.

Classes of Business Written.— Fire, marine and explosion insurance.

Territory.— It operates throughout the Dominion of Canada and in the United States, Mexico, Hawaii. India, Burmah, Ceylon. Great Britain, Antigua and Bermuda. In the United States it is licensed in all the States and Territories except Nev. and Vt.

Officers.— President and general manager, W. B. Meikle; secretary, E. F. Garrow.

Directors.

, Aird, Sir. John, general manager Canadian Bank of Commerce, Toronto.

Bickerdike, Robert, director Canada Life Assurance Co., Montreal.

Brock, Lt.-Col. Henry, president W. R. Brock. Ltd., Toronto.

Cooper, Alfred (Grahams & Co.), East India merchants, London and India.

Cox. H. C., president and general manager Canada Life Assurance Company.

Fulton. J. H., executive manager National City Bank, New York, N. Y.

Hanna, D. B., president Canadian National Railways, Toronto.

Hay, E., director Imperial Bank of Canada.

Hoskin (K. C., LL.D.), John, president Canada Landed and National Investment Company, Toronto.