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BEST'S INSURANCE REPORTS — FIRE AND MARINE. 51
BRITISH AND FOREIGN MARINE INSURANCE COMPANY, LTD., Liverpool, England.
UNITED STATES BRANCH, COTTON EXCHANGE BLDG., NEW YORK.
TOTAL ADMITTED ASSETS $2,035,422 41
ADMITTED ASSETS, U. S. BRANCII, DECEMBER 31, 1919.
Bonds and stocks owned (market value) ) $1,306.959 00
Interest due and accrued thereon 21,430 20
Cash in banks and office 56, 436 02
Agents' balances not over three months due 550, 238 98
Reinsurance due on losses 100,358 21
GENERAL REVIEW.
History.— This company was established in 1863. Its authorized capital is £1,340,000, of which at last advises £268,000 had been paid in. It entered the United States in 1876, and is owned and controlled by the Royal Insurance Company, Ltd., of Liverpool, one of the strongest insurance companies in the world. This company controls the American and Foreign Marine Insurance Company, of New York.
Home Office Resources.— All assets of the company, are liable for the payment of losses, wherever incurred. We therefore present the following extracts from the Home Office balance sheet, which includes all its assets and liabilities: Total assets, December 31, 1918, $18,582,080; capital paid in, $4,020,000; balance underwriting account, $3,-402,540; reserve fund, $5,000,000; profit and loss account, $2,011,650.
Management and Reputation.—The underwriting policy of the company has been conservative and successful. It has made steady progress and is in excellent repute. Its expense and loss ratios have been very low. In 1919 its loss ratio was high and its expense of operation was above normal resulting in an underwriting loss of 17%.
Its United States manager, W. L. H. Simpson, is president of the American and Foreign Marine Insurance Corn-par*, and is also the United States manager of the Ocean Marine, Reliance Marine, and Maritime insurance companies, of England.
The company's loss paying reputation is excellent.
The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.
United States Trustee.— Central Union Trust Company, New York, N. Y.
Classes of Business Written.—Marine, tourists' baggage, registered mail and automobile insurance.
Territory.— It operates throughout the United Kingdom, and in Canada and the United States.
INCOME, U. S. BRANCH, 1919.
Gross premiums written $6, 588, 185 15
Less reinsurance 4,679,446 05
Less return premiums 378, 445 61
Total net premiums $1. 530, 293 49
LIABILITIES, U. S. BRANCH, DECEMBER 31, 1919.
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Losses in process of adjustment, $1,420,- 443.83: resisted, $4,557.44; total, $1,425,- |
|
|
|
001.27: reinsurance, $717,916.47; net |
$707, 084 |
80 |
|
Unearned premiums: Inland navigation, $225,980.63; marine, $84,874.21; total |
310,854 |
84 |
|
Salaries, rents, etc |
41, 972 |
10 |
|
Estimated taxes hereafter payable |
57, 255 |
00 |
|
TOTAL T.IABILITIES, except statutory |
|
74 |
|
capital deposit $1.117,166 | ||
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STATUTORY CAPITAL DEPOSIT. $200,000. NET SURPLUS, U. S. Branch, including statutory capital deposit |
918, 255 |
67 |
|
TOTAL $2, 035, 422 |
41 | |
|
Interest, etc |
90,225 |
84 |
|
Received from Home Office |
1, 363, 199 |
20 |
|
Other income |
7,592 |
69 |
|
TOTAL INCOME $2,991,311 |
22 | |
|
DISBURSEMENTS, U. S. BRANCH, 1919. |
66 | |
|
Net losses paid $880,392 | ||
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Underwriting expenses 789,142 |
90 | |
|
Remitted to Home Office 1, 612, 860 |
63 | |
|
Other disbursements 467 |
77 | |
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TOTAL DISBURSEMENTS $3,282,863 |
96 | |
|
Ratios to Premiums Written.— Losses paid, 57.5%; |
in- | |
curred, 71.2%; underwriting expenses, 51.6%a; underwriting loss, 17.1%.
Ratios to Premiums Earned.— Losses incurred, 76.3%; expenses incurred, 49.0%; underwriting loss, 18.4%. Miscellaneous, 1919.— Net losses incurred, $1,089,435.25; net risks in force December 31, 1919, $56,491,858; net premiums in force, $536,835.47.
Underwriting Exhibit, 1919.— Premiums earned during 1919, $1,426.649.64; gain from underwriting profit and loss items, $99,478.42; total, $1,526,128.06.
Losses incurred during 1919, $1,089,435.25; underwriting expenses incurred during 1919, $699,067.84; total, $1,788,-503.09.
Loss from underwriting during 1919, $262,375.03.
Investment Exhibit, 1919.— Interest, etc., earned during 1919, $90,846.39; profit on investments during 1919, $4,-548.05; total, $95,394.44.
Loss on investments during 1919, $38,637.55; investment expenses incurred during 1919, $2,058.69; total, $40,696.24. Gain from investments during 1919, $54,698.20.
Gain and Loss Exhibit, 1919.—Gains: Investments, $54,-698.20; other sources, $1,750; remitted from Home Office, $1.363.199 20; total, $1,419,647.40.
Losses: Underwriting, $262,375.03; remitted to Home Office, $1,612,860.63; total, $1,875,235.66.
Surplus, including deposit capital, U. S. Branch, December 31, 1918, $1,373.843.93; decrease, $455,588.26; surplus, including deposit capital, U. S. Branch, December 31, 1919, $918.255.67.
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