BEST'S INSURANCE REPORTS—FIRE AND MARINE.   55

BRITISH TRADERS INSURANCE COMPANY. LTD.— Continued.

BUCKEYE NATIONAL FIRE INSURANCE COMPANY,
337 Spitzer Bldg., Toledo, Ohio.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $70, 625 00

Interest due and accrued thereon    1,636 01

Loans on collateral security    1,500 00

Bonds and stocks owned (market value) ..   86, 944 75

Interest due and accrued thereon   805 23

Cash in banks and office   41.436 18

Agents' balances not over three months due   17, 628 69

Reinsurance due on losses paid    1,505 65

Other admitted assets    72 72

TOTAL ADMITTED ASSETS    $222. 154 23

GENERAL REVIEW.

History.— This company was incorporated under the laws of Ohio, being originally chartered as the People's National Fire Insurance Company, with an authorized capital of $100,000. The title of the company was changed to Buckeye National Fire Insurance Company in January, 1914. It was licensed on September 24, 1914, and began business October 1, 1914.

The stock of the company, par value $10, was sold at $20 a 'share. and subscriptions were payable in, instalments, 25 per cent. being payable upon the signing of the subscription, the remainder being subject to call within thirty days after the entire capital stock had been fully subscribed. The company began business with its entire capital paid in and with a surplus of $48,097.18. The organization expenses were high, being 25 per cent. of the proceeds of the sale of stock.

Management and Reputation.—The company is backed by substantial local interests. Its stockholders are said to number over 1,000, and reside in Toledo and north-western Ohio. On December 31, 1919, the directors owned $21,500. par value, of the capital stock.

The Underwriting Department is in charge of Chas. H. Harraden, who has had thirty-eight years of practical experience in insurance in both office and field work. H. S. Bassett, secretary of the company. was identified with the Ohio Insurance Department for nine years.

The company's underwriting operations, with the exception of 1918, have shown a loss. During 1918 its loss ratio on fire business was very high, partly due to a decrease in the volume of fire premiums written. It also wrote. for the first time, a considerable volume of marine business on which it paid losses of 44.0%. On the entire business

the statement as of December 31, 1918, indicated that it made an underwriting profit of 10.2%; but no adequate provision was made for unreported and unknown marine losses. The company ceased writing marine business February 1, 1919. The marine premiums for January were $11,662.84. Upon discontinuance of writing marine risks it reinsured the term business and cost of reinsurance and return premiums on cancellations consumed the premiums; $20,042.38 in losses, incurred in 1918 but not reported December 31. 1918, were paid in 1919. The fire underwriting operations in 1919 were profitable.

The volume of business transacted is conservative. The expense of management has been moderate.

The company bears a good reputation in the matter of loss settlements. It writes a limited volume of " excess lines" through W. L. Dickelman & Co., of Chicago. Ill.

The company's investments are of good character. The mortgage loans are secured by improved farm and city property in Ohio. valued at over twice the amount loaned.

Affiliation.— Western Insurance Bureau.

Classes of Business Transacted.— Fire and tornado insurance.

Dividends.—No dividends have so far been declared. Territory.— The company is licensed in Illinois, Michigan and Ohio.

Officers.— President, H. M. Barfield; vice-presidents, Charles Feilbach, Sherman Bond and D. L. Durbin ; secretary, H. S. Bassett; assistant secretary, E. H. Norton; treasurer. J. M. Spencer; general counsel, U. G. Denman, and Chas. H. Harraden, underwriting manager.

Directors.

Altenburger, George, insurance and real estate, Ottoville, Ohio.