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
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