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BEST'S INSURANCE REPORTS—FIRE AND MARINE. 71
CAROLINA INSURANCE COMPANY—Continued.
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GENERAL REVIEW. History.— This company was incorporated in 1887 with |
Stockholders' Annual Meeting.— Third January. |
Wednesday |
in |
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an authorized capital of $50,000 and commenced business in 1889. The capital is all paid in. |
INCOME, 1919. Gross premiums written |
$80, 071 |
92 |
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The par value of the stock is $10 per share. |
Less reinsurance |
34,824 |
41 |
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Management and Reputation.— The company has good |
Less return premiums |
8,220 |
28 |
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local backing. On December 31, 1919, its directors owned |
$37,027 |
23 | |
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Total net premiums | |||
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$7.790. par value, of the capital stock. |
Interest, etc. |
6.464 |
16 |
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It writes a conservative volume of business and bears a |
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good general reputation. It has paid good dividends to |
TOTAL INCOME |
$43,491 |
39 |
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stockholders, and the surplus has shown a steady increase. It operates only in North Carolina. Its expense of operation during the past three years has |
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96 |
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DISBURSEMENTS, 1919. | |||
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Net losses paid $9,072 | |||
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been moderate. Its average loss ratio is below normal. |
Underwriting expenses |
15, 858 |
20 |
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The real estate item is its office building in Wilmington, |
Dividends to stockholders |
5,000 |
00 |
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carried at book value. the market value being about $15,000. |
$29,931 |
16 | |
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TOTAL DISBURSEMENTS | |||
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The mortgage loans are upon improved property located in that city and va:ued at about twice the amount loaned. Its loss paying record is excellent. |
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Ratios to Premiums Written.— Losses paid, 24.5%; in- | |||
Class of Business Written.—Eire insurance. Territory.—North Carolina.
Diridends.— It paid 6% each year up to 1909, inclusive, and 8% to 1917: 1917 to 1919 it paid 10%. Total dividends paids since organization, $89,711.
Officers.—President, H. C. McQueen; vice-president, R. A. Parsley; secretary, M. S. Willard.
Directors.
Beery. E. M.. special agent of company.
Bellamy. Jr.. J. I)., lawyer.
Boatwright, S. M., general insurance.
Foard, H. G., insurance.
Giles, Jr., C.. general insurance.
Lord, F. A., general insurance and real estate.
MacRae, Donald, capitalist.
McQueen, H. C., bank president.
Parsley, R. A., lumber manufacturer.
Reilly. J. Owen. insurance and real estate.
Sternberger, Sol., capitalist.
Taylor, Walker, general insurance.
Willard, M. S., secretary of the company.
All of the above directors are of Wilmington, N. C.
curred, 31.9%; underwriting expenses, 42.S%; underwriting profit, 18.5%.
Ratios to Premiums Earned.—Losses incurred, 35.0%; expenses incurred, 44.9%; underwriting profit, 20.3%.
Miscellaneous, 1919.— Net losses incurred, $11,826.53; net risks in force December 31, 1919, $3,575,919.55; net premiums in force, $69,172.56.
Underwriting Exhibit, 1919.— Premiums earned during 1919, $33,785.78; gain from underwriting profit and loss items, $90.67; total, $33,876.45.
Losses incurred during 1919, $11,826.53; underwriting expenses incurred during 1919, $15,187.55; total, $27,014.08.
Gain from underwriting during 1919, $16,862.37. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $6,464.16.
Investment expenses incurred during 1919, $670.65. Gain from investments (luring 1919, $5,793.51.
Gain and Loss Exhibit, 1919.—Gains: Underwriting, $6,862.37: investments, $5,793.51; total, $12,655.58. Loss from dividends. $5,000.
Surplus, December 31, 1918, $60,407; increase, $7,655.88; surplus, December 31. 1919, $68,062.88.
CENTRAL FIRE INSURANCE COMPANY, Baltimore and Holliday Streets, Baltimore, AI.;
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ADMITTED ASSETS, DECEMBER 31, 1919. |
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LIABILITIES, DECEMBER 31, 1919. |
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Real estate owned (market value) |
$162, 500 |
00 |
Losses in process of adjustment, $13.964.01: |
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Mortgage loans on real estate |
10,550 |
00 |
reinsurance, $1,644.43; net |
$12.319 |
58 | |
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Interest due and accrued thereon |
233 |
55 |
Unearned premiums |
455,806 |
49 | |
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U. S. Gov. War Savings stamps |
30 |
60 |
Amount reclaimable on perpetual deposits |
4. |
173 |
62 |
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Bonds and stocks owned (market value) |
1.639, 601 |
00 |
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Interest due and accrued thereon |
11.823 |
95 |
TOTAL LIABILITIES, except capital |
$472, |
299 |
60 |
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Cash in banks and office |
21, 257 |
94 |
CAPITAL PAID UP |
500, |
000 |
00 |
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Agents' balances not over three months due. |
76, 038 |
42 |
NET SURPLUS |
988, |
887 |
00 |
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Automobiles |
275 |
00 |
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Bills receivable taken for fire risks |
5, 425 |
43 |
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Losses recoverable reinsurance companies |
4. 708 |
23 |
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Investment in ground rents 27,475 |
62 |
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Interest due and accrued thereon 1,266 |
95 |
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TOTAL ADMITTED ASSETS $1,961,186 |
69 |
TOTAL $1,961,186 |
69 | |||
GENERAL REVIEW.
History.— This company commenced business in March, 1865, with $60,000 paid-in capital. In January, 1871, a .stock dividend of $240,000 was declared, increasing the
capital to $300,000, and in January, 1878, a stock dividend of $200,000 was declared, increasing the capital to $500,000.
In 1904 the company lost $924,497.31 in the Baltimore conflagration, which it was able to pay out of its surplus
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