ADMITTED ASSETS, U. S. BRANCH, DECEMBER 31, 1919.
Bonds and stocks owned (market value) $3,324,813 60
Interest due and accrued thereon 55,158 84
Cash in banks and office 385,505 68
Agents' balances not over three months due 136, 997 12
TOTAL ADMITTED ASSETS $3,902,475 24
History.— This company was organized in 1847, and is one of the leading fire insurance companies of Norway. Its subscribed capital is $1,040,000, of which, at last advices, $520,000 had been paid in. The Board of Directors is as follows: H. Ingstad, barrister at law; Fr. Rustad, marshal of the Royal Court; A. Arntzen, solicitor; W. R. Pihl, C. E.; Chr. Hansson, managing director.
It was admitted to the United States in January, 1918, to transact a fire reinsurance business.
Home Office Resources.— All assets of the company are liable for the payment of losses incurred here. The company's Home Office balance sheet, which includes all its assets and liabilities, showed the following as of December 31. 1918: Total assets, $4,094,725; capital paid in, $533,333; net surplus, $645,863.
Management and Reputation.—United States manager is J. M. Wennstrom, who acts in the same capacity for the Svea Fire and Life Insurance Company, Limited, of Gothenburg, Sweden, He is also president of the Hudson Insurance Company, of New York\
The company has operated in the United States only since January, 1918. During that year it wrote a good volume of business, and an underwriting loss was caused by the large unearned premium reserve which the company had to set up against such business. In 1919 it made an underwriting profit.
The securities owned by the United States Branch are high grade.