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78 BEST'S INSURANCE REPORTS—FIRE AND MARINE.
CHINA FIRE INSURANCE COMPANY, LTD.—Continued.
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ASSETS. |
|
|
count |
292,351 75 |
|
Cash (silver) |
$1,16S,S79 |
03 |
Sundry creditors |
196,856 5S |
|
Cash (sterling) |
267,464 |
90 |
Working account, 1917 balance |
452,600 13 |
|
Investments (silver securities) |
1,275.179 |
84 |
Working account, 1918 balance |
1,OS3,677 09 |
|
Investments (sterling securities) |
446, 316 |
17 |
|
|
|
| ||||
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Mortgage loans |
805,503 |
73 |
|
83,203,895 96 |
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Office furniture and fixtures |
1,425 |
00 |
CAPITAL PAID IN |
400.000 00 |
|
Sundry debtors |
787,504 |
41 |
SURPLUS |
1,148,377 1.2 |
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TOTAL ASSETS $4,752,273 |
08 |
|
84,752,273 OS | |
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LIABILITIES. |
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|
This statement is prepared upon the silver basis, $1 being | |
|
Unearned premium reserve |
$835, 357 |
59 |
equal in United States currency, according to the rate of | |
|
Underwriting suspense account |
343,052 |
82 |
exchange when this statement was prepared to approxi- | |
Exchange and investment fluctuation ac- mately 8Oc.
CHRISTIANIA GENERAL INSURANCE CO M Christiania, Norway.
UNITED STATES BRANCH, 100 WILLIAM STREET, NEW YORK. N. Y.
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
GENERAL REVIEW.
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.
LIABILITIES, U. S. BRANCH, DECEMBER 31, 1919.
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LOSSES: Adjusted, due, $253,422; in |
|
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process of adjustment, $96,709; total |
$350. 131 00 |
|
Unearned premiums |
22, 287, 471 90 |
|
Salaries, rents, etc |
2, 000 00 |
|
Estimated taxes hereafter payable |
130,000 00 |
|
Contingent commissions, etc |
50, 000 00 |
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TOTAL LIABILITIES, except statutory capital deposit |
$2,819,602 90 |
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STATUTORY CAPITAL DEPOSIT, $200,000. NET SURPLUS, U. S. Branch, including statutory capital deposit |
1,082,872 34 |
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TOTAL $3,902,475 24 | |
United States Manager.—J. M. Wennstrom, 100 William street, New York City.
United States Trustee.— Liberty National Bank, New York City.
Classes of Business Written.— In the United States the company writes only fire• reinsurance.
Territory.— The company is licensed in Ark., Colo, Ill., Ind., Ia., La., Mass., Mich., Miss., Mont., Nev., N. H., N. J., N. Y., N. C., Ohio, Pa., Tex. and W. Va.
INCOME, U. S. BRANCH, 1919.
Gross premiums written $4,829,852 30
Less return premiums 1,166.740 22
Total net premiums $3,663,112 OS
Interest, etc
Received from Home Office
Other income ..........................
TOTAL INCOME $3,840,915 07
DISBURSEMENTS, U. S. BRANCH, 1919.
Net losses paid $1.253.377 03
Underwriting expenses 1,154,665 46
Remitted to Home Office 13.310 25 Other disbursements
3,409 27
TOTAL DISBURSEMENTS $2,460,262 01
117,625 65
59, 764 84
412 50
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