126   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

Miscellaneous, 1919—Net losses incurred, $1,278.42: net risks in force December 31, 1919, $967,916; net premiums in force, $27,046.48.

Underwriting Exhibit, 1919.—Premiums earned during 1919, $13,755.94.

Losses incurred during 1919, $1,278.42; underwriting expenses incurred during 1919, $19,995.91; total, $21,274.33. Loss from underwriting during 1919, $7,518.39.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $5,427.90; profit on investments during 1919, $4,-529.57; total, $9,957.47.

Gain from investments during 1919, $2,439.08.

FARMERS' FIRE AND HAIL INSURANCE COMPANY,
414-415 MacLean Block, Calgary, Canada.

FARMERS AUTOMOBILE INSURANCE COMPANY — Continued.

As of December 31, 1919, the directors owned at par value   DISBURSEMENTS. 1919.

$50,500 of the $100,000 capital stock.   Nct losses paid    

It writes fire and theft insurance on automobiles, but   Underwriting expenses    

we are not fully informed as to whether it writes other classes of fire coverage. It is not licensed outside of Iowa in so far as we know.

Stockholders' Annual Meeting.— Third Tuesday in January.

TOTAL DISBURSEMENTS    $20.874 33

$1,278 42 19.595 91

INCOME, 1919.

Gross premiums written    

Less return premiums    

Total net premiums    

Interest, etc   

Proceeds sale of stock    

Contribution to surplus    

Gross income, by adjustment book value   

TOTAL INCOME    

$28,075 09 795 91

$27,279 18

4, 083 69 100,000 00 24, 900 00

4, 529 57

$160,792 44

ASSETS, DECEMBER 31, 1919.

Cash on hand    $752 41

Balance at bank    20,136 87

Investments with accrued interest    62,195 00

Government saving certificates    747 53

North West Adjustment Co    300 00
Sundry debtors:

Bills receivable    2

   13.56 22

Agents' balances    2.352 30

Furniture, fixtures and automobiles    3. 402 87

Prepaid expenses    452 35

Organization expenses    16.500 00

TOTAL ADMITTED ASSETS       $120, 715 35
GENERAL REVIEW.

History.— This company was incorporated under the laws of Alberta in February, 1917. and was licensed and began business in June, 1917, with an authorized capital of $500,000, of which $343,900 was subscribed and $85,975 paid in. Stock (par value $100 per share) was sold at that price, so that it started without a surplus. The expense of promotion was, according to the information that we have from the company, 15%, one-half being in cash and the remainder in stock.

Management and Reputation.— _M. P. Johnston, managing director, has had nine years' experience in insurance, and C. E. Prosser, field superintendent, has been engaged in special agency work for over twelve years. W. B. Barnes,

secretary-treasurer, has been active in insurance offices for approximately the same period.

Classes of Business Written.— It writes fire, hail, live stock (fire and lightning only) and automobile insurance.

Territory.— It is licensed in the Provinces of Alberta and Saskatchewan.

During 1919 it wrote $18,743.77 fire premiums, with a loss ratio of 14%, and $115,049.25 hail premiums, upon which the loss ratio was 49.9%.

Its net retention subject to one fire is limited to $1,000. Officers.— President, A. J. H. Donahoe; vice-president, M. L. Munday; managing-director, M. P. Johnston; field superintendent, C. E. Prosser; director, A. N. Kessler.