BEST'S INSURANCE REPORTS—FIRE AND MARINE.   133

INSURANCE COMPANY—Continued.

expenses incurred during 1919, $134.108.45: total, $211,-395.07.

Loss from underwriting during 1919, $8,050.56. Investment Exhibit, 1919.— Interest, etc., earned during

1919, $17,548.79; profit on investments during 1919, $6,-

351.84; total, $23,900.63.

Loss on investments during 1919. $3.555.19: investment

expenses incurred during 1919, $278.78: total. $3.833.97. Gain from investments during 1919, $20,066.66.

Gain and Loss Exhibit, 1919.— Gain from investments,

$20.066.66.

Losses:   Underwriting, $8,050.56; dividends, $16.000;
total, $24.050.56.

Surplus, December 31, 1918. $101.324.65: decrease, $3,-983.90: surplus, December 31, 1919, $97,340.75.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $7. 305 56   $3, 195 18

FIDELITY-PHENIN FIRE INSURANCE COMPANY,
80 Maiden Lane, New York, N. Y.

FIDELITY FIRE

DISBURSEMENTS, 1919.

Net losses paid    

Underwriting expenses    

Dividends to stockholders    

Other disbursements    

TOTAL DISBURSEMENTS    

$64, 644 49
135.108 45
16.000 00
278 78
$216,031 72

Ratios to premiums Written.— Losses paid, 20.0%; incurred. 23.9%; underwriting expenses. 41.8%; underwriting loss. 2.5%.

Ratios to Premiums Earned.— Losses incurred, 38.0%; expenses incurred, 66.0%; underwriting loss, 3.9%. Miscellaneous, 1919.-Net losses incurred, $77,286.62; net risks in force December 31, 1919, $23,650.077; net premiums in force, $317,819.36.

Underwriting Exhibit, 1919.- Premiums earned during 1919, $203,264.09; gain from underwriting profit and loss items, $80.42; total, $203,344.51.

Losses incurred during 1919, $77,286.62: underwriting

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $412, 500 00

Rents due and accrued    334 50

Mortgage loans on real estate    130,500 00

Interest due and accrued thereon    3,245 14

Bonds and stocks owned (market value)   20, 710, 311 25

Interest due and accrued thereon    90,713 92

Cash in banks and office    2,402,809 88

Agents' balances not over three months due   1,681.007 33

Bills receivable taken for fire risks    430, 635 92

Reinsurance due on losses paid    6.342 60

Other admitted assets   1, 101 05

TOTAL   $25,869,501 59
Deduct excess of bills receivable not past

due over unearned premium    53,239 67

TOTAL ADMITTED ASSETS    $25,816,261 92

GENERAL REVIEW.

History.— This company was formed in February, 1910, by the consolidation of the Fidelity Fire Insurance Company, organized in June, 1906, and the Phenix Insurance Company, of Brooklyn, N. Y., which began business September 10, 1853, and which had a paid-in capital of $1,-500,000. The Fidelity Fire was organized with $1,000,000 capital, $1.000,000 surplus, and a special fund of $500,000 to provide for tilt creation of the unearned premium re-serve. The merger became effective March 1, 1910. None of the executive officers of the Phenix Insurance Company is connected with the enlarged company.

The Continental Insurance Company and the American Eagle Fire Insurance Company, of New York, are under the same management as this company.

This company and the Continental Insurance Company guarantee policies entitled " Fidelity Underwriters," issued in Canada only.

The par value of the stock is $100 per share.

Management and Reputation.—The company has made excellent progress and ranks as one of the leading coin-

panies in the United States. It is backed by powerful interests, and its directorate includes prominent financiers and business men. The control of the company is not closely held. The directors owned at the end of 191.9 only $358,700, par value, of the company's $2,500,000 capital stock.

The company is in excellent repute concerning its treatment of loss claims. It carefully limits its conflagration liability in large cities, its business in the principal ones being of moderate volume in proportion to its premium in-come. Its writings were increased considerably during 1918 and 1919.

The company's expenses of operation are moderate, and its loss ratio has been low.

The " Marine Office of America," 56 Beaver street. N. Y., represents the marine department of this company. Its investments are excellent.   The securities in this statement are carried at the actual market values as of December 31, 1919, and not at the higher average rates allowed by the Convention of Insurance Commissioners. The real estate owned is a seven-story brick office build-