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172 BEST'S INSURANCE REPORTS—FIRE AND IIARl ti E.
HANOI-1-:R FIRE
DISBURSEMENTS, 1919.
Net losses paid:
Fire and miscellaneous $1, 344, 218 35
Marine and inland 407,816 85
TOTAL $1.752.035 20
Underwriting expenses 1,730,506 23
Dividends to stockholders Decrease in liabilities during the year on ac-
count of reinsurance treaties
Other disbursements
100. 000 00
19,627 23 351,206 84
INSURANCE: COMPANY —Continued.
1919, $3,764,155.21; gain from underwriting profit and loss
items, $633.91; total, $3,764,869.12.
Losses incurred during 1919, $1,644,574.71; underwriting expenses incurred during 1919, $1,794,674.44; total, $3,-439.249 15.
Gain from underwriting during 1919, $325,619.97. Investent Exhibit, 1919.— Interest, etc., earned during 1919, $2_58,717.51; profit on investments during 1919, $130,-118.27: total, $418,835.78.
Loss on investments during 1919, $283,454.11; investment
expenses incurred during 1919, $67,042.21; total, $350,-
496.32.
TOTAL DISBURSEMENTS $3,953,375 50
Ratios to Premiums Written.—Losses paid, fire, etc., 38.0%; marine. 78.6%; incurred, 40.6%; underwriting expenses, 42.7%; underwriting profit, 8.0%.
Ratios to Premiums Earned.— Losses incurred, 43.7%; expenses incurred, 47.7%; underwriting profit, 8.6%.
Miscellaneous, 1919.— Net losses incurred, $1,644,573; net risks in force December 31', 1919, lire and miscellaneous, $663,808,612: marine and inland, $26.354,899; net premiums in force, fire and miscellaneous, $6,587,398.98; marine and inland. $410.521.38.
Underuu'itinq Exhibit, 1919.— Premiums earned during
Gain from investments during 1919, $68,339.46.
Gain and Loss Exhibit, 1919.— Gains: Underwriting, $325.609.97: investments, $68,339.46; total, $393,959.43. Loss from dividends, $100,000.
Surplus, December 31, 1918, $635.408.72; increase. $293.-959 43: surplus, December 31, 1919, $929,368.15.
|
_MISCELLANEOUS CLASSES: |
Net Premiums Written. |
Net Losses Incurred. | |
|
Motor vehicles - |
$306,588 |
08 |
$145,965 22 |
|
Registered mail |
1, 780 |
66 |
........ |
|
Windstorm and tornado.... |
138,875 |
27 |
49,082 06 |
|
Sprinkler leakage |
287 |
72 |
5 34 |
HARIIONIA FIRE I1SI;RA\CE COMPANY,
99 East Genesee Street, Buffalo, N. Y.
ADMITTED ASSETS, DECEMBER 31, 1919.
|
Mortgage loans on real estate |
$243,500 |
00 |
|
Interest due and accrued thereon |
3,783 |
61 |
|
Bonds and stocks owned (market value) |
30. 000 |
00 |
|
Interest due and accrued thereon |
176 |
03 |
|
Cash in banks and office |
179,560 |
87 |
|
Bills receivable taken for fire risks |
2,396 |
20 |
|
Reinsurance recoverable on paid losses |
315 |
33 |
|
Other admitted assets |
242 |
97 |
|
TOTAL ADMITTED ASSETS |
$457, 975 |
01 |
GENERAL REVIEW.
History.— This company began business in August, 1915, with $200,000 capital paid in at par, $50 per share. It succeeded the Harmonia Mutual Fire Insurance Co., which had been in operation since 1877. The stock was over-subscribed by the policyholders, and therefore the allotment was made to them under the supervision and direction of the New York Insurance Department, with scrupulous regard to the rights accorded them by the statute.
The company reinsured its outstanding business in the New Hampshire Fire Insurance Company as of January 4, 1917. It continues to operate locally under a treaty arrangement with that company; also under a similar arrangement with the Home Insurance Company. of New York, as of August 31, 1918.
Management and Reputation.— The company bears a good reputation. It transacts a very small volume of business, writing principally upon local property.
Its expense ratio has been high. due in part to the small volume of business transacted. Because of this, in spite of the fact that in 1919 its losses were negligible, it suffered a substantial underwriting loss.
The mortgage loans are secured by Buffalo real estate, valued at over twice the amount loaned.
|
LIABILITIES, DECEMBER 31, 1919. |
|
|
|
Unpaid losses, none. Unearned premiums, none. Estimated taxes hereafter payable |
$4.000 |
00 |
|
Contingent commissions, etc |
5, 191 |
73 |
|
TOTAL LIABILITIES, except capital |
$9,191 |
73 |
|
CAPITAL PAID UP |
200, 000 |
00 |
|
NET SURPLUS |
248,733 |
28 |
|
TOTAL |
$457, 975 |
01 |
The company's loss paying reputation is excellent. Class of Business Written.—Fire insurance. Dividends.— In 1918 it paid a dividend of 5%.
Officers.— President, John H. Knepper; first vice-president, John Honecker; second vice-president, Geo. A. Herner; secretary, William O. Weimar; treasurer, Edw. D. Strebel.
Directors.— Baitz, Louis; J.; Erbes, Philip; Hagmann, Gottlieb; Herner, George A.; Hoeckh, John G.; Honeeker, Christ; Honecker, John; Kleindinst, George; Knepper, John H.; Miller, George; Rounds, David D.; Speidel, Balthaser; Strebel, Edward D.; Weimar, Wm. 0.; Woltz, Charles P.
Stockholders' Annual Meeting.— Last Saturday in January.
Territory.— Licensed in New York only.
INCOME, 1919.
Gross premiums written $25, 836 85
Less reinsurance 25.836 85
Interest, etc $20,613 17
Commissions on reinsurance 9, 282 05
TOTAL INCOME $29.895 22
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