BEST'S INSURANCE REPORTS—FIRE AND MARINE.   197

INDEPENDENCE INSURANCE COMPANY—Continued.

INCOME, 1919.   39.0%; marine, 137.8%; incurred, 39.1%; underwriting

expenses, 40.8% ; underwriting profit, 12.5%.

Ratios to Premiums Earned.— Losses incurred, 40.8%; expenses incurred, 46.2% ; underwriting profit, 13.0%. Miscellaneous, 1919.— Net losses incurred, $65,431.84; net risks in force December 31, 1919, fire and miscellaneous, $17,376,219; marine and inland, $100,788; net premiums in force, fire and miscellaneous, $169,037.10; marine and in-land, $849.13.

Underwvritimg Exhibit, 1919.— Premiums earned during 1919. $160,393.15.

Losses incurred during 1919, $65,431.84; underwriting expenses incurred during 1919; $74.128.05; total. $139,-559.89.

Gain from underwriting during 1919, $20.833.26. Inrestraent Exhibit, 1919.— Interest. etc., earned during 1919. $17,981.36; profit on investments during 1919, $17,-902.05: total. $35,883.41.

Loss on investments during 1919, $21,939.50.

Gain from investments during 1919, $13,943.91.

Gain and Loss Exhibit, 1919.—Gains: Underwriting, $20,833.26; investments, $13,943.91; total, $34,777.17. Loss from dividends, $35,000.00.

Surplus, December 31, 1918, $100.370.62; decrease,

Ratios to Premiums Written.— Losses paid, fire, etc.,   $222.83: surplus, December 31, 1919, $100,147.79.

INDUSTRIAL FIRE INSURANCE CO MI I'.1\ Y, 622-630 Central Savings & Trust Bldg., Akron, Ohio.

ADMITTED ASSETS, DECEMBER 31, 1919.

laws of Ohio in August, 1910, and began business December 5, 1911, with an authorized capital of $100,000, all of which was paid in, together with $51,710.74 surplus. The stock, par value $10 per share, was sold at $10, $20 and $25 per share. Up to September, 1912, it operated an industrial department for the writing of fire insurance in small amounts on the weekly and monthly payment plan.

In June, 1912, the authorized capital was increased to $200,000. On February 19. 1915, the directors voted to absorb the Wilmington Fire Insurance Company of Delaware, and on that date the outstanding liability of that company was assumed by this company, thus increasing the capital paid in to $200,000. The company received from the Wilmington Fire interests $113,919.45, or $12.15 per share. Of this amount $93,730 was credited to capital and $20,189.45 to surplus account.

LIABILITIES. DECEMBER 31, 1919.

LOSSES: Adjusted, not due, $1.26.143.30;

in process of adjustment. $6,780.40; total,

$132.923.70: reinsurance, $21,659.13; net.   $111.264 57

Unearned premiums    356,321 31

Salaries, rents, etc    140 67

Estimated taxes hereafter payable   11,988 34

Contingent commissions, etc    600 00

Due for borrowed money    3, 288 33

Other liabilities    1, 054 42

TOTAL LIABILITIES. except capital   $484, 657 64

CAPITAL PAID UP    300.000 00

NET SURPLUS    144. 659 59

TOTAL   $929.317 23

The surplus received from the sale of the balance of the $100.000 capital was $4,724.97.

On December 30, 1915, the authorized capital was in-creased to $500,000. On the same date the paid-in capital was increased from $200,000 to $300,000, and $50,000 was paid in to surplus account. The total payments to surplus in 1915 amounted to $74,914.42.

Management and Reputation.—At the time of the trans-action with the Wilmington Fire Insurance Company, J. S. Frelinghuysen, of New York, was elected vice-president of the company. and he has control of its underwriting. G. F. Hutchings, formerly secretary and treasurer of the Wilmington Fire, was elected secretary.

The company has reputable backing, but its underwriting up to 1919 had been very unprofitable. In 1919 an underwriting profit of $55,715.67 was made. A dividend of $9,000 was paid and the surplus increased by $81,281.51. Its expense of operation is low, but its loss ratio is high.