204   BEST'S INS [RANGE REPORTS—FIRE AND MARINE.

INTERN AIION AL INSURANCE COMPANY — Continued.

Gain from underwriting during 1919, $743,360.30. Investment Exhibit, 1919.— Interest, etc., earned during

1919, $211,002.03; profit on investments during 1919, $19,-

396.37; total, $230,398.90.

Loss on investments during 1919, $143,937.15: investment expenses incurred during 1919, $5,203.21; total, $149,-140.36.

Gain from investments during 1919, $81,258.54.

Gain and Loss Exhibit, 1919.-Gains: Underwriting, $743,360.30; investments, $81,258.54; total, $824,618.84. Loss from dividends, $300,000.

Surplus, December 31, 1918, $627.701.26; increase, $524,-61S.84; surplus, December 31, 1919, $1,152,320.10.

DISBURSEMENTS, 1919.

Net losses paid    $1.862,754 13

Underwriting expenses    797.395 39

Dividends to stockholders    300,000 00

Other disbursements    149,140 36

TOTAL DISBURSEMENTS    $3,109,319 88

Ratios to Premiums Written.—Losses paid, 83.3%; incurred. 67.3%; underwriting expenses, 35.7%; underwriting profit. 33.2%.

Ratios to Premiums Earned.—Losses incurred, 48.9%; expenses incurred, 26.9%; underwriting profit, 24.1%.

Miscellaneous, 1919.- Net losses incurred, $1,505,797.36; net risks in force December 31, 1919, $432,962,514; net premiums in force, $4,250.018.65.

Underwriting Exhibit, 1919.-Premiums earned during 1919, $3,077,804.16; loss from underwriting profit and loss items, $1,251.11; total, $3,076,553.05.

Losses incurred during 1919, $1,505,797.36; underwriting expenses incurred (luring 1919, $S27,395.39: total, $2,-333.192.75.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $24,410 49   $9,537 12

Windstorm and tornado....   59.487 72   10,790 91

Hail   32, 607 52   16, 142 73

Sprinkler leakage    3.845 07   267 09

Explosion   12, 420 65   775 18

War risk (other than marine)   -96 J2

INTER-STATE AUTOMOBILE INSURANCE COMPANY OF IOWA,
Rock Rapids, Iowa.

ADMITTED ASSETS, DECEMBER 31, 1919.

Bonds and stocks owned (market value)    $202, 089 12

Interest due and accrued thereon    1,063 00

Cash in banks and office    389.707 52

Agents' balances not over three months due   106, 330 63

Other admitted assets    6.760 10

TOTAL ADMITTED ASSETS    $705.950 37

GENERAL REVIEW.

History.— This company began business in May, 1916, as an assessment association, and was reorganized as a stock company during 1918 with an authorized capital of $200,000, with $100,000 paid in. The change to the stock basis was effected as of July 9, 1918, and later in the year the paid-in capital was increased to $200,000, $25,000 being collected for surplus account. The par value of the stock is $100 per share.

There were no expenses connected with the sale of the company's stock, but the change to the stock basis caused unusual expenditures in connection with the purchase of supplies, equipment, field work, etc.

The new company took over all of the assets and assumed all of the liabilities of the mutual company.

Management and Reputation.—The company is under the same control as the Inter-State Liability Insurance Company, Rock Rapids, Iowa. organized in 1919, to write liability, property damage and collision insurance on automobiles. Both companies are under the same officers.

The manager of the company is E. A. Tonne who is said to have had about five years' experience in the insurance business. The vice-president of the company, C. W. Bradley, is said to have been in the insurance business for about twenty years.

On December 31, 1919, the directors owned $134,000, par value, of the company's $200,000 capital stock.

It writes automobile insurance only under its own schedules at rates slightly increased over those used as a mutual company.

It greatly increased its business in 1919, so that it is now writing a full volume in proportion to its capital and surplus. The unearned premium reserve was set up on the pro rata basis instead of the 40% basis permitted by tue Iowa laws, and this being large on account of increase in premium volume there was a decrease of $34,811.38 in surplus, as $20,000 was paid out in dividends besides the loss from underwriting.

It had a low loss ratio in 1919 and its expenses were moderate. .

The company bears a good reputation for its treatment of loss claimants.

The bonds owned by the company are all United States Government bonds.

Classes of Business Written.—Fire, lightning, tornado, wind and theft insurance on automobiles.

Territory.--The company is licensed in Iowa, Kan., Minn., Neb., S. D. and Texas.

Dividends.— In 1919 it paid its first dividend of 10%.

Officers.— President, N. Hampe; vice-president, H. F. Storjohann; treasurer, H. T. Hampe; secretary, E. A. Tonne.