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BEST'S INStiRANCE REPORTS-- FIRE AND MARINE. 205
IN I'ER-STATE AUTOMOBILE INSURANCE COMPANY OF IOWA—Continued.
'
Directors.
Bradley, C. W., manager Anchor Concrete Stone Co., Rock Rapids, Ia.
Fisher, Simon, attorney, Rock Rapids, Ia.
Hampe, H. T., cashier Iowa Savings Bank, Rock Rapids, Ia.
Hampe, N., capitalist, Rock Rapids. Ia.
Maloney, J. J., dentist, Rock Rapids, Ia.
Storjohann, H. F., capitalist and vice-president of company, Rock Rapids, Ia.
Tonne, E. A.. manager Inter-State Auto Ins. Co. General Agents.—Burt and Stebbins, Houston, Tex. Stockholders' Annual Meeting.—Third Tuesday in
January.
INCOME, 1919.
|
Gross premiums written |
$765.989 |
55 |
|
Less reinsurance |
175 |
00 |
|
Less return premiums |
135.367 |
57 |
|
Total net premiums |
$630.446 |
98 |
|
Interest, etc |
17.012 |
52 |
|
Other income |
20. 000 |
00 |
|
TOTAL INCOME |
$667.459 |
50 |
|
DISBURSEMENTS, 1919. Net losses paid |
$88.802 |
68 |
|
Dividends to stockholders |
20.000 |
00 |
Expenses paid 230,475 51
TOTAL DISBURSEMENTS $339,278 19
Ratios to Premiums Written.— Losses paid, 14.1%; incurred, 14.5%; expenses paid, 36.5%; underwriting loss, 5.6%.
Ratios to Premiums Earned.—Losses incurred, 31.5%; expenses incurred, S0.3%; underwriting loss, 12.2%. Miscellaneous, 1919.— Net losses incurred, $91,312.68; net premiums in force, $743,284.23.
Underwriting Exhibit, 1919.— Premiums earned during 1919, $289,855.62; loss from underwriting profit and loss items, $1:125.59; total, $288,730.03.
Losses incurred (luring 1919, $91,312.68; underwriting expenses incurred during 1919, $232,892.93; total, $324,-205.61.
Loss from underwriting during 1919, $35,475.58. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $20,892.32.
Gain and Loss Exhibit, 1919.— Gains: Investments, $20,892.32; other sources, $20,000; total, $40,892.32. Losses: Underwriting, $35.475.58; dividends, $20,000;
total, $55,475.58.
Surplus, December 31, 191S, $56,723.80; decrease. $34,-811.38; surplus, December 31, 1919, $21,912.42.
Net Premiums Net Losses
MISCELLANEOUS CLASSES: Written. Incurred.
Motor vehicles $630, 446 98 $91. 312 68
INTER-STATE FIRE INSURANCE COMPANY,
110 West Fort Street, Detroit, Mich.
ADMITTED ASSETS, DECEMBER 31, 1919.
|
Rral estate owned (market value) |
$163.000 |
00 |
|
Mortgage loans on real estate |
339,825 |
00 |
|
Interest due and accrued thereon |
4. 249 |
76 |
|
Bonds and stocks owned (market value) |
5. 950 |
00 |
|
Interest due and accrued thereon |
90 |
9S |
|
Cash in banks and office |
53.141 |
48 |
|
Agents' balances not over three months due. |
60. 881 |
71 |
|
Other admitted assets |
3.039 |
57 |
|
TOTAL ADMITTED ASSETS |
$630. 178 |
50 |
GENERAL REVIEW.
History.— This company was incorporated December 1S, 1911, with $250,0(10 authorized capital. par value of shares $25 each. It began business July 15, 1914. Its capital and surplus were then $116.912 and $23,572.34, respectively. Up to the end of 1914. $170,495 capital and $54,660.15 surplus had been paid in. During 1915 the paid-in capital was increased to $D24.825, and $6.446 was contributed to surplus. In 1916 the capital was increased to $250.000, and $28,047.56 was collected for surplus. In 1917 the capital was increased to $259.150, and $9,150 was added to surplus.
The stock of the company was at first sold through sales-men, at $50 per share, and in 1914 the selling price was increased to $60 a share. A considerable amount of the stock was sold to local insurance agents, who act as representatives of the company in their localities.
Among those active in the organization of the company
LIABILITIES. DECEMBER 31, 1919. LOSSES: Adjusted, not due, $29,103.11; in process of adjustment, $22,248.61; total,
$51,351.72; reinsurance, $16,301.39; net $35, 050 33
Unearned premiums 266. 640 53
Salaries, rents, etc 660 52
Estimated taxes hereafter payable 860 00
Reinsurance account due other companies 17.657 22
TOTAL LIABILITIES, except capital $320,868 60
CAPITAL RAID UP 259, 150 00
NET SURPLUS 50.159 90
TOTAL $630,178 50
were several insurance men of Detroit, who are now identified with it as officers, among these being C. A. Palmer, former Commissioner of Insurance of Michigan, and W. A. Eldridge and Leo. K. Hennes, both local insurance men.
Management and Reputation.—The president was formerly Insurance Commissioner of Michigan and is in excellent repute. S. D. Andrus, the underwriter of this company. was for fifteen years assistant manager of the West-ern Department of the Providence-Washington Insurance Company, of Providence. He later became manager of the Western Department of the Georgia Home Insurance Company, of Columbus. Ga. He was then special agent of the Standard Fire Insurance Company. Hartford, for a short time, and later became superintendent of agents of the New Jersey Insurance Company, Newark, which position he held until he went with this company.
On December 31, 1919, the directors owned $42,700. par value, of the capital stock then outstanding
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