206   BEST'S INSURANCE REPORTS — FIRE AND MARINE.

The directors are

The company transacts a

INTER-STATE FIRE INSURANCE COMPANY— Continued. substantial and reputable men.   INCOME, 1919.

its capital and surplus. Its operations so far have resulted in an underwriting loss each year.

Its expense ratio has been above the average, which is not unusual in the case of young companies. Its loss ratio in 1917 was normal, but in 1918 and 1919 it was high.

The mortgages are mainly small loans on improved property in Michigan, and are apparently well secured. They constitute the bulk of the assets. The real estate consists of a four-story brick apartment and basement at Fourth and Ferry avenues, Detroit, acquired July 30, 1918, for $212401.66, subject to an incumbrance of $60,000.

The company's loss paying reputation is good. . Atli Nation.— Western Union.

Territory.— At last advices it was licensed in Colo., Del., Ill., Ind., La., Mass., Mich., Miss.. Mont., Nev., N. H., N. J., N. Y., N. C., 0., Pa. and W. Va.

Dividends.— The first dividend was paid in 1917. the rate being 4% ; 1918 and 1919, none. .

Officers.— President. C. A. Palmer; vice-president, S. D. Andrus; secretary, W. A. Eldridge: treasurer, Leo K. Hennes; assistant secretary, H. R. Vernor; assistant managing underwriter, J. A. Moriarity.

Directors.

Aldrich, F. H., general counsel.

Andrus, S. D., managing underwriter.

Beckton, J. H., cashier Peoples State Bank, Caro, Mich. Bennett. Thos., capitalist, Wyandotte, Mich.

Berns, Jul. AV., real estate and insurance, Grosse Pointe Park, Mich.

Clarage, Chas., manager, Clarage Foundry and Mfg. Co.. Kalamazoo, Mich.

Dodge, Dr. W. T., physician, Big Rapids, Mich.

Eldridge, W. A.. chairman Parker Bros. Co., insurance, Detroit.

Hennes, Leo K.. L. K. Hennes Insurance Agency, Detroit. Liken, Chas. W.. lumberman, Sebewaing, Mich.

Moss, W. E., president American State Bank, Detroit. Palmer, C. A., president of company.

Sadowski, Dr. R., physician, Detroit.

Sands. G. T., banker, Pentwater. Mich.

Santo. John R., insurance, Traverse City. Mich

Vance, Dr. W. A., dentist, Nashville, Mich.

Vernor, H. R., Vernor Bros., assistant secretary of company, Detroit.

Wright, W. W., insurance and real estate, Jackson, Mich. .S'tockholders' Annual Meeting.—Third Tuesday in January.

Ratios to Premiums Written.— Losses paid, 56.S%; incurred, 54.1%; underwriting expenses, 46.7%; underwriting loss, 10.4%.

Ratios to Premiums Earned.— Losses incurred. 59.5%; expenses incurred. 51.4/x; underwriting loss, 11.4%.

iliseellaueous, 1919.— Net losses incurred, $209.537.19: net risks in force December 31, 1919. $46,145.179: net premiums in force, $517,521.63,

Underurriting Exhibit. 1919.—Premiums earned during 1919. $352,726.09; loss from underwriting profit and loss items. $1,810.07; total, $350,416.02.

Losses incurred during 1919, $209,537.19: underwriting expenses incurred during 1919, $181,153.11; total, $390,-690.30.

Loss from underwriting during 1919, $40.274.28.

Investment Exhibit. 1919.—Interest, etc., earned during 1919, $40.986.29; profit on investments during 1919. $15,-240.14; total, $59,226.43.

Loss on investments during 1919. $351: investment expenses incurred during 1919, $15,679.41; total. $16.030.41. Gain from investments during 1919, $43.196.02.

Gain and Loss Exhibit, 1919.— Gain from investments, $43.196.02.

Loss from underwriting, $40,274.28.

Surplus, December 31, 1915, $47,238.16: increase. $2,-921.74: surplus. December 31. 1919, $50,1559.90.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Windstorm and tornado ..   $2.381 26   $248 78

Sprinkler leakage   $576 54   $137 88

full volume in proportion to

IOWA MANiTFACTURERS' INSURANCE COMPANY,
622 Commercial Street, Waterloo, Iowa.

$1,325 00
131.086 86
1,499 61

$133.911 47 100.000 00 50.204 99

$284. 116 46