208   BEST'S INSURANCE REPORTS   FIRE AND MARINE.

IOWA NATIONAL FIRE INSURANCE COMPANY,
1018-1024 Valley Nat'l Bank Bldg., Des Moines, Iowa

ADMITTED ASSETS. DECEMBER 31. 1919.

GENERAL REVIEW.

History.— This company was incorporated under the laws of Iowa, December 9, 1915, and began business January 1. 1917, with $500,000 authorized capital, which was all sub-scribed. At the end of 1917 the entire $500,000 capital had been paid in, and during that year $J21.503 49 was collected for surplus The surplus on January 1, 1917. amounted to $55,050.80.

The par value of the stock is $100 per share. The stock was sold at $200 per share, except that the forty-seven original incorporators of the company secured the stock at $150 per share. The company was promoted by its president through the Iowa National Investment Company, and the organization expenses were not limited. The company advised us that $40.65 per share, or about 21%. was used for promotion expenses.

Management and Reputation.—The president of the company served for six years as Auditor of State of Iowa, during which time he was ex-officio Commissioner of Insurancc.

The second vice-president, who is also the underwriting manager. has had twenty years' insurance experience in the State of Iowa. When the Rate Law of Iowa was enacted in 1914 he was selected to take charge of that department under the Commissioner of Insurance, which position he held until his connection with this company.

The secretary of the company was for five years chief examiner in the Insurance Department of Iowa. On December 31, 1915, the directors owned $52,100. par value, of the company's $500,000 capital stock.

The underwriting losses in 1917, 191S and 1919 were largely clue to the setting up of reserves for unearned premium liability.

Expenses are moderate for a eomparative_y new company.

The company bears a good reputation for loss settle-mints. The investments are of high character. The security valuations shown in this statement are those fixed by the Convention of Insurance Commissioners. The mortgage loans consist of first liens on Iowa property, and bear interest at from 5% to 6%.

Classes of Business Written.—The company transacts fire, lightning, tornado and automobile fire and theft insurance.

Territory.— It is licensed in Colo.. Ill., Ia., La., Mass.. Mich , Miss., Mont., Nev., N. H., N. J., N. Y., N. C., 0., Pa., Tex, and W. Va.

Dividends.—None so far declared.

Officers.— President, John L. Bleakly: vise-president, Frank I.. _Miner: second vice-president. C. S. Vance; secretary. C. M. Spencer; treasurer, Frank P. Flynn.

LIABILITIES, DECEMBER 31, 1919. LOSSES: Adjusted, not due, $4,570.30; in process of adjustment, $13,039.78; total,

$17,910.05; reinsurance, $1,013.33; net   816.896 75

Unearned premiums    265.313 Si

Estimated taxes hereafter payable    7,000 00

Contingent commissions. etc   195 68

TOTAL LIABILITIES, except capital.   $289. 406 24

CAPITAL PAID UP    500, 000 00

NET SURPLUS    279,514 01

TOTAL   $1, 068. 920 25

Directors.

Adams, II. C , Algona, la., member of General Assembly, banker and capitalist.

Beebe. A. R-.. Hampton, la., banker and lumber dealer. Beman, C. Id., Oskaloosa. Ia., banker.

Bleakly, John L., Des Moines, Ia., president of the company, ex-Auditor of State.

Clark, B. B., Red Oak. Ia., banker.

Flynn, Frank P., Des Moines, Ia., banker.

Fransham. A. D., Marengo, Ia., lumber and coal dealer. Grossman, G. A., Waverly, Ia., banker.

Groves, Mack J.. Estherville, Ia., banker, insurance and capitalist.

Hopkins, F. AL. Guthrie Center, la., banker.

Hoyt, E. H., Manchester, Ia.. Treasurer of State. Miner. Frank L., Des _Moines, la., insurance.

_MeKlveen, Samuel, Chariton, Ia., banker.

Oleson, 0. _31., Fort Dodge. Ia., wholesale druggist. Pickett. Adam, Creston. la., superintendent of schools. Schee, John F.. indianaola, Ia., banker.

Sheldon. Parley, Ames, la., banker.

Turner. Fred G.. North English, Ia.. farmer.

Voss. C. L.. Denison. la., banker.

Wohlenberg. C. J., Holstein. Ia., banker.

Stockholders' Annual Meeting. Fourth «-ednesdsy in January.

INCOME, 1919.

Gross premiums written    $456.495 41

Less reinsurance    71.666 50

Less return premiums    77.83S 62

Total net premiums    $306,993 29

Interest, etc   48,322 70

TOT:1T. INCOME       $355.315 99

DISBURSEMENTS, 1919.
Net losses paid   $59.251 '25

Underwriting expenses    4   141.927 7S

Other disbursements    "   3.643 44

TOTAL. DISBURSEMENTS    $234.S22 47

Ratios to Premiums Written.—Losses paid, 29.1%: incurrtd. 2_9.5%: underwriting expenses, 46 2%; underwriting loss. 5.1%.

Ratios to Premiums Earned.—Losses incurred, 41.2%; expenses incurred. 65 9%: underwriting loss, 7.2%. Miscellaneous, 1919.— Net losses incurred, $90.656.28: ;iet risks in force December 31, 1919, $42.432,754: net premiums in force, $442,566.06.