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BEST'S INSURANCE REPORTS—FIRE AND MARINE. 209
10WA NATIONAL FIRE INSURANCE COMPANY—Continued.
Underwriting Exhibit, 1919.—Premiums earned during 1919, $219,965.37 ; loss from underwriting profit and loss items, $82.60; total, $219.882.77.
Losses incurred during 1919, $90.656.28: underwriting expenses incurred during 1919, $145,092.66: total, $235,-
Gain from investments (luring 1919, $45,964.88.
Gain and Loss Exhibit, 1919.—Gains: Investments, $45,964.88; other sources, $293.80: total, $46,258.68. Loss from underwriting, $15,866.17.
Surplus, December 31, 1918, $249,121.50; increase, $30,-
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748.94. Loss from underwriting during 1919, $15,566.17. |
392.51; surplus, December 31, 1919. $279.514.01. | ||
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Inee taunt Exhibit, 1919.—Interest. etc., earned during |
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Net Premiums | |
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1919, $49,608.32. |
MISCELLANEOUS CLASSES: |
Written. |
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Loss on investments during 1919, $2,500; investment ex- |
Motor vehicles |
$10,960 |
28 |
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penses incurred during 1919, $1.143 44: total. $3.643.44. |
Windstorm and tornado.... |
39,948 |
88 |
JAKOR INSURANCE COMPANY,
Moscow, Russia.
UNITED STATES BRANCH, 3 SOUTH WILLIAM STREET, NEW YORK.
Net Losses Incurred. $2, 745 31 1,050 49
ADMITTED ASSETS, U. S. BRANCH, DECEMBER 31, 1919.
Bonds and stocks owned (market value) $3.20'4.182 54
Interest due and accrued thereon 44,277 66
Cash in banks and office 55, 037 24
4gents' balances not over three months due 99, 097 21
Cash in control of trustees 380, 286 82
Other admitted assets 245 70
TOTAL ADMITTED ASSETS $3,783,127 17
LIABILITIES, U. S. BRANCH. DECEMBER 31, 1919. Losses in process of adjustment, $558,109.82;
reinsurance, $161,906.14: net $396.203 68
Unearned premiums 1,864,772 48
Salaries. rents. etc 20, 000 00
Estimated taxes hereafter payable 200, 000 00
Contingent commissions, etc 50, 000 00
TOTAL LIABILITIES, except statutory
capital deposit $2.530,976 16 STATUTORY CAPITAL DEPOSIT, $200,000
NET SURPLUS, U. S. Branch. including
statutory capital deposit 1,252,151 01
TOTAL $3, 783, 127 11
GENERAL REVIEW.
History.—'this company was organized in 1872 with an authorized capital of 2,500,000 roubles. It was regularly admitted to write fire reinsurance in the United States in June, 1905.
Home Office Resources.—No late Home Office balance sheet is available.
Management and Repututioe.—The United States manager was formerly Sumner Ballard and Co.. Inc., 80 Maiden Lane. New York City, but this firm was succeeded early in 1920. by the International Fire and Marine Agency Corporation, which acts as U. S. manager for the Norske Lloyd Ins. Co.. Ltd.. and general agents for the U. S. for the Milan International Reinsurance Co., Ltd.
The volume of business written by the United States branch is very large in proportion to the net cash resources of that branch.
Owing to the chaotic state of affairs in Russia. it would be very difficult, if not impossible, to secure additional funds from the Home Office if needed, and on December 1, 1918, the Soviet Government of Russia decreed the dissolution of all private insurance companies, and the confiscation of their assets by the State, on April 11, 1919. This action, if sustained, would apparently terminate the authority of their United States representatives: but the assets in this country can be used only to liquidate obligations incurred here.
The company-'s loss ratio in 1918 and 1919 was high: the expenses of the United States branch have been moderate. The company's investments are high grade.
United States llan-a.gers.— International Fire & Marine Agency Corporation, 3 South William Street, New York.
United States Trustee.—New York Life Insurance and Trust Company, 52 Wall street, New York.
Classes of Business Written.—Life, rent, accident, tornado and marine insurance. The United States branch writes fire, war risk, explosion, automobile, hail, sprinkler leakage and tornado reinsurance.
Territory.— In the United States it is licensed in Ark., Colo., Del., 111., Ind., In., La., Mass., Mich., Miss., Mont., Nev.. N. H.. N. J., N. Y., N. C.. 0.. Pa., Tex., Utah and \W. Va.
INCOME, U. S. BRANCH, 1919.
Gross premiums written $3,431,716 84
Less reinsurance -294, 060 59
Less return premiums 1. 348. 510 55
Total net premiums $2,377.266 SS
Llterest, etc 162.S30 SO
Other income 814 55
TOTAL INCOME $2,540.912 23
DISBURSEMENTS. L-. S. BRANCH, 1919.
Net losses paid $1.677.820 68
Underwriting expenses 1,026.070 92
Other disbursements 11,103 61
TOTAL. DISBURSEMENTS $2,714,995 21
Ratios to premiums Written.—Losses paid, 70.6%; incurred. 60.0% ; underwriting expenses, 43.1%; underwriting profit. 11.4%.
Ratios to Premiums Earned.—Losses incurred, 49 3%; expenses incurred. 40.6%a: underwriting profit, 9.3%r.
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