BEST'S INSURANCE REPORTS—FIRE AND MARINE.   211

JEFFERSON INSURANCE COMPANY — Continued.

INCOME, 1919.   curred, 90.9%; underwriting expenses, 19.9%; underwrit-

   Gross premiums written    $1,593,793

Less reinsurance    546,089

   premiums    162.782

Total net premiums    $884, 9.21 31

Interest, etc   56, 649 49' Commission and allowances for taxes re-

ceived from reinsuring treaty companies   12,724 88

Other income    758 44

ToTAr. INCOME    $955,054 12

DISBURSEMENTS, 1919.

Net losses paid    $644,754 63

Underwriting expenses    176. 023 99
Deducted from underwriting, expenses, commissions and allowances for taxes re-

ceived from reinsurance treaty companies.   12. 724 SS
Decrease in liabilities during the year on

account of reinsurance treaties    16.144 98
Decrease in balance of amount received in advance from reinsurers on account of -un-

paid losses    149.711 98

Other disbursements    17,279 42

TOTAL DISBURSEMENTS    $1,016,639 8S
Ratios to Premiums Written.—Losses paid, 72.9% in-

ing loss, 18.9%.

Ratios to Premiums Earned.—Losses incurred, 108.9%; expenses incurred, 20.6%; underwriting loss, 22.6%. Miscellaneous, 1919.—Net losses incurred, $804,769.36; net risks in force December 31, 1919, $17.639,603; net premiums in force, $807,769.81.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $738.868.68; gain from underwriting profit and loss items, $51,451.19; total, $790,319.87.

Losses incurred during 1919, $804.769.36; underwriting expenses incurred during 1919. $152,595.23; total, $957,-364.59.

Loss from underwriting during 1919, $167,044.72. hvrestment Exhibit. 1919.—Interest, etc., earned during 1919, $56,368.74; profit on investments during 1919, $5,390; total, $61,758.74.

Loss on investments during 1919, $9,380; inve9tment expenses incurred during 1919, $863.42; total, $10.243 42. Gain from investments during 1919, $51,515.32.

Gain and Loss Exhibit, 1919..— Gain from investments, $51,515.32.

Loss from underwriting, $167.044.72.

Surplus, December 31, 1918. $236,351.69; decrease, $115,-529.40: surplus, December 31, 1919. $120,822.29.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles   $468, 539 03   $360, 868 96

Less return

45 47 67

KNICKERBOCKER INSURANCE COMPANY OF NEW YORK,
68 William Street, New York, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.

TOTAL ADMITTED ASSETS    $1,511,175 78

GENERAL REVIEW.

History—This company was incorporated under the laws of New York in January, 1913, and began business January 31, 1913. Its authorized capital is $250,000. all of which was paid in with $125,000 surplus when it began business. It was organized by Willcox, Peck & Hughes, of New York, an old and well-established underwriting and brokerage firm. The stock, par value $100 per share, was sold at $150 per share.

On August 1, 1919, control of this company was purchased by interests identified with the Equitable Under-writers of New York (a Lloyds), of which Corroon &

LIABILITIES, DECEMBER 31, 1919.

Duffey, Inc., was the attorney and manager. On December 31, 1919. the Equitable Underwriters was incorporated under the title of the New York Equitable Assurance Company for the express purpose of merging this institution with the Knickerbocker Insurance Company. Details of this merger were completed March 11, 1920.

The above statement shows the figures of the company after the merger. On page 212 is a statement as filed with the New York Insurance Department showing the resources as of December 31, 1919, at which time the merger was virtually completed.