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212 BEST'S INSURANCE REPORTS-FIRE AND MARINE.
KNICKERBOCKER INSURANCE COMPANY OF NEW YORK—Continued.
Directors.— Corroon, R. A.; Duffey, T. A.; Corroon, J. F.; Wick, William; Fischer, E. H.; Spille, H.; Gloede, H.; Langler, W. J.; Reynolds, William J.; Nelson, G. B.; Adams, S. E.; Herpst, H. H.; Van Iderstine, Robert.
General Agents.— Central Fire Office, Inc.. 80 Maiden Lane, New York, N. Y.
ADMI1rED ASSETS, DECEMBER 31, 1919.
|
Mortgage loans on real estate |
$73,500 00 |
|
Interest due and accrued thereon |
1,550 74 |
|
Bonds and stocks owned (market value) |
397, 310 00 |
|
Interest due and accrued thereon |
4,415 38 |
|
Cash in banks and office |
53.519 01 |
|
Agents' balances not over three months due. |
115.662 09 |
|
Reinsurance account |
14,815 69 |
|
Accounts receivable |
5,163 22 |
|
Reinsurance due on paid losses |
16,989 04 |
|
TOTAL ADMITTED ASSETS |
$682,925 1i |
|
LIABILITIES, DECEMBER 31, 1919. Losses in process of adjustment, $279,- 281.89; reinsurance, $194,834.80; net |
$84.447 09 |
|
Unearned premiums |
279.996 38 |
|
Estimated taxes hereafter payable |
2, 500 00 |
|
Contingent commissions, etc |
1.600 00 |
|
Funds held under reinsurance treaties |
1, 168 00 |
|
TOTAL LIABILITIES, except capital. |
$369.711 47 |
|
CAPITAL PAID UP |
250, 0.00 00 |
|
NET SURPLUS |
63,213 70 |
|
TOTAL |
$fi82. 925 17 |
Management and Reputation.—The company is managed by Corroon & Duffey, Inc., who have appointed the Central Fire Office general agents, at SO Maiden Lane, New York City. The officers of the Central Fire Office are, T. A. Duffey, president; Wm. J. Reynolds. first vice-president; John B. Knox, Jr.. second• vice-president; E. G. Froeb, secretary ; H. H. Herpst. treasurer.
It also acts as general agent for the American Equitable Assurance Co. of New York, controlled by the Corroon & Duffey interests.
The Central Fire Office, Inc., also acts as Metropolitan District manager for the following companies: Millers National Ins. Co., of Chicago; Great Lakes Ins. Co., of Chicago; Manufacturers Ins. Co. of America, Chicago, Ill.; Importers and Exporters Insurance Company of New York; Colonial Assurance Co. of New York; Merchants Under-writers of New York; and Millers Mutual Fire Ins. Assn., Alton, Ill. It is Brooklyn manager of the London & Scottish Assur. Corporation and Underwriters at American Lloyds.
The Knickerbocker Ins. Co. and the American Equitable Assurance Co. guarantee a series of policies issued under the title " American International Underwriters."
The company's loss paying record is excellent.
The securities owned are high grade. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.
Affiliation.—Western Insurance Bureau.
Class of Business lVritten.— Fire insurance.
Dividends Paid. 1914 to 1917. inc.. 6%: 1918, 3%:
1919, 3.2%. Total dividends paid since organization.
$75,500.
Territory.— It is licensed in Ill.. N. J. and N. Y.
Officers.— President, R. A. Corroon; first vice-president and secretary, Thomas A. Duffey; second vice-president. J. F. Corroon; assistant secretary, H. H. Herpst.
Stockholders' Annual :fleeting.— Second Tuesday in January.
INCOME, 1919. Marine
Fire, etc. and Inland.
Gross premiums written.. $2,707,146 73 $290, 540 99
Less reinsurance 1,441,997 50 103,999 64
Less return premiums.. 783, 747 25 60,61S 38
Total net premiums.. $481, 401 98 $125, 922 97
Interest, etc 46,571 00 Increase in liabilities during the year on
account of reinsurance treaties 8,775 78
Other income 8,660 40
TOTAL INCOME $671.332 13
DISBURSEMENTS, 1919. Net losses paid:
Fire and miscellaneous $203,864 54
Marine and inland 168, 088 18
TOTAL $371,952 72
Underwriting expenses 245, 572 27
Dividends to stockholders 48,500 00 Decrease in liabilities during the year on
account of reinsurance treaties 128,279 46
Other disbursements 4,324 85
TOTAL DISBURSEMENTS $798.629 30
Ratios to Premiums Written.— Losses paid, fire, etc., 42.3%; marine, 133.5%; incurred, fire, etc., 43.2%; marine, 38.1%; underwriting expenses, 40.4%; underwriting profit, 11.8%.
Ratios to Premiums Earned.— Losses incurred. 45.1%; expenses incurred, 43.8%; underwriting profit, 12.7%.
Miscellaneous, 1919.— Net losses incurred, fire and miscellaneous, $208,07S.32; marine and inland, $48,027.55; net risks in force December 31. 1919, fire and miscellaneous, $67,482,272; marine and inland, $5,829,849; net premiums in force, fire and miscellaneous, $486.470.36: marine and inland. $66,023.04.
Underwriting Exhibit, 1919.— Premiums earned during 1919, $567,986.02: gain from underwriting profit and loss items, $8,775.78; total, $576,761.80.
Losses incurred during 1919, $256,105.87; underwriting expenses incurred during 1919. $248,691.40; total, $504,-797.27.
Cain from underwriting during 1919, $71.964.53. Investment Exhibit, 1919.— Interest, etc., earned during 1919. $47,090.62: profit on investments during 1919. $8,-660.40; total. $55,751.02.
Loss on investments during 1919. $31,586.40; investment expenses incurred during 1919, $1,474.85: total, $33,061.25 Gain from investments during 1919. $22,689.77.
Surplus, December 31. 1918, $58,686.16: increase, $358,-052.60; surplus. December 31. 1919. $416,738.76.
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