A.M. Best Fire and Marine Insurance Companies (1919)

BEST'S INSTTRANCE REPORTS—FIRE AND MARINE. 213

LAFAYETTE FIRE INSURANCE COMPANY,
2123 Magazine Street, New Orleans, La.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)	$6, 500	00
Mortgage loans on real estate	121,365	00
Bonds and stocks owned (market value)	549, 468	79
Cash in banks and office	2,333	51
Agents' balances not over three months due.	7.094	54
Other admitted assets	1.500	00
TOTAL	$688, 261	84
Deduct market value of special deposits in excess of corresponding liabilities	35, 602	79
TOTAL ADMITTED ASSETS	$652, 659	05

GENERAL REVIEW.

History.— This company began business in 1869 with an authorized capital of $150.000, of which $46,500 was paid in, the balance ($103,500) being subscribed and paid in later by stock dividends.

In October, 1916, it was voted to amend the charter, in-creasing the capital stock to $200,000, and permitting the company to writ.' tornado and windstorm insurance in addition to fire insurance.

The new stock was sold at $200 per share. thus increasing the paid-in capital to $200,000 and adding $50.000 to surplus.

The par value of the stock is $100 per share.

Management and Reputation.—The company is well managed, bears a good reputation, and has made excellent progress. It does purely a local business, which has been very profitable. It has never failed to pay a dividend of at least 10% per annum since 1878.

The control of the company is in a comparatively few hands. On December 31, 1919, its directors owned $63,500, par value, of its $200,000 capital stock.

The company is in excellent repute concerning its general treatment of loss claims. Its business, being entirely local, is subject to the conflagration hazard.

Its expense ratio has been normal and its loss ratio has been low. In 1919 it had very low losses.

Its investments are of good character. The security valuations in this statement are based upon quotations on the New Orleans stock exchange.

Classes of Business Written.—Fire and tornado insurance.

Territory.— It is licensed only in Louisiana.

Dividends.— In recent years it has paid dividends as follows: 1900 to 1904. inc., 20%; 1905 to 1907, inc., 10%; 1908 and 1909, 12%; 1910 to 1915, inc.. 15%; 1916 to 1919. 16%.

Officers.— President, John X. Wegmann: vice-president, Joseph Tranchina; secretary, A. J. Wegmann; inspector, Edward J. Mullen.

Directors.

Baumann, Joseph, retired.

Dart. Henry P., attorney at law, Dart, Kernan & Dart. Faivre, George M., retired.

Gambel. Adam. manager, Henderson Sugar Refinery. Gras, F. W., retired.

Hartson, M. J., general agent.

Hoffman, Walter H., levee engineer.

Holmes, John T., merchant.

Kohl, T. J., retired.

LIABILITIES, DECEMBER 31, 1919. LOSSES: In process of adjustment, $4,-
375.72; resisted, $700; total, $5,075.72;
reinsurance, $2,000; net $3.075 Unearned premiums 61,656 Dividends to stockholders unpaid 16,384	72 06 00 78 00 27 05
TUT AL LIABILITIES, except capital $81, 115 CAPITAL PAID UP 200,000 NET SURPLUS 371,543
TOTAL $652, 659
Miller, Christian, retired. O'Keefe. A. J., city treasurer. Pfeffer, Henry P., contractor. Hegel, A., retired. Schuler, L., real estate agent. Skardon. A. Norton, merchant, A. W. Skardon's Sons. Thuem, R., retired.	in
Tranchina, Joseph, retired. Wegmann, John X., president of company. Young, Jacob, manufacturing jeweler. Stockholders' Annual Meeting.— Second Wednesday	in
January. INCOME. 1919. Gross premiums written $103,510	95
Less reinsurance 22, 153	50
Less return premiums 18,003	81
Total net premiums $63, 352	74
Interest, etc 31,365	35
Borrowed money 28,500	00
Other income 1, 255	00
TOTAL INCOME $124, 573	09
DISBURSEMENTS, 1919. Net losses paid $10,683	73
Underwriting expenses 25,813	17
Dividends to stockholders 32,032	00
Borrowed money repaid 48,500	00
Other disbursements 1,706	95
TOTAL. DISBURSEMENTS $118,735	85

Ratios to Premiums Written.— Losses paid, 16.8%; incurred, 20.3%; underwriting expenses, 40.7% ; underwriting profit, 18.7%.

Ratios to Premiums Earned.—Losses incurred, 25.3%; expenses incurred, 50.7%; underwriting profit, '23.3%. Miscellaneous, 1919.— Net losses incurred, $12.851.95; net risks in force December 31, 1919, $11,185,415; net premiums in force, $112,437.

Underwriting Exhibit, 1919.— Premiums earned during 19.19, $50,876.74; loss from underwriting profit and loss items. $373.45; total, $50,503.29.

Losses incurred during 1919, $12,851.95; underwriting expenses incurred during 1919, $25,813.17; total, $38,-665.12.

Gain from underwriting during 1919, $11,838.17.