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

21S BEST'S INSLRA_\('E REPORTS FIRE AND MARINE.

LIBERTY \I ARINE INSURANCE COI I'_1N Y,
56 Beaver Street, New York, N. Y.

ADMITTED ASSETS, DECEMBER 31.	1919.		LIABILITIES, DECEMBER 31, 1919.
Bonds and stocks owned -(market value i ...	$427. 500	00	Losses in process of adjustment, $52S,360;
Interest due and accrued thereon	1, 825	5[	reinsurance, $2.130; net	$526,230 00
Cash in banks and office	S93.255	42	Unearned premiums: Inland navigation.
Agents' balances not over three months due	165.223	21	$45,584.01: marine, $385,570.79; total	431,454 SO
Other admitted'assets	5.524	8O	Estimated taxes hereafter payable	42.904 56
			Funds held under reinsurance treaties	S1.977 54
			Overpayment on account of reinsurance re-	51, 067 16
			coverable on unpaid losses	51, 067 16
			TOTAL I.IAB1LITIl?S, except capital $1.133.724 06 CAPITAL PAID UP 250, 000 00
			NET SURPLUS 112,604 SS

TOTAL ADMITTED ASSETS $1.496.32S 94 TOTAL $1.496.32S 94

GENERAL REVIEW.

h istory.—This company was incorporated under the laws of the State of New York, and was authorized to begin business September 5. 1917, with a paid-in capita'. of $250,000 and a surplus of like amount, It is controlled by practically the same interests which are behind the Jefferson Insurance Co.. of Pennsylvania, and the _North Atlantic Insurance Company, of New York.

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

Management and Reputation.— The underwriting is in charge of the Northern Underwriting Agency, Inc., 56 Beaver street. New York City, of (which C. Steendal is president: John F. Murphy. vice-president and secretary, and D. L. Webster, treasurer. Both Mr. Steendal and Mr. Murphy were formerly connected with Messrs. Willcox. Peck & -Hughes, a prominent insurance firm of New York ('itv, and Mr. Murphy prior to going with that firm was for several years with the Thames & Mersey Marine Insurance Company. The other officers have also for a number of years been identified with leading local marine insurance offices.

The affairs of this company, the North Atlantic Insurance Company, the Jefferson Insurance Company and the marine department of the United States Branch of the Norwegian Atlas Insurance Company, Ltd., Christiania, Norway, are conducted by the Northern Underwriting Agency, Inc., as general agent. One policy is issued in which each of the above mentioned companies participates, the policy indicating the proportion of the amount insured covered by each company. The liability under these policies is several and not joint and each company is liable only for such proportion of any loss due under the policy as the amount insured by each company bears to the total amount insured under the policy.

In 1919 it had a high loss ratio and lost from underwriting $104.999.58.

The assets included on December 31, 1919, $827.460.68 deposited with the private banking firm of Hannevig & Co., of New York.

The securities owned consist entirely of United States Liberty loan bonds.

Classes of Business Written.—Marine and inland insurance.

Territory.—It is licensed in Ala., Ark., Ga., Ill.. La.. Miss., N. Y., N. C.. O. and S. C.

Bankers.— Equitable Trust Co., of New York, and Hannevig & Co., New York.

Officers.-- President, Finn Hennevvice-presidents, C'hristoffer Hannevig and C. Steendal; secretary. I). L. Webster: treasurer, Dahill James M. Bnllowa.

Directors.—Bullowa. Ralph James M.: Cook. H. J.; IIaIllmer, Leif; Hannevig, ('hristoiler; Hannevig, Finn; l''rolieh-Ilanssen, C.: _Murphy. J. F.: Simpson, J. B.; Stange, Harald: Steendal, C: Stolt. A.: Webster, D. L.; Willnmsen, Chr.

INCOME, 1919.

Gross premiums written $1.573.732		26
Less reinsurance 554.167		76
Less return premiums	140. 5S0	41
Total net premiums	$87S, 984	09
Interest, etc	54, 150	42
Commission and allowances for taxes re- ceived from reinsurance treaty companies.	13.040	27
Reinsurance received on unpaid losses	148, 484	S7
Other income	62'8	76
TOTAL INCOME 81,095,28S		41
DISBURSE\TENTS, 1919. Net losses paid	$621,67S	11
Underwriting expenses	168.870	19
Decrease in liabilities during the year on account of reinsurance treaties	372, 001	23
Deducted from underwriting expenses commission and allowances for taxes re- ceived from reinsuring treaty companies.	13.040	27
Other disbursements	5,949	44
TOTAL DISBURSEMENTS $1, 181.529		24

Ratios to Premiums II-ritten.—Losses paid, 70.7%; incurred, 80.6%; underwriting expenses, 19.2%; underwriting loss, 11.9%.

Ratios to Premiums Earned.—Losses incurred. 96.7% expenses incurred, 21.6% ; underwriting loss, 14.3%.

Miscellaneous, 1919.—Net losses incurred, $70S,294.77: net risks in force December 31, 1919, $17,639,603; net premiums in force, $807.769.81.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $732,190.87; gain from underwriting profit and loss items, $29,513.17: total, $761.704.04.

Losses incurred during 1919, $708,294.77; underwriting