224   BEST'S INSURANCE REPORTS-FIRE AND MARINE.

LONDON & SCOTTISH ASSURANCE CORPORATION, LIMITED — Continued.

a head office for the United States. This decision caused a change of management from Messrs. Edward E. Hall & Co., SO Maiden Lane, New York City, who have for the past five years acted as United States managers, to Mr. Horatio N. Kelsey, to succeed them in that capacity.

Mr. Kelsey has been in the managerial role for a number of years, first being assistant manager of the western department of the Sun Insurance office. This connection started in 1901 and he terminated it to become manager of the Hamburg-Bremen Fire Insurance Company, which discontinued business in the United States during 1917. He bears an excellent reputation as an underwriter.

The company is in good repute both at home and abroad.

The volume of business written by the United States Branch is moderate. The loss ratio in 1919 was low. The expense ratio on the written basis is moderate. The company's operations in this country have thus far been profitable.

Its investments are of good character. The security valuations are those fixed by the Convention of Insurance Commissioners.

Its loss paying reputation is excellent.

Affiliations.— Board of Fire Underwriters of the Pacific, Eastern Automobile Underwriters Conference, Eastern Union, National Automobile Underwriters Conference, New England Automobile Underwriters Conference, Pacific Coast Automobile Underwriters Conference, Rocky Mountain Underwriters Association. Southeastern Underwriters Association, Southern Automobile Underwriters Conference, Western Automobile Underwriters Conference, Western Insurance Bureau and the Western Union.

United States Manager.— The United States manager is, Horatio N. Kelsey, 206-208 Broadway, New York.

Territory.— In the United States it is licensed in Colo., D. C., Ill., Mass., Mo., N. J., N. Y., O.. Pa., R. I., Utah and Wyo.

United States 7'rustees.—Norwood Penrose Hallowell, George Cabot Lee and Francis Lee Higginson, Jr.

Classes of Business Written.—The company at its home writes accident, health, burglary, plate glass, automobile and employers' liability, fire and life insurance. In the United States it transacts fire insurance only.

INCOME, U. S. BRANCH. 1919.

Gross premiums written       $445,491 81

Less reinsurance    119,461 46

Less return premiums    123, 181 89

Total net premiums    $202,848 46

Interest, etc   33.475 93

Received from Home Office    223.873 50

Borrowed money to finance marine deposit   219. 841 35

Other income    2,287 22

TOTAL INCOME    $682, 306 46

DISBURSEMENTS, U. S. BRANCH, 1919.

-Net losses paid    $46,854 39

Underwriting expenses    99.196 89

Remitted to Home Office    506 00

Other disbursements    140 63

TOTAL DISBURSEMENTS    $146,697! 91

Ratios to Premiums Written.—Losses paid, 23.1%; incurred, 26.1%; underwriting expenses, 48.9%; underwriting profit, 13.4%.

Ratios to Premiums Earned.— Losses incurred, 32.5%; expenses incurred, 51.7%; underwriting profit, 16.7%.

Miscellaneous, 1919.— Net losses incurred, $53,057.65: net risks in force December 31, 1919, $32,340,829; net premiums in force, $263,541.29.

Underwriting Exhibit, 1919.— Premiums earned during 1919„$163,357.55; gain from underwriting profit and loss items, $1,401.92; total, $164,759.47.

Losses incurred during 1919, $53.057.65: underwriting expenses incurred during 1919, $84,408.18: total, $137,-465.83.

Gain from underwriting during 1919. $27,293.64.

Investment Exhibit, 1919.— Interest, etc., earned during 1919, $41.313.80; profit on investments during 1919, $10,-353.13; total, $51,666.93.

Loss on investments during 1919, $140.63; investment expenses incurred during 1919, $1,985.13; total, $2,125.76.

Gain from investments during 1919, $49,541.17.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $27.293.64; investments, $49,541.17; remitted from Home Office, $223,873.50: total, $300,708.31.

Losses: Decrease on account marine deposit, $200,000: remitted to Home Office, $506; total, $200,506.

Surplus, including deposit capital, U. S. Branch, December 31, 1918, $824,658.66; increase, $100,202.31: surplus, including deposit capital, U. S. Branch, December 31, 1919, $924.860.97.