BES'1"S INSURANCE REPORTS-- FIRE AND MARINE.   231

MARINE AND MOTOR I\SURA1('E COMPANY OE AMERICA, 2323 Strand Street, Galveston, Texas.

TOTAL ADMITTED ASSETS    $448.97S 57

LIABILITIES, DECEMBER 31. 1919.

Losses adjusted, due       $6.576 05
Unearned premiums: Fire and miscellane-

ous, $5,251.56; marine. $65.434.42; total   73.685 98

Salaries, rents, etc    9 60

Estimated taxes hereafter payable   1.500 00

Due for borrowed money    80, 000 00

Other liabilities   5.042 92

TOTAL LIABILITIES. except capital   $166.814 55

CAPITAL PAID UP    200.000 00

NET SURPLUS    S2,164 02

TOTAL,    $448,97S 57

(iENER<1L REVIEW.

History.—This company was incorporated under the laws of Texas on August (i. 1919, and was licensed on the same date. It commenced business in August, 1919, with an authorized, subscribed and paid-in capital of $200.000 and a surplus of *100,000. Stock. par value $100 per share, was sold at $150 per share to provide the surplus. There was no expense of promotion. which is commendable.

Management and Reputation.--J. F. Seinsheimer, vice-president, secretary and general manager. is also vice-president and general manager of the American Indemnity Company of Galveston, Teas, which writes general casualty lines, and is as well vice-president of the Texas Indemnity Insurance Company, Galveston. Texas, organized in 1919 for the purpose of writing workmen's compensation insurance._Mr. Seinsheimer has been in the insurance business for nineteen years and bears a good reputation.

It is backed by substantial interests and the directors are men of prominence in the business world.

It is too young to have established a record.

It is operating rather broadly for a new insurance institution and wrote a good volume of business for the few months that it was in operation in 1919.

No complaints have come to us concerning its treatment of loss claimants.

The securities owned are of good character, consisting mainly of Liberty Loan bonds and stocks of banks.

Classes of Business TTritten.—Marine, automobile fire and theft, transportation. property damage and collision.

Territory.— It is licensed in Ala., Ark., Cal., D. C., Ill., Ind.. Kan.. La., Md., Minn.. Miss., N. J., N. Y., Ore., Pa., Tenn., Tex., Wash- and Wis.

Officers.—President. S. E. Kempner; vice-president and secretary, J. F. Seinsheimer: treasurer, R. Lee Kempner. Directors.

Kempner. S. E.. member of H. Kempner, cotton and banking.

Seinsheimer. J. F., general manager American Indemnity Co., vice-president and general manager Texas Indemnity Ins. Co.

Guldman. Hans, secretary, treasurer, manager. New Or-leans Export Company, Ltd.

Anderson, T. J., consulting engineer, ship and engineer surveyor: also surveyor to American Bureau of Shipping,

National Board of Marine Underwriters, N. Y.. also pilot commissioner.

Kempner, R. Lee, vice-president and cashier Texas Bank Trust Co.

Eldridge, W. T., Sugarland, Texas, president Sugarland Railway.

Stewart, C. P., New York, N. Y., president of C. P. Stewart & Company, Inc.

Stockholders' Annual Meeting.—Third Tuesday in February.

INCOME. 1919.   Marine

   Fire, etc.   and Inland.

Gross premiums written..   $19. 213 83   $114, 372 25

Less reinsurance   93 58    

Less return premiums..   2,617 12   2,951 60

$111.420 65

80,000 00 100,000 00

1,255 02

TOTAL INCOME    $309.178 80

DISBURSEMENTS. 1919. Net losses paid:

Fire and miscellaneous    $434 78

Marine and inland    20,222 19

TOTAL    $20,656 97

Underwriting expenses    41.774 17

TOTAL DISBURSEMENTS    $62.431 14

Ratios to Premiums Written.—Losses paid, fire, etc., 2.6% : marine. 18.1 : incurred, 21.3%: underwriting expenses, 32.6%: underwriting loss. 155.1%.

Ratios to Premiums Earned.—Losses incurred, 50.2%; expenses incurred, 85.3%; underwriting loss, 35.6

Underwriting Exhibit. 1919.— Premiums earned (luring 1919, $54.237.S0: loss from underwriting profit and loss items, $70.50: total, .$54.167.30.

Losses incurred during 1919. Q27233.02: underwriting expenses incurred during 1919. $46.268.17: total, $73,501.19.

Loss from underwriting during 1919, $19.333.89. Intestment Exhibit, 1919.----Interest, etc., earned during 1919. $5,202.34: profit on investments during 1919, $51.13; total, $5253.47.

Loss on investments during 1919, $1,697.04: investment expenses incurred during 1919, $558.52; total, $2,255.56. Gain from investments during 1919, $2,997.91.