232   BEST'S INSURANCE REPORTS —FIRE AND MARINE.

MARINE INSURANCE COMPANY, LIMITEI),
London, England.

UNITED STATES BRANCH, 5 SOUTH WILLIAM STREET, NEW YO1iK.

ADMITTED ASSETS, U. S. BRANCH, DECEMBER 31, 1919.

TOTAL ADMITTED ASSETS    $3,199.996 11

LILABILITIES, U, S. BRANCH, DECEMBER 31, 1919. LOSSES:   Adjusted, due, $6,301.46; in

process of adjustment, $1,282,328; total,

$1,288,629.46; reinsurance, $260,805; net. $1,027,824 46 Unearned premiums: Inland navigation,

$240,654; marine, $281,404.97; total    522, 058 97

Salaries, rents. etc   2,500 00

Estimated taxes hereafter payable    110, 864 65

Contingent commissions, etc    30, 000 00

TOTAL LIABILITIES, except statutory

capital deposit    $1,693,245 OS STATUTORY CAPITAL DEPOSIT, $200,000.

NET SURPLUS, U. S. Branch, including

statutory capital deposit   1,506,74S 03

TOTAL   $3, 199. 996 11

GENERAL REVIEW.

History.— This company was established in 1836. Its authorized capital is 11,000,000, of which £600,000 (approximately $3,000,000) has been paid in: the balance has been subscribed and is subject to call. It entered the United States in October, 1884.

In 1917 control of this company was purchased by the London and Lancashire Fire Insurance Company, Ltd., Liverpool, England.

Home Office Extracts.—December 31, 1918, assets, $21.-138,885; capital paid in, $3,000,000; reserve fund, $3,-000,000: balance of underwriting account, $5,042.925.

Management and Reputation - The company is in excellent repute and is backed by substantial interests. The underwriting operations of the United States Branch have, on the whole, been very profitable. the losses being normal and the expenses low. In 1918, the loss and expense ratios were high, and the company's operations in this country resulted in an underwriting loss. but in 1919 it had a successful year, gaining from underwriting 8342,219,93.

Its loss paying reputation is excellent.

The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

United States Managers.— Chubb & Son, New York City, who also manage the Federal. Insurance Company of Jersey City, the United States Branch of the Sea Insurance Company, Limited. of Liverpool. and the United States marine branch of the London Assurance Corporation of London, the United States Branch of the Alliance Assurance Corporation of London. and the marine branch of the Hartford Fire Insurance Company.

United States Trustee.—Guaranty Trust Co.. of New York,

Territory.--It is licensed in Cal., Colo.. Conn., D. C.. Ill., La., Md., Mass.. Mich.. Minn.. Mo.. N. J.. N. Y., 0., Ore.. Pa.. R. I.. Wash., W. Va. and Wis. It also operates in Canada.

Classes of Business Written.—In the United States it writes marine, war risk, registered mail, tourists' baggage and automobile insurance.

INCOME, U. S. BRANCH. 1919.

   Gross premiums written    $5.143.883 83

Less reinsurance    2.407.614 82

   Less return premiums    420.85S 65

   Total net premiums    $2,315.410 36

Interest, etc   116, 726 14

Received from Home Office    237, 312 94

Other income    1,151 12

TOTAL INCOME    $2,670,600 56

DISBURSEMENTS, U. S. BRANCH, 1919.

Net losses paid    $1,084,211 11

Underwriting expenses    702, 742 79

Remitted to Home Office    509,053 94

Other disbursements    9,777 63

TOTAL DISBURSEMENTS    $2,305,785 47

Ratios to Premiums IVritten.—Losses paid, 46.8%; incurred, 50.2%; underwriting expenses, 30.3%; underwriting profit, 14.8%.

Ratios to Premiums Earned.— Losses incurred, 52.9%; expenses incurred, 32.7%; underwriting profit. 15.6%.

]Miscellaneous, 1919.—Net losses incurred, $1,162,489.55: , net risks in force December 31, 1919, $570,901,098: net premiums in force. $844,937.01.

Underwriting Exhibit. 1919.- Premiums earned during 1919, $2,196,200.02; gain from underwriting profit and Ioss items, $28,047.95; total, $2,224,247.97.

Losses incurred during 1919, $1,162,4S9.5S: underwriting expenses incurred during 1919, $719,538.46: total, $1,882.-028.04.

Gain from underwriting during 1919, $342.219.93. Investment Exhibit, 1919.—Interest, etc.. earned during 1919. $117,704.23.

Loss on investments during 1919, $14.621.32; investment expenses incurred during 1919. $2,969.88: total, $17.591.20.

Gain from investments (luring 1919, $100,113.03.

Gain and Loss Exhibit, 1919.—Gains: Underwriting, $342.219.93: investments, $100,113.03: remitted from Home Office, $237.312.94; total, $679,645.90.

Loss from remittance to Home Office. $509.053.94,

Surplus, including deposit capital, U. S. Branch, December 31, 1918, $1.336.156.07: increase. $170.591.96: surplus. including deposit capital, U. S. Branch, December 31, 1919. 81.506,748 03.

   Net Premiums   Net Losses

MISCELI ANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $36.290 83   $31.857 41

Tourists' baggage    5,459 06   6.085 68

Registered mail    428, 797 71   263. 324 12

War risk (other than marine)   799 49   33 54