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BEST'S INSURANCE REPORTS FIRE AND _MARINE. 233
MARITIME INSURANCE COMPANY, LIIIITEI),
Liverpool,. England.
I'NITED STATES BRANCH, COTTON EXCHANGE BLDG., NL\\ YORK.
TOTAL ADMITTED ASSETS :... 8584.013 31
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ADMITTED ASSETS, U. S. BRANCH, DECEMBER |
31, 1919. | |
|
Bonds and stocks owned (market value) |
$427, 500 |
00 |
|
Interest due and accrued thereon |
4. 511 |
28 |
|
Cash in banks and office |
22. 949 |
10 |
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Agents' balances not over three months due. |
125.562 |
57 |
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Reinsurance due on losses paid |
:3. 490 |
36 |
GENEIt.1r, REVIEW.
History.—This company was established in 1864. Us authorized capital is 41,000,008 ($5,000.000), of which 4500,000 ($2.500,000) has been subscribed and 0100:000 ($500.000) paid in. It regularly entered the United States in July, 1908. Previous to that time it wrote some business on the Pacific Coast.
In 1914 control of this company was purchased by the Scottish Union and National Insurance Company of Edinburgh.
Home Office Resources.—All assets of the company are liable for the payment of losses incurred here. We there-fore present the following extracts from the Home i Office balance sheet (the latest available) which includes all its assets and liabilities: Assets, December 31, 1917. $7.966,-473: capital paid in, $500.000; net surplus, $4,265.326.
Management and Reputation.— The company is under reputable and experienced management. and is in excellent repute at its home and abroad. Its United States branch is under the same management as the British and Foreign Marine. Ocean _Marine, and Reliance Marine insurance companies, of England, and the American and Foreign Marine Insurance Company of New York.
The operations of the United States branch• as a whole. have not shown large underwriting profits. In 1917. 1915 and 1919, however, good underwriting profits were made.
LI:IBILITIES, U. S. BRANCH, DECEMBER 31, 1919.
|
Losses in process of adjustment, $27,519; re- sisted, $2,500: total |
30, 019 |
00 |
|
Uncalled premiums: Inland navigation, $5.- 345.45: marine. $37,696.40; total |
46.041 |
85 |
|
Salaries, rents, etc |
50 |
00 |
|
Estimated taxes hereafter payable |
43,950 |
U0 |
|
TOTAL LIABILITIES. except statutory capital deposit |
$120.060 |
85 |
|
STATUTORY CAPITAL DEPOSIT. $200,000 NET SURPLUS. U. S. Branch, including statutory capital deposit |
463. 952 |
46 |
|
TOTAL |
$584.013 |
31 |
|
Interest, etc |
19. 761 |
30 |
|
Received from Home Office |
37.310 |
58 |
|
Other income |
500 |
00 |
|
TOTAL INCOME |
$379.809 |
28 |
|
DISBURSEMENTS, U. S. BRANCH, 1919. |
21 | |
|
Net losses paid |
$143,939 | |
|
Underwriting expenses |
55,360 |
07 |
|
Remitted to Home Office |
111, 159 |
15 |
|
Other disbursements |
14, 890 |
30 |
TOTAL DISBURSEMENTS $325,348 73 Ratios to Premiums Written.—Losses paid, 44.6%; incurred, 35.9%; underwriting expenses. 17.2%; underwriting profit, 39.0%.
Ratios to Premiums Earned.— Losses incurred, 38.7%; expenses incurred, 22.6%; underwriting profit, 38.9%. Miscellaneous, 1919.— Net losses incurred, $125,296.79; net risks in force December 31. 1919, $40,114.24; net pre' miums in force, $54.387.31.
Underwriting Exhibit. 1919.— Premiums earned during 1919, $3.23,286.14: gain from underwriting profit and loss items, $1.062.65: total, $324,348.79
Losses incurred during 1919. $125,296.79: underwriting expenses incurred during 1919, $73.233.32: total. $198.-
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Its management expenses have been very low, and its |
530.11. Gain from underwriting: during 1919, $125,818.68. Investment Exhibit, 1919.— Interest, etc., earned during | |
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average loss ratio in recent years has been normal. Its loss paying reputation is excellent. | ||
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The security valuations in this statement are those fixed |
1919, $20.265.09: profit on investments during 1919, $9,- 455: total, $29.720.09. Loss on investments during 1919, $14.890.30: investment | |
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by the Convention of Insurance Commissioners. United States Manager.—AY, L. H. Simpson, New York. | ||
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Class of Business Britten.— It writes only marine in- |
expenses incurred during 1919, $511.75; total. $15,402.05. | |
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surance. Territory.—It operates throughout the United Kingdom |
Gain from investments during 1919, $14,318.04. Gain and Loss Exhibit, 1919.—Gains: Underwriting, | |
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and in Canada and the United States. |
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$125,818.6$: investments, $14,318.04; remitted from Home |
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|
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Office, $37.310.58; total, $177,447.30. |
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INCOME, U. S. BRANCH, 1919. |
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Loss from remittance to Home Office. $111,159 15. |
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Gross premiums written |
$540,191 84 |
Surplus. including deposit capital, U. S. Branch, Decem- |
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Less reinsurance |
127,947 52 |
ber 31, 1918. $397,664.31: increase, $66,288.15; surplus, in- |
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Less return premiums |
90.006 92 |
cluding deposit capital. U, S. Branch, December 31, 1919, |
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|
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$463,952.46. |
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| |
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Total net premiums |
$322.237 40 |
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