BEST'S INSURANCE REPORTS-FIRE AND MARINE.   237

MASSACHUSETTS FIRE AND MARINE GENERAL REVIEW.

History.—This company was incorporated under the laws of Massachusetts, March 3, 1910, with an authorized capital of $500,000, and began business June 18, 1910. Its stock, par value $100, was sold at a premium of 100%, providing a surplus of $500,000.

Management and Reputation.— The company's under-writing is in experienced hands. The president, Everett C. Benton, is of the well-known insurance firm of John C. Paige & Company, Boston, and its secretary, Walter Ad-lard, and assistant secretary, John J. Downey, are capable and experienced underwriters.

It has substantial backing, and its directorate includes prominent business and financial men. The control of the company is not closely held. The directors owned at the end of 1919, $86,100, par value, of the company's $500,000 capital stock.

The company writes a large volume of business in pro-portion to its net resources. Its expenses of operation have been moderate for a young company, but its loss ratio on fire business iii recent years has been slightly above the average. The marine loss ratio was high in 1919. While the underwriting to date shows a considerable loss. this is partly due to the increase in the unearned premium re-serve.

Its investments are high grade. The security valuations are those fixed by the Convention of Insurance Commissioners.

The company's loss paying reputation is excellent.

Affiliations.—Eastern Union, Western Union, Southeast-ern Underwriters Association. Eastern Automobile Under-writers Conference, National Automobile Underwriters Conference. New England Automobile Underwriters Conference and the Western Automobile Underwritrs Conference.

Classes of Business Written.—Fire. marine, war risk. explosion, parcel post, automobile and tourists' floater insurance.

Territory.— It is licensed in Cal., Conn., Del., D. C.. Ga., Ill.. Ind.. Ia., Ky.. La.. Me.. Md.. Mass., Mich., _Minn., Mo., N. H.. N. J., N. Y., N. C.. O.. Ore., Pa., R. I.. S. C.. Vt.. Wash., W. Va. and Wis.

Dividends.— Tt paid a dividend of 3% in 1913 and 1914; 1915. none: 1916 to 1919. inc.. 6%. Total dividends paid since organization, $150.000.

0/firers.— President. Everett C. Benton: vice-presidents, James J. Storrow, Walter B. Henderson and Guy A. Ham (general counsel): secretary, Walter Adlard: treasurer. Frank E. Buxton: assistant secretary, John J. Downey (general agent).

Directors.

Adlard, Walter, secretary.

Austin. Herbert. Austin & Doten.

Bailey, J. A., attorney.

Bancroft. Chas. G., president International Trust Co. Bancroft. Hugh. attorney.

Benton. Everett C., president.

Buxton, Frank E., treasurer North End Savings Bank. Champlin. Edgar R., president Massachusetts Trust Company.

Chesterton. Arthur W.. president A. W. Chesterton Co. Downey, John J., general agent.

Dunkle. Robert J., O'Brion. Russell & Company.

Evans, Wilmot R., president Boston Five Cents Savings Bank.

Ham, Guy A., attorney.

Henderson, Walter B.. John C. Paige & Company.

INSURANCE COMPANY — Continued.

Hosford, John T., real estate.

Lamb. Roland O., president John Hancock Mutual Life Insurance Company.

Lanning, Edward.

McKenney, William A. McKenney & Waterbury. _McKnight, Edwin T., president Medford Trust Company. Ricker, Edward P., president Hiram Ricker & Sons. Ripley, Frank L., H. Harris & Company.

Rothwell, Bernard J., president Bay State Milling Company.

Shillaber, Wm. G., president North End Savings Bank. Storrow, James J., Lee Higginson & Company.

Wells, E. T., Nutting & Wells.

All of the above directors are of Boston, Mass. Stockholders' Annual Meeting.— Second Monday in February.

General Agents.— For Georgia: Jas. L. Dickey, Jr., Atlanta, Ga. For North and South Carolina: Hay Bros. & Reynolds. For Marine Department: John C. Paige & Company, Boston, Mass.

INCOME, 1919.

Marine

   Fire, etc.   and Inland.

   Gross premiums written..   $918, 146 25   $1,532,944 46

Less reinsurance    146,954 75   424,609 90

   Less return premiums..   183,0'96 39   420, 322 51

   Total net premiums..   $588, 095 11   $688, 012 05

Interest, etc   70,079 75

Other income    1.368 02

TOTAL INCOME    $1,347,554 93

DISBURSEMENTS, 1919.

Net losses paid:

   Fire and miscellaneous    $305.848 49

Marine and inland    426,158 14

TOTAL,    $732,006 63
Lnderwritint

t expenses    524 953 24

   Dividends to stockholders    30.000 00

Other disbursements    5,086 88

   TOTAL DISBURSEMENTS   $1,292,046 75

Ratios to Premuims Written.—Losses paid, fire, etc., 52.0%: marine. 61.9%; incurred, fire, etc., 50.6%: marine, 65.2%: underwriting expenses, 41.1% : underwriting loss, 1.6%.

Ratios to Premiums Earned.—Losses incurred, 59.7%; expenses incurred. 42.0%; underwriting loss, 1.6%.

Miscellaneous, 1919.— Net losses incurred, fire and miscellaneous, $297.778.83: marine and inland. $448,710.24: net risks in force December 31. 1919. fire and miscellaneous. $99,266,618: marine and inland, $18,912,601; net premiums in force. fire and miscellaneous, $1,017,020.27: marine and inland, $545,755.21.

Underws'iting Exhibit, 1919.— Premiums earned during 1919. $1,250.050: gain from underwriting profit and loss items. $786.22: total, $1,250.836.22.

Losses incurred during 1919, $746,489.07; underwriting expenses incurred during 1919, $524.724.03: total. $1,271,-213.10.

Loss from underwriting during 1919, $20.376.88. Investment Exhibit. 1919.—Interest, etc., earned during 1919, $68,887.55: profit on investments during 1919, $4,-459.09: total, $73,346.64.