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246 BEST'S INSURANCE REPORTS — FIRE AND MARINE.
MERCHANTS' FIRE INSURANCE COMPANY — Continued.
competent management. Its operating expenses have been General Agents.— San Francisco, Cal., Clarence de Veuve;
above the average, but its loss ratio has been low, A good Chicago, Ill., Herrick & Auerbach; New York City, 1V. L.
underwriting profit was made in 1918 and 1919, and the Perrin & Son; New Brunswick, N. J., Wycoff & Clark.
surplus increased $18,093.63 and $48,963.08 respectively in those years.
Its directorate includes prominent local business and financial men and its stock is not closely held. The di-rectors owned at the end of 1919 $70,355, par value, of its $200,000 capital stock.
The company bears an excellent reputation for settling losses. The volume of business written is conservative.
Its investments are of good character and yield a good return. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners. Substantial dividends have been paid. stockholders from in-vestment earnings.
The mortgage loans are mostly on farm lands in Colorado and Wyomiing and are well secured.
Affiliations.— Western Insurance Bureau, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association, New Brunswick Board of Fire Underwriters.
Class of Business Written. Fire insurance.
Territory.— It is licensed in Cal., Colo., Idaho, 111., Mass., Mich., Mont., Neb., N. J.. N. Y., Ohio, Pa.. Texas, Utah, Wash, and Wyo.
Dividends.--It has paid dividends as follows: 1907, 9%; 190S, 8%; 1909, 12.5%; 1910, 4%; 1911, 8%; 1912, 4%; 1913 to 1918, inc., 8%; 1919, 9%.
Officers.— President, W. J. Galligan; vice-president, C. M. Schenck; treasurer, D. A. Holaday; secretary and manager, J. R. Gardner.
Directors.
Barth, A. H., vice-president First National Bank. Arvada. Galligan. W. J., president The City Bank and Trust Co., Denver.
Gardner, H. C.. local fire insurance agent. Denver. Colo. Gardner, J. R., secretary and manager this company. Jones, D. P., president Trinidad National Bank.
Morris, R. J., capitalist. Denver.
Petrikin, J. M. B., vice-president First National Bank, Greeley.
Recker, Chas., capitalist. Rocky Ford.
Schenck, C. M.. retired, Denver.
Shaw. H. H.. broker, Denver.
Wild, Alfred, manufacturer, Denver.
.Stockholders' Annual Meeting.— Second Tuesday in February.
INCOME, 1919.
|
Gross premiums written |
$526, 497 47 |
|
Less reinsurance |
72,245 '26 |
|
Less return premiums |
38,72.1 03 |
|
Total net premiums |
$415, 528 18 |
|
Interest, etc |
38,533 86 |
|
TOTAL INCOME |
$454,062 04 |
|
DISBURSEMENTS, 1919. Net losses paid |
$134,186 40 |
|
Underwriting expenses |
178,474 75 |
|
Dividends to stockholders |
18,000 00 |
|
Other disbursements |
8,022 33 |
TOTAL DISBURSEMENTS $338,683 48 Ratios to Premiums Written.—Losses paid, 32.3%; incurred, 32.9% ; underwriting expenses, 42.9%; underwriting profit, 8.8%.
Ratios to Premiums Earned.—Losses incurred, 37.6%; expenses incurred, 51.8%; underwriting profit, 10.0%. Miscellaneous, 1919.—Net losses incurred, $136.710.80; net risks in force December 31. 1919, $50,858,351: net premiums in force, $648,454.63.
Underwriting Exhibit, 1919.—Premiums earned (luring 1919, $363,6%3.29: loss from underwriting profit and loss items, $2,174.1S; total, $361,509.11.
Losses incurred during 1919, $136,710.80; underwriting expenses incurred during 1919, $185,236.79: total, $324,-947.59.
Gain from underwriting during 1919. $36,561.52.
In i-estment Exhibit. 1919.— Interest, etc., earned during 1919, $36,640.92: profit on investments during 1919, $1,-927.13: total, $38,568.05.
Loss on investments during 1919, $8,066.49; investment expenses incurred during 1919, $100: total, $8,166.49. Gain from investments during 1919, $30.401.56.
'Gain and Loss Exhibit, 1919.— Gains: Underwriting, $36.561.52: investments, $30,401.56; total, $66,963.08. Loss from dividends, $18,000.
Surplus, December 31, 1918, $152,806.76; increase, $48.-963 08; surplus, December 31, 1919, $201,769.84.
MERCHANTS FIRE INSURANCE COMPANY OF INDIANA,
804 Merchants Bank Bldg., Indianapolis, Indiana.
ADMITTED ASSETS, DECEMBER 31, 1919.
Mortgage loans on real estate $29, 300 00
Interest due and accrued thereon 381 64
Bonds and stocks owned (market value) 99,463 87
Interest due and accrued thereon 1.06S 66
Cash in banks and office 31.907 73
Agents' balances not over three months due 5.480 95
Other admitted assets 76 65
|
LIABILITIES, DECEMBER 31, 1919. |
|
|
|
Losses in process of adjustment, $20: re- |
|
|
|
insurance, $10; net |
$10 |
00 |
|
Unearned premiums |
25,223 |
11 |
|
Salaries, rents. etc |
925 |
90 |
|
Estimated taxes hereafter payable |
707 |
01 |
|
Contingent commissions, etc |
575 |
31 |
|
Dividends to policyholders |
163 |
27 |
|
TOTAL LIABILITIES, except capital |
$27, 604 |
60 |
|
CAPITAL PAID UP |
100, 000 |
00 |
|
NET SURPLUS |
40, 044 |
50 |
|
TOTAL |
$167, 649 |
10 |
TOTAL $167.679 50
Deduct market value of special deposits in
excess of corresponding liabilities 30 40
TOTAL ADMITTED ASSETS $167.649 10
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