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BEST'S INSURANCE REPORTS — FIRI': AND MIARINE. 25I
.U('IIIGAN FIRE AND MARINE INSURANCE COMPANY, Penobscot Bldg., Detroit, Mich.
ADMITTED ASSETS, DECEMBER 31, 1919.
Mortgage loans on real estate $647,367 00
Interest due and accrued thereon 10.029 82
Bonds and stocks owned (market value) 1. 122, 280 00
Interest due and accrued thereon 18.204 42
Cash in banks and office 68.359 30
Agents' balances not over three months due 293. 189 35
Other admitted assets 100 00
TOTAL ADMITTED ASSETS $2.159.729 8!1
GENERAL. REVIEW.
History.— This company was incorporated under the laws of Michigan, in February, 1881, with $200.000 authorized capital. It began business in March, 1881, with its capital fully paid at par. In 1888 its capital was in-creased from $200.000 to $400,000, and $50,000 surplus was paid in.
The company reported a net loss of $371.101.62 in the San Francisco conflagration. and the stockholders contributed $200,000 to restore its surplus.
The par value of stock is $50 per share.
Formerly this company, the Detroit Fire and Marine Insurance Company of Detroit. and the Niagara Fire Insurance Company of New York. issued and guaranteed policies entitled "Niagara-Detroit Underwriters." The Niagara Fire only now guarantees these policies.
Management and Reputation.—The company has been conservatively managed and is in excellent repute. It is backed by substantial interests. The control of the company is not closely held. The directors owned at the end of 1919 $89,450, par value, of the company's $400.000 capital stock.
The company's loss paying record is excellent under all conditions. It writes a full volume of business. The conflagration hazard is carefully observed.
Its expense ratio has been slightly above the average, but its loss ratio has been moderate.
Its investments are of high grade. The security valuations in this statement are those fixed by the Convention of Insurance Commissions.
The mortgage loans are upon improved Detroit property valued at about three times the amount loaned.
Affiliations.—Eastern Union, Western Union, Board of Fire Underwriters of the Pacific, Southeastern Underwriters Association, Rocky Mountain Underwriters Association.
Classes of Business Written.-- Fire and tornado insurance.
Territorit.—It is licensed in Ariz.. Cal., Colo.. Conn., Idaho, Ill., Ind., Ky., La., Me., Md., Mass., Mich.. Minn., Mo.. Mont., Nev., N. H.. N. J.. N. Y., 0., Ore.. Pa.. R. I., Term., Tex., Utah, Vt., Wash. and Wis.
Dividends.— It has paid dividends of 10% for the past nine years.
Officers.—President, D. M. Ferry, Jr.; vice-president, E. J. Booth; treasurer, F. A. Schulte: secretary. H. E. Everett; assistant secretary, E. P. Webb.
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LIABILITIES, DECEMBER 31. 1919. |
| |
|
LOSSES: Adjusted, not due, $63.778.31; |
|
|
|
in process of adjustment, $141,006.23; re- sisted, $5,500; total, $210,284.54; reinsur- ance. $80.540.67; net |
$129.743 |
87 |
|
Unearned premiums |
1,123,524 |
25 |
|
Dividends to stockholders unpaid |
20,000 |
00 |
|
Salaries, rents, etc |
1,694 |
88 |
|
Estimated taxes hereafter payable |
20.000 |
00 |
|
Contingent commissions, etc |
656 |
54 |
|
TOTAL LIABILITIES, except capital |
$1,295.619 |
54 |
|
CAPITAL PAID UP |
400.000 |
00 |
|
NET SURPLUS |
464. 110 |
35 |
|
TOTAL $2,159.729 |
89 | |
Directors.
Barbour, George H.. president Michigan Stove Co. BeaVmont. J. W., lawyer.
Benallack, W. T., Home Office general agent. Michigan Fire and Marine Insurance Co.
Booth, E. J.. vice-president. Michigan Fire and Marine Insurance Co.
Borgman, H. P., banker.
Bowen, Lenl. \\., president Standard Accident Insurance Co.
Buhl. Lawrence D , capitalist.
Calvert, Chas. B., capitalist.
Cravens, James, member of the firm of Cravens & Cage, general agents, Houston, Tex.
Edgar, Clinton Goodloe, president Continental Sugar Co. Everett, H. E., secretary _Michigan Fire and Marine Insurance Co.
Ferry, Jr., D. M., treasurer D. M. Ferry. & Co.. and president Michigan Fire and Marine Insurance Co.
Hammond, E. P., capitalist.
Hecker, F. J.. capitalist.
Flees. \\"m. R.. capitalist.
Henry. C. A.. member of the firm of \Vayman & Henry, general agents, San Francisco. Cal.
Jenks, Chas. C., president Security Trust Co.
Mack. Walter C.. merchant.
Murphy. Wm. H, capitalist.
Palms. Chas. L., capitalist.
Schulte. F. A., vice-president People's State Bank. Stevens, William P., capitalist.
Thompson, J. W., capitalist.
Whittlesey, M. B., capitalist.
Wilkinson, C. M., lawyer.
Wing. J. T., merchant.
Stockholders' Annual Meeting.—Last Tuesday in January.
General Agents.—Pacific Coast Department, C. A. Henry, San Francisco. Cal., for Alaska, Ariz., Cal., Ida., Mont.. Nev., Ore., Utah, Wash. and Wyo.; Southern Department, Cravens & Cage, Houston, Tex., for Tex.; East-ern Department, Simpson. Campbell & Co., Boston, Mass., for Conn . Mass.. Me.. N. H., R. I. and Vt.
INCOME, 1919.
Gross premiums written $2.387.797 83
Less reinsurance 540,907 43
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