252   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

AND MARINE INSURANCE COMPANY — Continued.

596, 973 46 Underwriting Exhibit, 1919.—Premiums earned during

1919, $1,104,452.39; gain from underwriting profit and loss items, $2,544.28; total, $1,106,996.67.

Losses incurred during 1919, $543,998.54; underwriting expenses incurred (luring 1919, $568,220.77; total, $1,112,-219.31.

Loss from underwriting (luring 1919, $5,222.64. Investment Exhibit, 1919.—Interest, etc., earned during

1919, $87,062.58; profit on investments during 1919, $5,-

785; total, $9.2,847.58.

Loss on investments during 1919, $11,006.14; investment expenses incurred during 1919, $2,070.90; total, $13.077.04. Gain from investments during 1919, $79,770.54.

Gain and Loss Exhibit, 1919.- Gains: Investments, $79,-770.54.

Losses:   Underwriting, $5,222.64; dividends, $40,000;
total, $45,222.64.

Surplus, December 31, 1918. $429,562.45; increase, $34,-547.90: surplus, December 31. 1919, $464,110.35.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Windstorm and tornado....   $7, 425 15   $366 20

MID-WEST FIRE INSURANCE COMPANY, 314-319 Illinois State Bank Bldg., Quincy, I11.

MICHIGAN FIRE

Less return premiums    

Total net premiums    $1,249,916 94

Interest, etc   83, 059 19

Other income    5,785 00

TOTAL INCOME    $1,338.761 13

DISBURSEMENTS, 1919.

Net losses paid    $519.810 22

Underwriting expenses    565,162 60

Dividends to stockholders   40.000 00

Other disbursements    10,416 14

TOTAL DISBURSEMENTS    $1,135,3S8 96

Ratios to Premiums Written.— Losses paid. 41.6%; incurred, 43.5%: underwriting expenses, 45.2%; underwriting loss, 0.4%.

Ratios to Premiums Earned.— Losses incurred, 49.2%; expenses incurred, 51.4%; underwriting loss, 0.5%.

Miscellaneone 1919.— Net losses incurred, $543.998.54: net risks in force December 31, 1919, $206.127,95]; net premiums in force, $2,141,651.76.

ADMITTED ASSETS, DECEMBER 31, 1919.

United States Liberty bonds    $112,950 00

U. S. War Savings stamps    842 00

Interest due and accrued thereon    1,045 59

Cash in banks and office    3,557 17

Agents' balances not over three months due   5 523 66

Other admitted assets    583 11

LIABILITIES, DECEMBER 31, 1919. Unearned premiums: Fire and miscellaneous, $5.412.60; inland navigation, $134.73;

total   $5,547 33

Salaries, rents, etc   657 06

Estimated taxes hereafter payable    89 74
Contingent commissions, etc., accrued to

agents   2,258 82

Funds held under reinsurance treaties    657 99

TOTAL LIABILITIES, except capital   :   $9,210 94

CAPITAL PAID UP    100,000 00

NET SURPLUS    18, 290 59

TOTAL ADMITTED ASSETS    $127,501 53   TOTAL   $12'1.501 53

GENERAL REVIEW.

history.— This company was incorporated February 7, 1918, and commenced business October 12, 1919, being licensed on the same date, with $100,000 capital and $40,000 surplus. Shares, par value $10, were sold at $14 to provide the surplus. There was no expense of selling stock as originally organized, all of the stock being subscribed and paid for by the nine directors.

At the time the company began business we were in-formed by the secretary that the directors were selling a part of.their holdings at $20 per share, which would mean that those buying this stock, thus resold, would have paid an expense for promotion, but the company now informs us that as of December 31, 1919, the directors owned at par value the entire capital stock of $100,000.

The stockholders and directors of the company are men of moderate business prominence in Quincy, Illinois.

Management and Reputation.—The officers of this company are: President, J. W. Ireland, president of the Mid-west Live Stock Insurance Company; vice-president, J. S. Fraser; treasurer, John L. Pipe; secretary. L. R. Hethering-

ton. Mr. Hetherington, who will be the underwriter, is also secretary of the Midwest Live Stock Insurance Company. He was active in the organizing of these two insurance institutions. Prior to coming to Quincy, for twelve years he conducted a local agency at Kankakee, Illinois, which afforded him the larger portion of his training in fire insurance.

The company writes fire insurance business only and at the present time is licensed only in the State of Illinois.

It is too early to justfy any comment as to its loss and expense ratios.

No complaints have ever come to us concerning its treatment of loss claimants.

The company writes " surplus lines " through W. L. Pettibone & Co., New York City. Writing this class of business has often proven disastrous to new companies.

The investments are of the highest character consisting of Liberty Loan bonds.

Classes of Business Written.— Fire, automobile and tornado insurance.