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2G8 BEST'S INSURANCE REPORTS FIRE AM) _MARINE.
NATIONALE FIRE INSURANCE COMPANY — Continued.
valuations in this statement are those fixed by the Conven- Underwriting expenses
Other disbursements
tion of Insurance Commissioners.
Affiliations.— Western Insurance Bureau, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association.
United States Trustee.— Bankers Trust Company, New York City.
United States Managers.— Starkweather & Shepley, Inc.. 17 Custom House street, Providence, R. I. President, Geo. L. Shepley; vice-president and manager agency department, Emil G. Pieper.
Class of Business Written.— Fire insurance.
Territory.— In the United States this company is licensed in Cal., Colo., Conn., D. C., Fla., Ga., Ida.. Ill., Ind., Ia., Kan., Ky., La., Me., Md., Mass., Mich., Minn., Mo, Neb., N. II., N. J., N. Y., N. C., N. D., O., Okla., Ore.. Pa., R. I., S. C., Tenn., Utah, Va., Wash., W. Va. and Wis. It also maintains a Canadian Department at Montreal, Canada.
INCOME, U. S. BRANCH. 1919.
Gross premiums written $2,264.349 33
Less reinsurance 894.224 51
Less return premiums 416,706 82
Total net premiums $953.418 00
Interest, etc 42,628 82
TOTAL INCOME $996,046 82
DISBURSEMENTS, U. S. BRANCH, 1919.
Net losses paid $317,744 09
327,513 81 1, 197 59
TOTAL DISBURSEMENTS $646.460 49
Ratios to Premiums Written.— Losses paid, 33.3%; incurred, 37.2%; underwriting expenses, 34.3%; underwriting profit, 5.8%.
Ratios to Premiums Earned.—Losses incurred. 45.6%; expenses incurred, 47.2%; underwriting profit, 7.2%.
Miscellaneous, 1919.—Net losses incurred, $354,529.70; net risks in force December 31, 1919, $118,373,108; net premiums in force, $1,157,480.53.
Undencriting Exhibit, 1919.— Premiums earned during 1919, 8777.704.61.
Losses incurred during 1919, $354,529.70; underwriting expenses incurred during 1919. $367,127.75; total, $721,-657.45.
Gain from underwriting during 1919, $56,047.16. Investment Exhibit, 1919.- Interest, etc., earned during 1919. $45,559.41.
Loss on investments during 1919. $68.258.75; investment expenses incurred during 1919, $1,197.59; total, $69,456.34. Loss from investments during 1919, $23,896.93.
Gain and Loss Exhibit, 1919.— Gain from underwriting, $56,047.16.
Loss from investments, $23,896.93.
Surplus, including deposit capital. U. S. Branch, December 31, 1918, $525,704.51; increase, $32,150.23; surplus, including deposit capital, U. S. Branch, December 31, 1919, $557,854.74.
NATIONAL FIRE AND MARINE INSURANCE COMPANY,
128 Broad Street, Elizabeth, N. J.
|
ADMI'I'rED ASSETS, DECEMBER 31, |
1919. |
|
|
Mortgage loans on real estate |
$12,100 |
00 |
|
Interest due and accrued thereon |
196 |
31 |
|
Bonds and stocks owned (market value) |
460, 918 |
50 |
|
Interest due and accrued thereon |
2,005 |
00 |
|
Cash in banks and office |
25,991 |
93 |
|
Agents' balances not over three months due. |
141, 648 |
33 |
|
Other admitted assets |
168 |
50 |
TOTAL ADMITTED ASSETS $643,028 57
GENERAL REVIEW.
History.—This company was incorporated under the laws of New Jersey in August, 1865, with $100,000 authorized capital, par value of stock $50 per share. It began business November 1, 1865.
On April 1, 1920, all of the outstanding marine and one-half of the fire business of this company was reinsured
LIABILITIES, DECEMBER 31. 1919.
|
LOSSES: Adjusted, due, $20,000: in process of adjustment, $20,483.94; re- |
|
|
|
sisted, $7,500; total |
$47.983 |
94 |
|
Unearned premiums |
384,022 |
45 |
|
Salaries, rents, etc |
75 |
00 |
|
Estimated taxes hereafter payable |
1,519 |
17 |
|
Contingent commissions, etc |
1,400 |
00 |
|
Reserve for unreported losses |
50,000 |
00 |
|
TOTAL LIABILITIES, except capital. |
$485, 000 |
56 |
|
CAPITAL PAID UP |
100,000 |
00 |
|
NET SURPLUS |
58,0'28 |
01 |
|
TOTAL |
$643,02S |
57 |
in the Globe & Rutgers Fire Insurance Company.
It has been apparent for some time as pointed out in our reports that the volume of business which this company was writing and carrying was far in excess of a figure conservatively proportionate to its small capital and surplus.
The responsibility of the Globe & Rutgers Fire Insurance Company is beyond question.
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