286   BEST'S INSURANCE REPORTS   FIRE AND \L1:RINE.

NEIL BRUNSWICK FIRE INSURANCE COMPANY—Continued.

Ratios to Premiums Written.—Losses paid, fire, etc., 41.8%; marine, 144.6% : incurred, 52.6: underwriting expenses, 40.4%; underwriting loss. 1.5%.

Ratios to Premiums Earned.—Losses incurred. 57.2%; expenses incurred, 44.5% ; underwriting loss, 1.6%.

Miscellaneous, 1919.— Net losses incurred, $985.317.89: net risks in force December 31. 1919. fire and miscellaneous, $203,610,394: marine and inland, $14,992,949: net pre-

miums in force, fire and miscellaneous, $2.258.953.67;

• marine and inland, $412,S67.24.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $1,722.373.61; gain from underwriting profit and loss items. $2,560.32; total, $1.724.933.93.

• Losses incurred during 1919, $985.317.S9; underwriting expenses incurred during 1919. $767.252.46: total, $1,752,-570.35.

Loss from underwriting during 1919. $27,636.42.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $105,891.23: profit on investments during 1919, $24,-123.75: total, $130.015.08.

Loss on investments during 1919, $20,144.60; iut'estment

expenses incurred during 1919, $2,522.98; total, $22,667.58. Gain from investments during 1919, $107,347.50.

Gain and Loss Exhibit, 1919.— Gain from investments,

$107,347.50.

Losses: Underwriting, $27,636.42; dividends, $69,99652; total, $97.632.94.

Surplus, December 31, 1918, $332.432 37 ; increase, $9,-714.56; surplus, December 31, 1919, $342,146.93.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written   Incurred.

Motor vehicles    $217.644 68   $98,908 71

Windstorm and tornado....   23,162 01   4,990 32

Sprinkler leakage    945 09   4 58

Explosion   3,394 15   389 38

NEW ENGLAND FIRE INSURANCE COMPANY_
Pittsfield, Mass.

GENERAL REVIEW.

History.— This company was incorporated under the laws of Massachusetts on November 14, 1919, and was licensed under the laws of that State January 7, 1920. It started business with an authorized, subscribed and paid-in capital of $200,000 and a surplus of $300.000. Shares, par value $100, were sold at $250 per share thus providing the surplus. The expense of organization was $22,383.99, less than one-half of one per cent.. which is very commendable.

The Commissioner of Insurance made an investigation of the company's affairs, obtaining certificates of deposit of funds indicating that $500,000 was held by various banks to the company's credit. He then placed on record the following memorandum, all of which appears to constitute as niucli of an examination as was possible to make of a company's affairs before it begins to write business.

"An examination was made by me on the 24th day of December, 1919, and from this examination and information furnished since. I am of opinion that the provisions of law appear to have been complied with. A system of accounting has been adopted, devised by Joseph Froggatt & Company, Inc., of New York. It appears to be a proper system of accounting.

" The accountant is Miss Irene M. LaBrode, of Pitts-field. She has been for several years the general accountant of the City Savings Bank of Pittsfield and has had charge of the accounts of the life insurance department. The underwriter is Carl B. Gale. He has had experience as an underwriter for the Boston Insurance Company and the Old Colony Insurance Company. The

books indicate no liabilities except to the stockholders for the amounts paid for their shares of stock."

_llanagentent and Reputation.—This company is backed by substantial interests, the directors being men of business prominence in New England. and the underwriting is under the control of Carl B. Gale, secretary, who. as stated in the memorandum of the insurance Commissioner, has had considerable insurance experience in company matters in connection with the Boston Insurance Company and the Old Colony Insurance Company, both of Boston, Mass. He is also president of Gale, Durant and Gale. Inc., insurance agents. Pittsfield, Mass.

It will write fire reinsurance only and at the present time is not licensed outside of Massachusetts.

Class of Business ll'ritten.— Fire insurance only. Territory.— Massachusetts.

Officers.— President. II. Calvin Ford; vice-president. Winthrop M. Crane, Jr.; secretary. Carl B. Gale.

Direct ors.

Bancroft. Charles 6.. president International Trust Company.

Coogan, Clement F., Owen Coogan & Sons.

Crane. Winthrop M.. Jr., Crane & Company.

Ford, H. Calvin. president of the company.

Foye. E. Elmer, E. Elmer Foye & Company, Boston. Gale. Carl B., secretary of the company.

Hollingworth, Louis. W. E. Tillotson Mfg. Company. Savery. James R.. Berkshire Woolen Company.

Smith, Willard F., Smith Paper Company.

Tucker, George H, president Pittsfield National Bank.