298   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

NORTII ATLANTIC INSURANCE COMPANY— ('onliauel.

Underwriting Exhibit, 1919.— Premiums earned during   Loss on investments during 1919, $5,355; investment

1919, $747,168.65; gain from underwriting profit and •loss   penses incurred during 1919, $516.66; total, $5,871.66.

items, $29,513.22; total, $776,681.57.   Gain from investments during 1919, $56.132.66.

Losses incurred during 1919, $713.035.24; underwriting expenses incurred (luring 1919. $159,956.93; total, $872,-992.17.

Loss from underwriting during 1919, $96,310.30. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $54,149.32; profit on investments during 1919, $7,-855; total, $62,004.32.

ex-

Gain and Loss Exhibit, 1919.- Gain from Investments, $56,132.66.

Loss from underwriting, $96,310.30.

Surplus, December 31, 1915. $161,877.93; decrease, $40,-177 64; surplus, December 31, 1919. $121,700.29.

Net Premiums   Net Losses

_MISCELLANEOUS CLASSES :   Written.   Incurred.

Motor vehicles    $468,539 02   $360,869 9S

NORTH BRANCH FIRE INSURANCE C O MP 1',
440 Market Street, Sunbury, Pa.

LIABILITIES, DECEMBER 31, 1919.

Losses in process of adjustment, $294,-

• 150.30; reinsurance, $32,001.85; net       $262, 742 45 Luearned premiums: Fire and miscellane-

ous, $544,219.12; marine, $58,756.03; total   602,976 05

Salaries, rents, etc   2,000 00

• Estimated taxes hereafter payable    20, 000 00

Contingent commissions, etc   11,500 00

.   TOTAL LIABILITIES, except capital   $899.218 50

• CAPITAL PAID UP    500,000 00

NET SURPLUS    50, 753 34

TOTAL   $1, 449.971 84

ADMITTED ASSET a, DEUI,.MBEB 31, 1919.

Real estate owned (market value)    

Mortgage loans on real estate    

Interest due and accrued thereon    

Loans on collateral security    

Interest due and accrued thereon    

Bonds and stocks owned (market value)    

Interest due and accrued thereon    

Cash in banks and office     Agents' balances not over three months due. Interest accrued on certificates of deposit...

$3,418
434, 271
13, 501
62, 630
301
423.314
6, 315
308. 612
174. 514
3.092

TOTAL ADMITTED ASSETS    81.449.971 S4

GENEIRAI, REVIEW.

History.— This company was incorporated under the laws of Pennsylvania on April 29. 1911, with an authorized capital of $100,000, all of which was paid. with $50,000 surplus. when it began business on April 27. 1912.

Its stock, par value $25. was sold at $37 50 per share. The company sold its own stock, and after paying sales-men, and partly furnishing its office, it had left a surplus of $28.959.68. During 1913 the capital was increased to $112,500. and $7,500 surplus was paid in. The new stock was sold at $40 per share, and was practically all taken by old stockholders. In 1914 the capital was increased to $150.000, and $30.000 was added to surplus. This stock was sold at $45 per share, and was taken up by the di-rectors and some of the old stockholders. During 1915 the capital was increased to $275,000, and $100,000 surplus was paid in. The increase of capital during 1915 was effected through a sales agent who paid the company $45 net for the stock, and sold it on a graded scale at $50, $52.50, $55, $57.50 and $60 per share.

In 1916 the capital was increased to $300,000. and $20.000 was collected for surplus. As of December 31. 1917, the capital was increased to $400,000 and $110.000 was paid into surplus account. During 1918. the paid-in capital was increased to $500.000, and $100,000 was collected for surplus, the stock being taken up by the directors at 200%

In 1915 interests connected with this company purchased control of the City Insurance Company of Pittsburgh, and on January 8, 191S, control of the Pittsburgh Fire Insurance Company, of Pittsburgh, Pa., was purchased by John G. Sell and his associates in the North Branch Fire. In April, 1920, control of the Pittsburgh Fire Insurance Com

pant was sold to int+rests allied with the Firemen and Mechanics Insurance Company of Indianapolis.

Policies entitled "Pennsylvania Underwriters." were formerly guaranteed by this company, the City Insurance Company of Pittsburg and the AVestern Insurance Company of Pittsburg, but. as of December 18, 1919, the Western withdrew from this underwriting arrangement and the Pittsburgh Fire Insurance Company of Pittsburg became the third member of the underwriting group and will continue to participate. although the control of the company has changed.

Management and Reputation.—The company's managing underwriter, John G. Sell, has had a number of years' experience in the insurance hnsimess, and is capable, energetic and in good repute At the end of 1919 the directors owned $l25,-t50, par value, of the capital stock.

The company writes a full volume of business in pro-portion to its net resources. Its management expenses have been very moderate for a company of its size, and its average loss ratio is low. In 1919 the loss ratio on fire business was normal. but the marine loss ratio was very high, and it sustained a loss from underwriting of $114.-642.99 and a decrease in surplus of $109.719.80.

The underwriting operations to date have been unprofitable, due in part but not altogether to the increase in unearned premium reserve.

The company's general loss paying reputation is excellent.

The securities owned are of good character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners. The mortgages are secured by improved property in Mo, Ilan., Mont., N. J. and Pa., worth over twice the amount loaned.