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332 BEST'S INSURANCE REPORTS—FIRE AND MARINE.
PACIFIC NATIONAL FIRE INSURANCE COMPANY—Continued.
Officers.— President, G. W. Peltier; vice-presidents, W. F. Gormley, Leon M. Ware and R. T. Melton; secretary and treasurer, Byron F. Vandenberg, Jr.
Directors.— Geo. W. Peltier, W. F. Gormley, R. T. Melton. H. C. Bronson, A. N. Bullock, H. J. Barceionx, .JamesMadison, J. I. McConnell, L. M. Ware.
* The company advised us as this report was going to press that this ratio should be 46.l% because of reinsurance commissions not deducted from commissions paid agents in figures submitted its.
Ratios to Premiums Earned.—Losses incurred, 44.4%; expenses incurred, 167.5%; underwriting profit, 1.2%.
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Stockholders' Annual Meeting.— Second April. INCOME, 1919. |
Tuesday |
in |
See note above, this ratio changes accordingly to 55.8%. Miscellaneous, 1919.—Net losses incurred, $21,179.48: net risks in force December 31, 1919, $3.961.820: net pre- |
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Gross premiums written |
$109,665 |
34 |
miums in force. $70,056.60. |
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Less reinsurance |
27.52S |
14 |
Underwriting Exhibit, 1919.—Premiums earned during |
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Less return premiums |
24.441 |
98 |
1919. $47,723.49: gain from underwriting profit and loss |
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Total net premiums |
$57, 695 |
22 |
items. $9,236.11; total. $56,959.60. |
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Interest, etc |
19.944 |
03 |
Losses incurred during 1919, $21.179.48: underwriting ex- |
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Other income |
9.067 |
84 |
penses incurred during 1919, $35,205.10; total, $56,384 58. |
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Subscription to surplus |
100,140 |
00 |
Gain from underwriting during 1919, $575.02, Investment Exhibit, 1919.—Interest, etc., earned during |
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TOTAL INCOME |
$186.847 |
09 |
1919. $15,705.79; profit on investments during 1919, |
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DISBURSEMENTS, 1919. |
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$505.55: total. $19,211.34. |
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Net losses paid |
$20.381) |
85 |
Investment expenses incurred during 1919, $1.271.08. |
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Underwriting expenses |
37.108 |
98 |
Cain from investments during 1919, $17,940.26. |
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Other disbursements |
1.271 |
OS |
Gain and Loss Exhibit, 1919.—Gains: Underwriting, |
TOTAL DI$BURSEMENTS $58.160 91
Ratios to Premiums Written.— Losses paid, 35.3%; incurred, 36.7%; underwriting expenses, *64.3%: underwriting profit, 0.9%.
$575.02: investments, $17,940.26: other sourer's, $99.202 62: total. $117.817.90.
Surplus. December 31, 1918, $111.142.74; increase, $117,-817.90: surplus, December 31. 1919, $225,960.64.
PACIFIC STATES FIRE INSURANCE COMPANY,
Eleventh and Alder Streets, Portland, Oregon.
ADMITTED ASSETS, DECEMBER 31, 1919.
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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. Reinsurance due on losses paid Other admitted assets |
$260,15S 09 74. SO4 23 993 26 1.155 61 75 06 561.912 99 10,963 26 27,138 39 44.808 92 666 10 199 19 | |
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TOTAL ADMITTED ASSETS |
$982, 878 10 | |
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GENERAL REVIEW. History.-- This company was incorporated |
und- r |
the |
laws of Oregon, in November, 1919, with $250,000 authorized capital (par value of shares, $100) , with power to in-crease it to $1,000,000. It began business January 1, 1911, with $100,000 capital paid in. The stock of the company was sold to the public through stock salesmen, who received a commission of 10%.
The company was examined by the Insurance Departments of Oregon and Washington in May, 1916. The examiners ascertained that on March 31, 1916, the total number of shares subscribed amounted to 7.204; shares issued, fully paid, 3,455; subscriptions canceled, 841; leaving subscriptions for 2,908 shares partially paid. Of the shares fully paid 1,112 were sold at $125 a share, 947 shares were sold at $150 per share, 3 shares were sold at $165 per share, and 1,393 shares were sold at $200 per share, making the total capital paid in $345,500 and col-
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LIABILITIES, DECEMBER 31. 1919. |
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LOSSES: Adjusted. due, $14,247.85: not |
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due, $5.483.66; total, $19.731.51: reinsur- |
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ance, $7,581.13; net |
$12,150 |
38 |
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Unearned premiums: Fire and miscellane- ous. $147,601.66: inland navigation. $18.- 392.69: total |
165,994 |
35 |
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Dividends to stockholders unpaid |
132 |
30 |
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Estimated taxes hereafter payable |
5,000 |
00 |
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Mortgages |
130,000 |
00 |
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TOTAL LIABILITIES, except capital |
$313, 277 |
03 |
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CAPITAL PAID UP |
299, 510 |
00 |
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NET SURPLUS |
370.091 |
07 |
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TOTAL |
$982, 878 |
10 |
lections on surplus account, $214,645. The net commission paid for the sale of the stock was $121,733.26.
There was a further increase during 1917, and on December 31, 1917, the paid-in capital amounted to $405,000: the surplus was $151,001.67.
Between January 1 and March 31, 1918, $4,700 was paid into capital account, making the paid-in capital $409.700 on the latter date. On March 31, 1918, the capital was reduced to $286,790, and the difference, $122,910, was added to surplus, the par value of the shares being changed from $100 to $70. On December 31. 1918, the paid-up capital stood at $292.690, $5,900 additional having been paid in since April 1, 1918. The surplus on December 31, 1918, amounted to $295,731.80. During 1919 it made a further increase in capital, so that on December 31, 1919, the paid-up capital was $299,510.
The company guarantees policies issued under the title " Oregon Underwriters."
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