A.M. Best Fire and Marine Insurance Companies (1919)

BEST'S INSURANCE REPORTS - FIRE AND MARINE, 335

PALATINE INSURANCE COMPANY, LTD.—Continued.

Underwriting Exhibit, 1919.— Premiums earned during 583.6S; remitted from Home Office, $92,560.34; total, $538,-

1919, $2,657,326.67; loss from underwriting profit and loss

items, $7,295.29; total, $2,680,031.38.

Losses incurred during 1919, $1.137.357.21; underwriting expenses incurred during 1919, $1,200,280.12; total, $2,-

337.637.33. Gain from underwriting during 1919, $342,394 05.	including deposit capital, L $1,621,925.36.	S. Branch, December 31, 1919,
	including deposit capital, L $1,621,925.36.
Investment Exhibit, 1919.—Interest, etc., earned during		Net Premiums		Net Losses
1919, $154,877.54; profit on investments during 1919, $25,-	MISCELLANEOtiS CLASSES:	Written.		Incurred.
344.05; total, $150,221.59.	Motor vehicles	$316.763	00	$155.006 00
Loss on investments during 1919, $88,381.30; investment	Tourists' baggage	416	00	........
expenses incurred during 1919, $3,778.02; total, $92,159.32.	Windstorm and tornado	44, 124	00	6.769 00
Gain from investments during 1919, $88,062.27.	Sprinkler leakage	111	00	........
Gain and Loss Exhibit, 1919.— Gains: Underwriting, $342,394.05; investments, $88,062.27; other sources, $15,-	Explosion War risk (other than	-185	00	1 00
	marine)	20. 951	00

PALMETTO FIRE INSURANCE COMPANY,
125 South Harvin Street, Sumter, S. C.

ADMITTED ASSETS, DECEMBER 31, 1919.			LIABILITIES, DECEMBER 31, 1919.
Real estate owned (market value)	$25, 000	00	Unpaid losses	$41,558		00
Mortgage loans on real estate	360.237	33	Unearned premiums	362,356		74
Interest due and accrued thereon	7, 374	94	Estimated taxes hereafter payable	2.000		00
Loans on collateral security	14.080	32	Contingent commissions, etc	3,	000	00
Interest due and accrued thereon	308	25
Bonds and stocks owned (market value)	66. 050	00	TOTAL LIABILITIES, except capital	$408,	914	74
Interest due and accrued thereon	1,389	09	CAPITAL PAID UP	400,	000	00
Cash in banks and office	334.000	54	NET SURPLUS	139,	016	82
Agents' balances not over three months due.	137, 140	21
Other admitted assets	2, 350	88
TOTAL ADMITTED ASST?TS	$947.931	56	TOTAL	$947,931		56

600.34.

Loss from remittance to Home Office, $182,530.89. Surplus, including deposit capital, U. S. Branch, December 31, 1918, $1,265,855.91; increase, $356.069.45; surplus,

GENERAL REVIEW.

history.—This company was incorporated under the laws of South Carolina on June 9, 1912, and began business August 13, 1912, with $25,000 capital paid in, together with a surplus of $6,250. In May, 1916. the paid-in capital was increased to $50,000. and in January, 1917, to $100,000. The stock was subscribed for by the original stockholders in proportion to their holdings, and was paid in at par. $10 per share.

The company was organized by Perry Moses, its secretary and manager. who has been in the local fire and life insurance business for a number of years.

The Fidelity Fire Insurance Company. of Sumter, is under the same management.

In July, 1918, the capital was increased to $200,000, the new stock, par value $10, being sold at $12.50 per share, so that $25.000 was collected for surplus. The entire subseript.ion was taken up by the then stockholders.

During 1919 the capital was increased from $200,000 to $400,000, and $62,500 added to surplus account.

In 1919, a stock dividend of $75.000 and a cash dividend of $10,000 were paid to its stockholders.

Management and Reputation. —The company transacted a very limited business in Sumter county until April, 1916, when its field of operation was extended throughout the State. It is now licensed in eleven-States, and writes a full volume of business in proportion to its capital and surplus.

The mortgage loans are upon property in South Carolina, valued at over twice the amount loaned.

Tt is /woken' lie prominent hugeness men of gaunter. Oa

December 31, 1919, the directors owned $290.500, par value, of the capital stock then outstanding.

lts expense of management has been moderate and its loss ratio is low. A good underwriting profit was made in 1918 and 1919.

It bears a good reputation for loss settlements.

Class of Business Written.— Fire insurance.

Territory.— It is licensed in Ga., Ill., La., Mass., Mich., N. Y., N. C., O., Pa., S. C. and Tex.

Officers.— President, I. C. Strauss; vice-presidents,

D. Moise and Neill O'Donnell; treasurer. G. A. Lemmon; secretary and manager, P. Moses; assistant secretaries,
L. Browne and W. W. _McIver; assistant treasurer, S. C. Roper.

Directors.

Barnett, H. D., banker and merchant.

Ilarby, H. J., retired capitalist.

I.emmon, G. A., president City National Bank,

Manning. Hon. R. I., ex-Governor of South Carolina. Moise. D. D., lawyer, member firm of Lee & Moise. Moses. P., insurance.

O'Donnell, Neill, president First National Bank.

Phelps, A. C., manager Harbv & Co., cotton exporters. Rowland. C. G., president National Bank of So. Carolina. Sibert, W. W., wholesale and retail druggist.

Strauss. I. C., president Sumter Trust Company. Stockholders' Annual Sheeting.— Last Tuesday in January.

INCOME, 1919.

Gross premiums written $1, 142, 037 73

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