336   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

PALMETTO FIRE INSURANCE COMPANY—Continued.

Less return premiums    217,212 03

Total net premiums    $579, 941 64

Interest, etc   21,332 06

Other income    173 00

Surplus paid in by stockholders    62.500 00

TOTAL INCOME    $663,946 70

DISBURSEMENTS, 1919.

Net losses paid    $158.064 55

Underwriting expenses    204.285 08
Dividends to stockholders:

Cash dividend    10,000 00

Stock dividend    75,000 00

Other disbursements    S91 00

TOTAL DISBURSEMENTS    $44S.240 63

Ratios to Premiums Written.— Losses paid, 27.2;2; incurred, 31.2%; underwriting expenses, 35.2%; underwriting profit, 13.8%.

Ratios to Premiums Earned.—Losses incurred. 3S.1%; expenses incurred, 42.3%; underwriting profit, 16.8%. Jtiseellaneons, 1919.—Net losses incurred. $181,171.14:

net risks in force December 31, 1919, $43.677,157; net premiums in force, $598,890.42. '

L nde writing Exhibit, 1919.— Premiums earned during 1919, $475,148.84; loss from underwriting profit and loss items, $12,935.0d; total, $462,213.83.

Losses incurred during 1919, $181,171.14; underwriting expenses incurred during 1919, $201,183.08; total. $382,-354.22.

Gain from underwriting during 1919, $79,859.61.

Investment Exhibit, 1919.— Interest, etc., earned during 1919, $24,622.57; profit on investments during 1919, $6,-283.09; total, $30,905.66.

Loss on investments during 1919, $747.64; investment expenses incurred during 1919, $251; total. $998.64. Gain from investments during 1919, $29,907.02.

Cain and Loss Exhibit, 1919.—Gains: Underwriting, $79,859.61; investments. $29,907.02; premium on capital stock, $62.500: total, $172,266.63,

Losses: Cash dividend, $10,000; stock dividend, $75.000; total, $85,000.

Si:rplus, December 31, 1918, $51,750.19; increase, $87,-266.63: surplus, December 31, 1919, $139,016.82.

Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $24.094 03   $15,455 95

LA PATERNELLE " FIRE INSURANCE COMP \N 1 . LTI)., Paris, France.

UNITED STATES BRANCH, SO MAlDEN LANE, NE\V'

GENERAL REVIEW.

History.— This company was established' in 1843. Its authorized capital is $1,200,000, of which, at last advises, $900,000 had been paid in. It entered the United States in 1913 to transact a are reinsurance business.

Some years ago this company wrote business as an unadmitted company in the United States through Stark-weather & Shepley, Providence, R. I.

/tome Office Resources.--All assets of the company are liable for the payment of losses incurred here. The Home Office balance sheet, which includes all its assets and liabilities showed the following as of December 31, 1918: Assets. $1,613,605; capital paid in, $500.000; surplus over all liabilities. $589,448.

Management and Reputation.—The company is in ex-

LIABILITIES, L. S. BRANCH, DECEMBER 31, 1919.

Losses in process of adjustment    $186.716 00

Unearned premiums    1,191,9S1 51

Estimated taxes hereafter payable    25,000 00

Contingent commissions, etc    15,000 00

TOTAL LIABILITIES, except statutory

capital deposit   $1,41S,697 51 STATUTORY CAPITAL DEPOSIT, $200,000.

NET SURPLUS, U. S Branch. including

statutory capital deposit    413.435 32

TOTAL   $1.832.132 83

cellent repute at its home and abroad, and has been success-fully operated for years.

In March. 1919, the management in the United States seas transferred from Meinel & Welnple, Ine., to E. G. Snow. Jr.

The volume of business written by the United States Branch is large in proportion to the net cash resources of that branch. Both loss and expense ratios are normal.

The securities owned are high grade. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

United States Manager.— E. G. Snow, Jr., 80 Maiden Lane. New York City.

United States Trustee.— Farmers' Loan & Trust Company, New York.