BEST'S INS RANCE REPORTS-FIRE AND MARINE.   353

PIONEER FIRE INSURANCE COMPANY OF AMERICA. Continued.

The company advised us in December, 1918, that it had closed its agency with the Central Underwriting Agency (M. W. Fugit), and had cut down its lines on surplus business. writing only the best classes with a warranty of some reputable company.

The report of an examination by the Illinois Department, under date of September 22, 1919. however, among other criticisms stated:

" A large portion of risks assumed are not very desirable risks, being accepted through agents and surplus line agencies without being properly inspected.

The losses and expenses for the entire period since beginning business shows an excess of $36,689.38 over in-come. which, together with $45,499.93 paid out for organization expenses, leaves a balance of $17,810.69 surplus out of the $100,000 contributed by its, stockholders."

The statement submitted to us, as of December 31, 1919, is not clear in several items, viz.: The outstanding agency talances. $21.590.96, seem very large in proportion to the net premiums written for the entire year of $46.052.04; the premiums in force. $20,844.53, also appear very small in proportion to the premiums written; the unearned premium liability, $13,012.69. likewise appears small.

The company's loss and expense ratios on the incurred basis were very high in 1918, resulting in a large under-writing loss, and in 1919, while there was an improvement in loss ratio the expenses were still high.

The bonds owned by the company consist mainly of United States Liberty bonds.

The company bears a good general reputation in the matter of loss settlements. but some complaints in loss-paying methods have reached us.

On December 31, 1919. the directors owned $10.640, par value, of the company's $100,000 capital stock.

Class of Business Written.—Fire insurance.

Territory.— The company is licensed only in Illinois. Dividends.— None.

Officers. President, Frank J. ['alt: rice-president, Joseph C. \\'olon: secretary. John B. Brenza: treasurer, A. J. Wlodarski.

D i rectors.

Palt, Frank J., 3205 So. Morgan street. Chicago, 111 , insurance and banker; vice-president and chairman hoard of directors of Universal State Bank,

Wlodarski, A. J., 1653 West 47th street. Chicago, Ill., insurance and banker; member Wlodarski Bros., hankers: secretary of Polish Building and Loan Association League.

Wolon. Joseph C.. 29 So. LaSalle street, Chicago, Ill., attorney-at-law.

Krotkas, John, 2454 So. Oakley avenue, Chicago, Ill., merchant; director Metropolitan State Bank.   "

Algminowicz, Adam, 223 Cassity avenue. Joliet, Ill., merchant.

Eadajewski, Henry, 285 East 16th street, Chicago Heights, Ill., merchant.

Symkiewicz, S., 2409 So. Hoyne avenue, Chicago, Ill., re-tired merchant and capitalist.

Brenza, John B., 807-809 West 35th street, Chicago, Ill., insurance and banker; president Metropolitan State Bank.

\Vieczorkowski, Frank, 8307 South Shore Drive, Chicago, Ill., insurance and contractor.

Stockholders' Annual Meeting.— Third Monday in January.

INCOME, 1919.

Gross premiums written    $99, 013 79

Less reinsurance    31,179 10

Less return premiums    21, 782 65

Total net premiums    $46, 052 04

Interest, etc   6,637 26

Commissions on reinsurance   12, 689 31

Borrowed money    5.200 00

Other Income    17 50

TOTAL INCOME    $70,596 11

DISBURSEMENTS, 1919.

Net losses paid    $20,946 33

Underwriting expenses    33, 135 30

Other disbursements    5,681 52

TOTAL. DISBURSEMENTS    $59,763 15

Ratios to Premiums Written..— Losses paid, 45.5%; incurred, 19.8%; underwriting expenses, 71.9 's ; underwriting profit, 14.0%.

Ratios to Premiums Earned.—Losses incurred, 16.8%; ,xpenses incurred, 66.4%; underwriting profit. 11.8%. afiscellaneous, 1919.— Net losses incurred, $9,143.45: net risks in force December 31, 1919. $1.430,673: net premiums in force. $20,844.53.

Underwriting Exhibit, 1919.—Premiums earned during 1919, 854.491.56; loss from underwriting profit and loss items, $2,696.58; total. $51,794.98.

Losses incurred during 1919, $9,143.48; underwriting expenses incurred during; 1919, $36,211.77: total. $45,355.25.

Gain from underwriting during 1919, $6,439.73.

Investment Exhibit, 1919.— Interest, etc., earned during 1919, $6,334.32: profit on investments during 1919. $17 50; total, $6.351.82.

Loss on investments during 1919. $8.92.

Gain from investments during 1919, $6,342.90.

Surplus. December 31. 191S, $18.656.87; increase, $21,-601.90: surplus. December 31. 1919, $40.258.77.