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374 BEST'S INSURANCE REPORTS—FIRE AND MARINE.
RELIANCE MARINE INSURANCE COMPANY, LIMITED—Continued.
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bilities: Total admitted assets, December 31, 1915, $3,- |
DISBURSEMENTS, U. S. BRANCH, |
1919. |
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181,469; capital paid in, $500,000; surplus, $1.839,066. |
Net losses paid |
$259,600 |
10 |
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Management and Reputation.— The company is in excel- |
Underwriting expenses |
95,773 |
37 |
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lent repute and has made progress. Its business in the |
Remitted to Home Office |
217, 077 |
01 |
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United States has been profitable and its management in this country is in experienced hands. |
Other disbursements |
156 |
16 |
Its United States manager, W. L. H. Simpson, also directs the business in the United States of the British and Foreign Marine, Maritime, and Ocean Marine insurance companies, of England. He is also president of the American and Foreign Marine Insurance Company, of New York.
The expense of management of the United States Branch is very moderate, and its average loss ratio is about normal. In 1919 it had a high loss ratio and sustained a loss from underwriting of $15,956.03. The decrease in surplus of $130,903.05 was due to the fact that large remittances were made to the Home Office.
The volume of business transacted by the United States Branch is conservative.
The company's loss paying reputation is excellent.
The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.
United States Manager.— W. L. H. Simpson, New York. Classes of Business Written.—Marine, automobile, tourists' baggage and registered mail insurance.
Territory.— It operates throughout the United Kingdom, Canada and the United States.
INCOME, U. S. BRANCH. 1919.
Gross premiums written $656, 993 87
Less reinsurance 260,635 13
Less return premiums 49.275 03
Total net premiums $347.083 71
Interest, etc 34.305 04
Received from Home Office 75.666 99
Other income 6,077 03
TOTAL INCOME $463.132 77
TOTAL DISBURSEMENTS $572.606 64
Ratios to Premiums 11'ritten,—Losses paid, 74.8%; incurred, 76.8%; underwriting expenses, 27.6%; underwriting loss, 4.5%.
Ratios to Premiums Earned.—Losses incurred, 78.0%; expenses incurred. 27.1%; underwriting loss, 4.6%.
Miscellaneous, 1919.--Net losses incurred, $266.800.56; net risks in force December 31, 1919, $10,534,655; net premiums in force, $80,947.45.
Underwriting Exhibit, 1919.—Premiums earned during 1919, $342,100.60: gain from underwriting profit and loss items, $1,576.59; total, $343,677.19.
Losses incurred during 1919. $266,800.56; underwriting expenses incurred during 1919, $92,832.66; total, $359,-633.22
Loss from underwriting (luring 1919. $15,956.03.
Investment Exhibit, 1919.— Interest, etc., earned during 1919, $32,530.21; profit on investments during 1919. $5,-975.77; total, $38,805.95.
Loss on investments (luring 1919. $11,432.27; investment expenses incurred during 1919, $910.71; total, $12,342.98. Gain from investments during 1919. $26.463.
Gain and Loss Exhibit, 1919.— Gains: Investments, $20.463; remitted from Home Office. $75.666.99; total, $102,129.99.
Losses: Underwriting, $15,956.03: remitted to Home Office, $217,077.01; total. $233,033.04.
Surplus, including deposit capital, U. S. Branch, December 31, 1918, $588,938.84; decrease, $130,903.05; surplus, including deposit capital, U. S. Branch, December 31. 1919, $458.035.79.
REPUBLIC INSURANCE COMPANY OF TEXAS,
Dallas, Texas.
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ADMITTED ASSETS. DECEMBER 31, 1919. |
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Real estate owned (market value) $24, 000 |
00 |
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Mortgage loans on real estate 2,651.35.2 |
43 |
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Interest due and accrued thereon 53, 390 |
10 |
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Loans on collateral security 25.700 |
00 |
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Interest due and accrued thereon 635 |
78 |
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Bonds and stocks owned (market value) 141, 416 |
15 |
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Interest due and accrued thereon 1,095 |
35 |
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Cash in banks and office 128, 193 |
76 |
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Agents' balances not over three months due. 292, 677 |
OS |
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Bills receivable taken for fire risks 64.405 |
90 |
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Due from reinsuring companies on paid losses 1,914 |
56 |
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TOTAL ADMITTED ASSETS $3, 384. 781 |
11 |
GENERAL REVIEW.
History.— Early in 1919, the assets of the Austin, Commonwealth and International Fire • Insurance Companies, of Dallas, which were under the same management, were merged, forming a company under the above title.
LIABILITIES, DECEMBER 31. 1919.
Unpaid losses $193,711 88
Unearned premiums 1,271,736 55
Estimated taxes hereafter payable 140.000 00
Funds held under reinsurance treaties 25, 3S1 OS
TOTAL LIABILITIES, except capital $1,630,829 51
CAPITAL PAID UP 1, 000.000 00
NET SURPLUS 753, 951 60
TOTAL $3,384,781 11
The company does not write any policies in Texas under started with a surplus of approximately $650,000. Shares have a par value of $100.
The company had a paid-in capital of $1.000.000 and the title Republic Insurance Company, but Austin, Corn-
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