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

:1;6 BEST'S INSURANCE REPORTS — FIRE AND MARINE.

REPUBLIC FIRE INSURANCE COMPANY, i 35 East Ohio Street, Pittsburgh, (North Side) 1'a

ADMITTED ASSETS, DECEMBER 31, 1919.			LIABILITIES, DECEMBER 31, 1919.
Peal estate owned (market value)	$48, SOS	98	Unpaid losses r	$78,758 00
Mortgage loans on real estate	602,717	93	Unearned premiums	745,998 37
Interest due and accrued thereon	9.351	50	Estimated taxes hereafter payable	25,000 00
Bonds and stocks owned (market value)	351,45S	00	Contingent commissions, etc	5, 000 00
Interest due and accrued thereon	3.927	S4
Cash in banks and office	123, S13	32	TOTAL LIABILITIES, except capital	$554, 756 37
Agents' balances not over three months due.	132 343	50	CAPITAL PAID UP	200, 000 00
Bills receivable taken for marine and inland			NET SURPLUS	220.674 76
risks	74	27
Other admitted assets	1,100	00
Reinsurance due on paid losses	1,S35	79
TOTAL ADMITTED ASSETS $1,275,431		13	TOTAL $1, 21'5,431 13

GENERAL REVIEW.

History.— This company was incorporated under the laws of Pennsylvania and began business July 1S, 1871, with a paid-in capital of $10.000. Assessments were made at regular periods until July, 1873, when $62,500 had been paid in. The capital was later gradually increased to $125,000, by stock dividends. In 1905 its capital stock was increased from $125,000 to $200,000, and $39,260 surplus was paid in. In the same year the title was changed from Teutonia Insurance Company to Teutonia Fire Insurance Company. During 1918 the present title ryas adopted.

Policies issued under the title "Pittsburgh Under-writers " are guaranteed by this company, and the Allcmania, Superior Fire (formerly Humboldt Fire) and National Ben Franklin insurance companies of Pittsburgh.

The par value of the stock is $50 per share.

Management and Reputation.—The company bears a good reputation, but its underwriting operations in recent years have not been profitable. In 1918 and 1919 a small underwriting profit was made.

It writes a large volume of business in proportion to its capital and surplus. Its expenses of operation have been above the average, but its loss ratio in recent years has been normal.

The company's directors are substantial and of high business standing. At the end of 1919 the directors owned $38,750. par value, of the $200.000 capital stock then out-standing.

The securities owned are of high grade and are carried at the prices fixed by the Convention of Insurance Commissioners.

The largest item of real estate is the company's Home Office building. The mortgage loans are upon dwellings and mercantile property in Pittsburgh, and other Pennsylvania cities, valued at over twice the amount loaned.

The company's loss paying reputation is excellent. Affiliation.— Western Insurance Bureau.

Class of Business Written.— Fire insurance.

Territory.— It is licensed in Cal., Colo., Conn., D. C., Ill.,
Ind., Md., Mass., Mich., N. J., N. Y., 0.. Pa., Utah and Wis.
Dividends.— In recent years it has paid dividends as

follows: 1901 to 1903, inc., 10%; 1904, 12%; 1905, 10%;
1906,	16%;	1907,	22%; 1908 to 1911, inc., 20%; 1912 and
1913,	16%c;	1914,	11%; 1915, 2%; 1916, 9.5%; 1917 and
1918.	10%;	1919,	11.5%; total dividends paid since organ-

ization, cash, $695,500, stock, $65,000.

Officers.— President, C. W. Gerwig; vice-president, E. C. Gerwig; secretary and treasurer, N. A. Weed.

Directors.

Brant, Wm. J., broker. Gerwig, C. W., president. Gerwig. E. C., attorney. Hanna, C. It.. shoe merchant.

Hespenheide, IT. W., merchant.

Kellner, Chas.. grain merchant.

Lotz, Henry J., stock broker.

_Meyer, George E., dry goods merchant.

Ommert, John, retired. Steiner, Klaus J., engineer. Weed, N. A., secretary.

Stockholders' Annual Meeting.— Second Monday in Jan-

uary.

General Agents.

Connecticut and Massachusetts. Geo. S. Rosenerantz. Indiana and Illinois, H. C. Upham, manager.

California, Jas. F. Cobb Co. Utah. Windsor & Co., Inc. Colorado, Pennington, Oliphant.

INCOME, 1919.

Gross premiums written	$1,402,577	83
Less reinsurance	339,573	22
Less return premiums	249, 107	95
Total net premiums	$813,896	66
Interest, etc	54.258	43
Other income	2.459	59
TOTAL INCOME	$870.614	68
DISBURSEMENTS, 1919. Net losses paid	$300.494	95
Underwriting expenses	371, 546	56
Dividends to stockholders	23.000	00
Other disbursements	11,482	45
TOTAL DISBURSEMENTS	$706.523	96

Ratios to Premiums Written.— Losses paid, 36.9%; incurred, 38.8%; underwriting expenses, 45.6%; underwriting profit, 3.3%.

Ratios to Premiums Earned.—Losses incurred, 42.9%; expenses incurred, 53.2%; underwriting profit, 3.7%.

Miscellaneous, 1919.—Net losses incurred, $315.765.56; net risks in force December 31, 1919, $146.036,899; net premiums in force, $1,423,349.97.