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