ADMITTED ASSETS, U. S. BRANCH, DECEMBER 31. 1919.
Mortgage loans on real estate $25.000 00
Interest due and accrued thereon 239 58
Bonds and stocks owned (market value) 2. 152. 580 00
Interest due and accrued thereon 36.860 3'5
Cash in banks and office 776,334 20
Agents' balances not over three months due 697.533 27
Losses due from reinsurers 12,496 52
TOTAL ADMITTED ASSETS 4'3,701,043 92
History.—This company was organized June 17, 1916, with a paid-in capital of $348,189.41 (Kr. 1.250,000), and is backed by ten of the leading insurance companies of the Scandinavian countries. It writes both direct and reinsurance business.
During 1917 the paid-in capital, which originally was $348,189.41. was increased by the sum of $700.000, which was all sent over to the United States Branch, and placed in trust with the Guaranty Trust Co. In 1918 the U. S. Branch received $663,3S2.48 net from the Home Office. No late Home Office statement was available when this report went to press.
It entered the United States during the latter part of 1916 to write marine and automobile risks. On January 16, 1919, it was licensed by the New York Insurance Department to transact a fire insurance business, the necessary additional statutory deposit having been made.
F. H. & C. R. Osborn, United States managers of the company, also act as marine managers (Atlantic Marine Department) of the Fireman's Fund Insurance Co., and the Home Fire & Marine Insurance Co., of California.
The expenses were moderate in 1919, but the loss ratios, particularly the marine, were high.
The securities owned by the U. S. Branch are of excellent