BEST'S L\ SITRANCE REPORTS—FIRE AND MARINE.   395

INSURANCE COMPANY Cent inacd.

Underwriting Exhibit, 1919.— Premiums 1919, $48,581.87.

Losses incurred during 1919, $17,425.66; underwriting expenses incurred during 1919, $15,078.02; total, $32,503.68. Gain from underwriting during 1919, $16,078.19. Investment Exhibit, 1919.—Interest, etc., earned during 1919, $14,792.23; profit on investments during 1919, $1.34;. total. $14,793.57.

Loss on investments during 1919, $2,758.20; investment

expenses incurred during 1919, $6,132.02: total, $8,890.22. Gain from investments during 1919, $5,903.35.

Gain and Loss 'Exhibit, 1919.— Gains: Underwriting, $16.078.19; investments. $5,903.35; total, $21.981.54. Surplus, December 31, 1918, $113,170.97; increase, $21,-981.54; surplus, December 31, 1919, $135,152.51.

SAVANNAH FIRE DISBURSEMENTS, 1919.

Net losses paid    $16.961 76

Underwriting expenses    17,941 92

Other disbursements    8, 890 22

TOTAL DISBURSEMENTS    $43,703 90

Ratios to Premiums Written.— Losses paid, 35.1%; incurred. 36.1%; underwriting expenses, 37.1%; underwriting profit, 33.3%.

Ratios to Premiums Earned.— Losses incurred, 36.8%; expenses incurred, 31.0%; underwriting profit, 33.1%.

.Miscellaneous, 1919.—Net losses incurred, $17,425.66; net risks in force December 31, 1919, $6,862,854: net premiums in force, $106,725.27.

SC'ANDINAV'IAN-AMERICAN ASSTTRAN('I+. CORPORATION, LTD.,
Christiania, Norway.

UNITED STATES BRANCH, 72 BEAVER STREET, NEW YORK, N. Y.

earned during

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

GENERAL REVIEW.

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

LI, niI.ITIES, U. S. BRANCH. DECEMBER 31, 1919.

character. The valuations are those fixed by the Convention of Insurance Commissioners.

The names of the ten companies which furnisi'ed the capital for this company are:

Den Kj4penhanvske s6 Assurance Forening, Ltd., of Copenhagen.

Aktieselskabet Reassurance Forening, of Copenhagen. Christiania ssl, forsikringsselskab, of Christiania. Forsikrings-Aktieselskabet, of Norden. Forsikrings-Aktieselskabet (storebrand), of Christiania. Forsikrings-Aktieselskabet Poseidon, of Christiania. Aredals soh forsikringsselskab, of Arendal. Forsikrings-Aktieselskabet Aeolus, Ltd.. of Bergen. Norsk Forsikrings Selskab Vesta, of Christiania. Stavanger sj0 forsikringsselskab, Ltd., of Stavanger. United States Manager.— F. H. & C. R. Osborn, 72 Beaver street, New York City.

United States Trustee.— Guaranty Trust Co., 140 Broad-way, New York City.

Classes of Business Written.— Fire, automobile and marine insurance.

Territory.— In the United States it is licensed in all the States and Territories except Alaska, Conn., Guam, Hawaii, Ky., Okla., Philippines, Porto Rico, Virgin Islands and Wash.