396   BEST'S INS1IRANCE REPORTS—FIRE AND MARINE.

SCANDINAVIAN-AMERICAN ASSURANCE COIIPORATION. LTD. — Continued.

INCOME, U. S. BRANCH, 1919

Total net premiums    $3, 490, 268 03

Interest, etc   126, 003 78

Received from Home Office    101, 890 00

Other income    9,650 00

TOTAL INCOME     $3.727,81181

DISBURSEMENTS, U. S. BRANCH, 1919. Net losses paid :

Fire and miscellaneous    $15,352 75

Marine and inland    2, 019. 956 06

TOTAL   $2,035,308 81

Underwriting expenses    1, 067, 414 09

Remitted to Home Office    386, 929 01

Other disbursements    34,867 95

TOTAL DISBURSEMENTS    $3,524,519 86

Ratios to Premiums Written.— Losses paid, 58.3%; incurred, 75.0%; underwriting expenses, 30.6%; underwriting loss, 18.0%.

Ratios to Premiums Earned.— Losses incurred, 86.7%; expenses incurred, 35.6%; underwriting loss, 20.9x.

Miscellaneous, 1919.— Net losses incurred, fire and miscellaneous, $62,837.75; marine and inland, $2,556.332.90:

net risks in force December 31, 1919, fire and miscellaneous, $41,613,605; marine and inland. $92,727,878; net premiums in force. fire and miscellaneous, $427,515.64: marine and inland. $1,357,097.40.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $3,019,034.71; gain from underwriting profit and loss items. $43,907.94; total, $3,062,942.65.

Losses incurred during 1919, $2.619,170.65: underwriting expenses incurred during 1919, $1.073.988.51: total, $3,-693,159.16.

Loss from underwriting, $630.216.51.

Inrestmcnt Exhibit, 1919.—Interest, etc., earned during 1919. $131,032.41; profit on investments during 1919, $9,-650: total, $140,682,41.

Loss on investments during 1919, $53,035_01: investment expenses incurred during 1919, $2,425.58; total, $55,460.59 Gain from investments during 1919, $55,221.82.

Gain and Loss Exhibit, 1919.—Gains: Investments, $85.-221.82; remitted from Home Office, $101,890; total, $187.-111.82.

Losses: Underwriting, $630,216.51: other sources, $7.-443.40; remitted to Home Office. $386,92901: total, $1,-024,588.92.

Surplus, including deposit capital, U. S. Branch, December 31, 1918, $1,877,409.56; decrease, $837.477.10; surplus, including deposit capital, LT. S. Branch, December 31. 1919, $1,039.932.46.

SCOTTISH-METROPOLITAN ASSURANCE COMPANY, LTD.,
Edinburg, Scotland, and London, England.

GENERAL REVIEW.

This company was established in 1876 and is owned and controlled by the London & Lancashire Life & General Assurance Association, Ltd., of London, now the London and Scottish Assurance Corporation, Ltd., having changed its name during 1919, which was established in 1862, and which on December 31, 1917, had total assets of $24,668,445, a paid-in capital of $333,825, and a surplus of $664,477.

The company transacts a small fire insurance business, its accident, employers liability and general insurance business being practically all automatically reinsured in the London and Scottish Assurance Corporation, Ltd. Its life business effected since 1912 has also been reinsured. The larger portion of the company's assets applies to its life business effected before 1912.

On December 17, 1918, the Scottish-Metropolitan was licensed in Canada to transact fire, accident, automobile, burglary, guarantee and sickness insurance. The chief agency of the company in Canada is in Montreal, and Mr. Alexander Bissett, manager of the London & Lancashire Life & General Assurance Association in Canada, 164 St. James street, is chief agent. The government deposits in Canada as of January 1, 1919. consisted of £40,000 in British Government 5% war stock.

The company's Home Office statement as of December 31. 1917 (the latest available), showed the following: Total admitted assets, $5,379,205: capital paid in, $400,000; surplus funds, $289,875.