398   BEST'S IN S L-RANCE REPORTS FIRE AND MARINE.

SCOTTISH UNION AND NATIONAL Interest, etc   331. 908 34 Increase in liabilities during the year on

account of reinsurance treaties    107,065 57

Received from Home Office    1,970 00

Other income    9,345 24

TOTAL INCOME    $5, 030, 616 50

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

Fire and miscellaneous    $1,386.847 27

Marine and inland    284.482 59

TOTAL   $1,671,329 86

Underwriting expenses    1.966.289 70

Remitted to Houle Office    1,134,706 31

Other disbursements    29.048 37

TOTAL DISBURSEMENTS    $4,801,374 24

Ratios to Premiums Written.—Losses paid. fire, etc., 38.0%; marine, 30.5%; incurred, fire, etc., 37.4%; marine, 39.7%; underwriting expenses, 42.9%; underwriting profit, 5.1%.

Ratios to Premiums Earned.— Losses incurred. 43.5%; expenses incurred, 50.6%; underwriting profit, 5.9%.

Miscellaneous, 1919.— Net losses incurred, fire and miscellaneous, $1,365,445; marine and inland, $369,568; net risks in force December 31. 1919, fire and miscellaneous, $766,145,745; marine and inland, $63,556,500: net premiums in force, fire and miscellaneous, .$6,649.876.73; marine and inland, $871,932.09.

INSURANCE CO_MII'AN1—Continued.

Underwriting Exhibit, 1919.—Premiums earned during 1919, $3,9S6,S45.57 ; loss from underwriting profit and loss items, $278.73: total. $3,986,566.84.

Losses incurred during 1919, $1,735,012.86; underwriting expenses incurred during 1919, $2,016,289.70; total, $3,-751,302.50.

Gain from underwriting during 1919, $235,264.28.

Investment Exhibit, 1919.—Interest, etc., earned during 1919, $337,568.02: profit on investments during 1919, $9.-345.24; total, $346.913.26.

Loss on investments during I919. $159,507.29; investment expenses incurred during 1919, $13.589.76; total. $173.097.05.

Gain from investments during 1919, $173,816.21.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $235.264.28; investments, $173,816.21; other sources, $3.-501.55: remitted from Home Office, $1.970; total, $414.-552.04.

Loss from remittance to Home Office, $1,134,706.31.

Surplus, including deposit capital, U. S. Branch, December 3I, 1919, $3,728,495.50; decrease, $720,154.27; surplus. including deposit capital, U. S. Branch. December 31, 1919, $3,008,34I.23.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $930.S91 00   $369. 569 00

Windstorm and tornado   72.632 00   11.774 00

Hail   600 00   300 00

Sprinkler leakage ,   15, 371 00   3.39S 00

Explosion   21,067 00    

Earthquake   490 00   2 00

SEA INSURANCE COMPANY, LIMITED,
Liverpool, England.

UNITED STATES BRANCH. 5 SOUTH WILLIAM STREET, NEW YORK.

ADMITTED ASSETS, U. S. BRANCH, DECEMBER 31, 1919.

Bonds and stocks owned (market value)    $2, 182. 840 00

Interest due and accrued thereon    21,915 61

Gash in banks and office    440,702 37

Agents' balances not over three months due   3.287 64

Reinsurance due on losses paid    355.813 36

TOTAL ADMITTED ASSETS    $3.004,55S 9S

LIABILITIES, U. S. BBANCII, DECEMBER 31, 1919. LOSSES:   Adjusted, due, $9,292.68; in

process of adjustment. $2,165,677: total,

$2,174.969.68; reinsurance, $933.241: net. $1.241.728 68 Unearned premiums: Inland navigation,

$229,326.36; marine, $254,614.61; total   483.940 97

Salaries, rents, etc   2. 500 00

Estimated taxes hereafter payable    $1.058 31

Contingent commissions, .etc   50.000 00

Received' from reinsurers for losses    148.565 89

TOTAL LIABILITIES, except statutory

capital deposit    $2.007.793 85 STATUTORY CAPITAL DEPOSIT, $200,000.

NET SURPLUS. U. S. Branch. including

statutory capital deposit    996,765 13

TOTAL   $3, 004. 558 98

GENERAL REVIEW.

History.— This company was established in 1875. lts authorized capital is £500,000 ($2,500,000) all paid in. It entered the United States soon after it began business.

Home Office Resources.— All assets of the company are liable for the payment of losses incurred here. The Home Office balance sheet, which includes all its assets and liabilities, showed the following: Total assets, December 31,

1918, $10.855.365: capital paid in, $2,500,000; reserve fund, $2.050,000; underwriting suspense and reinsurance accounts, $1,383.015; balance of underwriting account, $4.079,215; profit and loss account. $631,490.

Management and Reputation.— The company is in excellent repute. Its United States management also directs the United States business of the _Marine Insurance Company and the Alliance Assurance Company, both of London;