BEST'S INSURANCE REPORTS—FIRE AND MARINE.   399

;=1:-v IN8I TRANCE COMPANY. LIMITED—C'ontinued.

also the marine branch of the London Assurance Corpora- Remitted to Ilonie Office    

tion and the marine department of the Hartford Fire In- Other disbursements    

surance Company. They also manage the Federal Insurance Company of Jersey City, N. J., of which company Mr. Percy Chubb is president.

The expense of management of the United States Branch has been moderate. The loss ratio in 1919 was normal.

The company's loss paying reputation is excellent.

The company's investments are of excellent character. The security valuations are those fixed by the Convention of Insurance Commissioners.

United States Managers.— Chubb & Son, New York. United States Trustee.— Equitable Trust Company of New York.

Classes of Business Written..—Marine, inland transportation, floaters, tourists' baggage, registered mail, war risk and automobile insurance.

Territory.— The United States Branch is licensed in Ala.. Ark., Cal., Ill., l.a., Mich., Minn., Miss., N. J.. N. Y., O., Pa., S. D. and' Tex.

INCOME., U. S. BBANCII. 1919.

Gross premiums written    $9.531,S36 52

Less reinsurance    7,242.906 07

Less return premiums    439, 420 75

Total net premiums    $1.849,509 70

Interest, etc.   105.987 64

..   ...................   .   .   .   .   .   .   .

Received from Home Office       557.830 63 Received from reinsurers for losses to be subsequently paid through collection from other 'reinsurance effected for their ac-

count   148.565 89

Other income    7.829 25

TOTAI. INCOME    $2.699.723 11

DISBURSEMENTS, U. S. BRANCH. 1919.

Net losses paid    8857.965

Underwriting expenses    695.069

G02,243 65 28,559 70

TOTAL DISBURSEMENTS    $2,183,838 45

Ratios to Premiums Written.— Losses paid. 46.4%; incurred, 47.7%; underwriting expenses, 37.6%; underwriting profit. G.2%.

Ratios to Premiums Earned.—Losses incurred, 50.8 expenses incurred, 41.1%; underwriting profit. 6.6%. Miscellaneous, 1919.- Net losses incurred, $882,985.63; net risks in force December 31. 1919, $88,265,634; net premiums in force, $786.461.80.

Underwriting Exhibit, 1919.-Premiums earned during 1919, $1.737,597.03: loss from underwriting profit and loss items, $24,394.29: total, $1,713,202.74.

Losses incurred during 1919, $882,985.63: underwriting expenses incurred during 1919. $715.121.39: total, 81.598,-107.02.

Gain from underwriting during 1919, $115,095.72. Investment Exhibit, 1919.   Interest. etc., earned during
1919, $105,987.64; profit on investments during 1919, $6,-6SS.13; total, $112,675.77.

Loss on investments during 1919. $21,963.13: investment expenses incurred during 1919. $2.764.87: total, $24,728. Gain front investments during 1919. 887.947.77.

Gain and Loss Exhibit, 1919.—Gains: Underwriting, $115,095.72; investments. $87,947.77: remitted from Home Office, $587,830.63: total, $790.874.12.

Loss from remittance to Home Office, $602,243.65.

Surplus. including deposit capital, U. S. Branch. December 31. 1915, $808,134.66: increase, $188.630.47; surplus, including deposit capital. U. S. Branch, December 31, 1919, $996.765.13.

   Net Premiums   Net Losses

MISCELLANEOUS CLASSES:   Written.   Incurred.

Motor vehicles    $20,568 99   $22,737 SO

Tourists' baggage    6.788 64   6,085 G8

Registered Mail    8.382.75   386 53

War risk (other than marine)   988 98   32 54

15 95

SEABOARD FIRE INSURANCE COIIPANYChelsea National Bank Bldg.. Atlantic Cite, N. J.

ADMITTED ASSETS, DECEMBER 31, 1919.

GENERAL REVIEW.

History.—This company was incorporated as a mutual company August 20, 1907, and commenced business January 2, 1908. On February 8, 1910, it was reincorporated, the word "mutual" being eliminated from its title, and its surplus was capitalized to the extent of $50,000. On January 1, 1910, the cash surplus and earnings of the company amounted to $52,351.57. From time to time $50.000

LIABILITIES, DECEMBER 31, 1919.

Unearned premiums    $19.$56 28

Estimated taxes hereafter payable   700 00

TOTAL LIABILITIES, except capital   $20.556 28

CAPITAL PAID UP    100. 000 00

NET SURPLUS    26.370 42

TOTAL   $146. 926 70

in scrip was issued for this surplus, and later the scrip was redeemed for $50,000 in stock, par value $100.

On March 12. 1919.'the company filed with the Insurance Department of New Jersey a certificate providing for an increase of the capital stock from $50.000 to $100,000.

The company advised us on April 3, 1919, that control of the company had been secured by the directors of the Cheleea National Bank, of Atlantic City. and tLe paid-in