| Previous | Index | Next |
BEST'S INSURANCE REPORTS—FIRE AND MARINE. 41:3
SPRINGFIELD FIRE AND MARINE INCOME, 1919.
|
|
Fire, etc. |
Marine and Inland. |
|
Gross |
premiums written.. $14, 849, 2S0 57 |
$805. 057 69 |
|
Less |
reinsurance 2,969.005 27 |
95.988 20 |
|
Less |
return premiums.. 2.261, 323 70 |
107, 529 41 |
|
Total net premiums.. $9,618,951 60 |
$601. 540 OS | |
|
Interest, etc |
653.455 84 | |
|
Other income |
4.742 47 | |
TOTAL INCOME $10,878,689 99
DISBURSEMENTS. 1019. Net losses paid:
Fire and miscellaneous $3.776,742 85
Marine and inland 107,850 30
TOTAL $3,854.593 1.5
Underwriting expenses 4.147,785 78
Dividends to stockholders 325.000 00
Other disbursements 32.528 47
TOTAL DISBURSEMENTS $8,389,907 40
Ratios to Premiums TVritten.— Losses paid, fire, etc., 39.2%; marine. 17.9%; incurred, 38.2%; underwriting expenses, 40.5% ; underwriting profit, 7.5%.
Ratios to Premiums Earned.—Losses incurred, 42.8%: expenses incurred, 48.6%; underwriting profit, 8.6%.
Miscellaneous, 1919.— Net losses incurred, $3,909.653.06: net risks in force December 31, 1919, fire and miscellaneous, $1.603,463.196: marine and inland, $77.253,990: net
INSURANCE COMPANY — Continued.
premiums in force, fire and miscellaneous, $16,751,240.04; marine and inland, $510,290.02.
Underwriting Exhibit, 1919.— Premiums earned during 1919, $9,128,091.08; loss from underwriting profit and loss items, $8,635.96; total, $9,119,455.12.
Losses incurred during 1919, $3,909.653.06; underwriting expenses incurred during 1919, $4,437,7S5.78; total, $8,-347,43S.84.
Gain from underwriting during 1919, $772,016.28.
Investment Exhibit, 1919.— Interest, etc., earned during 1919, $677,954.41; profit on investments during 1919, $3,-094.17; total, $681,048.58.
Loss on investments during 1919, $5,116.50; investment expenses incurred during 1919, $27,509.04; total. $32,-625.54.
Gain from investments during 1919, $648,423.04.
Gain and Loss Exhibit, 1919.—Gains: Underwriting, $772,016.28; investments, $648.423.04; other sources. $5,-111.35; total, $1,425,550.67.
Loss from dividends, $525,000.
Surplus, December 31, 1918, $3,078,360.38; increase, $900.550.67; surplus, December 31, 1919. $3,978,911.05.
Net Premiums Net Losses
MISCELLANEOUS CLASSES: Written. Incurred.
Motor vehicles $376, 296 31 $138, 747 32
Tourists baggage 2,943 59 2.010 90
Registered mail 14, 553 47 127 40
'Windstorm and tornado 505.242 95 118.261 50
Sprinkler leakage 47.245 51 15, 874 12
Explosion 90, 768 75 6,442 30
STANDARD FIRE INSURANCE COMPANY, 18 Asylum Street, Hartford, Conn.
ADMITTED ASSETS. DECEMBER 31, 1919.
Bonds and stocks owned (market value) $1.271.582 40
Interest due and accrued thereon 16,022 54
Cash in banks and office 110,249 47
Agents' balances not over three months due 147,735 98
TOTAL ADMITTED ASSETS $1,545,590 39
LIABILITIES, DECEMBER 31, 1919. LOSSES: In process of adjustment, $77,-456.80; resisted, $11,092.50; total, $88;
549.30; reinsurance, $18,317.36; net $70, 231 94
Unearned premiums 633,678 32
Salaries, rents, etc 1.828 30
Estimated taxes hereafter payable 15,000 00
TOTAL LIABILITIES. except capital $720, 738 56
CAPITAL PAID UP 500, 000 00
NET SURPLUS 324, 851 83
TOTAL $1.545.590 39
GENERAL REVIEW.
History.—T his company was incorporated under the laws of Connecticut, July 6, 1905, with $500,000 authorized capital, and began business in March, 1910, with all its capital and $500,000 surplus paid in. The par value of the company's stock is $50 a share.
In November, 1913, its stockholders voted to increase the capital from $500,000 to $1,000,000. During 1914, $250,000 capital and $125,000 surplus were paid in.
During the latter part of 1917 the capital was reduced to $500.000 transferring $250,000 to surplus account. Out of $875,000 contributed to surplus, $271,123.69 remained at the end of 1917. The surplus at the close of 1918 was $326.527.S4. At the end of 1919 the surplus was $324,-851.83.
Management and Reputation.—The company was organized and is managed by M. Lewin Hewes. its president, who has had long experience in the insurance business.
The company is backed by substantial interests. The directors owned at the end of 1919 $34,100, par value, of the capital stock then outstanding.
The expenses have been high, but the average loss ratio is about normal.
The underwriting operations until 1918 showed a loss each year, due partly to the company's increasing volume of business and corresponding increase in unearned premium liability. In 1919 the company's loss ratio was favorable,, and it made an underwriting profit. The volume of business transacted is conservative.
Its investments are of high grade. The security valu-
| Previous | Index | Next |