440   BEST'S INSURANCE REPORTS—FIRE AND _MARINE.

$40,254 31 77, 302 10 6, 000 00 4,445 52

TOTAL DISBURSEMENTS       $128,001 93

Ratios to Premiums iVritten.— Losses paid, 24.3%; incurred, 23.8%; underwriting expenses, 46.6%; underwriting profit, 9.0%.

Ratios to Premiums Earned.—Losses incurred, 30.1%; expenses incurred, 59.0%; underwriting profit, 11.4%. Miscellaneous, 1919.--Net losses incurred, $39,435.31: net risks in force December 31, 1919. $13,289,054; net premiums in force, $230.769.04.

UNDERWRITERS

DISBURSEMENTS, 1919.

Net losses paid    

Underwrting expenses    

Dividends to stockholders    

Investment expenses    

OF GREENSBORO—Continued.

Underwriting Exhibit, 1919.— Premiums earned during 1919, $130,931.26; gain from underwriting profit and loss items, $715.53; total, $131,646.79.

Losses incurred during 1919, $39,435.31; underwriting expenses incurred during 1919, $77,302.10; total, $116,737.41.

Gain from underwriting during 1919, $14,909.38. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $18.417.61.

Loss on investments during 1919, $1.300; investment expenses incurred during 1919, $4,445.52; total, $5.745.52. Gain from investments during 1919, $12,672.09.

Gain and Loss Exhibit, 1919.— Gains: Underwriting, $14.909.38: investments, $12.672.09: total. $27.581.47. Loss from dividends, $6,000.

Surplus. December 31, 1918, $87,858.08; increase. $21.-581.47; surplus, December 31, 1919, $109,439.55.

"UNION AND PHENIX ESPANOL" INSURANCE COMPANY,
Madrid, Spain.

UNITED STATES BRANCH, 123 WILLIAM STREET, NEW YORK.

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

Bonds and stocks owned (market value)   $3.285,158 00

Interest due and accrued thereon    49,705 05

Cash in banks and office    146,434 77

Agents' balances not over three months due   117.400 35

TOTAL ADMITTED ASSETS    $3, 598 698 17

LIABILITIES, U. S BBANCH, DECEMBER 31, 1919.

Losses in process of adjustment   $446,302 78

Unearned premiums    2,472,652 15

Salaries, rents, etc   25, 000 00

Estimated taxes hereafter payable    25,000 00

Contingent commissions, etc    10, 000 00

TOTAL LIABILITIES, except statutory

capital deposit    $2,978,954 93 STATUTORY CAPITAL DEPOSIT, $300,000. NET SURPLUS, U. S. Branch, including

statutory capital deposit    619,743 24

TOTAL    $3,598,698 17

GENERAL REVIEW.

History.— This company was established in 1864, and its authorized capital is 12,000,000 pesetas ($2,400,000), all of which has been paid in. It entered. the United States in 1910 to write fire reinsurance.

Management and Reputation.—The company is in excellent repute at its home, and in this country. Fester, Fothergill & Hartung, its United States managers, are also United States managers for the Warsaw Fire Insurance Company of Warsaw, Russia, Nippon Fire Insurance Company, Tokyo, Japan, the Northern Insurance Company of Moscow, and the European Accident Insurance Company, Ltd., of London, Eng., all of which are writing reinsurance in the United States.

The United States Branch writes a very large volume of. business in proportion to its net cash resources in this country. The company, states, however, that its liability in the United States is widely scattered, its acceptance being usually less than the net retention of the ceding company.

The expenses of the United States Branch have been moderate, and the average loss ratio is normal.

The investments are of good character. The security

valuations in this statement are those fixed by the Convention of Insurance Commissioners.

United States Manager.—Fester, Fothergill & Hartung, 123 Willianm street, New York.

United States Trustee.—Bankers Trust Company, New York.

Classes of Business Transacted.—Life, fire and accident insurance.

in the United States it writes fire, automobile, sprinkler leakage, explosion, war risk and tornado reinsurance.

Territory.— It operates in Spain, France, Portugal. Switzerland, Holland, Italy and the United States.

In the United States it is licensed in Ark., Colo.. Ill., Ia.. La., Me., Mass., Mich., Miss., Mont., Nev., N. H., N. J. N. Y., N. C., 0., Pa., Tex. and W. Va.

INCOME. U. S. BBANCH, 1919.

   Gross premiums written    $4,681,443 96

   Less return premiums    979,612 75

   Total net premiums    $3,701.831 21

Interest, etc   112,665 74

TOTAL INCOME    $3,814,496 95