444   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

UNION CASUALTY COMPANY— Continued.

It is writing a full volume of business in proportion to its net resources.

In 1919 the loss ratio was very low, but the expense ratio was high.

Classes of Business Written.—It writes fire, marine. auto-mobile full coverage, burglary and theft, plate glass, boiler insurance and fidelity bonds.

Territory.— It is licensed in the Provinces of Alberta, Manitoba, Ontario and Saskatchewan.

Officers.— (See above.)

Directors.

McMichael, M. J., president of this company.

Works, S. D., vice-president of this company.

Ham, A. E., vice-president of this company.

Melin, J. 0., secretary-treasurer of this company. Kennedy, F. C.

Coolidge, R. J.

Bell, Gordon.

Patterson, J.

Nicholson, R. L.

Hemberson, C. L.

INCOME, 1919.

Total net premiums written    $166, 476 19

Interest, etc   7.435 64

Capital stock    29,950 00

Other income    46,554 32

TOTAL INCOME    $250,416 15

DISBURSEMENTS, 1919.

Net losses paid    $40.791 83

Expenses paid    134.947 11

TOTAL DISBURSEMENTS   $175.733 94

UNION FIRE INSURANCE COMPANY,
238-244 Main Street, Buffalo, N. Y.

ADMITTED ASSETS, DECEMBER 31, 1919.

Mortgage loans on real estate    $42, 800 00

Interest due and accrued thereon   725 40

Bonds and stocks owned (market value)    432,433 33

Interest due and accrued thereon    3,665 64

Cash in banks and office    63, 288 95

Agents' balances not over three months due   46, 961 16

Other admitted assets    773 82

TOTAL ADMITTED ASSETS    $590,69S 30

GENERAL REVIEW.

History.— This company was incorporated under the laws of New York with $200,000 authorized capital. It began business June 16, 1874. with $100,000 capital paid in. In October, 1904, the paid-in capital was increased to $200,000. The par value of stock is $100 a share.

Early in 1904 control of the company changed hands.

In October, 1909, it reinsured all its outstanding liabilities in the Western Assurance Company of Toronto, and retired from the agency field. It resumed business October 20, 1910, and now confines its operations largely to sprinkler risks, fireproof buildings, warehouses, etc.

The business of the company is written through, and supervised by, Crum & Forster, New York City, who are its general agents. Crum & Forster also act as general agent for the Potomac Insurance Company, of Washington, D. C., and handle the underwriting for the entire United States of the North River, United States Fire, and Richmond insurance companies. In 1918 Crum & Forster purchased the International Insurance Company, of New York.

Management and Reputation.—The company is under experienced management, and in recent years its under-writing operations have been profitable. It has a good record for paying claims promptly.

It is backed by substantial interests and its stock is closely held, its directors owning at the end of 1919 $134,-200, par value, of its $200,000 capital stock. It writes a moderate volume of business. In 1919' the total net pre-

miums were considerably less than in the preceding year. It made during the year an underwriting gain of $56,-463.21 and increased its surplus over that of December 31, 1918, $60,371.55. Its expenses of operations are moderate and its loss ratio is normal.

Its investments are high grade. The security valuations are. those fixed by the Convention of Insurance Commissioners.

The mortgage loans are upon improved property, chiefly in Buffalo, and are well secured.

Class of Business Written.— Fire insurance.

Territory.— It is licensed in Ill., Mich., N. J., N. Y. and Pa.

Dividends.— In recent years it has paid dividends as follows: 1901 to 1903, inc., 6%; 1904, 11%; 1905, 3%; 1906 to 1909, inc., 6%; 1910, 3%; 1911-1914, inc., 6%; 1915 to 1917, inc., 8%; 1918, 9%; 1919, 10%; total dividends paid since organization (cash), $401,000.

Officers.— President, O. E. Foster; vice-president, J. H. Laseelles; vice-president and secretary, C. Lee Abell. Directors.

Abell, C. Lee, insurance and president Marine Elevator Co., Buffalo, N. Y.

Abell. Harold L., manager Marine Elevator Company, Buffalo, N. Y.

Adolph, F. W., wholesale woolens, Buffalo, N. Y.   . Ambs, G. J., Armstrong-Roth-Cady Co., Buffalo, N. Y.