446   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

UNION FIRE INSURANCE COMPANY—Continued.

therefore, present the following extracts from the Home

Office balance sheet, which includes all its assets and liabilities: Total assets, December 31, 1918, $14,808,608; capital paid in, $500,000; surplus over all liabilities, $5,-869,116.

Management and Reputation,—This company is in excellent standing at home and abroad. Its United States managers are in high repute, and are conservative tinder-writers. They represent also, as United States managers, the " Abeille," Nationale Fire and Phenix insurance com

panies of Paris, all doing an agency business.

The volume of business written is well up to its paying capacity. The expenses are moderate and average loss ratio is normal.

The company's loss paying reputation is excellent.

The securities owned are of excellent character.

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

United States Manager.— Starkweather & Shepley, Inc., li Custom House street, Providence, R. I.; president, Geo. L. Shepley; vice-president and manager agency department, E. G. Pieper.

United States Trustee.— Farmers Loan and Trust Corn. parry, New York.

Affiliations.— Western Insurance Bureau, Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association, Canadian Fire Underwriters Association, Western Canada Fire Underwriters Association, Mainland Board of Fire Underwriters, New Brunswick Board of Fire Underwriters, Nova Scotia Board of Fire Underwriters.

Class of Business Written.—Fire insurance.

Territory.—In the United States it is regularly licensed in Cal., Colo., Conn., D. C., Fla., Ga., Ill., Ind., Ia., Ky., La., Me., Md., Mass., Mich., Minn., Mo.. Neb., N. H , N. J., N. Y., N. C., N. D., O., Okla.. Ore.. Pa , R. I., S. C., Tenn., Utah, Va., Wash., \\ . Va. and Wis.

Less return premiums    32U,997 24

Total net premiums    $1,038,718 60

Interest, etc   51,147 15

TOTAL INCOME    $1,089,865 15

DISBURSEMENTS, U. S. BRANCH, 1919.

Net losses paid    $40.2,395 23

Underwriting expenses    389,269 19

Remitted to Home Office    42, 046 17

TOTAL DISBURSEMENTS    $833,710 59

Ratios to Premiums Written.—Losses paid, 38.7%; incurred, 39.4%; underwriting expenses, 37.5%; underwriting profit, 9.3%.

Ratios to Premiums Earned.— Losses incurred, 44.2%; expenses incurred, 45.3%; underwriting profit, 10.4%.

Miscellaneous, 1919.— Net losses incurred, $409,337.76; net risks in force December 31, 1919, $140,207,729; net premiums in force, $1,359,425.18.

Underwriting Exhibit, 1919.— Premiums earned during

1919, $926,286.25.

Losses incurred expenses incurred 398.84.

Gain from underwriting during 1919, $96,887.41. Investment Exhibit, 1919.— Interest, etc., earned during 1919, $51,512.87.

Loss on investments during 1919, $135,584.33; investment expenses incurred during 1919, $1.449.95; total, $137,-334.28.

Loss from investments during 1919, $85,821.41.

Gain and Loss Exhibit, 1919.— Gain from underwriting, $96,887.41.

Losses:   Investments, $85,821.41; remitted to Home Office, $42,046.17; total, $127,867.58.

Surplus, including deposit capital, U. S. Branch, I)ecem-

INCOME, U. S. BRANCH. 1919.   her 31, 1918, $598,527.85; decrease, $30.980.17; surplus, in-

Gross premiums written    $1,852,857 48   eluding deposit capital, U. S. Branch, December 31, 1919,

Less reinsurance    493.141 64   $567,547.68.

UNION HISPANO AMERICANA DE SEGLTROS, S. A.
Havana, Cuba.

UNITED STATES BRANCH, 66 BEAVER STREET, NEW YORK.

loss the

The the

during 1919, $409,337.76; underwriting during 1919, $4.20,061.08; total, $829,-

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

Bonds and stocks owned (market value)    $1.788.640 00

Interest due and accrued thereon    17.247 39

Cash in banks and office    276, 029 5S

Agents' balances not over three months due   245, 600 63

TOTAL ADMITTED ASSETS   $2,327,517 60

LIABILITIES, U. S BRANCH. DECEMBER 31, 1919. Unpaid losses    $253,762 52 Unearned premiums: Fire and miscellane-

ous. $979,462.67: hull, $114,898; cargo,

marine, $65.469.91: total    1,159,830 58

Estimated taxes hereafter payable   20, 000 00

TOTAL LIABILITIES, except statutory

capital deposit    $1.433,593 10 STATUTORY CAPITAL DEPOSIT, $400,000.

NET SURPLUS. U. S. Branch, Including

Statutory Capital Deposit    893,924 50

TOTAL   $2,327,517 60

GFNERAI, REVIEW.

h istory.— This company was organized in Havana during 1916 with a capital of $2,000.000, which amount, the company states, has been fully paid in American currency.

It transacts a marine, fire and life insurance business in Cuba. and in October, 1917, entered the United States to write marine business. On November 4, 1918, it was licensed by the New York Insurance Department to transact