462   BEST'S INSURANCE REPORTS—FIRE AND MARINE.

UNITED STATES MARINE INSURANCE COMPANY-- Continued.

The loss ratio in 1919 was high, which was the case in

1919 of nearly all marine writing companies.

Messrs. O'Keeffe & Lynch, 45 John street, New York City, have charge of the marine underwriting for the City of New York Insurance Company. They are in good repute and act also as United States managers of the Baltica Insurance Co., Ltd., of Copenhagen, Denmark.

The company writes reinsurance only.

Officers.—President, Arthur J. O'Kcetfe; vice-president, Olaf Mathiesen; treasurer and managing director, Frank J. Lynch; secretary, Walter A. Brockhurst.

Directors.—All are connected with the brokerage firm of O'Keeffe & Lynch, unless otherwise shown, and are as follows: Lynch, Frank J.. managing director; O'Keeffe, Arthur J.; Brockhurst, Walter A.; Brenker, George A.; Smock, Arthur P.; Cooper, Edmund L.; Brockhurst, Harry B., counselor at law, Jersey City, N. J.; Mathiesen, Olaf, treasurer Benham & Boysen; Pickup, George A.; Fort, Franklin R., secretary Eagle Fire Insurance Company, Newark. N. J.

INCOME, 1919.

Gross premiums written    $207,552

Less reinsurance    10.038

Less return premiums    7,624

Total net premiums    $189. 888

Interest, etc   3.534

Surplus resulting from sale of capital stock   60. 920

Other income    50

TOTAL INCOME    

DISBURSEMENTS, 1919. Net losses paid    

" L'URBAINE " FIRE INSURANCE COMPANY,
Paris, France.

00 25 76

99 42 00 00

Underwriting expenses    46.674 04

Dividends to stockholders    10,510 00

Sale of capital stock    14,817 00

Other disbursements    13.785 30

TOTAL DISBURSEMENTS    $120.346 95

18.2_%: inuuderwrit-

Ratios to Premiums IFrittcn.—Losses paid, Burred, 56.8%: underwriting expenses, 24.6%; ing profit, 1.0%.

Ratios to Premiums Earned.—Losses incurred, 72.9%: expenses incurred. 25.8%; underwriting profit, 1.2%.

Miscellaneous, 1919.— Net losses incurred. $107,905.61; net risks in force December 31, 1919. $3.409.279: net premiums in force, $94,531.73.

Underwriting Exhibit, 1919.-Premiums earned during 1919, $147,959.14.

Losses incurred during 1919, $107.905.61; underwriting expenses incurred during 1919, $38,168.35; total, $146,-073.96.

Gain from underwriting during 1919. $1,885.]8. Investment Exhibit, 1919.—Interest. etc., earned during 1919, 5,357.01: profit on investments during 1919, $16,-198.53; total, $21,555 54.

Investment expenses incurred during 1919, $440.91. Gain from investments during 1919. $21.11463.

Gain and Loss Exhibit, 1919.— Gains: Underwriting,

$1,885.18; investments, $21,114.63: sale of stock. $60.920; total, $83,919.81.

   $254, 393 41   Losses: Commission on sale of stock, $14,817; dividends, $11.020: total. $25.837.

Surplus, December 31, 1918, $22,177.10: increase. $58.-
   $34, 560 61   082.81; surplus. December 31, 1919, $80.259.91.

UNITED STATES BRANCH, 123

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

Bonds and stocks owned (market value)    $4, 446, 405 00

Interest due and accrued thereon    62,283 70

Cash in banks and office    305, 355 09

Agents' balances not over three months due   264, 121 64

Reinsurance due on losses paid    5, 345 79

TOTAL ADMITTED ASSETS    $5, 083,511 22

WILLIAM STREET. NEW YORK.

LIABILITIES, U. S. BRANCH, DECEMBER 31, 1919. LOSSES: Adjusted, not due, $6,547.16; in

process of adjustment, $592,927.26; re-

sisted, $2,750; total. $602,224.42; reinsur-

ance, $44,087.23; net    $558, 137 19

Unearned premiums    2,797,595 04

Salaries, rents, etc   5, 723 74

Estimated taxes hereafter payable    101,500 00

Contingent commissions, etc   32. 746 34

TOTAL LIABILITIES, except statutory

capital deposit    $3,495,702 31 STATUTORY CAPITAL DEPOSIT, $200,000

NET SURPLUS, U. S. Branch, including

statutory capital deposit    1,587,808 91

TOTAL   $5.083,511 22

GENERAL REVIEW.

History.— This company was established in 1838. Its authorized and subscribed capital is 5,000,000 francs ($1,-000.000), of which 1.250.000 francs ($250,000) has been paid in. In March, 1913, it regularly entered the United States to write fire insurance.

Home Office Resources.—All assets of the company are liable for the payment of losses incurred here. We there-

fore present the following information from the Home Office balance sheet, the latest available, which includes all its assets and liabilities: Total assets, December 31, 1918, $8,784,342; capital paid in, $240,385; surplus. $1.x163.149.

The subscribed capital is considered a good asset.   . Management and Reputation.—The company is in excellent standing at its home and in this country.

The managers of the United States Branch are in excel-