BEST'S INSURANCE REPORTS—FIRE AM) _MARINE.   473

WESTCHESTER FIRE INSURANCE COMPANY,
100 William Street, New York, N. Y.

ADMIrrED ASSETS, DECEMBER 31, 1919.

TOTAL ADMITTED ASSETS    $9,405.912 21

GENERAL REVIEW.

History.— This company was incorporated as the Westchester County Mutual Insurance Company, March 14, 1837, and in January, 1870, was reorganized as a joint stock company under the name of Westchester Fire Insurance Company, with $200,000 authorized capital (par value of shares $10 each). In 1575 the capital was increased to $250,000 by a stock dividend of $50,000, and in 1876 to $300,000 by' another $50,000 stock dividend. During 1914 the capital was increased to $500,000, and $600,000 surplus was paid in. In 1917 the paid-ill capital was increased to $1,000,000, the new stock being sold at $20 per share, thus adding $500,000 to surplus.

The company issues policies in accordance with the special reserve fund and guaranty surplus law of New York. It has $500,000 on deposit with the Insurance Department of New York, and maintains a " guaranty surplus fund " of a similar amount.

In 1912 it reinsured the business of the Delaware Insurance Company, of Philadelphia, and is now issuing through the former agents of that company, policies entitled " Delaware Underwriters of the Westchester Fire Insurance Company."

Management and Reputation.—The company has been well managed and has made good progress.

Its directors are substantial and of high business standing. The directors owned at the end of 1919 $167,250, par value, of the capital stock then outstanding.

The company is in excellent repute as to its general treatment of loss claims.

The volume of business written is large in proportion to its capital and surplus. In 1918 the premium income in-creased greatly. and there was a heavy increase in the re-serve for unearned premiums which accounts for the very small underwriting profit.. In 1919 it had a low loss ratio on fire business and gained from underwriting $553,004.46. Its average expense of operation is moderate, and its loss ratio is about the average. The marine loss ratio was high in 1918 and 1919.

Its investments are of excellent character. The security valuations in this statement are those fixed by the Convention of Insurance Commissioners.

The mortgage loans are largely on dwellings in New

York City and Mt. Vernon, N. Y., worth about twice the amount loaned.

Affiliations.— Eastern Union, Western Union, Southeast-ern Underwriters Association. Board of Fire Underwriters of the Pacific, Rocky Mountain Underwriters Association, Canadian Fire Underwriters Association, Western Canada Fire Underwriters Association, Eastern Automobile Under-writers Conference, National Automobile Underwriters Conference, New England Automobile Underwriters Conference, Pacific Coast Automobile Underwriters Conference, Southern Automobile Underwriters Conference, Western Automobile Underwriters Conference, Mainland Board of Fire Under-writers, New Brunswick Board of Fire Underwriters.

Classes of Business Written.—Fire, marine, explosion, riot and strike, automobile, sprinkler leakage, registered mail, hail and tornado insurance.

Territory.—It is licensed in all the States and Territories except Alaska, Delaware, Guam, Philippine Islands, Porto Rico and the Virgin Islands. It operates in Canada in the Provinces of Alberta, British Columbia, Manitoba, New Brunswick, Ontario, Quebec and Saskatchewan.

Dividends.— In recent years the dividends have been as follows: 1900, 10%; 1901 and 1903, inc., 16%; 1904 and 1905, 20%; 1906 to 1909. inc., 30'l'( : 1910 to 1917, inc., 40%; 1918 and 1919. 25%.

Officers.— President, Otto E. Schaefer; vice-president and treasurer, Harry H. Clutia; secretary, C. B. G. Gaillard. Directors.—   ' Ammerman, Wm. H., furniture, east Orange, N. J. Bigoney, Daniel W., treasurer Erie R. R. Co., New York City.

Bishop, William F., broker, Norfolk. Conn.

Burdsall, Elwood, manufacturer. Port Chester, N. Y. Cart, Francis G., manager of hotel, New York City. Clutia. Harry H., vice-president and treasurer of company.

Conklin, Wm. G., retired, New York City.

Crawford. George B., New York City.

Crawford, George R., New York City.

Goodsell. Stiles E.. insurance. Bridgeport, Conn.

Hincks, Robert S., banker, Bridgeport, Conn.

Hodgman, Frederick A., manufacturer, Tuckahoe, N. Y. Lyon, John. retired, Port Chester.