Company, Inc. TOTAL DISBURSEMENTS $834,070 5S
The United States Branch has made good progress and its Ratios to Premiums 11'ritten.—Losses paid, 70.1 % ; in-
underwriting has been profitable. In 1918 and 1919. how- curred, 93?% ; underwriting expenses. 25.9%; underwriting
ever, its loss ratio was high, resulting in underwriting loss, 19.4c/c.
losses for those years. The expense of management h::s Ratios to Premiums Earned.— Losses incurred, 93.5%;
been low. expenses incurred. 25.5%; underwriting loss, 19.5%
The securities owned are of excellent character. Miscellaneous, 1919.—Net losses incurred, $679,628.04;
The cumpanv's loss paying reputation is excellent. net risks in force December 31, 1919, $12.770.571: net pre-
United States Jlauayers.—AWillcox, Peck & Hughes. No. miums in force, $300,589.76.
3 South William street, New York. iUnderwriting Exhibit, 1919.—Premiums earned during
Cnitrd States Trustee.—_5ldropotitan Trust Compare■, 1919, $726,689.77: loss from underwriting profit and loss
New York. itch:s, $3,148 55: total, $723.541.22.
Glass of Business Written.—Marine insurance. Losses incurred during 1919, $670,625.04: underwriting
Territory.— It operates in China, Japan. England. expenses incurred during 1919. 8185.395.47; total, $865,-
Australia, United States. Manila, France, Canada. India, 023.51.
East India and Korea. In the United States it is licensed Loss from underwriting during 1919, 8141,482.29.
in Cal , N. Y. and Wash. Inrestment Exhibit. 1919.— Interest, etc., earned during
1919, $41,107.67: profit on investments during 1919. $216:
INCOME, U. S. BRANCH, 1919. Loss on investments during 1919, $659.89.