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BEST'S INSURANCE REPORTS —FIRE AND MARINE. 497
AMERICAN MUTUAL
$112.70: paid for interest on Lemcke notes, $6,052.20; paid for interest on guaranty capital, $3,028; other disbursements, $1,012.50; total disbursements, $96,290.45.
Ratios to Premiums Written.—Losses'paid, 33.8%; incurred. 35.6%; underwriting expenses, 31.8%; underwriting loss, 4.6%
Ratios to Premiums Earned.—Losses incurred, 50.2%; expenses incurred, 55.4%; underwriting loss, 6.5%.
Underwriting Exhibit, 1919.— Premiums earned during 1919, $92,993.86; loss from underwriting profit and loss items. $835.42; total, $92,158.44.
Losses incurred during 1919, $46,713 45; underwriting expenses incurred during 1919, $51,484.88; total, $98,-198.33.
AMERICAN SHIPBUILDERS & SIIIPOWNERS MUTUAL INSURANCE COMPANY, 226 Walnut Street, Philadelphia, Pa.
INSURANCE COMPANY — Continued.
Loss from underwriting during 1919, $6,039.89. Investment Exhibit, 1919.—Interest, etc., earned during 1919, —$44.33; profit on investments during 1919, $22.63; total. $21.70.
Loss on investments during 1919, $1,692.37; investment expenses incurred during 1919, $5.314.92; total, $7,007.7$. Loss from investments during 1919, $7,029.49.
Gain and Loss Echibit, 1919.—Gain from guaranty fund. $15.050.
Losses: Underwriting, $6,039 S9; investments, $7.029.49; dividends. $3,140.70; total, $16,210.08.
Surplus, December 31, 1918, $161.398.77; decrease, $1,-1600S; surplus, December 31, 1919, $160,238.69.
ADMrrI'Ell ASSETS, DECEMBER 31, 1919.
Cash in banks and office Agents' balances not over three months due.
Reinsurance recoverable on paid losses
$113,525 54
4,575 84
10 09
TOTAL ADMITTED ASSETS $118, 111 47
GENERAL REVIEW.
This is a mutual company which was organized during 1917 by a group of American ship builders and ship owners to increase the facilities for the insuring of American hulls in the United States. It confines its business strictly to the insurance of American hulls, for approved owners.
The company is under excellent management and the directors are all of high standing. It is licensed only in Pennsylvania.
The contingent liability of members is an amount equal to twice the premium specified in the policy.
Officers.—President, Charles E. Mather; first vice-president, Victor Charles _Mather; second vice-president and treasurer. Joseph A. O'Brien; secretary, Henry F. Clark.
Directors.—H. S. Snyder, vice-president Bethlehem Steel Company, South Bethlehem, Pa ; E. T. Stotesbury, Drexel & Co.. Philadelphia; J. W. Van Dyke, president Atlantic Refining Company. Philadelphia; H. A. Berwind. vice-president Berwind-White Coal Mining Co.. Philadelphia: Victor - C. _Mather, 2.26 Walnut street. Philadelphia: Henry S. Grove. chairman of board, Wm, Cramp & Sons, S. & E. B. Co., Philadelphia; S. M. Knox, chairman of board, New York Shipbuilding Corp., Camden. N. J.: J. Howard Pew, president Sun Company. Philadelphia ; Harvey C. Miller, president Southern Steamship Company, Philadelphia: J. A. O'Brien, 226 Walnut street. Philadelphia; W. H. Pleasants, president Ocean Steamship Company, New York; Key Compton, president Chesapeake Steamship Company, Baltimore, Md.: H. B. Walker, president Old Dominion Steam-
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LIABILITIES. DECEMBER 31, 1919. |
|
|
|
Losses in process of adjustment. $108,529.52; reinsurance, $24,118.50; net |
$84,411 |
02 |
|
Unearned premiums |
17.574 |
97 |
|
Estimated taxes hereafter payable |
94 |
70 |
|
Expense of management |
12,334 |
40 |
|
Return premiums |
25 |
32 |
|
TOTAL LIABILITIES |
$114,440 |
41 |
|
NET CASH SURPLUS |
3,671 |
06 |
|
TOTAL |
$118,111 |
47 |
ship Co.. New York; Charles E. Mather, 226 Walnut street,. Philadelphia.
Income, 1919—Gross premiums written, $59,796.71; less reinsurance. $2,394.65; less return premiums, $7,198.10; total net premiums written, $50.203.96; interest, etc., $2,-905.33; return premium on reinsurance, $93.2.35; total in-come, $54.041.64.
Disbursements. 1919.—Net losses paid. $33,623.46; underwriting expenses, $7,182 41 ; total disbursements, $40,-S05.S7.
Ratios to Premiums Written.—Losses paid, 67.0%; incurred, 87.1%: underwriting expenses, 14.3%; underwriting lose. 1.1%.
Ratios to Premiums Earned.—Losses incurred, 81.9%; expenses incurred, 20.9%; underwriting loss, 1.1%.
Underwriting Exhibit, 1919.—Premiums earned during 1919. $53.420.89; gain from underwriting profit and loss items. $932.35; total. $54,353.24.
Losses incurred during 1919, $43,748.12; underwriting expenses incurred (luring 1919. $11,182; total, $54,930.12. Loss from underwriting during 1919, $576.88.
Investment Exhibit, 1919.—Interest, etc., earned during 1919, $2.905 33..
Gain and Loss Exhibit, 1919.— Gain from investments, $2.905.33.
Loss from underwriting, $576 88.
Surplus. December 31, 1918, $1,342.61; increase, $2,-328.45; surplus, December 31, 1919, $3,671.06.
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