528   BEST'S INSURANCE REPORTS—FUZE A\ I) _MARINE.

FIT('HBURG MUTUAL FIRE 1I S U RA\ ('E CO \IPA N Y,
781 Main Street, Fitchburg, Mass.

GENERAL REVIEW.

This company began business September 1, 1847. It has
paid fair dividends to its policyholders, is conservatively
managed, and bears a good reputation.

It is licensed in Cal., Conn., D. C.. Ga., Ill., Ind., Ia.,
Kan., Me., Md. Mass.. Mich.. Minn., Mo., Mont., Neb.,
N. H., N. Y., N. C., O., Ore., Pa., R. I., S. C., S. D., Tenn.,
Tex., Vt. and Wis.

It writes at the regular stock rates. The assessment
liability is the amount of one premium, but it has never
levied any assessments.

The average rate of dividend since organization is 27%;
in 1919 the rate was 25%.

The bonds and stocks owned are high grade. The secur
ity valuations in this statement are those fixed by the
Convention of Insurance Commissioners.

The real estate owned by the company consists of its
home Office property in Fitchburg. The building was
erected about twenty-three years ago at an actual cost of
something over $72,000. This amount has been charged
down from time to time so that it now stands on the com
pany's books at $55,000.

0/fire-vs.—President and treasurer, Lincoln R. Welch :
vice-president, J. Lovell Johnson: secretary, Frederick W.
Porter.

Directors.— J. Lovell Johnson, president Iver Johnson's
Arms and Cycle Works; Frederic C. Nichols, treasurer
Fitchburg Savings Bank: Frederick Fosdick, president
Fitchburg Steam Engine Co.; Robert S. Parks, treasurer
Parks-Cramer Co.: C. F. Baker, lawyer, Baker & Baker:
R. N. Wallis, treasurer F. & L. Street Ry.; W. C. Goodwin,
proprietor: shoe dealer; Warner M. Allen: office manager
Parkhill Mfg. Co.: Frederick W. Porter, secretary Fitch-
burg Mutual Fire Ins. Co.; Herbert E. Jennison, president
Jennison Co.: Lincoln R. Welch, president of the company.

Income, 1919—Gross premiums written, $533.707.46:
less reinsurance, $46 853,81; less return premiums. $77.-
153.71: total net premiums written. $409,69994: interest.

etc.. $15,754.19: other income, $18,688.18: total income,
$444,142.31.

Disbursements, 1919.—Net losses paid,•$164,106.43; un
derwriting expenses, $119,835.28; dividends to policyhold
ers. $64.312.32; other disbursements, $27,297.29; total dis
bursements. $375.551.32.

Ratios to Premiums Written.— Losses paid, 40.0%; in
curred. 38.7%; underwriting expenses, 29 2%; underwrit
ing profit. 20.7%.

Ratios to Premiums Earned.—Losses incurred, 43.5%:
expenses incurred, 33.3';4 : underwriting profit, 23.2%.

Underwriting Exhibit, 1919.—Premiums earned during
1919. $365,328.30; loss from underwriting profit and loss
items. $35.65: total, $365,292.62.

Losses incurred during 1919, $158.794.24; underwriting
expenses incurred during 1919, $121.60921: total, $280,-
403.45.

Gain from underwriting during 1919, $84,889.17.

Inrestnunt Exhibit, 1919.—Interest, etc., earned during
1919. $17,131.52; profit on investments during 1919, $5,-
165.27: total, $22,296.79.

Loss on investments during 1919, $5,352.13; investment
expenses incurred during 1919, $12,463.39; total, $17,815.52.
Gain from investments during 1919, $4,481.27.

Gain and Loss Exhibit, 1919. Gains: Underwriting,
$84.889.17: investments, $4,481.27; other sources, $2,-
009.40: total, $91i379.84

Loss from dividends. $64,490.47.

Surplus. December 31. 1918, $74,399.81; increase, $26,-
889.37: surplus, December 31, 1919, $101.2891S,

Business front Organizations—Net premiums and assess
ments, $7,022.410.88: net losses paid, $3.283,630.41; divi
dends to policyholders. $1.896,166.23; average dividend,
27%.

Percentage of cash premiums returned (luring the year
on expiring policies as dividends or profits, viz.: One year,
25%: two years, 20%; three years, 20-30%: four years,
20% : five years. 20%.