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BEST'S INSURANCE REPORTS FIIIE AM) MARI\E. 615
SECURITY AUTOMOBILE MUTUAL INSURANCE COMPANY—Continued.
Officers.— President, Phillip Wick; vice-president, C. H.
Kennedy; secretary, R. G. Davis; treasurer, T. A. Wood-
man.
Directors.— C. A. Cochran, banker, Youngstown, Ohio;
R. G. Davis, secretary of this company; C. H. Kennedy,
vice-president of this company; Phillip Wick, president of
this company; T. A. Woodman, treasurer of this company.
Income, 1919.— Gross premiums written, $76,262.56; less
reinsurance, $2.253.12; less return premiums, $8,703 60;
total net premiums written, $65,305.84; interest, etc,
$639.43; total income, $65,945.27.
Disbursements, 1919.— Net losses paid, $22,129.49: un
derwriting expenses, $26,474.25; total disbursements, $48,-
603.74.
Underwriting Exhibit, 1919.— Premiums earned during
1919, $52,638.81.
Losses incurred during 1919, $25.729.55; underwriting
expenses incurred during 1919, $26,930.63; total, $52,660.18.
Loss fiiom underwriting during 1919, $21.37.
Investment Exhibit, 1919.— Interest, etc., earned during
1919, $639.43.
Gain from investments during 1919, $639.43,.
Gain and Loss Exhibit, 1919.— Gain from investments,
$639.43.
Loss from underwriting, $21.37.
Surplus, December 31, 1918. $707.87; increase, $618.06;
surplus, December 31, 1919, $1,325.93.
Business from Organization.— Net premiums and assess
ments. $134,052.59: net losses paid. $42,22877.
Sh:CURITY MUTTAL FIRE INSURANCE COMPANY,
Chatfield, Minn.
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ADS IrrED AssETs, DECEmnER 31, 1919. | |
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Mortgage loans on real estate Interest due and accrued thereon Bank certificates of deposit Interest due and accrued thereon Bonds and stocks owned (market value) Interest due and accrued thereon Cash in banks and office Agents' balances not over three months due. Bills receivable taken for fire risks Contingent commissions due from reinsur- ance companies Other admitted assets |
$63,100 00 1,501 60 17, 000 00 503 33 15, 793 40 119 42 7,618 71 31, 987 18 23 32 1,109 92 107 78 |
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TOTAL ADMITTED ASSETS |
$138, 864 66 |
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GENERAL REVIEW. | |
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This company began business April 22, 1898, and is li- | |
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censed in Minnesota,' North Dakota and South Dakota. | |
It writes. both fire and tornado insurance upon mercantile
and manufacturing risks as well as upon dwelling prop
erty; it also writes automobile and hail insurance.
It writes " surplus lines " through the Associated Mutual
Agency, Inc., 68 William street, N. Y., and A. J. Van Deinse
& Co., Inc., Indianapolis, Ind. The company advised us
that it insists on a warranty company being on every risk
it accepts.
The assessment liability is limited to an amount equal to
the premium paid.
The company writes on both the mutual and cash plans.
Policies written on the cash basis do not participate in
any profits of the company. These policies are written at
regular stock company rates.
In Minnesota it writes all business at a uniform discount
of 20% from tariff, this being allowed on renewals as well
as new business, and no further dividends are paid. In
North and South Dakota, the full premium is collected in
advance, and a 20% dividend is allowed at expiration.
This also applies to participating policies written in out-
side territory where the company is not admitted.
The company lost heavily in the Minnesota forest fires
LIABILITIES. DECEMBER 31, 1919.
LOSSES: In process of adjustment, $31,-
514.57; resisted, $2,250; total, $33,764.57;
reinsurance, $15,719.53; net $18, 045 04
Unearned premiums $52,579 51
Salaries, rents, etc 12 20
Estimated taxes hereafter payable 2, 000 00
Contingent commissions and unpaid divi-
dends 8,826 60
Return premiums due (net) 3„171 00
Reinsurance premiums due (net) 4,677 74
TOTAL LIABILITIES $89, 312 09
NET CASH SURPLUS 49,552 57
TOTAL $138, 864 66
in October. 1918, and found it necessary to levy an assess
ment upon mutual policyholders of 40% of the annual
premiums, based upon board rates. This was the first
assessment ever made by the company. The company bor
rowed $35,000 to pay these losses. which was repaid in
1919 as shown by item in disbursements.
No doubt the successful collection of this assessment
can be attributed to the past record of the company with
reference to savings to policyholders, which have averaged
20 annually since organization.
C. L. Thurber, the founder and secretary of the company,
died June 20, 1919. His son, L. M. Thurber, who was
associated with him for many years, succeeded him 'as secre
tary.
The company has been in business since 1898 and has
established an excellent reputation in the matter of treat
ment of policyholders and prompt payment of just claims;
it has had an honorable career.
On December 31. 1919, the contingent assets (policyhold
ers' liability) amounted to $222,668.
Officers.— President, F. L. Tesca; vice-president, F. G.
Stoudt; secretary and treasurer, L. M. Thurber.
Directors.— F. L. Tesca, retired hardware merchant,
Chatfield, Minn.; L. M. Thurber, insurance, Chatfield,
Minn.; S. E. Bibbins. insurance. Chatfield. Minn.; F. G.
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