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Officers.— President, Phillip Wick; vice-president, C. H.
Kennedy; secretary, R. G. Davis; treasurer, T. A. Wood-

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,-

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,

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.


Chatfield, Minn.

ADS IrrED AssETs, DECEmnER 31, 1919.

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


$138, 864 66


This company began business April 22, 1898, and is li-

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


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

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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