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Wisconsin. Dept. of Insurance.

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15— Ins.— ;



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Fire and Marine Insurance
Companies

Compl]ring Mrith the Insurance Law* of Wiscon-
•in for the Year 1914

Company Statements for Year Ending December

31, 1913



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Wisconsin Stock Fire
Companies



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230 COi^CORblA FIRE INS. CO.



OONOOBDIA FIBE INSUBANGF COMPANY,

Milwaukee, Wis.

Home Office, CORNKK WEST WATKR AND WELLS STREETS.

(Tncorpomtod March 7, 1870; conimonced buBiness March 22, 1870.]

President, GUSTA V. WOLLAEGER, JR. Vice President. H. AUG. LUEDKB.
Secre^ry and Treasurer, FRANK DAMKOEHLER.

CAPITAL STC'CK.
Amount of capital paid up In cash $600,000 00



Amount of le^lfiror assets December 31 of previous year $2,371,323 Jl



INCOME.

Fire.

Gross premiums $1,840,926 14

Deduct ffross amount paid for reinsurance. Are
$433,229.59: return premiums, Are, $303,790.05.... 737.020 54

Total premiums (other than perpetual) $1 , 109, 905 00

Oross Interest on mortgnge loan?, less $1.83 ac-
crued interest on mortgages acquired during the
year $48,337 47

Cross interest on bonds and dividends on stocks,
le^s $302.08 accrued intere.<<t on bonds acquired
during the year 50,426 00

Gross interest on deposits in trust companies and
banks. Guaranty Trust Co.. New York city 409 80

Gross interest from all other sources:
Milwaukee board of Are underwriters, MilM-au-

kce, Wisconsin ...^ 400

TJnderri-riters Salvage Co., Chicago, Illinois 18 00

Tota? gross interest 99,195 27.

From other sources: Loan at bank, Second Ward Savings Bank,

Milwaukee. Wisconsin 85,000 00

From agents* balances previously charged oflf 532 (^

Gross increase, by adjustment, in book value of ledger assets:
Bonds 85 00

Total income $1,294,718 46

Total footings $3,669,04177



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CONCORDIA FIRE iNS. CO. ^31



DISBURSEMENTS.

Gross amouut paid noucyholders for losses (in-
rludtnsr $120,808.49 occurring in previous years).. $971,916 84

Deduct amouut received for sixlvage. fire, 1^,121.04;
reinsurance, Are $20ft,420.03; discount, fire. ;?l,21>1.40 300.832 47

Net amount pnld policyholders for losses f605,114 37

ExpenseH of adjustment and settlement of losses 12,187 20

Commissions or brokerage (including $18,137.75 on risks of other

i>ompanles reinsured) less $12!»,968.88 reinsurance commissions.. 276,010 73
Allowances to local agencies for miscellaneous agency expenses. . . 1,440 85
Salaries. $26,874.07, and cxikjuhcs, «17,8(M).25, of special and gen-
eral agents 4*. 173 22

Salaries, fees, and all other charges of ofQcers, directors, trus-
tees and home office employes 47. r>iv> .***i

Rents 4.950 00

Advertising, $1,14305: printing and stationery, $11,228.99 12,872 64

Postage, telegrams, telephone and expreHs 9,349 02

Legal expenses 3,964 61

Furniture and flxtures 1,022 94

Maps, including corrections 4,844 24

Underwriters' boai'ds and tariff asso<>iatIons 13,382 46

Fire department, fire patrol and salvajre corps assessments,

fees, taxes and expenses 18,760^

State taxes on premiums 27.414 47

Insurance department licenses and fees 6.826 14

All other licenses, fees and taxes:

Federal corporation tax $589 47

Municipal licenses 1,818 91

Lo<'al ta res 14 01



1,867 89
Other dlshnrsementa :

Rent of deposit vault (Second Ward Savings Bank) $75 00

Premium on bond of cashier 27 00

Rep!<ir8 of office and office sundries 617 60

Registers, fees ind recording mortgages 30 45

Donations 796 27

Merchants and Manufacturers Association 98 30

Meals for clerks working ove"tlme 610 .S6

l^ntertainlng agents and special agents 328 90

Traveling and mileage of offlfcrs 3,268 46

Loan at bank i Second Ward Savings Rank, Mil-
waukee. Wisconsin) 85,000 00

Interest paid bank on above loan 554 16

91,305 99
Paid stockholders for Interest or dividends (amount declared

dur'ng the year) 60,000 00

Agents* balances charged off 1 ,286 74

G»*os«« loss on sale or maturity of le<lger assets: Bonds 938 90

Gross decrease, by adiustment, in book value of ledger assets:

Bonds 29.781 00

Total disbursements $1 .330.0^5 67

Balance $2. .^9.036 10



LEDGER ASSKTS.

Mortgacre lonn« on real estate, first liens $971,307 52

Book value of bonds 957,62:'. 08

Cash in company's oft^ce $5,669 28

Deposits In trust companies and banks

not on interest 64,702 41

Deposits In trust companies and banks

on Interest 43,423 64

113,705 28
Agents* balances representing business written

subsequent to October 1. 1913 288.902 58

Agents' balances representing business written

prior to October 1. 19ir. 7.407 64

Total ledger assets $2,339,036 10



Digitized by LjOOQIC



^i



COKCORDU FhlE tNS. Cb.



NON LEDGER ASSETS.

Iuter«>Bt accrued on mortgages S8. 076 36

Interest accrued on bond.? 14,867 40

Tctn I 22,442 85

Due from other compnnies for losses pal<l;

Air.orlCiin Union Ins. Co.. Philadelphia, .Va |2.06a 07

Bnlkdil Nat'l Ins. Co., Sofla, Bulgaria 9,345 20

Boston Ins. (*o., Boston. Mass 165 75

Commonwealth Fire Ins. Co., Dallas, Texas J2 31

Empire City Fire Ins. Co., New York City 1 57

Firemens Ins. Co., Washington, D. C 71 34

German Fire Ins. Co., Pittsburg, Pa 81 55

Lumber Ins. Co., New York City 554 66

Munich Re- Ins. Co., Munich, Bavaria 442 74

Nat*l Lumber Ins. Co., Buffalo, N. Y 98148

13,720 or

Gross assets ^,375,200 02

DEDUCT ASSETS NOT ADMITTED.

Agent?' balances representing business written prior to October
1. 1013 7,407 64

Total admitted assets $2,367,702 38



LIABILITIES.

Gross losses adjusted and unpaid, not yet due .... $31,342 21
Gross claims for Iossop in process of adjustment or
in suspense, i>lus .$0.5OG.70; reser^** for losses In-
♦^urred prior to Doromber 31 of which no notice

had boon lecotved ^n that date 03,240 34

Gross claims for lossos resisted 19,725 00



Total $144,307 ST*

Doduot reinsurance duo or accrued 40.466 81



Net amount of unpaid losses and claims...' $97,840 74

Gross premiums (less reinsurance) received and receivable upon

all unexpired fire risks. $2,152,770.73; unearned premiums 1,120,145 81

Estimated amount hereafter payable for federal, state and other

taxe<» based upon business of the year of this statement 30,000 QO

Commissions, contingent or other charges due or accrued 57^272 oT

nein*'.urance and return premiums duo other companies 30.583 26

All orher liabilities: Reseve for contingencies 10,000 0i>



Total amonnt of all liabilities except capital $1,345,842 42

Capltnl actually paid up in cash $600,000 00

Surplus over all liabilities 421,949 96



Surplus as regards policyholders 1,021.919 96

T:«tal liabilities *. . $2.367.7 92 38

RISKS AND PREMIUMS.

Gross
premiums
Fire risks. thereon.

In force on the 31st day of December, 1912 $240,365,740 $2,602,709 19

Written or renewed during the year 162,939,054 1,846,926 14

Total $403.3^4.794 $4.5.^.635 Xi

Deduct those expired and n^arked off as terminated 142,725,078 1,730,670 90

In f •' nt the end of the year ;.... $260,579,716 $2,808.964 43

Deduct a I o'lnt reinsured 51,822.702 656.184 70

Net amount reinsured $208.7.^7,014 $2,152.770 73



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CONCORDIA FIRE INS. CO.



233



RECAPITULATION OF FIRE RISKS AND PREMIUMS.



Year
written.



mz.

1012.
1913.
1911.
1912.
1913,
1910.
1911.
1912.
1913
1909.
1910.
1911.
1912
1913.



Term.



One year or less

Two years

Two years

Three years

Three years ....
Three years . . . .
Four years ....

Four years.

Four years

Four years ....

Five years

Five years

Five years

Five years

Five years



Amount
covered.



Gross
premiums
chartted.

loss re-
insurance.



"I

as

S2



Amount of
premium
u uearned ,



I



$50,942,5591

525,5441

788.847]

.36.117,0751

41,140,900'

46,411,418

190,207

101,327

156.69.51

160,647

5,064.732/

5,414,1551

6.184.3171

7.419.2041

8,139,3871



$038.

7.

8

337,

374,

511,



093 11

818 34
,r»28 27
821 04
202 51
890 70
134 08
371 78

no m

576 30|

676 30,
482 63
.9 6 Oil

417 50|
753 44|



1-2
1-4
3-4
1-6
1-2
5-6
1-8

5^S

1-10

1-10

3 10

1-2

7-10

9-10



$319,

1,

6.

56,

187,

313,



046 55
954 59
696 20
303 66
101 26
242 33
266 87
514 42
331 78
657 63
657 63
144 79
4«3 00
792 25
678 10




BUSINESS IN THE STATE OF WISCONSIN DURING THE YEAR.



Fire.



Tornado.



Total.



I I- I

Grogs risks written '$15,440,120 00| $997,720 O:)i$16,437,840 00

Lesff $1,684,274 risks cancelled and $1.-| I I

198.931 reln^nrftnce in companies au-l I '

thorized in Wisconsin | 2,787,950 00| 95.250 001 2,883.205 00

Net risks written I$12.652.165 001 $002,470 00|$1 3. 554.635 00



Gross nrem*nm« on rl«k«« written I

Less $^15*934 return p**eralnras; and'
S512.6.W49 premiums for reinsurance!
In companies authorized in Wlscon-I
sin I



Net premiums received.



=1-

$153,344 551

I

1

1

23.698 501

$i'>9 64r» 9G



Losses paid (deduc*injf ^s1vnee> I $39,415 47

Less losses on risks reinsured In com-l I

panles authorized In Wisconsin ...| 36.231 34|

I $36,184 131



-I-

$5,583 991 $138,928 .54

I

1

509 24J 24.207 83

$5,074 75; $!34.720 71

$2.0€9 111 $41. 4 J^ ns



Net losses paid



Losses lncn»*red '

Ije«s losses on risks reinsured in com-l
panles authorized In \yisconsin I



Net losses Incurred



$42,291 07
4.012 26'

$38,278 81!



10 001
$2.0C9 11
$2,290 11

10 00'



3.241 34
$38,243 24
$14.r81 18

4.022 26



$2 0,va 11' ?40 n - .8 92



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234 CONCORDIA FIRE INS. CO.

UNDERWRITING AND INVESTMENT EXHIBIT.



UNDERWRITING EXHIBIT. i |

« . ' I

Promlimis.

Total promhims i ?1. 100,905 601

And unpaid return and reinsurance! |

premiums Dee. 81 of previous year| 41,592 58|

Totnl ' fl.lBT.lSnil

Deduct uupald return and relnsiir-l I

ance premiums Dec. 21, end of the' j

y^^ai" I 30.583 261

( 1 I

Balnne»» 1.51,120,914 9a' I.

Add unearned premiums Dec. 31 of ' ! |

previous year f 1.102.200 341 '

^ , Total I $2^223,175 261 f.

Deduct unearned premiums Dec. 31,1 I }

end of the year I 1.120,146 8ll I.

Premiums earned during the! | |

y<?nr ! $1,103,029 45'.

UNDERWRCTINO PROFIT AND I f i

LOSS ITEMS. ( I I

I I I

Gain from nirents' balances previ-I j |

ously chnrped off » $532 591 •

Lo»« from agents* balances charged! f

off ! 1.288 741

Lo«R from above ^. . . I $754 151 .

Affents* balances and bills I | " |

recelvMhle not admitted ' | (

Deo .31. 1912 $2.430 42' ! I

Asrenf<*' bn1ance<i and bfllfs t ? i

refeivable not admitted 'I f

Dec. .31. end of the year.. 7.407 641 I I

Loss from above } 4.077 2a' '

I ! I " * '

Loss from underwritlnsr proft andl | »

loss Items f i 5.731871

t f 1 ^

T^ti/lerwrlfinjr income earned durinfr' I f

the year I I i $1,097,298 08

! IT

LOSSES ' I I

! ' I

To<aMr><< T>n«d I .«n05.114 37! I

Deduct pnlvope and rein««uranr*e re-' I I

covernMe Dec. 31, end of the year. . I 13.720 07' »

P'^i'^nop ' $031,394 30! !

Add salvajre and reinsurance recov-l I I
cra*)le Dec. 31 of previous year ' 16,865 911 f

Total ' .$067 260 21' I

De*'urt unpnid losses Dec. 31 of pre-T I |
vloua year ' 93.473 42' '

Bnlcn^-c t $573,786 791 (

Arid unnold losses Dec. 31. end ofl I I

the year » 97.840 74! t

I 1 . f

Losses Incurred durinjr the yeni ' ' $CP71,627 63'

I I I

rXDERWRTTrXG EXPENSES. I I I

' • I

T'ndcrwrltin:; expense* paid durlncr' ' I

the year ' «484.857 00' •

Dodurf und'Mi;^Tlt!n<r expenses un- I ' f
paid Dec. 31 of previous year ' 75.360 371 f



-I f



Balance I $409,497 5S| I

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CONCORDIA FIRE INS. CO.



235



UNDERWRITING AND INVESTMENT EXHIBIT— Continued.



Add underwiitJnff expensef nnpaid
Dec. 31. end of the year



Uudcrwrltlnsr expenses incurred dur-
ing tlie y^ar



Unde wrftingr losjteg and expenses..

Loss from underwriting during tlie
year



87.272 61



f



INVEJ8TMENT EXHIBIT I

Interest and Keuts I

Interest, dividendn and rents re<»elved|

(iurlng the year

Deduct tnterent, dividends and rents!
due and accrued Dec. U. end of the^
year I

I-
Balance j

Add Interest, divldendf4 and rents due)

and accrued Dec. 31, end of the)

yea^ I

I-



W,195 27
25,488 61



173,700 66
22.443 851



606.770 14



Total

PKOFIT ON INVESTMENTS

Gain from increase in book valuel
of ledger assets .'.



Investment Income earned during tliel
year I .



LOSS ON INVESTMENTS I

Loss from sale of ledger as&ets i

Tioss from decrease In book valuei
of ledger assets !



$938 901
29.781 OOi



Loss on Investments during the yearl.

I
INVESTMENT EXPENSES 1

Investment expenses nald during the!
year ' .



Investment losses and expenses dur-|
Jng the 'year ! .



Gain from Investments during thel
year |.



1.178.807 6T



|Xt.6i»S»



$00,150 .Ml.



85 00



I



130,719 90



3,026 76



$96,235 01



33,746 66



..J f<«.4 »8 85



MISCELLANEOUS EXHIBIT



Divide nd!« declared to stockholders'
during the year



I
Total gain and los^-es In surplus dur-i

ing the vear •' .

Surplus Dec. 31, 1912 |

Surplns Dec. 31, V.rt3 !



Decrease in surplus during the year.
Totals



Gain in
Surplus



-



Loss in
Surplus

$60,000 ,00



$500,560 701.
421.949 90'.



1
$«»,48S 851 $141,099 69



!.

I
78.610 74].

-!-



I



.1 $141,999 091 . $141,999 89



Per cent of losses incurred to premiums earned 60.0.
Per cent of underwriting expenses incurred to premiums earned 45.0.
Per cent of investment expenses incurred to interest and rents earned 3.1.
Per cent of total losses and expenses incurred and dividends declared to
total income earned 106.6.

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236 MILWAUKEE MECHANICS INS. CO.



BULWAUKEE MEOHANIOS INSUSANOE COMPANY,

Milwaukee, Wisconsin

Home Office, 442 and 444 CITY HALL SQIJAIIE.

I iDcorporatHl February 15, 1852: commenced business April 1, 1852.)

President. WILI-IAM L. JONES. Vice President, CHAS. H. YUNKEIJ.

SecreUry, OSCAK GUIEBLING.

CAPITAL STOCK.
Amount of cnpltnl paid up in cash $1,000,000 00



Amount of ledger assets December 31 of previous year $4,. 11 i, 91 2 72

INCOME.

Fire

Gross premiums $2,808,200 91

Deduct ^088 amount paid for reinsurance, fire,

$403,608.60; return premiums. Are $458,509.01 895.117 67

Total premiump (other than perpetual) .* $2,003,152 30

Gross premiums on mortgage loans $88,278 00

Gross interest on bonds, and dividends on stocks,
less $0,413.02 accrued interest on bonds ac-
quired during the y<?ar 89,388 76

Gross Interest on deposits in trust companies and

banks 1 . 882 12

Gross Interest from nil other sources :

Deposit Board of Ff re Underwriters 10 30

School warrant taken In payment of premium 1 79
Munich Reinsurance Co., refunded over-pay-
ment on trust fund 1912 103 75

Gross rent from company's property, Includ/Tix
$3,200.00 for company's occupancy of its o\vn
buildings 4,043 75



Total gross interest and rents 183,708 56

From othr-r .^ourct-s :

Borrowed monoy $45,000 00

Taxes refunded on real estate disposed of In

previous years . . . , 71 85



4r,,07l «6

h rom agents* balances previously ebar«ed off 131 51

Cross profit on sale or maturity of ledcer assets Bonds 1.637 50

Gr'H*» lncrca.««e, bv ad.iu.«tment in ?)ook value of ledger assets :

Bonds 30 00

Totrl Income » $2,23.^, 7;)1 T2

Total fpoMnps $0,548,644 44



Digitized by



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ktLWAUKEB MBCHANIC8 lN8i CO. 237



DISBURSEMENTS.

Fire

GfOBS amount paid policyholders for losiics (in-
chiding S19{S,8o5.le; occurring in previous
years) $1,255,119 15

Deduct amount received for salvage, fire, |0,-
H87.30; reinsurance, fire. $246,782.99; dis-
count* fire, f 1.069.27 254,179 56

Net amount paid policyholdeni for losses $1»000.089 60

Expanses of adiustment and setriement of lossee 33.887 80

Commissions or brokerage (including $983.47 on risks ot other

companies reinsured) less $116,808.79 reinsurance conmilssions 485,918 90
Salaries. $55,123.20, and expenses, $39,848.11. of special and gen-
eral agents ' 94.971 37

Salaries, feetf, and all other charges of officers, directors, trys-

tees and home office employes 95.943 74

Rents, including $3,200.00 for company's occupancy of its own

buildings 8,275 93

AdverUslng, $2,244.82; printing and stationery. $15.016.38 17,261 20

Postage, telegrams telephone and express 19.088 85

Legal expenses 2,386 10

Furniture and fixtures 955 17

Maps, including corrections 7.261 90

Underwriters' boards and tai'iff associations 7,712 65

Fire department, fire patrol and salvage corps assessments, fees.

taxox and expenses 21 .407 87

Inspections and surveys 17.466 34

Repairs and expenses (other than taxes) on real estate 321 43

Taxes on reRl estate 1.288 59

State taxes on premiums . . 56,034 09

ln;iuranco department licenses and fees 15.461 08

All other Uc^^sos, fees and taxes :

Federal corporation tax $3,097 10

Municipal taxes 2,201 41

Municipal licenses 4.84173



10,130 24



Other disbursements :

Exnenses on securities $204 82

Exchange 1.9-13 97

Heating, lighting and cleaning office, water

and ice 2,734 88

Auditing, $468.50; newspaper mibscrlption.

$146.10 : 614 60

Mercantile agencies, $1,435.57; surity bonds,

$408.15 ; meals $421.80 2.355 52

Donations and glft.«;. $97.00; entertaining.

agents. $476..t5, funeral expenses, $1(».00 583 35
Tabulating machine. $.38r*.80; business asso-
ciations. $.^5.00 420 80

Borrowed money repaid 45.<i00 00

Interest on borrowed money 31 7 85



54.175 79

Paid stockholders for interest or dividends 120.000 00

Decr«>ase in liabilities during the year on account of reinsur-
ance treaties > 5,700 84

AgentV balances charged off 2.504 43

Gross decrease, by adjustment. In book value of ledger assets:

Bonds $70,231 g8

Stocks 060 00



71.191 68



Total disbursements $2,160,283 98

Balance $4,898.410 46



Digitized by



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m



MILWAUKEE MEGHAKlCS INS. Od.



LEDGER AJ3BETS.

Book value •->£ real estate $52,825 00

Mortgage loans on re.il estate, tlrst liens 1,832,487 45

Book value of bonds, ?1,925,787.60, and stocks,

^44,440.00 1,070,227 50

Caph in company's office $22,552 10

Deposits in trurt companies and

banks on inter»?st 165,204 63



187.756 72
Agents' balances representing business vy^ritten

subsequent to Octobpr 1, 1913 344,282 54

Agents' balances representing' business written

prior to October 1, 1018 6.562 97

Other ledger assets :

Deposit Milwauki^ Board of fire underwriters. 100 00

Due from Munich Reinsurance Co 4,168 28



Total ledger assets $4,398,410 46

NON-LKDGER ASSETS.

Interest due. $62il.76 and accrued. $28,190.87

on mortgages $28,815 68

Interest accrued on bonds 16,052 82

Total 44,868 46

Gro&6 assets $4,448,278 91

DEDUCT ASSETS NOT ADMITTED.

Aflxnts' balances, representing business written prior to October
1, 1913 6,56297



Total admitted assets $4,436,715 04



LIABILITIES.

Gross lofses adiusted and unpnld,not yet due... $48,724 94
GrosR claims for losses In process of adjustment
or in suspense, plus $11,439.81 : reserve for
losses prior to December 31 of which no notice

had been received on that date 133,919 83

Gross claims for losses resisted 12,068 07



Total $189,712 84

Deduct reinsu^rance due or accrued 31 , 863 83



Net amount of unpaid losses .nnd claims $157,849 01

Gross premiums (loss relnsuranct*) received and receivable upon

all unexpired fire risks. $4,457,214.05; unearned premiums.... 2,288,319 37

Salaries, rents, exi>enst»s, bllJa, aocounts, f(H»s, etc., due or accrued 5,000 00
Estimated amount' hereafter payab^; for federal, state and other

taxes based upon bufdness of the year of this Htatement 75,000 00

Commissions contingent or other charges due or accrued 20,000 00

Funds held under reinsurance treaties 0,334 62

All other liabilities : Reserved for dividends 30,000 00



Online LibraryWisconsin. Dept. of InsuranceReport → online text (page 31 of 94)