Report online

ing the year



I
Underwriting losses and expenses I.

I
Ga'n from underwriting during thcl
year : 1 .



1
$707,221 on.



1,708 00;.



$i08,U»ll 61



$302,250 051.



202. l¥) 3.-1 .

1



fK.'|.3^W 4tl



I iS4.Mll SI



Digitized by



GoogI(



itECaAKlCS A tBADEiiS I^S. t6.



§8^



UKDERWRITINQ AND INVfiSTMiaiT BXHIBIT-Contlnued*



INVESTMENT EXHIBIT.
Interest and Rents.



I



Interest, dividends and rents received!
during the year

Deduct interest, dividends and rents
due and accrued Dec. 31, end of the
year *



Balance

Add interest* dividends and rents due
and accrued Dec. 31, end of the
year



Total



$62,148 02
23,272 50



$38,875 52
23,543 33



PROFIT ON INVESTMENTS.

Gain from change in difference be-
tween book and marlcet value dur-
ing the year



Investment income earned during the
year



LOSS ON INVESTMENTS.



Loss from sale of ledger assets . . .
Loss fr^m decrease in book value of
ledger assets



Loss on investments during the year



INVESTMENT EXPENSES.

Investment expenses paid during the
year



luTestment losses and expenses dur-
ing the year



Oaln_ from investments during the
year



11,031 25
63,922 48



$02,418 B9



9.933 13



$54,053 73



5.963 87



$72,351 98



MISCELLANEOUS EXHIBIT. |

I

I

Dividends declared to stockholders!

during the year I



Total gains and losses in surplus

during the year

Surplus Dec. 31. 1012

Surplus Dec. 31. 1913



Incrpase tn surplus during the year
Totals



$463,267 13
547,294 72



Gain in
Surplus.



60,917 60



$11,484 88



1 ^Loss in
^Surplus.

$12,000 00



$e6,0«7 59



$96,027 69



$1«.



84, M7 09






$96,027 59



Per cent of losses incurred to premiums earned 51.22.
Per cent of underwriting expenses to premiums earned 37.00.
Per cent of investment expenses Incurred to interest and rents earned 9.55.
Per c^nt of total losses and expenses incurred and dividends declared to
total Income earned 89.24.



Digitized by



GoogI(



590 Hi&aiOA^f COHHEttCIAL iKS. CO.



MICHIOAN COMMERCIAL INSUBANCE C0MPAM7,

Lansinj^, Mich.

Home Offlco, IK; 20 WEST OTTAWA STREET.

[Incorporated DeoomI.er, 1004 ; commenced business January 1, 1905.1

Pate of admlHSIon Into Wisconsin, 1005.

President. F. D BENNETT. Vice President, ROBT. HBNKBU

Secretary, A. D. BAKER.

CAPITAL STOCK.
Amount of capital paid up in cash $400,000 00



Amount of hnlger assets, December 31 of previous year $851,897 17

INCOME.

Marine
Fire. and Inland.

Gross premiums $1,016,623 10 $85,518 45

Deduct reinsurance premiums,
fire, $325,951.60: marine and
inland. $46,100.64 ; return pre-
miums, fire. $215,054.17; ma-
rine and inland. $18,768.65... 541.005 8.1 64.878 29



Total premiums (other

than peri'^^tual) $475.617 36 $20,640 16 $496,257 52

Gross Interest on mortgage loans, less $186.3.48
accrued Interest on mortgages acquired during
the year $29,081 48

Gross Interest on bonds and dividends on stocks 5,927 50

Gross interest on deposits In tnist companies

and banks 1 , 708 46

Gross rents from company's property, including
$1,500 for company's occupancy af its own
buildings 1 .577 28



Total gross interest and rents S8.294 72



Total income $534,552 24

Total footings $1,. 386,449 41

DISBURSEMENTS.

Marine
Fire. and inland.
Gross amount paid policyholders for
losses (including $66,981.44 oc-
curring in previou.s years $429,555 65 $29,603 66

Dedmt amount received for sal-
vage, fire, $3.64.3.70; reinsurance.
Are. $19.3,. 367. 72; marine and in-
land, $20,886.15 107,01148- 20.886 15



Net amount paid policyholders for

losses $2.32,544 17^ $8,777 51 $241 321 <M

Expenses of adjustment and settlement of losses.. 7 Ml 1?

Commissions or brokerage ] 84*413 ii

Allowances to local agencies; for miscellaneous agency expenses '224 07



Digitized by



GoogI(



klCMlGAii cOilMEtlCIAL iNfe. CO. 591

Balaries. $23,485..SU, and expenses, |1U,883.32, of special and

geuerul agents ^ 43,309 21

Salaries, icc.-, ana aii otlier cnarges of olticers, directors, trua^

itea una iiome oiiice employes 21,487, 23

Kents. iiiCiuuiiig ^i,auu lur company s occupancy ot Its own

Duiimnirt 3,600 00

Auveruoiiig, ^z.ill.UJ; priniing and stationery, ;^0,5::8.15 8,(53)^ 18

I'ostage, teie^irunis, leiepnone uiiu e^ipress 0,iill 34

i^gai expenses . . .' ._... 394 47

I'uruiture ana flx'tiires 677 41

i^ire uepartment, nre pairoi and salvage corps assessments, fees.

Maps, inciuuing corrections 1 , 749 89

uuuerwnters uoaras anu tariit associations ' d,d2tt 07

taA.es una expenses tf,080 61

InLpeeiions ana surveys 6,061 11

Uepaii's ana CApeiises ^otner tnun taxes) on real estate 195 94

Taxes on reai esiaie IttS 33

binte taxes on premiums v 11,392 28

insurance aepariment iicenscs and tees 4,737 48

All otiier licenses, lees and taxes :

X'ederal corporation tax $588 08

I'ubJication lees 800 00

City taxes 9,060 70

Other disbursements :

Dun and Bradstreet

Uues ana subscriptions

Heat, light aud supplies

Bond and inHurance premiums

ClocK rental

Laundry and supplies

Kxcnange on cnecks

Incideutalj;





10,449 01


$1,605 69




156 37




671 20




538 76




31 27




164 58




23 19




26 31


. a ot*T o^



Gross loss on sale or maturity of ledger assets: Real estate.. 241 70



Total disbursements $466,815 68

Balance $919,633 73



LEDGKtt ASSETS.

Book value of real estate $13,998 75

Mortgage loans on" real estate first liens 596,428 73

Book value of bonds 131 , 000 00

Deposits in trust companies and banks en in- ""

terest 118,893 06

Agents' balances representing business written

subsequent to Octooer 1, 1913 50,218 33

Agents' Dftlanees representing business written

prior to October 1, 1913 9.099 86

Total ledger assets $919,633 73

NON-LEDGEE ASSETS.

Interest due, $203.25 and accrued. $9,308.46 on

mortgages $9,511 70

Interest accrued on bonds 1,721 63

Interest accrued on bank deposits 165 97

11,890 20

Market value of real estate over book value 1,204 33

Gross assetF $932,237 26

DEDUCT ASSETS NOT ADMITTED.

Agents' balances representinjp business written

prior to October 1, 1913 $9,009 86

Book value of ledger assets over market vaJue :

Bonds 2,048 00

11.147 86

Total admitted assets $921,089 4P

Digitized by LjOOQIC



592



MICHIGAN COMMERCIAL iKS. CO.



LlABtLlTlES.



Gross los!>efl Adjusted and bot yet dn(^

Gross claims for losses in process of adjustment
or In suspense, plus $H,920.1.S; reserve for
losses Incurred prior to !-»ecemlK»r HI of which
?jO notice had been received on that date

Gross claims for losses resisted



$27,823 16



«2;07r. 56
16,708 16

$106,606 88
61,042 52



Total

Deduct iTinsurance due or accrued

Net amount of unpaid los?»es and claims

Gross premiums (.less reinsurance) received and
receivable upon aJl unexpired fire risks, $516,-
711.72 : un-.-arnrHl pi-emhims $272,050 43

Gross premiums (less reinsunnc?) (cash and
bill^) received and receivable upon all. unex-
pired inlantl navigation risks, $307.7i» ; un-
earned premiums (50 per cent> (all short
term lOO per cent reserve) 307 70

Gross premiums (.less reinsurance t (cash and
bills) received and receivable ui>on all unex-
pired marine risks, $8,048.02 ; iineamed pre-
miums (50 per cent) 4,474 01



Total unearned prem'ura«j as computed above.



Salaries, rents, expenses, bills, accounts, fees, etc., due or ac-
crued

Estimated amount Inrcafter payable for federal, state and other
ta.Yes ba8<*d upr/n business of the year of this statement

Commissions, contingent or other charges due or accrued



$44,664 a6



277,822 14



2,250 00

14.500 00
350 QO



Total amount of all liabilltle.*-. except capital $339,586 50



Capital actually paid up in caph
Surplus over nil liabilities



$400,000 00
181,502 90



Surplus as regard? policyholders.
Total liabilities



581.502 00
$921,080 40



RISKS AND PREMIUMS.



Fire risks.



Gross

premiums

thereon.



Marine

and Inland

risks.



Gross
premiums
thereon.



In force on the Slstdayi

of December. 1012 ...I $134,728,2381 $1,508,991 62 $2,541,515

Written or renewed! I ' |

during the year I 88,209.4481 1.016,623 19' 3,738,3471



$72,039 65
85.518 45



Total ! $222,937,6861 $2,525,614 811

Deduct those expired | | '

and marked off as] ! ]

terminated ! 94,630,3501 1,114,792 981



I-



$8,279.8621 $157,558 10
I
I
4,416,020! 104,629 85



In force at the end' | | I

of the year I $128,307,336! $1,410,821 83| * $1,863,842' $52,928 25

Deduct amount reln-1 | i |

sured | 84,154,7271 89i,110 111 1,677.520' 43,582 53

I 1 ! .

Net amount In forcel $14,152,609! $516,711 721 $186,322



I



I



$9,345 72



Digitized by



GoogI(



kiCHIGAK COMMERCIAL IKS. CO.



593



kECAPlTULATION OP PIKE KISKS AND PREMIUMS.



Year
wrliten.


Term.


Amount
covered


Gross
premiums
cuarged.
less re-
insurance.




Amount of
premium
unearned.


1913

1912

1913

1911

1912

1913

1910

1912

1913

1911


One year or less . . .

Two years

Two years

Three years

Three years

Three years

Pour years

Pour years

Pour years

Plve years


$33,&18,601

21,323

82,362

2,133.988

1,877,855

4,891,798

500

10,530

6,432

460,090

306,732

812.398


1413,840 34 1-2

29^.23 1-4

1,608 53 3-4

17,471 54 1-6

18,832 49 1-2

46,575 24 5-6

11 6.1 IS

155 41 5-8

117 00 7-8

4,671 30 1-2

3,738 89 7-10

9,395 10| a-lO


$206,920 17

73 56

1,206 40

2,911 92

9,416 2.*

38,812 70

1 46

97 13

102 38

2,335 G5


1912


Pive years


2,617 22


1813


Pive years


8.455 59



Totals



$44,152,609



$516,711 Tl



$272,950 43



BUSINESS IN THE STATE OF WISCONSIN DURING THE YEAR.



Fire.



Gross risks written

Less $1,295,542 risks cancelled,
and $3,140,454 reinsurance in
companies authorized in Wis
consin



Net risks written

Gross premiums on risks writ-



$5,525,777



3,292.774



$2,283,003



'*?.^lrnr^' Tornado.



inland



$235,481



233,481



$907,741
907,741



Total,



$6,668,999



4,435,996



)



$2,233,003



ten



Less $12^1.63 return pre-
miums; and $37,295.11 pre-
miums for reinsurance in com
panics authorised in Wiscon-I
sin I



Losses paid (deducting sal

vage) $28.547 93

Less losses on risks reinsured

in companies authorised in

Wisconsin 13,977 53



$67,990 28


$5,820 72


$8,488 81


$82,299 81


•1

35,257 21


5.820 72


8,488 81


49,566 74


1 $32,733 07







$32,733 07



Net losses paid



Losses Incurred

Less losses on risks reinsured
in companies authorized in
Wisconsin



$1,236 07 $4,139 30



1,236 07



$14,570 40
~$34.986 61

17,261 14






3,603 87



$535 43



$33,923 30
18,817 47



$2,379 24



2,379 24



Net losses incurred I $17,725 4t



$4,193 66



4,190 66



$15,105 83

1= Z ' =ZZ1i



$41,556 51
23,831 04



$17,725 47



38— Ins.— I



Digitized by



GoogI(



594



MicfaiGAisr cOkMEtecuL iKS. CO.



UNDERWRITING AND INVESTMENT EXHIBIT.



UNDERWRITING EXHIBIT.
Premiums.



Total premiums

Add unearned premiums Dec. 81 of
previous year



Total

Deduct unearned premiums Dec. 31,
end of tlie year



Premiums earned during the year



UNDERWRITING PROFIT AND
LOSS ITEMS.

Agents' balances and bills

receivable not admitted

Dec. 31. 1912 11.446 36

Agents' balances and bills

receivable not admitted

Dec. 31, end of the year 9,0»9 861



1496,257 52
256,089 12



$752,346 64
277,822 14



1474,524 50



.1.



Loss from above



Underwriting income earned during
the year .^



LOSSES.



$241,321 68
34,636 30



Losses paid

Deduct unpaid losses Dec. 31 of pre- 1
vlous year I

Balance I $206,685 38

Add unpaid losses Dec. 81, end of thej
year I 44.664 86

Losses incurred during the year



I



UNDERWRITING EXPENSES.



Underwriting expenses paid during
the year

Deduct underwriting expenses unpaid
Dec. 31 of previous year



Balance

Add underwriting expenses unpaid
Dec. 31, end of the year



UnQerwritlng expenses incurred dur-
ing the year



$223,926 46
15,400 00



1206,526 46
17,100 00



Underwriting losses and expenses

I

Loss from underwriting during the,

year 1



7,663 60



$261,349 74



226,626 46



$466,871 00



476.976 20



$10. IM f



Digitized by



GoogI(



IflCHIOAN COMMEBCIAXi INB. CO.



595



UNDERWRITING AND INVESTMENT EXHIBIT— Continued.



INVBSTBIENT EXHIBIT.
Interest and Rents.



I



Interest, dividends and rents received

during the year |

Deduct interest, dividends and rentsl
due and accrued Dec. 31, end of tbej

year I

1

Balance

Add interest, dividends and rents duel
and accrued Dec. 31, end of thej

year I

I-
Total I



$3S,394 72|.



11,788 47|.

I $26,500 25|.
I
I



11.390 20



LOSS ON INVESTMENTS.



Loss from sale of ledger assets |

Loss from change in difference be-|
.tween book and market value dur-|
ing the year j

Loss on investments during the yearj



$241 70.

I



823 67



I



INVESTMENT EXPENSES. |

Investment exx>en8es paid during thei
year |.



.|.



$1,065 371.



1



I



Investment losses and expenses dur-j
ing the year



1 -.



1,325 84|.



-I



Gain from investments during the;
year . . .'



I==



MISCELLANEOUS EXHIBIT.



$37,906 45



2,391 21



I
.1 $86,614 24



Total gains and losses in surplusl |

during the year j j

Surplus Dec. 31, 1912 { $156,093 86'

Surplus Dec. 31, 1913 181.502 90|

Increase in surplus during the year. . j i .

Totals I I

- 1 I



Gain in
Surplus.

$36,614 U\



j Loss in
I Surplus.

$10, 196 20



26.409 04



$86,614 24



$86,614 24



Per cent of losses incurred to premiums earned 52.97.
Per cent of underwriting expenses incurred to premiums earned 47.54.
Per cent of investment expenses incurred to interest and rents earned 3.50.
PtT cent of total losses and expenses Incurred and dividends declared to
total income earned 91.99.



Digitized by



GoogI(



596 MICHIGAN flRB & MAKING INd. CO.



MIGBIOAN puts AND MARINE INSXTBANCS COMPANY,

Detroit, Mich.

Home Omce. PENOBSCOT BUILDING

[Incorporated, 1880; commenced business, 1881.]

Date of admission Into Wisconsin, 1882.

President, D. M. FERRY, Jr. Vice President, E. J. BOOTH.

iSecrctary, H. E EVERETT.

CAPITAL STOCK.

Amount of capital paid up In casb $400,000 00

Amount of ledger assets, December 31 of previous year $1,451,197 48

INCOME.

Fire

Gross premiums $1,092,573 18

Deduct rcinsurancf) premiums, fire, $180,011.26;

return premium?. Are, $2«0,J60.r»3 390,171 79

Total premiums (other than perpetual) $702,401 39

Gross interest on mortgage loans $30,479 25

Gross inlerest on bcHids and dividends on stocks,
less $1)0.30 accrued Interest on bonds acquired

during the year 27 , 480 70

Gross Interest from all other sources :

I^iid contracts 4,550 75

Total gross Interest and rents 62,516 70

From agents' balances previously «?harged off 50 00

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

Real estate 73,923 01

Total Income $838,891 10

Total footings $2,290,088 58

DISBURSEMENTS.

Fire

Gross amount paid policyholders for losses (In-
cluding $51,550.22 nccurrlng in previous years) $534,446 65

rK»duct amount received for salvage, fire, :S2,526 ;

-einsuranc^, fire, $i:t7,838.57 ; discount, $437.04 140,801 61

Nrt amount paid policyholders for losses $393,644 94

Expenses of adjustment and settlement of losses 7.374 60

Commissions or brokerage 176, 850 84

Allowances to local agencies for miscellaneous agency expenses 1,042 77

Salaries and expenses of special and general agents 21,802 21

Salaries, fees, and all other charges of officers, directors, trus-
tees and home office employes 24,088 56



Digitized by



GoogI(



MICHIGAN FIRE & MARINE INS. CO. 597

Rents 4,009 02

Advert]8iDfr> pHntlng and stationery 18,001 l\0

Postajre, telegrams, telephone and express 4,257 10

I^gal expon?cs 2, 050 33

Furnlturf and fixtures 604 00

Maps, Including corroctlons 2,600 10

Underwriters' boards and tariff associations 8,840 60

Pire department, lire patrol and salvage corps assessments, fees,

taxes and expenses 7 , 849 38

Inspections and surveys 7,433 32

Repairs and expenses (other than taxes^ on real estate 2,087 24

State taxes on premiums 18,105 37

Insurance department licenses nnd fees 3,660 48

All other licenses, foos and taxes :

Federal corporation tax $145 18

City Icenses 615 00

Other dlsbur^oments :

Exchange on r^mituinccK $437 35

R. a. Dun and Bradstreot reports 457 5«)

Hrokeruge on sale of roal estate 4,750 05



760 18



5,653 00
Paid stockholders for interest or dividends (amount declared

during the year) 40, (Km 00

Afiitnts* hulances charwd off 30 05

Gross decrease, by adjustment, in !)ook value of lodger assets :

Bonds 780 00



Total disbursements $752. 0S3 1 8



Balance $1 ,538.005 40



LEDGER ASSETS.

Book value of real estate $05,652 51

Mortgage leans op nal estate rtr.^Jt liens .'»50.401 08

Book value of bonds, $640.2ro, and btocks, $5,000 651.250 00

rash in company's oftice $26,704 11

Deposits In trust companies and

banks not on interest 47.711 28

74,415 30

Agents* Imlnnces representing business written

subsequent to (October 1. 1013 160,674 22

Agents' balances represfntlng busln< *is written

prior to October 1. 1013 2.370 72

Other ledger as.«ets 3. 232 48



Total le<lger at«sets $1 , 538, 005 40



NON LED(JER ASSETS.

liiteri St act med on mortgages $7,874 25

Interest ncetire*! on l>oncls 8, 700 1 5

Interest accrued on other assets .504 87

17.208 27

Gross assets $1 , 555. 273 07



DEDTC^r A.SSETS NOT ADMITTED.

Agents' bal.uieeM represent ine business written

prioi to (Vtober 1, 1013 *2.370 72

Overc^ue nnd accrued interest on bonds in default 5.450 00

7.S20 72



Total admitted assets $1 ,547.413 05



Digitized by



GoogI(



598 MICHIGAN FIRE & MARINE INS. CO.



. LIABILITIES.

Gross losses adliiPtPd and not yot dno $21,906 58

Gross cluims for losses in process <ff adjustment
or In suspense, plus $586 ; rt»serve for losses
Incurred prior to December HI of which no

notice had bfcn received on that date 53,551 05

Gross claims for losses resisted 5,784 15



Total $81 ,241 78

Deduct reiQ6urunc3 due or accrued 14,679 01



Net amount of unpaid losses and claims $66,561 87

Gross premiums (loss relnsuranre) received and receivable upon

all unexpired fire risks, SI, 268,533 : unearned premiums 663.473 15

Dividends declared and unpaid to stockholders 20,000 OP

Salaries, rents, expenses, bl'ls, accounts, fee*, etc., due or ac-
crued 863 94

Kstlmatod amount her««after pavable for federal, state and other

tax'»8 based upon business of the year of this statement 9,000 00

Commissions, continjr^nt or other charges due or accrued 3,359 75



Total amourt of all liabilities except capital... $763,258 71

Capital actually paid up In cash $400,000 00

Si'i-plus over all liabilities 384,185 24

Surplus as regards policyholders 784,185 24



Total liabilities $1 ,547.443 95



RISKS AND PREMIUMS.

Gross
premiums
Fire risks. th*»reon.

In force December 31, 1912 $129,006^065 $1,372,501 92

Written or renewed In 1913 08,474,777 1,092,573 18

Excess of original premiums over amount received
for reinsurance 169 48

Totals $227,480,842 $2,461,244 58

Deduct expirations and cancellations 87,063.412 993,853 52

in force December 31. 1913 $140,417,430 $2,470,391 06

Deduct amount reinsured 19,090,818 201,858 06

Net amount in force , $121,326,612 $1,268,533 00



Digitized by



GoogI(



MICHIGAN FIRE A MARINE INS. CO.



599



BUSINESS IN THE STATE OF WISCONSIN DURING THE YEAR.



Year
written.


Term.


Amount
covered.


Gros.s
premiums

chartred.

less re-
Insurance.


og Amount of
- «8 premium
2 1 unearned.


1913

1912

1913

1911

1912

1913

1910

1011

1912

1913

1909


One year or less . . .

Two years

Two years

Three years

Three years

Three years

Four years

Four years

Four years

Four years

Five vears


$36,078,202

74,946

145.624

18.838.1.58

22,577.a«9

25.766,213

17,350

61.237

52.570

39,252

2 660.030


1 I

$434,628 531 1-2 1 $217,314 26

895 10' 1-4 f 223 77

954 64! 3-4 ' 715 98

181.785 25! 1-6 | .30.297 54

209,351 51 1-2 1 104,675 75

236,611 79 5-^ 1 197,176 45

193 801 1-8 T 24 22

708 211 3 8 1 265 56

529 161 5-8 1 330 72

376 421 7-8 I 329 35

!m 427 7r»l 1-in » a. 042 77


1910


Five years


2 081,9471 34^394 Oil 3-10 I 10.306 20


1911


Five years


3,580,631' 41.067 1111-2 1 20,. 583 55


1912


Five years


4.079.1361 43,738 .501 7-10 | 30,616 95


1913


Five years


4,373,927! 52,911 22; 9-10 ' 47,620 08




Totals .'


1 1




$121,326,6121 $1,268,533 00] $663,473 15

1 1 1



BUSINESS IN THE STATE OF WISCONSIN DURING THE YEAR.

Gross risks written $3,617,919

Less $715,150 risks oanoelled, and $707,658 reinsurance In com-
panies authorized In Wisconsin 1,422,808

Net risks written $2 ,195,111

Oross premiums on risks written $40, 177 48

Liess $5,567.78 return premiums; and $8.3.^.34 premiums for re-
insurance in companies authorised In Wisconsin 13,898 12

Net premiums received $26,279 36

liosses paid (deductluj: salvajre) » . . . $5, 107 00

I>eR8 losses on risks reinsured in companies authorized In Wis-
consin 337 85

Net losses paid $4,859 15

Tosses incurred $5,560 99

Tjenm losses on risks reinsured In companies authorized in Wis-
consin 337 85

Net losses incurred $5,223 14



Digitized by



GoogI(



600 MICHIGAN FIRE & MARINE INS. CO.

UNDERWRITING AND INVESTMENT EXHIBIT.



UNDERWRITING EXHIBIT.

Premiums.

Total premiums '( $70*2,401 3U|

Add unpaid return and reinsurance!
premiums Dec. 31 of previous year.j 5,255 2^\

Total

Add unearned premiums Dec. 31 of
previous year



Total

Deduct unearned premiums Dec. 31,
end of the year



$707,056 641
029,093 91



$1,330,750 55
003,473 151



Premiums earned during tUe)
year | .



UNDERWRITING PROFIT AND
LOSS ITEMS.

Gain from agents' balances charged
off

Loss from agents' balances previously
charged oc



$50 00
30 05



Gain from above

Agents' balances and bills j

receivable not admitted 1

Dec. 31. 1912 $3,007 53|

Agents' balances and bills

receivable not admitted

Dec. 31 2,379 72



Gain from above.



$19 95



$073,277 401



Gain from underwriting profit and
loss Items



1,227 81]



1.247 70 .



Underwriting Income earned duringi
the year 1 .



$074,523 10



LOSSES.



Losses paid '

Deduct unpaid losses December 31 of!
previous year I

Balance I

Add unpaid losses December 31, end|
of the year I

Losses Incurred during the year

I
UNDERWRITING EXPENSES. !

Underwriting expenses paid duringi
the year |

Deduct underwriting expenses unpa!d|
December 31 of previous year I

Balance 1

Add underwriting expenses unpaidi
December 31, end of the year I



I
I
$393,644 0*1 .
I
65,520 231.



^328,121 71 1

I

06,581 871



$394,080 58!.



Underwriting expenses Incurred dur-i
ing the year



1-



$309,207 34|.

I
13.403 061.

1

$295,804 28|.
I
13.223 691.



I
309,027 971 .



I
Underwriting losses and expenses 1.

Loss from underwriting during the|



year



.1.



703,714 55



$29,189 89



Digitized by



GoogI(



MICHIGAN FIRE & MARINE INS. CO. 601

UNDERWRITING AND INVESTMENT EXHIBIT-Contlnued.



INVESTMENT EXHIBIT.
Interest and Rents.



I

I

1

I

I

I
Interest, dividends and rents re-i

ceived during the year I ?62,516 70

Deduct interest, dividends and rental
due and accrued December 31, eodj
of the year I 1Q,9U 71

Balance 1 **5,541 OV'i

Add Interest, dividends and rentsj
due and accrued December 31, end
of the year I 17,268 21



Total



PROFIT ON INVESTMENTS. i

I
Gain from increase in book value ofi
ledger assets I •



I



Investment income earned during tbe|
year I-



LOSS ON INVESTMENTS.



I



Loss from decrease in book value ofj
ledger assets ....I

Loss from change in difference be-l
tween book and market value dur|
log the year I

Loss on Investments during the yoari.

I
INVESTMENT EXPENSES. i

Investment expenses paid during tho|
year |.



$780 00|
26,777 01



Investment losses and expenses dur-|
ing the year I-



Gnin from investments dorlng the|



year






MISCELLANEOUS EXHIBIT. i

I
Diridends declared to stockholders!