The company has funds on deposit with the following banking institutions. The balances of these accounts as of December 31, 1918, were verified from the company's records and reconciled with certificates obtained from its depositories. Equitable Trust Company, New York, N. Y. Northern New York Trust Company, Watertown, N. Y. Agents' Balances The balances due for premiums were listed from the company's uncollected premium registers which were in balance with the controlling account in the general ledger. Balances on business written prior to October 1, 1918, amounting to $66,331.61 were disallowed as assets. Unpaid Losses The liability for unpaid losses was determined from the loss records and claim papers. The amount shown in the foregoing financial statement is believed to be adequate to cover all future payments that the company may be required to make on such account. Unearned Premium Reserve The time risks in force were listed from the company's bordereaux according to months of expiration. The unearned pre miums on such risks were computed on a pro rata basis. The unearned premium reserve on the trip risks is an estimated amount based upon the trip premiums written during the month of December, 1918. Overpayment on Account of Reinsurance Recoverable on Unpaid Losses The following statement shows the amount of cash received in 1918 by the Jefferson Insurance Company from the Northern Union Underwriting Association in payment of reinsurance due on paid losses and recoverable on unpaid losses. The balance of $58,482.65 represents the amount of cash received in excess of the reinsurance recoverable on unpaid losses and has been charged as a liability in the foregoing financial statement. The capital stock of the company is four hundred thousand ($400,000) dollars divided into eight thousand (8,000) shares of a par value of fifty ($50) dollars each. A list of stockholders. is filed with the working papers of this report. LIBERTY MARINE INSURANCE COMPANY NEW YORK CITY Examined to ascertain condition December 31, 1918. Examiner: John H. Kirker. History and Organization The Liberty Marine Insurance Company is a domestic corporation, authorized on September 5, 1917, to transact within this State the business of marine insurance as provided by Article IV of the Insurance Law. The principal office of the company is located at 56 Beaver street, New York city. The Northern Underwriting Agency, Inc., is its general agent and conducts the affairs of the company under a power of attorney, executed June 21, 1918. Financial Statement The financial condition of the company on December 31, 1918, was found to have been as follows: A statement of income and disbursements for the year ended December 31, 1918, is as follows: Interest on bank balances.. Reinsurance received on estimated unpaid losses. Profit on account of reinsurance.... Allowances for taxes received from treaty reinsuring companies Increase in liabilities during the year on account of reinsur ance treaties Total income 270,753 11 21,062 64 213,447 29 100 00 29,827 41 Ledger assets December 31, 1917.. Total. Disbursements Gross losses paid. Deduct salvage Deduct reinsurance Net losses paid Loss adjustment expenses. Agents' compensation, including brokerage. Salaries and fees directors, officers and clerks.. Taxes, licenses and fees: Federal State Insurance Department Legal expenses Contribution to United War Work Fund.. $1,057,375 39 784,485 51 $1,841,860 90 $606,601 96 $865 23 421,761 22 422,626 45 $183,975 51 4,871 09 55,175 92 1,066 63 $8,643 06 3,422 81 75 78 12,141 65 650 43 1,000 00 The bonds owned by the company as set forth below were examined and counted on February 15, 1919, in the vaults of the Equitable Trust Company. These securities were valued in accordance with the quotations adopted at the National Convention of Insurance Commissioners, such values exceeding the actual market values prevailing on December 31, 1918, by the sum of $9,330. The company has funds on deposit with the Equitable Trust Company of New York and Hannevig and Company of New York. The balances of these accounts as at December 31, 1918, were verified from the company's records and reconciled with certificates obtained from said banking institutions. Agents' Balances The agents' balances amounting to the sum of $35,387.86 were over three months due and such balances were treated in this report as a nonadmissible asset. Unpaid Losses The liability for unpaid losses was determined from the company's loss records and claim papers. The amount shown in the foregoing financial statement is believed to be adequate to cover all future payments that the company may be required to make on this account. |