The experience of this company in its excise bond business has from the beginning been very favorable. Beginning with 1913, dividends have been declared each year at 12 per cent, except for the year 1916, when the rate was 10 per cent. There has been for several years a gradual decrease in the number of liquor licenses issued in New York State and a consequent reduction in the volume of premiums on excise bonds. With the coming into effect of national prohibition the whole of this excise bonding business will cease. CONTINENTAL CASUALTY COMPANY Examined to ascertain condition June 30, 1918. Report dated September 5, 1918. Examiner: C. A. Wheeler. Joint examination with Indiana, Illinois and California. History and Organization The Continental Casualty Company was chartered under the laws of the State of Indiana in 1897 under the name of the Continental Assurance Company of North America. The name was changed to its present one in 1900. The capital stock of the company was originally $100,000. It was increased in 1898 and 1900 to its present amount, $300,000. The original charter of the company was issued under the Indiana Insurance Act of June 17, 1852, and limited the business to be transacted to that of accident and health insurance. In 1909 the company took avail of an act of the State of Indiana, approved March 6, 1909, permitting existing insurance companies which desired to do a casualty business to reincorporate under the General Casualty Act of that State, approved March 9, 1903. It thereupon amended its charter to conform to the provisions of the 1903 act and by such amendment became empowered to transact the following classes of insurance: Accident and health, liability, burglary and theft, plate glass, steam boiler and elevator, automobile, sprinkler, credit and title. In 1914 it again amended its charter, limiting the classes of insurance it might transact to accident and health, liability, burglary and theft, plate glass and automobile. There has been no change in the charter of the company since 1914. At the present time, therefore, it has a capital of $300,000 and is chartered under the Indiana Act of 1903 to transact the business of accident and health insurance, liability insurance, burglary insurance, plate glass insurance and automobile insurance. Prior to 1915 the company engaged in no other lines of the insurance business than that of accident and health. In that year it commenced to transact the business of liability and automobile insurance. It has not as yet engaged in the business of burglary insurance or plate glass insurance, although chartered so to do. The Continental Casualty Company is licensed to transact business in all the States of the Union and also in Canada. It is transacting an accident and health, liability and automobile insurance in thirty-two States. In the remaining sixteen States and Canada it is transacting only an accident and health business. Financial Statement The following statement shows the assets and liabilities as of June 30, 1918: Ledger Assets Book value of real estate.. Mortgage loans Book value of bonds.. Book value of stocks.. Cash in office . Deposits in trust companies and banks not on interest.. $75,000 00 740,990 00 833,773 52 376,740 00 7,264 72 5,386 21 234,600 34 The financial statement presented as a part of this report is compiled in accordance with the laws of the State of Indiana. It is the opinion of your examiners that the affairs of this company are very ably and conservatively managed; that its funds are invested in securities of sound value and earning a good rate of interest; that its books of record are carefully and properly kept; that ample reserves are maintained for unpaid losses, and that claim settlements are promptly and fairly made after due investigation and determination without taking advantage of technicalities. Your examiners also wish to acknowledge the most full and courteous cooperation and assistance which has been furnished by the officers and employees of the company in all phases of the examination. LLOYDS PLATE GLASS INSURANCE COMPANY OF NEW YORK NEW YORK CITY Examined to ascertain condition June 30, 1918. Examiner: C. A. Wheeler. History and Organization For a number of years prior to 1882 policies of insurance upon plate glass against breakage were issued and subscribed to by individual underwriters under the Lloyds method of insurance. In 1882 the association of underwriters incorporated as a stock corporation under the laws of the State of New York under the title of the Lloyds Plate Glass Insurance Company of New York, with a capital stock of $100,000, consisting of 1,000 shares of a par value of $100 each. In February, 1891, the capital was increased to 2,500 shares of the same par value, amounting to $250,000, which is the present capital. Outstanding stock cer tificates as of June 30, 1918, covering these 2,500 shares were determined from the records of stock issued and transferred. Management Complete supervision over the affairs of this company is vested in a board of directors consisting of thirteen members elected annually by the stockholders. These directors elect the officers and supervise and approve all acts of committees. The following committees are appointed to carry out the affairs of the company: Executive, consisting of four directors; finance, also four directors; auditing, consisting of three directors. Each committee meets monthly. The present officers of the company are Mr. William T. Woods, president; Mr. William A. Nash, vicepresident, and Mr. C. E. W. Chambers, secretary and treasurer. Field and Plan of Operation All business is under the direct supervision of the home office and is secured for the most part through regular agents under agreements as to commission. The company transacts business in all but four States of the United States, in Canada and in the Territory of Hawaii. |