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.
Report dated December 27, 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 com

mittee 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,

Financial Statement

The assets and liabilities June 30, 1918, are as follows:

The following schedule shows the changes in surplus due to the differences in the various items as reported by the company on June 30, 1918, and as determined in this examination, resulting in a net decrease amounting to $1,779.03: