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MASSACACETS STATE
Livsstil

DEC 1 39

TABLE OF CONTENTS

PART I

COMMISSIONER'S REPORT.

PAGE

i

iii

2

INTRODOCTORY
COMPANIES ADMITTED
COMPANIES CEASING TO TRANSACT Business
DEPARTMENT EXAMINATIONS
FIRE INSURANCE IN MASSACHUSETTS DURING 1937
DEPARTMENT FINANCES
REPORTS OF RECEIVERS OF INSURANCE COMPANIES
STATUTES ENACTED IN 1938
TABLE 1.- Fire and Marine Insurance Companies authorized to transact Business in Massachu-

setts on Dec. 31, 1937
TABLE 2.-lecome, disbursements, premiums, losses, assets, liabilities, and surplus to policy-

holders, Dec. 31, 1937
TABLE 3.-Income during 1937
TABLE 1.-Classification of premiums written during 1937
TABLE 5.-Disbursements during 1937
TABLE 6.-Classification of losses paid during 1937
Tasly 7.-Assets Dec. 31, 1937
TALE 8.-Liabilities Dec. 31, 1937
TAELE 9.-Massachusetts business-Net premiums written during 1937
TABLE 10.- Massachusetts business-Net losses paid during 1937
TABLE 11.-Showing sources of gain or loss in surplus during 1937

10 18 26

34

42 50 58 66 74 82

APPENDIX.-Report on Fires-1937 (Department of Public Safety)

120

The Commonwealth of Massachusetts

DEPARTMENT OF BANKING AND INSURANCE, DIVISION OF INSURANCE, BOSTON, Dec.1, 1938.

To the General Court of Massachusetts:

The Commissioner of Insurance hereby submits Part I of the eighty-third annual insurance report. This volume contains information relating to fire and marine insurance companies, and at the end thereof is published, as required by law, the entire report of the Division of Fire Prevention of the Department of Publie Safety. It contains also various statistical tables, among them Table No. 11, which shows the sources of gain or loss in the surplus of the companies during the year 1937.

In the statements filed with this Department as of December 31, 1937, companies were permitted to value all bonds which were amply secured and not in default on an amortized basis or to use Convention rates provided in the aggregate they did not exceed the amortized values. On bonds not qualifying for amortization and on stocks Convention values were allowed.

The following companies of the classes covered by this volume were authorized to transact business in this Commonwealth subsequent to the date of the last report, or in 1938 prior to the date of this report:

Capital

Corporate Name

Location
Allied Canton Mutual Fire Insurance Company Boston, Mass.
Jersey Insurance Company of New York . New York, N. Y.
The Central States Fire Insurance Company Wichita, Kansas

Date of Authority April 5, 1938 Sept. 15, 1938 Oct. 8, 1938

$1,000,000
1.000.000

The following companies of the classes included in this volume ceased to have authority to write business in this Commonwealth subsequent to the date of the last report, and in 1938 prior to the date of this report:

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The corporate names of the following companies were changed as indicated: Central Fire Insurance Company of Baltimore to Central Insurance Company of Baltimore on March 7, 1938; National Security Fire Insurance Company to National Security Insurance Company on February 24, 1938; Hardware Mutual Fire Insurance Company of Minnesota to Hardware Mutual Insurance Company of Minnesota on May 20, 1938.

DEPARTMENT EXAMINATIONS. The following fire and marine insurance companies were examined by this Department during the year 1937:

Date of Name of Company

Location

Previous

Examination Associated Merchants Mutual

Boston

1934 Boston Manufacturers

Boston

1936 Citizens Mutual

Concord

1934 Cotton and Woolen Manufacturers' Mutual

Boston

1934 Dorchester Mutual

Boston

1934 Fall River Manufacturers' Mutual

Fall River

1934 Groveland Mutual

Groveland

1934 Holyoke Mutual

Salem

1934 Industrial Mutual

Boston

1934 Lynn Mutual

Lynn

1934 Middlesex Mutual

Concord

1934 Mutual Assurance

Springfield

1934 Newburyport Mutual

Newbury port

1934 Norfolk and Dedham Mutual

Dedham

1934 Old Colony

Boston

1934 Paper Mill Mutual

Boston

1934 Rubber Manufacturers' Mutuai

Boston

1934 Salem Mutual

Salem

1934 Sentinel

Springfield

1934 Springfield Fire and Marine

Springfield

1934 United Mutual

Boston

1934 Worcester Manufacturers' Mutual

Worcester

1934

INSURANCE COVERING FIRE AND ALLIED LINES DURING 1937
Massachusetts Business for the Ten Years beginning with 1928

Years 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937

Premiums

Losses
Written 1

Paid
$33,467,315

$18,601,645 34,112,690

17,012,143 31,511,817

19,924,360 27,144,198

18,141,905 24,777,047

18,848,056 24,626,798

11,914,737 26,383,425

13,025,507 26,838,944

10,981,655 25,431,284

11,113,176 26,149,823

11,184,290

Loss Ratio (Per Cent)

55.58 49.87 63.23 66. 10 76.07 18.38 49.37 40.92 43.70 42.77

Totals

$280,743,321
$150,747,474

53.70 1 These amounts have been reduced by the estimated dividends payable on the mutual premiums.

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