The following table will show the percentage which each line of business written bears to the total business written by the company during the twelve months' period ending June 30, 1919. A comparison is also shown of the ratios computed at the time of the department's last examination covering a twelve months' period ending June 30, 1916. Liability Business The following is a comparative table showing a subdivision of the company's liability business and the ratio each liability line bears to the total liability business written during annual periods ending June 30, 1916, and June 30, 1919: An underwritten and investment exhibit covering the three-year period from June 30, 1916, the date of this department's last examination to June 30, 1919, is shown as follows: The following exhibit shows the ratio of losses incurred to earned premiums on the various lines of business written by the company. This exhibit covers the period subsequent to June 30, 1916, the date of this Department's last examination. Analysis of Earned Premiums June 30, 1916, to June 30, 1919 * In determining the above ratios for liability and workmen's compensation business, we have used the reserve produced by the formula method, as outlined in section 86 of the Insurance Law. On the basis of the company's estimated reserve the ratios are 51.61 per cent for liability and 54.69 per cent for workmen's compensation. The company operates under a joint branch office and general agency system and is licensed to transact business in all states with the exception of South Dakota, Nevada and Wyoming. Business is also transacted in the Dominion of Canada. The general agents of the company report directly to the home office. The contracts of the gencral agents, all of which are made directly with the home office, provide for the maximum commissions on all lines paid by the company in territory covered by the contract. Out of such commissions are paid the lower commissions applicable to local agents, and brokers. The general agents receive no compensation as such, aside from the commissions named in the contract. The company states that at some general agency points it is necessary to maintain headquarters for claim examiners, auditors and liability or boiler inspectors. At these points the company pays the general agents for the desk room occupied by the company employees. Occasionally when a special effort is being made to develop a certain line, the company contributes toward the salary of the special agent employed for that line alone. When claims are handled by a general agent for the account of the company, an allowance to cover the cost of the work done is made to the general agent. The principal general agencies of the company are located in the cities of Boston, Chicago, Cincinnati, Dallas, Kansas City, New Orleans, Omaha, Providence, New York, Rochester, St. Louis, Salt Lake City, Seattle, Springfield and Winnipeg. Conclusion This report shows the company to be in a sound financial condition, with admitted assets of $18,392,709.13 and a surplus over all liabilities of $2,479,356.91. Since the last examination of the company its premium income has increased from $9,210,093.52 to $15,486,331.99 for the yearly periods ending June 30, 1916, and June 30, 1919. Adequate reserves are being maintained to provide for the increase in liabilities which necessarily attach to such a material growth in business. The examiner is of the opinion that the affairs of the company are being efficiently managed, that claimants are receiving fair and equitable treatment and that the interests of its policyholders are being properly safeguarded. The company's officials have rendered every assistance to facilitate the work of examination. FIDELITY AND CASUALTY COMPANY OF NEW YORK NEW YORK CITY Examined on increase of capital from $1,000,000 to $2,000,000. UNITED STATES BRANCH THE GENERAL ACCIDENT, FIRE AND LIFE ASSURANCE CORPORATION, LIMITED PERTH, SCOTLAND Examined to ascertain condition December 31, 1919. Eraminer: C. A. Wheeler. The United States Branch of the General Accident, Fire and Life Assurance Corporation, Limited, of Perth, Scotland, commenced business in the United States in March, 1899, under a certificate of authority granted by the Superintendent of Insurance of the State of New York. In September, 1919, the corporation filed a new stipulation with the New York Insurance Department, agreeing to limit its |