Source:Insurance-news/content
The German Fire Insurance Company yesterday celebrated its fiiftieth [sic] anniversary. It was organized early in the year 1862 and incorporated March 27 of that year. But few are living that remember the meeting of a number of Pittsburgh citizens in the office of Joseph Myers & Sons, at that time doing business in Penn avenue, above Eleventh street, then known as Canal street. The first president was Clements Hoeveler, father of Councilman W. A. Hoeveler. He held the position until his death, when E. A. [sic] Succop, the present incumbent was elected to the position. Its capital stock is $50 par and the authorized and outstanding amounts to $300,000. From 1888 to 1906 the company paid 12% dividends on the stock; in 1907, 11%; 1908, 1909, and 1910, 12%, which is the present rate of distribution. The company has been prosperous ever since its inception and it has branched out practically over the entire United States. It has several branch offices besides the innumerable agents writing business. A. E. Succop is president; John A. Eckert, vice president; A. H. Eckert, secretary and treasurer; and the directors are August E. Succop, A. E. Neiman, George Wettengel, George Wamhoff, Sr., John C. Kohne, A. H. Eckert, John A. Eckert, J. McF. Carpenter, Charles Muehlbronner, W. J. Langfitt, Gustav Wehrstedt and August Daub.
Proests [sic] Against Revolver Laws.
Aroused by the crime wave which is sweeping New York city, the presidents and general managers of 14 Burglary Insurance companies and the Burglary Insurance Underwriters' association drew up a paper, addressed to the Legislature of the State of New York, protesting against the Sullivan "revolver law" and requesting radical amendments. The companies protesting were: The Empire State Surety Company, The Great Eastern Casualty Company, The National Surety Company, The Globe Indemnity Company, The General Accident Company, The Royal Indemnity Company, The New England Casualty Company, The Massachusetts Bonding & Insurance Company, The Maryland Casualty Company, The New Amsterdam Casualty Company, The London Guarantee & Accident Company, The Ocean Accident & Guarantee Corporation, The American Bonding Company of Baltimore, and the Burglary Underwriters' association.
The protest in part reads: "We respectfully recommend that such sections as interfere with the freedom of the law-abiding citizen to defend his home against the midnight marauder, or as leave the person entrusted with the transit of valuables, at the mercy of the thug, be amended. The alarming increase in burglary and "hold-ups" within the last few months has revealed to us the seriousness of this matter. Experience has shown that professional criminals disregard entirely the restrictive provisions of this act. Knowing that the law-abiding section of the community has discontinued the practice of keeping or of carrying firearms, and knowing that the element of personal danger has been reduced to a minimum, criminals are steadily increasing the daring and boldness of their operations."
Promoted to Superintendent of B. & O. Insurance.
Bassett S. Mace, who was instrumental in organizing the insurance department of the Baltimore & Ohio Railroad about 10 years ago, has been made superintendent. There is at present about $58,000,000 insurances in force, part of which is placed direct, and the balance through the railroad syndicate. The company is largely interested in the Mutual Fire, Inland & Marine Insurance Company of Philadelphia. Since the establishment of its insurance department the Baltimore & Ohio has greatly reduced the loss ratio (to less than 50 per cent) by installing modern devices for the prevention of fires; has increased its insurance fund from $250,000 to about a million, and has brought the average rate down from 65 to 40 per cent.
Personals and Notes.
The United States Fire Insurance Company of New York has applied for admission to California.
The London and Lancaster will celebrate its semi-centennial next month. Representatives from all parts of the world will be in attendance.
The United States Casualty Company is preparing to write plate glass insurance. The Western Tennessee department of the Reliance Life is over the $100,000 mark in examined life business for the first three weeks of March and has written nearly $70,000 accident business.
The Hartford Life Insurance Company has set its mark at $15,000,000 of new busines [sic] for the year 1912 and at the rate of production now prevailing the company promises to eclipse that mark with ease.
Edward R. Baxter was defeated for re-election as vice president and general manager of the Standard Life Insurance Company of Camden, N. J. The following officers were elected: President and general counsel, George J. Bergen, formerly treasurer of the company; vice president and medical director, Dr. William H. Carpenter; secretary and comptroller, W. H. Parrott; treasurer, George W. Carr; consulting medical director, Dr. J. A. Smith. Dr. Carpenter will be in charge of the agency department for the present.
The Metropolitan Life Insurance Company paid out in bonuses last year over $4,800,000 and at the close of February this year it had distributed in gratuities, $1,131,085.58 among its industrial policyholders.
The Colonial Life of Jersey City announces that it will celebrate the issuance of its one-millionth policy before the end of 1912. Policy No. 909,202 was issuel [sic] this week and the company is issuing about 2,000 policies every week.
William A. Dibbs, superintendent of the claim department of the Empire State Surety Company has been appointed assistant secretary of the company.
James F. Nugent who has been associated with the United States Fidelity & Guaranty, has been appointed resident assistant secretary of the American Bonding Company of Baltimore.
The annual meeting of the South Eastern Underwriters' association will be held at Atlantic City May 8.
