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The American Insurance Ring.

In San Francisco insurance circles there is a compact for maintaining rates, which, however, can be broken by a small proportion of its members. Mr Hugh Craig, of the New Zealand Insurance Company, is now arrayed against the entire force of the insurance union, and constitutes the ‘ 1 kicker. ” He holds that all companies may bo permitted to open offices and employ salaried agents wherever a local company is in operation under similar conditions. A motion to this effect was voted down by the compact, and it is now in order to fine Mr Craig and compel him to close the agencies of the New Zealand Company that are established at San Jose and Los Angeles. If he refuses to comply, the head office will be appealed to, and if the directors sustain Mr Craig’s action, then there will be a “cutrate ” war at San Jose and Los Angeles until he gives in. L. L. Bramwell, President of the California Insurance Company, and Alfred Stillman, Manager of the Pacific Insurance Union (otherwise the “ Insurance Trust ”) are on board the Zealandia. Their destination is Auckland, where they purpose to make trouble at the head office cf the New Zealand Insurance Union. It is their intention, if their complaints against Mr Craig are not heeded, to make preparations to carry on a fight against the Company in New Zealand.

“I see by one of the papers,” said Mr Craig, “that the Pacific Insurance Uni an has prepared to carry on an aggressive war in the colonies. They have an agreement by which four companies agree to unite joint policies in the colonies. For my part I think that a little New Zealand business will go a long way with the Californian combination. . . . Personally, 1 have not asked for any privileges for the Pacific Insurance Union that have not been allowed to other companies. I have always acted on instructions from the head office, and I do not think Bramwell and Stillman will make much by going there, I claim that our Company has the right to have agents in outside towns—as against the other gentlemen—in virtue of the following provision in the agreement:— * The foregoing provision shall not prevent the bona fide employment on a salary of one person as city agent in Portland, Sacramento, Stockton, San Jose, Los Angeles, Oakland, or in any city or town in which may be located the head office of a local company belonging to this Union.’ I feel no uneasiness as to the outcome. Whatever the bead office decides to do will be sent me by the general manager at Auckland. Their instructions, whatever they be, will be carried out to the letter.”—* N. Z. Herald’s ’ American correspondent.

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Bibliographic details

The American Insurance Ring., Issue 7976, 3 August 1889, Supplement

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The American Insurance Ring. Issue 7976, 3 August 1889, Supplement

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