INSURANCE LOSSES.

New Zealand Herald, Volume LXI, Issue 18015, 14 February 1922, Page 7

INSURANCE LOSSES.

CITY EQUITABLE COMPANY.

CHAIRMAN GOES ABROAD. A. tad N.Z. LONDON. Feb. 12.

The Sunday Express states that Mr. Gerard Bevan, chairman of the City Equitable Insurance Company, tho affairs of which were recently taken over by a liquidator, left London on Wednesday, and his whereabouts are unknown. His wife states that her husband has gone abroad under his doctor's orders. Mr. Bevan had a remarkably successful financial career in the city until 1919. He is director of numerous companies and belongs to a family of the highest financial repute. His father, now dead, was formerly chairman of Barclay's Bank, and ho' has relatives occupying prominent financial positions. He married a niece of Mr. Joseph Chamberlain.

It was recently announced that a provisional liquidator of the City Equitable Fire Insurance Company had been appointed at the company's own instigation in order to protect its interests against creditors. Tho company announced that efforts were being made to evolve a scheme to save the whole position. It was then stated that though no official explanation had been given it was believed that insurance business was not responsible for the .company's difficulties, but a financial policy on lines not customary among insurance companies. It was reported that the assets were locked up in a manner that renders their quick realisation impossible. Pound shares, on which four shillings had been paid, were quoted until the middle of January at over 50s. Last year's dividend was 250 per cent.