NORWICH UNION FIRE INSURANCE COMPANY.

Otago Witness, Issue 2785, 31 July 1907, Page 41

NORWICH UNION FIRE INSURANCE COMPANY.

The anTmq-1 meeting of shareholders was held at Norwich on June 4. whesn the annual accounts were submitted. The revenue account fox the year showed: — Premiums, £1,169.783 «s lOd; interest, £48 518 19» sd; transfer fees, .£26 ss; balance, £13*354 Is lOd;—tofcoJ, ,£1,356.682 13p Id. Losses by fire—viz.: L Ordinary £590.,549 7» 4d"; 2. Due- to eaarthquobe, San Francisco, 2255137 6s 8d; 3. San Francisco claims lodged but not admitted, £103.334 16s; oommi*sioii, £225,838 10s 8d; expenses of management, etc., £162.100, 5s Id; colonial and foreign taxes, £19,722 8s 9d;—total, £1.356,682 13b Id. . The profit and loss aafcount was as follows:—For the year ending December 31, 1906: Balance disposable, 1905, £498.241 13s Id: reeerve on current policies, 1905, £389,856 2e 4d;—total, £888,097 15s sd. Dividends aaid bonus to proprietors, £55,000; income tax. £7513 Is sd; reserve on current policies, 1906, £389 927 15s 7d; decreased value of investments, less profit on sale and maturity of stocks. £16,797 7s 6d; balance of revenue account. £138,354 Is lOd; balanoe disposable, £280,505 9s Id;—total, £888,097 15s 6d. The Chairman said, with respect to the San Francisco disaster, that the commitments of tne society -were considerably less than that of the other offices, «nd they had also the protection of a special clause against earthquake risk. It was, however, found desirable to compromise, the alternative being litigation under almost every policy. In this way about three-fourthe of the claims were •ettled, and the balanoe unsettled had been fully provided for in the accounts. From the contents of a bill recently brought forwvd in the Califoraios Chambers it appeared that tiha.t State had determined henceforth to even make arrj clause exempting or attempting to exempt a company from the effects of earthquake illegal; this has so far been vetoed by the Governor, but in the face of such a- spirit, and from what had passed in the course of these settlements, the iizectoxß determined to give notice of retirement from underwriting in that State from April l*et. It had been decided to ■ever the connection with the subsidiary company in the United States. The society retired from Valparaiso two yearß ago, and bad only a few policies in Jamaica.