REPORT OF THE Insurance Commissioner of the State of Maryland. ANNAPOLIS, May 15, 1899. To His Excellency, LLOYD LOWNDES, Governor of the State of Maryland: SIR-I have the honor herewith to submit the Twentyeighth Annual Report of the Insurance Department, containing statements in detail of Insurance Companies for the year 1898 admitted to operate in this State, together with such an abstract and analysis of them as appeared proper to exhibit the progress of the business and the condition of the companies. The report comprises tabulated statements showing Assets and Liabilities, Income and Expenditures, Risks Written, Premiums Received, and Losses Paid of the various Fire, Marine, Life, Accident, Assessment, Fidelity and Casualty Companies, also Fraternal Associations. The business transacted is compiled from the returns of the companies filed in this office. The following Insurance Companies were admitted to this State during the year 1898 and up to date of this report: NAME AND LOCATION. Equitable Fire Ins. Co., Snow Hill, Md..... Helvetia-Swiss Fire Ins. Co., St. Gall, Swit- CLASSIFI CATION. Fire. Fire. Fire. Indemnity Fire Ins. Co., New York, N. Y.. Fire. Fire. Fire. Life. New York, N. Y...... Woodman of the World, Omaha, Neb Life. Fraternal. Fraternal. The following companies have ceased doing business in this State since the publication of the last report: Insur. Co.State of N.Y. New York, N. Y. Fire..... Now the Globe Interstate Casualty...... New York, N.Y. Fidel.and Cas. Reinsured. Lumbermen's Fire...... Philadelphia, Pa Fire. Manhattan Fire... Manheim Fire... New York, N. Y. Fire.. Hartford, Conn. Assessment Retired. Retired. Retired. Retired. Absorbed by United Fire. Retired. Retired. Retired. Baltimore, Md... Fire. Retired. Schuylkill Fire... Philadelphia, Pa Fire. Retired. Security Fire..... Cincinnati, O.... Fire. Retired. Indinap'lis, Ind. Life. Retired. Transatlantic Fire... Hamburg, Ger... Fire.. Retired. United Fraternal Acci dent Order...... Baltimore, Md... Fraternal........ Retired. National Life Ass'n..... The following table shows the number of companies doing business in this State, and are classified as follows, showing a decrease of fifteen less than 1897: Maryland Fire Insurance Companies....... Maryland Mutual Fire Insurance Companies..... Other States, Fire and Fire-Marine Insurance Companies.. Other States, Life Insurance Companies. Stipulated Premium Life Insurance Companies........ 13 19 3 64 37 22 2 4 33 I I 8 Fraternal Beneficiary Associations of this and other States.. 27 Total BUSINESS OF 1898. 234 The following statement is an abstract of all branches of insurance transacted in this State in 1898. Premiums received and losses paid are therein contained, and it is to be regretted that with but few exceptions, as compared with 1897, it is not an exhibit of gain, but loss. Marine Insurance is one of the exceptions, giving the year an enviable distinction of being profitable. Our local Surety and Casualty Companies, being aggressive and ably managed, have experienced prosperity during the past year. There has been much unrest and friction in fire business. The prosperous years which have been enjoyed have tended towards disorganization, likewise failing to maintain profitable rates. You will observe, upon inspection of many of the reports this year, that the chief source of gain will be found in the investment department, resulting from an appreciation in securities rather than underwriting. The withdrawals from this State have been unusually large during the past year, and illustrates the fact of their inability to endure the competition which now exists. |