412                          FEDERAL INS. CO.
FEDERAL INSURANCE COMPANY
Jersey City, New Jersey.
Home Office, 15 and 17 EXCHANGE PLACE.
[Incorporated February 1, 1901, commenced business March 1901; admitted
December 7, 1903.]
President, PERCY CHUBB.                    Vice President, HENDON CHUBB.
Secretary, MAX GRUNDER.
CAPITAL STOCK.
Amount of capital paid up in cash ......   ........... $1,000,000 00
Amount of ledger assets, Dec. 31 of previous year ...........    $3,147,045
77
INCOME.
Marine and
inland.
Gross premiums .................................... $3,726,474 82
Deduct gross amount paid for reinsurance, marine
and inland, $2,015,082.35; return premiums, marine
and inland, $243,421.64 .2,258,503 99
Total premiums (other than perpetual) .................... $1,467,970 83
Gross interest on mortgage loans ...................   $1,350 00
Gross interest on bonds and dividends on stocks,
less $997.55 accrued interest on bonds acquired
during the year ..................................  101,243 15
Gross interest on deposits in trust companies and
banks ......                                          3,789 80
Gross interest from all other sources:
On agents' balances ............... ...............     770 53
Total gross interest and rents.                              107,153 48
From other sources: Profit on bank exchange.61 29
Gross profit on sale or maturity of ledger assets: Bonds               109
85
Gross increase, by adjustment, in book value of ledger assets:
Bonds.                                                             1.736
06
Total income .       .............................................. $1,577,031
51
Total footings   ................... ........................ $4,724,031
51
-   -~~   -         ~       ~ ~~ DISBURSEMENTS.
Marine and
Fire.         inland.
Gross amount paid policyholders for
losses (including $230,490.75 occur-
ring in previous years) ...... .......     $20 79 $2,107,708 65
Deduct amount received for salvage,
fire,  $20.37;  marine  and  inland,
$154,161.49; reinsurance, marine and
inland, $1,281,451.56  ....... .........    20 37 1,435,613 05
Net amount paid policyholders
for losses ......... ............      $ 42   $672,095 60
$672,096 02
Expenses of adjustment and settlement of losses .....    ............  16,446
72
Commissions or brokerage ..........      .............................. 
549,462 53
Expenses of special and general agents ......     ..................... 
5,592 29