Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-02-19
From the Republican, FdTpaer, Bridgeport, Conn.
RridDepOrt Insurance CompaUy

| 1t will be seen by reference to our advertis-
| ing columns that tins Company has published
| their annual statement, and declared divid-
| end Of fue per cent. on six months business.
| 1t is gratifying for at all times to watch
| the progress, and record the success of our
| home institutions, and we do not know one
more entitled to public confidence than The
Bridgeport Insurance C5mpany This statement
shows the possession of large and well-secured
assets, with ample means for all outstanding
claims, and the payment of a cash dividend,
which, we believe is the first that has been de-
clared.
AS this company is becoming well-known
and popular throughout the United States,
and closely allied with the interests of Bridge
port, we have taken some pains to inform our
selves as to its origin, organization, and pre-
sent condition, and to such of our citizens who
feel an interest and pride in the prosperity of
this place and its institutions we would direct
their attention to the following facts:
In 1850, the manufacturing and commercial
interests of this city deeply felt the want of a
local insurance company, and number of in
fiuential citizens applied for and obtained a
charter for company to be called the Bridge
port Fire and Marine Insurance Co. Owing
to some local dissensions, this company was
organized until 1854, when they started with
subscribed capital of ,000-which was
not considered ample las the company was to be
peculiarly local one. Under the able manage
ment of our late lamented citizen, Z. NJ
Thorp, Esq, the company pPospered so much
that 1t was deemed advisable to increase the
capital and establish agencies. After many
efforts the increase of capital was abandoned
and the business of the company principally
confined to the New England States
On the death of Mr.. Thorp, the Company
came under the management of Messrs. Chat
field and Neutrality-suspicious. well and IA
vorably known in this community. Their ex-
perience in Insurance satisfied them that the
South aud West was the field to extend their
business in, offering less competition and
higher rates of premium; the experience of
all the New England Companies doing bust
ness there for the past five years tends to
prove this Owing to local laws in most of
these States. the Bridgeport" was prevented
from establishing agencies, on account of their
capital being only 100000. Efforts were
again made to increase to the limit of the
charter $500, 000)-ths could not be done in
Bridgeport; capitalists were sought for else
where and after time some gentlemen from
the West and residents of New York agreed
to subscribe for the additional stock of $780,
600, and place the Company on firm and
solvent basis, which would enable them to do
business in every State in the Union These
parties having wealth and position to back
them, it was reasonable to suppose that the
Company would prove profitable, and in few
years be second to none, either as to credit or
to extent of its operations. AS the largest
and best business was to be obtained in the
Western and Southern States, the stockhol-
ders deemed it advisable TO secure the services
of person fully qualified for this branch
one whose name, know ledge, and influence
would secure for the Company a creditable
position in that region of country r. E.
COurtenay, Esq, of St. Louis, Missouri was
unanimously elected. From many years ex-
perance as an Underwater and General
Agent for several Companies throughout the
Southern and Western States, it was presumed
that he was proper person to be intrustcd
with the management and interests of the
Company. s.Es
Mr. Courtenay has introduced many new
and we think improved features in the ma
nagement of agencies. A new plan of COM
pensatiOn has been adopted, which makes all
parties connected with the company interested
in the profits not the receipts. The result of the
past six months business shows that so far
this new plan works profitably, as the compa-
ny has been enabled to declare their first cash
Dividend
SO far as we can learn this company has
always paid their losses promptly: it is not
the desire of those connected with the institu-
ton to litigate claims, or shrink from the lust
settlement of equitable losses.
Uuder the management of gentlemen of ex-
perence, assisted by a directory composed of
citizens of well-known probity and respecta-
bility, we predict for the bridgeport lnsur-
ance Company" success equal to the most
popular New England Companies. and think
that the day is not far distant when we shall
feel proud of corporation in our midst, that
wields so much wealth and influence. Hart
fort feels proud of her Insurance companies
why should Bridgeport not feel equally so?