The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-02-15
income advanced to IS, 900, 600 against

ACKNOWLEDGEMENTS TO DO, ,UUU, ,UUUagalnSt
$3, 800, 600 for the previous year. In
view of the unparalleled competition
encountered by the Etna during the
year, and the strenuous and per-
sistent antagonism by which it was
assailed,i the past years operations
cannot be ranked among the least of
the company's annual triumphs.
The great eminence attained by the
HItna Life, and which it bids fair to
hold, marks it out for special obser-
vation, and gives great Importance to
every fact in relation to it. It's re-
cord comprehends no inconsiderable
portion of our entire American life
insurance, and it illustrates in strik
ing degree all the salient points of
the system itself.
The title "Etna" seems destined
to no second place in the depart
ments Of underwriting practised in
the United States. Such title, as ap-
piled to the company under consid-
Grafton, was not the result simply of
choice, as it is an outgrowth of the
Etna Fire Insurance Company, or,
rather, has its corporate title from
the same parentage. In 1919, the
Act incorporating the 1dttna Insur-
ance Company was passed by the Le-
gislature of Connecticut, and ap-
proved by Gov. Oliver Wolcott. The
year following, n supplementary act
was passed, authorizing the Etna
Insurance Company to transact life
insurance and annuity business upon
the basis of what was called an an
nuity fund of S15O,OOO. This fund
was to be paid in and invested in the
same way as the stock capital, but
was to be exclusively held as Sc
curity for the liabilities of the annuity
fund department. There was vet,
however, scarcely field for the opc-
ration of n life department.. The low
average wealth of the community as
compared with the present standard
was perhaps its practice, and there
were other obstacles not necessary to
mention here. The life branch was
accordingly kept in allegiance, and
the history of tho life business shows
that the directors were wise in biding
their time. They devoted their encr-
gies and abilities to the fire branch,
and the great result is to-day of
worldwide renown.
The life department was organized
in 1850. This branch of insurance
had at the time about emerged from
its experimental stage in the United
States, and the basis was we'll laid for
the security and extension of the
system, ms it had become generally
understood that the rules and theo-
ries pertaining to marine and fire
insurance are in no wise applicable to
whole life risks-that is, that the
conditions Of the life contract relate
to mathematical facts, and not to
contingent disasters. Whatever de-
gree OF uncertainty might as yet,
however, attend life insurance opera
tions, were well considered by the
managers of the Hitna. The severest
actuarial critic in the country at the
time, who had investigated the prac-
tice of life insurance both in Great
Britain and the United States, thus
defined the business of the Office in
its first year:
Low premiums and payment of
policies guaranteed by large paid
up capital and secured to the insurers.
The policy of this Office is to require
q definite premium, subject to no
future contingencies, and to pay to
the assured such fixed and certain
amount as the circumstances of the
party in his own judgment require. I"
The phrase Glow premiums" here
simply indicates that the Etna united
in the reaction against the extrava-
CANT rates originally charged. While
State Legislatures were passing char
ters uniting the fire and life business
IN one company, the managers of the
AItna concluded that the risks on life
should be subjected to separate
supervision and control from the
risks on property, as we'll as from any
conjoint hazard of the funds. An