The Portland daily press., 1871-07-11
A,de, In.urauce Company.

IT gives us pleasure to call the attention of
our readers this morning to the advertisement
of this company in another column. Although
organized less than year ago, it stands forth
to day, with a record of success for its first
year, unequalled in the whole history of fire
underwritingln this country.
About five months since this company estab-
lished their first agency in Maine, by the ap.
pointment of Warren Sparrow, Esq, as.thefr
agent for Portland and vicinity, and during
this brief period it has been quietly doing in
our midst a business exceeded by yery fe,o of
the numerous insurance companies here, with
their long established agencies.
From the Cincinnati Daily Gazette we make
the following interesting abstract of the affairs
of this company, as shown by their first annual
statement of December 31st, 1870:
The Andes Insurance Company was char.
tered April 18th, 1870. Its first election of Dr.
rectors and officers was held June 18th. The
capital of one million of dollars was all paid in
by the 18th of July, less than one month after
its organization. .
July 14th, 1870, the State Auditor personally
examined the assets of the company and grant
ed it his official certificate i'll compliance with
law to do business. Its first policy was issued
of even date herewith
During the first half year of its existence,
nearly fifteen hundred agencies have been es-
tablished, of which nearly one thousand have
actively commenced business. 1t must be
borne in mind that these agencies are the great
auxiliares of the company, and that special
care is employed in the selection of the least of
them; and several are of the greatest import
ance, mainly none but men who have been well
known as skillful aud pre- emineDty command
ing in both character and position having been
appointed to the trust of representing the
Andes. All of these agencies are rapidly get
ting to work, with the most encouraging pros
poets of large and valuable patronage.
From the circular we quote the following,
which shows the exact amount of business
transacted during the past five ard a half
months of the cOmpany's existence:
The gross premiums received from July IA
to December 81 is. ......... S274 ,09S 70
The g: oss losses paid and reported during
same PERIOD. 44,363 %
The net premiums were for fraction OF
July. OBSERVATION-DISCLOSURES. 8,407 81
August. ......................... 1888 q
Septem Der.. OBSERVATION-DISCLOSURES. 3o,735 81
October $685. 20
November. NEUTRALITY-SUSPICIOUS.. IS, 40a 20
Fart OF December. .................... 62,750 90
1920, 1ls At
Amount OF losses paid. ................ 22,525 q
Deducting losses paid from net premium
Amount cash surplus LIT January, 1911 2O2,sl7 Of
From the above facts it will be seen that the
the work all done and expenses thereof paid
WittOut touching its premium FUNDS The i'm
p0rtance oil the above state ment may be Justly
alluded to as one of the most remarkable on
record in the history of new enterprises. Such
an extensive and broad business of underwrit-
ing has never previously been so completely
inaugurated.
Considering the valuable attractions it pre-
SCENTS, 1T is not to be wondered that its success
has been so unprecedented. A comparative
view of its progress thus far as compared with
other instances of marked success in insurance
will enable our readers to Judge for themselves.
Bearing in mind that the gross premiums of
the Andes in five and half months amounted
to $274, 09S u, we find that remarkably sue
cessfu life insurance company in New York,
established eleven years ago, having now an
income of over sir millions per amman, received
during the first five and a half months of its
existence only $23,7OO 76.
The Andes has met with a cordial greeting
and unanimous fiattering reception at the
hands OF the best insurance agents throue bout
the country. 1t has attracted that universal
attention which only can be commanded by
owing to the reputation of Mr.. Benoet. and
the gentlemen associated with him in its Or
ganization, the company at once reached a
place which, under other circumstances it
could hardly attain in many years. The spirit,
application and zeal of both the office corps
and the efficient travelling representatives of
the company have been rewarded in the high
est degree, and it is not too much to say that
under its present management it will more
its friends. It's stock has already been sold in
the open market at % per cent premium.
FINANCIAL STATEMENT, DECEMBER 81, 1870.