The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-04-04
INSURANCE I'M MAINE.
Annual RerSri of Insurance Commits
siOner Nye.

From part first Of the annual report of In
surance Commissioner Nye it appears that in
1875 the companies of other states and countries
received in premiums in this state $949, 446S9,
and paid for losses SAL, 4497S, leaving bal
aDce of 1851, 997l1. In 1876 companies of the
same class received in premiums $S6S, 2o4.13
and paid for losses $54l ,S597S leaving bal
ance of $685. 424 95a loss of $211 572 16 over the
previous year. Our Maine stock companies re-
ceived 10 premiums in 1875, $290,sO1.92, and
paid for losses $166 ,746 Sc, leaving balance OF
$124,055.56. In 1876 the same compar
Bangor Insurance Go. excepted) received
premiums $204, 776.6S and paid for losses $1l
1852, leaving balance of $50, 291 .26.
The Maine mutual insurance companies paid
for losses in 1875, $40 244 %, and in 1876, $751;
650.60
At the close of the year 1876 there were Al
fire, fire marine and marine insurance COM
panies organized under the laws of this state,
and authorized to do business therein, Of
which two were stock fire-marines, two were
stock marine. one mutual fre-marine, two
were mutual m arine, and 81 were mutual fire
insurance companies.
The Boothbay Menhaden Mutual Fire and
Marine and Oxford County Patrons of Hus-
bandry Mutual Fire, were the only new COM
panies organized during the year.
The officers of the Bangor Insurance Co. of
Bangor, made their annual statement in jan
uary, for the preceding year, showing surplus
beyond capital of Sis, 1913 On personal ex-
animation of the company in February, MIR.
Nye found this statement to be grossly incor-
rect; instead of surplus, the capital was large
ly impaired. He became satisfied that with
this impairment the company could not be sue
cessful, aDd advised its withdrawal from bust
ness, outside Of Maine, at once, which was
promptly done by vote of the directors. M.
IL. Angel, the President, resigned and Hon.
J. S. Wheelwright was called to assist in clos
ing up the affairs of the company. The success
OF Mr.. Wheelwrght in closing up the affairs of
the Eastern Insurance Co., gives perfect assur-
ance that he will be equally successful in this
The risks are to be reinsured in a large ana
entirely responsible company, which will save
the policy -holders from all possibility of loss.
At the close of the year 1876 there we're nine
ty-seven fire, fire-marine and marine insurance
companies Of other states and countries, author
lied to transack business in Maine, of which
ninety.twO were stock and five mutual ccm-
pauies.
During the year one company has been ad-
mltted, making ninety-eight now licensed 10
do business in the state. Nine companies were
withdrawn from the state during the year.
The tax paid by fire. fre-marne and marine
insurance companies during the year, on their
premium receipts, amounts in all 10 $11 ,536 g.
Ihe domestic stock companies have received
premiums on marine risks amounting to $2O4.-
1868, and paid losses on the same amounting
to $1lS,4S5 AZ, or 57a per cent of losses to pre-
miums. The companies of other states and
countries have received premiums amounting
to $685., 2S473, and paidi losses amounting to
$54I, 859.7S, or 62a per cent of premiums re.
ceived. The assets of the mutual companies
that have made returns amount to 1907, 500 as,
OF which amount 1861 ,52193 consist of pre-.
MUM notes.
Annexed to the Commissioners report, and
forming part of it will be found abstracts of
the several annual statements made to the de-
partment in accordance with law, showing the
condition of the several companies on the 31st
OF December, 1876. Besides this there are
other statistical tables, prepared with great
care. compend of the insurance laws, and the
names of the licensed agents and brokers' au-
thorized to do business in this state, the whole
forming a most vain hlo 20 mort