New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-12
FOREIGN FIRE REINSURANCE.
RI "a. Cdf1or n Thu Tvibn0f

Sir In your article OF to-day on the subject Of fire
reinsurance Mr.. Bedda the manager of the Royal
Insurance Company Of England, Is quoted saying
to your reporter that the Continental Is playing the
part Of the dog I'm the manger7 and that the writer,
Of its officers, has advocated bill which would
deprive merchants and other property holders Of
sufficient amount OF insurance TO protect them.
This is simply attempt 10 awaken the appr-
tensions Of merchants and other property holders and
to enlist their opposition to the proposed bill In this
Mr.. Beddall has not been frank and fair he
usually is. The bill which have drawn up and al
yocatcd does not prevent any property holder from
procuring a sufficient amount Of Insurance 10 protect
him # simply aims 10 prevent the transfer Of Ameh
business. which American companies able to
carry, the other side Of the Atlantic for the enrich
of foreign shareholders in allen companies. The
protection sought IS not merely for American capital
Capital is only incident OF the insurance business.
which relics for its greatest protection the ability
Of skfu and experienced experts to gather sufficient
amount Of premiums, at adequate rates, TO pay the
losses and expenses Of the business without touching
the capital. The bill therefore Is aimed 10 protect
American skilled labor as well American capital.
1t is due TO a large number Of English companies
say That they do not oppose the bill and are not
guilty of the practice referred Many OF these
companies managed here by English gentlemen
who adapt themselves to the ways and policy of
American underwriters, and are treated with the
courtesy and good-felowshp which they deserve.
All thdt American unuerWfHefs ask Is 10 De placed
equality and not at a disadvantage-not how
ever the equality which Mr.. Beddal suggests Of max
ing these foreign contracts Of reinsurance If wish
TO, for we do not wish 10 make them, and If did
should probably find that Mr.. Beddall and his
cOnfrercs have already secured all that worth
having. The Continental Insurance Company. 10
which Mr.. Bedda refers, is not Of the companies
most affected. For the past year, after paying div
dends 10 its stockholders and all the losses and
penses Of the business il carried larger amount 10
The net surplus than any company doing business IN
the United States. II can. therefore, stand this
practice a. long the rest can but Il might have
made more money and some OF the smaller companies
might possibly have been prevented from going behind.
business had not thus been taken from under their
very to be exported foreign countries. The
proposed bill expressly provides for the reinsurance
OF all risks land they few I'm number which can
not secure sufficient protection at the hands OF com
panirs already here. would myself oppose any bill
intended 10 prevent any prOpcry-Owncr from getting
a needed amount OF insurance.
II Mr. Beddal means what he says. that his only
objection 10 the bill j. i'm the interest OF American
property owners he viii SOP opposing II.
L. G. MOORE,
President Continental Insurance Co.
New-York, Dec. II. 1850.