New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-27
DRYING ENGLISHMEN OUT.
FOREIGN INSURANCE COMPANIES UN-
ABLE TO MAKE MONEY.
F. r. KENNEDY DISCUSSES THE WITHDRAWAL
OF THE GUARDIAN FROM AMERICA. AND
SAYS THAT OTHERS WILL PROB
ABLY FOLLOW IT.

ABLY FOLLOW IT.
THE withdrawal of the Guardian Assurance Com
nanv of London from American business IL really
,be mos, startling occurrence in the insurance bust
ness for a great many years said Elijah X Ken
nedy. OF Weed e. Kennedy, yesterday Here was
companv with the largest paid-up capital OF any
comnanv in the worlds, 900, doing business all
over the woTld-a company which years ago useu
10 make money in this country. deliberately apan-
doning It's plan; and IT'S effort to make money IN
America What is the inference? Indeed, we are
not driven TO differences; but the head manager OF
tho companv and some Of his directors declare that
the withdrawal OF the company was determined on
because they had decided that It was Impossible 10
make money in the United States. Now II couiu not
have been the fault Of the United States manager OF
the COMPANY because at the same moment that
tho announcement is made that the Guardian IS 70
n,itbdrav II is also announced that the American
manager OF the Guardian. MIR. Bowers, IS seiecteu
nv the head manager OF the North British ana her-
camille Insurance Company 10 take the American
MANAGEMENT Of that company; and II Is wei KNOWN
that, the head manager OF that company mas sa'u
nat he should pick out the ablest fire underwater
&, ,bis country and get him for his American man
or reqardess Of the cost. This opinion or the
Guardians American manager Is generally
NAV saw universally entertained by all insurance
mon Mr. Bowers is looked on as one OF the aOies'
half-dozen in our business.
Are there any other foreign companies hKey 10
follow the example Of the Guardian the reporter
asked
81 fear there are know that the directors and
head managers OF two other European companies
are very seriously contemplating the necessity Oh
taking I'd their American branches and dscohtihuihs
business in this country go
"Have any other British companies ever WIN
drawn from this country after establishing branches
here"
yes the City Of London, the Standard or Lon
don and some French companies; but they all WIN
drav because they were weak. The GUARDIAN on
the other hand Is one OF the strongest companies
in the world and ~ any company could aloru ~
take the risk Of American business, 1t coud 90 3D.
1ba v,i,bdraval Of the Guardian IS the hrst eVent
~ lis character. / trust those people VINO tnInhh
The Insurance companies ought 70 DC oppresAcu VIII
new taxes and new burdens anu ne" n.r.
.,er, zine LEGISLATURE meets IN any or the states
win take warning that the business OF me cVuilns
&c unfavor,hle enough without loading me coin-
mics with hostile laws. rs Tor thc pei ~,
Conc ,ax DroposliiOn i'm Congress, fear lts auop-
,,on ,vould disgust some OF foreign companies;
as well as some Of our American connah"S' an"
iead ~ their withdrawal from business , 49,
"XViu the yIthdra wal OF the iuarhlan ani ~
unfavorable results OF business lead to conpanrs
Inc ioinD further 10 Increase the rates OF insur-
~ mink not-at any rate. In this section or the
country. The officers ana mahAgeIs, W - ~" ~ The
NAMES are living on the pleasures or nope. IL ne
pp"n element OF electric light fires could be elm,
~. I'D rates of premium could be materially rehuce
80 e,1i the companies might take a proht out OF
a t t,,ntress rejoice 10 evidences that many
,'ro,er,v-ouners are aroused to the danger OF lhs
Ireu, clement and are manfesting every disposition
10 cooperate with the INSURANCE. COMPANIES III tns
mo mir EQUIPMENTS safe. think the companies
Iii "a on at present rates for some ulne, Dut
WI tLon,d n saw I fear there VIII be less com.
panies a year from now than iner- arc AZ prese""