New-York tribune., 1900-05-10
VAST INSURANCE DEAL.
COMMERCIAL UNION REINSURES ALL
PALATINE RISKS.
THE LATTER TOOK IN LAST YEAR ABOUT
s2.2500OO IN PREMIUMS ON ITS AMER
ICAN BUSINESS ALONE.

One Of the three. or at most four. biggest in
surance deals that the world has ever seen has
just been consummated, according 70 reports
which reached the city last night. Although it
affects American underwriters more largely
than any others, perhaps the deal made
in London. It consists of the reinsurance by
the Commercial Union Assurance Company of
all the business Of the Palatine Fire Insurance
Company. Both these concerns do a heavy
business in this country. the Palatine
taking in last year from it's American business
alone premiums to the enormous amount of
about So 100000 The New-York office of the
Commercial Union is at No IS Wiuiam-st Its
United States manager is Alexander H. Wray.
The Palatines New-York Office is at No, 21
Nassau-st. and its United States manager is
William Wood.
Insurance men who heard the news last night
were somewhat divided TO its significance.
Some thought il might mean that the Palatne
would cease to exist a company and go out
of business. Others thought it more likely that
the Commercial Union would retain the cor
porate existence of the Palatine for the sake of
its good connections in America and continue
to conduct its business. but on the rather more
conservative lines which have characterized the
Commercial
The Palatine is said TO do A much smaller
business in England than in America In this
field 1t has been a most aggressive hustler, and
is thought by some experts 10 have taken class
Of risks which would not be much sought for
by the Commercial In this way a big premium
income has been built up. but in the present
rather Improbable state of fire underwriting in
this country big premium list is not invariably
a sign Of absolute prosperity, in the view of
several prominent insurance men seen last
night.
Big as Is the Palatine's business in this coun-
try, the Commercial excels it in that respect. on
the whole. because the Commercials home busi-
ness well as its American, is also Of large
proportions and the Palatine's home business is
admittedly small The Commercial has assets
of about $300OOO0O
The manager of the Commercial was seen last
night at DelmOnico's, and asked if he would
confirm the report of the deal He said he had
heard it on what he believed was pretty good
authority. but of his own knowledge could say
nothing. Being asked if he expected TO assume
the American management of the two COM
panies. he said he had all he could attend TO
at present. Mr.. Wood declined TO discuss the
report at all
Both these men when seen by the Tribune
porter were attending 4 dinner given at Del
Hlonico's by representatives of the fire insurance
business from this city, Hartford, Providence
and Philadelphia for Edward A. Walton. presi-
New-York. in honor of the fftieth Anniversary
Of his connection with the corporation. It was.
incidentally, Mr. WaIton's sixty-fourth birthday.
Covers were laid for sixty-fve persons.
+ Montgomery Hare, president of the New
York Board Of Fire Underwriters presided
Among those at the table were George P Shell
don / Reulsen Lane, F 0. Afeld Marshall
;. briggs, Lindley Murray. jr. Benoni Lock-
wood. Charles NJ HOllinshead, Samuel P. Blag-
den, A. 6 McIlwaine, jr., F. NJ. Parker and
William n krener. of New York: P. G. Royce.
z. B. Clark George ". Babb and Charles 3
Whiting of Hartford Charles Pratt. Thomas H.
Montgomery. ROaert B Beath and J. ". Meal
lister. OF Philadelphia and J. B. Branch of
Providence.
The speakers and the toasts 10 which they re-
sponded We're The Day We Celebrate" J
Montgomery Hare. response z. 4. Walton.
Charter Oak Nuts George I Chase "Old
Times. Benoni Lockwood; Let Us Rest Be
fore We Go Hence Z. F. BeddaU. What a
Lawyer Has Learned About Insurance" George
Sheldon; A Foreign View Henry W
Eaton; A Suburban View, f c. Irving: Civil
Service in Insurance" William A Kremer:
The Value Of Character" Henry H. Hall