Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1922-05-25
DIRECTORS ARE
ELECTED AGAIN
ANNUAL SESSION OF THE
EMPLOYERS MUTUAL II
ON SATURDAY

The eleventh annual meeting OF the
Employers Mutual Liability INSURANCE
company of Wisconsin was held last
Saturday morning at ten O'Clock, in
the home offices of the concern, cor
her Third and Jackson streets. Six
directors were elected to- succeed
themselves for term OF three years,
hs follows: L. NJ. Alexander, Port
Edwards: A. c. Downing, Milwaukee;
Eeorge E. Foster, H. j. Hagge and
d. c. Yawkey, of this city, and A.
fIirshheimer, Lacrosse.
Following the policy-holders' meet
Ing, the directors of the company met,
te-electing its officers of last year
hs follows: M. P. Mccullough, presi-
lent; A. C. Downing, A. Hirshheimer
and Mitchell Joannes, vice presidents;
n. J. Hagge, secretary and manager,
Ind B. F. Wilson, treasurer.
Annual Report
The annual report of Fl. j. Hagge,
secretary and manager, reported sat
sfactory progress during 1921 in spite
bf adverse industrial conditions. ANY
Egeneral business depression such as
We are passing through is reflected in
more marked degree in the income
bf insurance companies writing work
mems compensation than in the in
come of companies writing any other
form of insurance" said Mr.. Hagge,
because workmen's compensation
premiums are based entirely upon
payroll. The full effect of any such
abnormal condition, however, is not
felt Immediately, owing to the fact
That policies are written on an annual
basis and do not expire simultaneous
". The great falling off in payrolls
Resulting from unemployment and re-
luced wages during 1921, therefore,
was not reflected in our premium in
come until the latter half of the year.
Likewise the company will not re-
teive the benefit of the present in
crease in industrial activities until
he latter half of the present year.
"The net premium income for the
company for 1921 was $1,647,SS as
compared with 1851, 1854 for the pre-
eeding year. This is the first time
n the history of the company that
decrease is shown in reporting pre-
mum income. This condition wOs eX-
bected and is general among insur-
ance companies. Many companies,
however, attempted to make up the
falling off in workmen's compensation
premiums by making special drives
or other forms of insurance, such as
public liabilities, group heolth and ac-
,ident and the various kinds of au-
omobile insurance The Employers
Mutual writes only workmen's COM
bensation.
Investment Care
Great care is exercised by the f.
lance committee in the investment of
company funds. Although the interest
EARNINGS were increased from $685.
1889 in 1920 to 0,469.00 in 1921,
here is not single instance where a
sacrifice in safety or security was
made for the sake of a larger yield.
The short term securities have been
disposed of and replaced with long
ime securities of equal or greater
liability. The market value of the
company's securities fixed by the ma
ional convention of insurance COM
nissioners on December 81, 1921, was
P16,357.17 in excess of the cost at
which they were carried in the books
bf the company. At the close of 1920
he market value of our bonds was
S10, 497.73 below book value"
During 1921, Mr.. Hagge showed, the
company paid $5S2,34101 in compen-
alton benefits and $30S,747.03 in sur
Eical expense and funeral benefits, a
otal of 1891 ,0SS04 The total for the
rear previous was $685. Dur
ng 1921 there were 1902 accidents
whereas in 1920, 25.924 were report
ID. The reserve set aside in 1921 for
ases pending was 656,251.1 10 as COM
barred to $419, 609.07 the year previous.
pn the reserve basis the losses actu-
lily incurred in 1921 were $S23,541 as
goinst $1,014,010 in 1920.
For the year 1921 the officers of
he Employers Mutual set aside re-
serves computed on the highest stat
tory requirement applicable to eth
II stock or mutual companies in the
United. States. Although numerous
: attempts have been made by COMPETE
ors to misinterpret this action" Mr..
1agge's report declares, cit pieces the
company in position where the ade-
uacy of its reserves cannot be ques-
Toned and where its financial strength
s unassailable."
Management expenses were higher
p 1921 than in the year previous be-
ause the company added to its force
statesmen, increased the activities
n the home office and improved it's
lain and engineering service to a
POINT where it "far surpasses the eff
orts of any competitors in this di-
|nection". New policy holders OBJ