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Annual Cyclopedia of Insurance.

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AACHEN AND MUNICH FIRE INSURANCE COMPANY of Aix-la-Chapelle, Germany. Joseph A. Kelsey, manager for the United States, with headquarters at New York; S. H. Quackenbush, assistant manager. Admitted assets, December 31, 1914, $2,658,137; liabilities, $1,446,612.

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ABEILLE FIRE INSURANCE COMPANY, Paris, France. Starkweather & Shepley, Inc., United States managers. Geo. L. Shepley, president; Emil G. Pieper, superintendent of agencies. Assets, December 31, 1914, $625,011.63; liabilities (except capital) $188,360.44.

ABANDONMENT. In marine insurance the relinquishment of an insured ship or cargo to the underwriters when the same is damaged and the claim is for a total loss. There is no abandonment in fire underwriting.

ADJUSTER. The business of an adjuster as known in American fire insurance is to examine into losses and settle upon the amounts due. He is a regular employee of the company, usually, although there are some independent adjusters who work for any company employing them, temporarily, or on particular losses. In most cases, also, the adjuster acts as appraiser except where an official or technical appraisement is to be had. There have been at various times adjusting bureaus and adjusting companies, as well as adjusters for the insured, but as a rule the policy-holder is satisfied with the company's adjuster.

ADJUSTMENT. In fire insurance practice in the United States this work covers the act of the adjuster in settling a loss as well as its apportionment between different insurers. The latter is sometimes difficult and puzzling in the case of non-concurrent policies, and these difficulties have given rise to a number of rules for such apportionment. Among these are the "Finn," the “Albany," which is similar; the "National Board,” “Griswold,” and “Kinne.

ADLARD, WALTER, secretary and managing underwriter of the Massachusetts Fire and Marine Insurance Company, Boston, is of English and Dutch descent, and was born in Brooklyn, N. Y.,

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AETNA INSURANCE COMPANY

May 20, 1866. He was educated in the Brooklyn public schools, and from 1883 to 1899 was in the employ of the Queen Insurance Company in clerical and special agency work. In the latter year he was appointed New England special agent for the Continental Fire Insurance Company, and was also special agent for the Fidelity Insurance Company and Fidelity Underwriters. He resigned this position to accept his present position on the organization of the company in 1910.

AETNA INSURANCE COMPANY of Hartford was incorporated in 1819, and began business August 19th. Its capital stock was fixed at $150,000, 10 per cent. of which was paid in. The Aetna was one of the pioneers in the agency business, and wrote policies in Chicago as early as 1834. Its present capital is $5,000,000, and its stockholders have at various times paid in in cash $4,695,000 of that amount. Up to the date of the Chicago fire, in 1871, there had been paid in $195,000, and the capital was $3,000,000. After the fire it was reduced one-half, and immediately restored by the payment of $1,500,000. After the Boston fire, in 1872, it was reduced to $2,000,000, and restored by the payment of $1,000,000. In 1881 the payment of another million increased the capital to $4,000,000; in 1910 the payment of another million increased the capital to its present figure. The Aetna's operations now include every section of the country.

The department managers are: Western branch, Chicago, III., Thos. E. Gallagher, general agent, L. O. Kohtz, assistant general agent, L. O. Kotz, general agent marine department; Pacific branch, San Francisco, Cal., W. H. Breeding, general agent, E. S. Livingston, assistant general agent (Inland), Geo. E. Townsend, assistant general agent (Fire).

The company has had six presidents since its organization in 1819. Thomas K. Brace retained the office until 1857, a period of thirty-eight years. Edwin G. Ripley succeeded President Brace, and remained at the head of the company until 1862, when he was succeeded by Thomas A. Alexander. In 1866 Lucius J. Hendee was elected president, and retained the position until his death, September 4, 1888. Jotham Goodnow was elected the successor of President Hendee, being advanced from the secretaryship, which he had held for twenty-two years. He died November 19, 1892, and was succeeded by William B. Clark, who was elected president on the twenty-fifth anniversary of his connection with the company. President Clark's associate officers are Henry E. Rees and A. N. Williams, vice-presidents; E. J. Sloan, secretary; E. S. Allen, G. E. Beardsley and R. B. Ives, assistant secretaries. W. F. Whittelsey, Marine secretary.

The directors are: Austin C. Dunham, Morgan G. Bulkeley, Atwood Collins, William B. Clark, Francis Goodwin, Charles E. Gross, James H. Knight, Charles P. Cooley, Arthur L. Shipman, Charles L. Spencer, Lyman B. Brainard, Charles A. Goodwin, H. E. Rees, A. N. Williams and J. P. Morgan. The special agents are: J. B. Hughes, 0. H. King, C. J. Irvin, H. O. Kline, H. B. Smith,

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James S. Middleton, F. W. Mathews, P. P. Tucker, Joseph M. Biggert, George W. Mills, E. C. French, W. C. Roach, H. B. Nugent, C. L. Ruse, S. L. Johnson, F. C. Clarke, Arthur Lohmeyer, W. H. Wart, W. Ross McCain, Edward Wright, J. R. Stewart, I. B. Beard, J. A. Brackney, W. S. Clark, P. W. D. Jones, A. G. O'Neill, Cooper D. Winn, Jr., W. H. Boutell, Frank W. Brodie. The total assets of the company December 31, 1914, aggregated $23,400,526.99. Liabilities, exclusive of capital, $11,732,078.60. The net cash premiums received during the year 1914 reached the sum of $10,816,446.62; $1,840,295.71 being in the inland department. The total cash income for the year was $11,772,971.31; total cash expenditures, $10,812,827.18; the fire and marine losses paid amounted to $5,892,314.85; net amount of risks in force, $1,609,097,545.00. Since organization the company has received in premiums $277,562,468.07; losses paid since organization, $144,393,663.21; cash dividends declared, $36,201,365.00; dividends payable in stock, $2,805,000.00. (See Cyclopedia for 1892-3, also biographical sketches in present volume.)

AFFELD, CHARLES E., of Affeld, Tonk & Co., Chicago, was born at Stettin, Germany, March 10, 1843. He came to the United States at an early age, his parents going to Chicago in the fall of 1847: He obtained his education in the public schools and a commercial college, and in 1861 enlisted in Company B, First Illinois Artillery, known as Taylor's Battery, serving until July, 1864, and seeing active service in a number of battles of that period. As an early vocation he served as clerk in a drug store and as office boy and clerk in a law office, and in 1868 entered the insurance business as a broker. He was surveyor for the New York Underwriters' Agency from 1871 to 1873 when the firm of Witkowsky & Affeld was formed, which was changed to Affeld, Tonk & Co., on the death of Mr. Witkowsky. He has been a member of the Chicago Board of Trade and of the Chicago Board of Underwriters since 1873, has held various positions of honor and trust outside the insurance business, and is a member of the Union League and City, clubs, Academy of Science, and other organizations.

AFFELD, F. O., former resident United States manager of the Hamburg-Bremen Fire Insurance Company. (See Cyclopedia for 1913-14.1

AFFIDAVIT RISKS. Laws concerning. (See Reinsurance and Surplus Line Laws.)

AGENT. TERM DEFINED. The insurance laws of many states define who are agents, and such laws are in force in Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Washington, and Wisconsin. The laws of a majority of the above states are general in application but the laws of Florida and

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