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SEVENTEENTH ANNUAL REPORT
LIFE AND ACCIDENT INSURANCE.
To the Honorable the Senate and House of Representatives.
INTRODUCTORY. The Report herewith presented, exhibits the business and standing of fifty-six Life and Accident Companies now competing for patronage in Massachusetts. This is a net reduction of seven Companies since the publication of the last Annual Report, and is in large measure the inevitable result of circumstances clearly foreseen and well understood. The retirement of so many Companies within so brief a period is a matter of some significance, though not in all cases a surprise to those who have carefully noted the progress and tendency, perhaps abuse and perversion, of life insurance, as indicated from time to time in the official publications of this Department. But further reference to this subject will occupy subsequent pages.
In the local classification of those now remaining in the State (August 1, 1872), Massachusetts is represented by six Companies ; New York, by twenty-eight; Connecticut, nine; New Jersey, three; Pennsylvania and the District of Columbia, two each ; and Maine, Vermont, Rhode Island, Wisconsin, Illinois and Missouri, by one each. The financial and other interests affecting the condition of these Companies have been as fully and intelligently analyzed and exhibited as the data returned by them would permit; and to the tabulations and statements which follow, attention is respectfully invited.
THE DEPUTY COMMISSIONERSHIP. Since the adjournment. of the Legislature of the present year, the Commonwealth has lost a tried and faithful officer, by the death of its Deputy Insurance Commissioner, Hon. GEORGE W. SARGENT, whose impaired health had for some months unmistakably indicated the fatal result. Mr. Sargent was appointed one of the Insurance Commissioners of the State, in connection with Elizur Wright, in 1858. This position he continued to hold till 1866; when, upon the appointment of Mr. Sanford, under the statute of that year; reducing the number of Commissioners to one, he was retained as the Chief Assistant in the Department, and was finally appointed Deputy Insurance Commissioner under sanction of the Legislature of 1871. Occupied mainly in the official examination of Companies, and in the supervision of numerous departmental details pertaining especially to Fire and Marine Insurance, he became widely known and highly esteemed both at home and abroad. Pure in character, conscientious in purpose, faithful, patient and courteous in the discharge of every trust, he honored the Department and the Commonwealth through all his official career.
Hon. STEPHEN H. RHODES, of Taunton, succeeds Mr. Sargent as Deputy Commissioner, and has promptly entered upon the duties of his office. His legislative experience, especially as a member of the Joint Standing Committee on Insurance in 1870, and as Chairman in 1871, with his long and practical familiarity with the business of insurance, will enable him to meet successfully the demands of the new service delegated to him.
COMPANIES ADMITTED AND WITHDRAWN. While only fifty-six Life and Accident Companies are now authorized in Massachusetts, the Detailed Statements of the present Report include three or four whose retirement has taken place since their publication was commenced. The tabulated results appearing in the text of the Report, however, represent only those authorized in the State.
One new Company, the Republic Life, of Chicago, whose financial and business statements will be found in their proper
connection in these pages, has been admitted since the last Report, and nine others have retired.
The Commonwealth Life, of New York, voluntarily withdrew early in the year; not from any lack of confidence on the part of the Commissioner, but simply for the purpose of curtailing its business to smaller, and consequently less expensive and more easily managed, territory. The Delaware Mutual, admitted in 1870, has also withdrawn, for similar reasons. The International Life and Trust Company, also admitted in 1870, has ceased doing business in the State.
The Craftsmen's has consolidated its business and re-insured its risks with the Hope. Mutual; the Empire Mutual, which last year re-insured the outstanding risks of the American Tontine and the Farmers' and Mechanics', and also assumed the American liabilities of the International Life Assurance Society of London, England, has now perfected a similar
negotiation for itself with the Continental; the Amicable Mutual has re-insured with the Guardian Mutual ; and the Mutual Protection, after having absorbed the Widows' and Orphans' Benefit, and changed its own name, under legislative sanction, to the Reserve Mutual, has finally merged itself with its outstanding risks in the Guardian Mutual ; the Hercules Mutual, by dint of mismanagement and inexperience, has fallen into the hands of a receiver ; but arrangements are reported in progress for the re-insurance of its limited amount of risks. Thus ends the mortuary record of Companies for the present Report.
Several of the Companies remaining in the State have increased their paid-up capital, during the past year: the American Popular, by an addition of $50,000; the Anchor, $56,000; the Homeopathic, $25,000; the Hope, $65,000; the Merchants', $17,000; the United States, $50,000; and the Asbury returns a cash contribution of $50,000 to its re-insurance fund.
BUSINESS-NEW AND OLD. The following tabulations exhibit, in comprehensive form, the volume of business transacted and held by the several Companies represented in Massachusetts. The first shows, in classified results, the business of 1871, with its net increase or decrease as compared with the previous year. The second
(See page xviii.
1850, 1865, 1846, 1864, 1866, 1868, 1866, 1869, 1859, 1867, 1860, 1864, 1870, 1859, 1867, 1860, 1868, 1869, 1853, 1868, 1850,
$8,782,207 00 -1,211 | .-$4,146,431 00 1,879,147 00 -162
4,011,675 00 -363 -837,500 00
-452 -1,094,240 00