Fidelity-Phenix Fire Insurance Co, of New York
 

ments of results of their underwriting and investment operations in respect
of the year 1950 are incorporated in this report. During the year just
closed the Niagara Fire Insurance Company observed its one hundredth
anniversary.

RETIREMENT OF CHAIRMAN BERNARD M. CULVER: At the December
meeting of the Board of Directors on December 21 st the Directors
accepted with sincere regret the request of Chairman Culver that he be
relieved of active duties as at December 31, 1950, after thirty-four
continuous years of distinguished service to the companies of the America
Fore Group. Therefore, effective January 1, 1951, Mr. Culver retired
under the company's retirement plan, with the best wishes of his former
associate directors, officers and employees, including his many friends
both within and outside of the business of insurance.

As a consequence of Mr. Culver's retirement it has been decided to
discontinue the office of Chairman of the Board. Appropriate amend¬
ments to the By-Laws were adopted by the Directors at their January
meeting. Thus the President becomes the chief executive officer of the
company. Also at the January meeting of Directors there was created
the office of Elxecutive Vice President, to which post Mr. J. Victor Herd,
formerly a Vice President, was elected.
 

Voluntary adjustments account for more than one-half of the shrinkage
in premiums w^ritten by the Fidelity-Phenix, American Eagle and Niagara com¬
panies of the America Fore Group during 1950 as compared with premiums
written during 1949. Otherwise the decrease in premium income for these
companies is attributable to rate reductions and a sharpening of competitive
trade conditions w^hich our companies deemed it unwise to meet during 1950.
During the year the fire insurance companies felt the impact of some cata¬
strophic occurrences.

The explosion at South Amboy, New Jersey, on May 19, 1950 resulted
in more than nine thousand claims for property insurance losses aggregating
more than $6,000,000. Of this number the share of the America Fore com¬
panies totalled over 500 claims involving approximately $361,000, of which
the share of the Fidelity-Phenix approximated $154,000.

There were also periodic and widespread windstorms. The windstorms
of last spring which occurred throughout the Middle West produced 40,000
claims to the America Fore companies, of which the share of the Fidelity-
Phenix was $1,120,000.00. The Florida hurricane of October 17, 1950 re¬
sulted in 500 claims to the America Fore companies, of which the share of the
Fidelity-Phenix was $181,000.00. The storm of November 25, 1950 which
swept through several Middle Atlantic states is acknowledged as one of the
severest ever to visit the United States, considering its scope and the dollar
damage wrought  to  property.    Arising  from  this  storm   the  America  Fore
 

America Fore Insurance Group