”TEXAS STATE MUTUAL FIRE INSURANCE COMPANY,
Belton, Texas.
This company was established in 1916 as the Farmers’ Mutual Fire Insurance Co. of Texas, but during 1917 the name was changed to tbe above, as the company does business throughout the State.
The company is purely mutual and the assessment liability of members is limited to an amount equal to one additional premium. The company claims that it does not have, subject to any one fire, more than the maximum amount written on any single risk. The largest net aggregate amount insured in any one hazard is $3,000.
It writes at stock company rates and returns a dividend, if earned, upon the renewal of the policy. It paio dividend of 25% to policyholders in 1916 and 1917.
The company is under the supervision of the Commissioner of Insurance and Banking of the State of Texas. It writes fire and tornado insurance.
It is licensed in Texas only, but writes some “surplus lines” in other States.
The officers of the company are as follows: President, Geo. E. Cole, Belton, Texas, retired farmer and capitalist; active vice-president, Sam D. Ware, Belton, Texas; vicepresident, C. J. Jackson, Killeen, Texas, retired farmer and capitalist; treasurer, Thomas Yarrell, Jr., Belton, Texas, banker; secretary, W. A. Ray, of Ray & Elliott Department Store, Belton, Texas.
Mr. Ware, who is the active vice-president, is the only officer of the company who has had any insurance experience. In addition to a theoretical training, he has liad a practical training as attorney for insurance companies, local agent, etc. He is in good repute and is considered capable. …”
Reference Data:
Best's Insurance Reports, Issue 19, by A.M. Best Co., 1918, pages 553-4
