United States Fire Insurance Company of New York

The United States Fire Insurance Company of New York was an American insurance company founded on April 9, 1824, with an initial capital stock of $250,000. Headquartered at 46 Pine Street in New York City, the company grew into a significant nationwide provider of fire insurance during the 19th and 20th centuries. It was led for much of its early history by members of the Underhill family, including Joshua Sutton Underhill, Abraham Sutton Underhill, and W. Wilson Underhill, who served as president from 1882 to 1908. The company was active in industry affairs, participating in the formation of a fire insurance tariff association in New York around 1898. It expanded into new territories such as Texas and used reinsurance arrangements with other companies. Despite a temporary halt in underwriting around 1906, the company continued operations until at least 1977, eventually ceasing business. Today it is a defunct entity, remembered as part of the history of American fire insurance.

The United States Fire Insurance Company of New York commenced business on April 9, 1824, with a capital stock of $250,000. Its principal office was located at 46 Pine Street in New York City. The company was led by the Underhill family for much of the 19th century. Joshua Sutton Underhill served as president from 1849 until his death in 1858. He was succeeded by his younger brother, Abraham Sutton Underhill, who served as president for 25 years. Their nephew, W. Wilson Underhill, began as a clerk in 1858, became Assistant Secretary in 1862, Secretary in 1865, and was elected president in 1882 following Abraham's death. He held the position for 26 years until his retirement in 1908. Around 1898, a war among insurance companies led to the formation of a committee of 15 New York-based insurance companies to organize a tariff association. William Wilson Underhill, as president of the United States Fire Insurance Company, was involved in discussions leading to the formation of the tariff association and was subsequently elected Secretary for the Fire Insurance Tariff Committee. The committee's work was favorably received, resulting in the withdrawal of other smaller fire insurance companies and a large loss ratio for the company during the last two months of 1898. As of December 31, 1901, the company had net assets of $626,049.95, total income of $657,078.71, and total disbursements of $542,952.28. In the early 20th century, the company expanded into new areas. Southwestern General Managers were appointed representatives for a new venture in Houston, Texas. In 1903, the National Fire Insurance Company of Hartford reinsured all the risks of the United States Fire Insurance Company of New York in Iowa. In 1904, H.G. Fairfield & Co. were appointed Boston agents, succeeding Prescott Chamberlain. Around 1906, the company decided to stop underwriting. The New York Times reported that this stoppage was understood to be temporary until the company's capital could be reinforced. At that time, its assets had risen to $814,180 and its net surplus was $60,330. The company stayed in operation as late as 1977 before eventually ceasing operations.

• 1977

  Still in operation as late as 1977.

• 1906

  Temporarily stopped underwriting.

• 1904

  H.G. Fairfield & Co. appointed Boston agents.

• 1903

  National Fire Insurance Company of Hartford reinsured Iowa risks.

• 1901

  Reported net assets of $626,049.95.

• 1898

  Involved in forming New York fire insurance tariff association.

• 1882

  W. Wilson Underhill elected president.

• 1858

  Abraham Sutton Underhill succeeds as president.

• 1849

  Joshua Sutton Underhill becomes president.

• 1824

  Company founded on April 9 with $250,000 capital.

A historic regional fire insurer that expanded nationally.

• Fire insurance

• 2019

  New York fines six life insurers over annuity disclosures

  New York’s Department of Financial Services reprimanded six life insurers for violating regulations on deferred-to-immediate annuity replacement transactions. The insurers collectively agreed to pay $1,152,154 in client restitution and $673,000 in penalties. The department’s investigations found that they failed to properly disclose income comparisons and suitability information, leading consumers to exchange more financially favourable deferred annuities for immediate annuities.

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• Unconfirmed

  New York fines six life insurers over annuity disclosures[2]New York fines six life insurers over annuity disclosuresinternational-adviser.com

  Reported: 2019-09-25

  New York’s Department of Financial Services reprimanded six life insurers for violating regulations on deferred-to-immediate annuity replacement transactions. The insurers collectively agreed to pay $1,152,154 in client restitution and $673,000 in penalties. The department’s investigations found that they failed to properly disclose income comparisons and suitability information, leading consumers to exchange more financially favourable deferred annuities for immediate annuities.

1. 1United States Fire Insurance Company of New York - Wikipediaen.wikipedia.org
2. 2New York fines six life insurers over annuity disclosuresinternational-adviser.com