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Image provided by: University of Hawaii at Manoa; Honolulu, HI
Newspaper Page Text
THE OARDKN ISLAND -TUESDAY,'- ULY 27, 1913,
A meeting of all those interested in the formation of a Local Insur
ance Company for the Island of Kauai has been called for Thursday even
ing, July 29th., 1 9 1 5, at Lihue Hotel, 7:30 o'clock.
A considerable portion of the Capital has already been subscribed for.
but it is the intention of the promoters of this Company that, every resi
dent of this island shall have an opportunity to subscribe for
stock and you are invited to send in your subscriptions at once.
The Capital of the Company will be $100,000. This is the amount
prescribed by law of which $50,000 nniift be paid in and as a safeguard
againSt any impairment of capital there will be added $ 1 0,000 surplus,
making the first call on the Stockholders $60.00 per share.
A propostion has already been made to have this Company co-operate
with the Home Insurance Co., of Hawaii, Ltd., and underwrite together.
Such an arrangement would bring at once a distribution of business through
out the entire Territory; a company has already been organized on the Island
of Hawaii and a company is being organized on the Island of Maui and
following the successful operation of the Home Insurance Co., at Honolulu,
there is no reason why a local company can not be operated independently
on this island, co-operate with the other Companies for an exchange of risks
and by this means keep a larger per. centage of the premiums at home.
It is estimated that $200,000 a year goes off of this Island in pay
ment of insurance premiums and we know that considerably over $1 ,000,
000.00 each year is sent out of the Territory. We have a practical demon
stration that a portion of these premiums can be kept profitably at home and
with an organization of more local companies a comparatively larger per.
centage will be retained for investment here and development of the Territory.
Companies being organized now have the advantage of the experience and organization
of the older local companies and it is possible to effect an underwriting arrangement which
would naturally reduce the cos! of operation and make it possible to pay dividends at once
to the stockholders following carefull investment of the capital and surplus.
Now as a resident of this Island you are surely interested in the upbuilding of your
home Island and you will enjoy rights and privileges as to rates and methods greatly to your
advantage by the organization of a local company.
The new compensation law with compulsory protection to Employees offers a very large
field in Compensation Insurance and negotiations are already under way whereby the local
companies can write this insurance under their own policies.
' Be sure to attend this meeting Thursday evening, at 7:30 oclock, Lihue, Hotel and send
in your subscription for stock at once to
KAUAI ASSURANCE CO., LTD
The subscription lists will positively be closed Thursday evening at 7:30.