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Updated: May 20, 2025
So this was the man who, a few days later, faced the full board, who with affable confidence in his own abilities won over even the somewhat skeptical Whitehill, and who was, on the ninth day of December, 1912, elected Vice-President and underwriting manager of the Guardian Fire Insurance Company of New York.
Underwriting means guaranteeing the success of a loan, and those who do so receive a commission of anything from 1 to 3 per cent.; if the loan is popular and goes well the underwriters take their commission and are quit; if the loan is what the City genially describes as a "frost," the underwriters may find themselves saddled with the greater part of it, and will have the pleasure of nursing it until such time as the investing public will take it off their hands.
Banks, financial firms, insurance companies, trust companies and stockbrokers with big investment connections will take as much underwriting as they are offered, in many cases without making very searching inquiry into the terms of the security offered.
Gunterson was not actively, at least endeavoring to secure for himself the Guardian appointment, but seemed, on the contrary, quite well contented in his present position, and Mr. Wintermuth settled down to overtures with almost his customary cheerfulness. Mr. Samuel Gunterson was, at this period of his highly variegated underwriting career, some forty-six years of age.
Whitehill commented; "but the underwriting showing is much better for the last six months than for the first. I think our friend, Mr. Smith, is to be congratulated; and at the same time I want to ask what he thinks of our prospects for the coming year."
It had never made any money out of its underwriting, that real test of company efficiency; but four years out of five the daring manipulation of its assets in Wall Street politely termed the slight rearrangement of some of its investments yielded it a handsome profit.
Then in midwinter came the Seaboard smash. As a matter of fact, that crazy enterprise had been tottering upon the brink of failure from its inception, and Archie was merely one of the stool pigeons on whom the shrewd promoters had unloaded their "underwriting" in approved style.
I thought big loans and stock issues and things of that sort were underwritten. Is this the same?" "So they are, but this is another matter. Fire underwriting is a thing all to itself sui generis. Similarly, a fire underwriter is a person like no other at all events he likes to persuade himself that he is. And frequently he succeeds." Smith smiled at his own reflection.
Now, the fire underwriter has to pass upon the danger of every risk whose insurance is offered to his company. The company, of course, makes its underwriting or trade profit or hopes to do so by receiving more money in payment of premiums than it has to disburse, after deducting expenses, in losses. It must therefore accept its business as scientifically as possible.
"As you see, I sent it to Clifford to O.K.," he said. Sir Francis looked at the signature through his pair of business eyeglasses, and nodded an official confirmation. Larssen continued: "There's no alteration necessary Clifford passes it as it stands. But I've thought of one point which I reckon would add very considerable weight in its appeal to the public." "What's that?" "The underwriting.
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