EX-99.1 2 d834369dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF OCTOBER 31, 2014

(in thousands, except share data)

 

ASSETS   

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 58,689   

Cash equivalents held in trust

     5,724   
  

 

 

 

Total investments held in trust

     64,413   

Cash and cash equivalents

     1,957   

Fixed-maturity securities, at fair value

     9,117   

Accrued investment income

     543   

Prepaid expenses

     13   

Premiums receivable

     549   
  

 

 

 

Total assets

   $ 76,592   
  

 

 

 
LIABILITIES AND STOCKHOLDER’S EQUITY   

Liabilities:

  

Losses and loss adjustment expenses

   $ 17,139   

Losses payable

     722   

Unearned premiums

     1,153   

Accrued ceding commission expense

     51   

Other liabilities

     152   
  

 

 

 

Total liabilities

     19,217   
  

 

 

 

Stockholder’s equity:

  

Common stock, $1 par value; 1,000 shares issued and outstanding

     1   

Additional paid-in capital

     69,879   

Retained earnings

     (12,505
  

 

 

 

Total stockholder’s equity

     57,375   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 76,592   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED OCTOBER 31, 2014

(in thousands)

 

Revenues:

  

Premiums earned

   $ 513   

Other Income

     100   

Net investment income

     135   
  

 

 

 

Total revenues

     748   
  

 

 

 

Expenses:

  

Underwriting Expenses

     17   

General and administrative expenses

     159   

Loss from contract termination

     —     
  

 

 

 

Total expenses

     176   
  

 

 

 

(Loss) income before federal income taxes

     572   

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ 572