EX-99.1 2 d609637dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF AUGUST 31, 2013

(in thousands, except share data)

 

 

 

ASSETS   

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 170,370   

Cash equivalents held in trust

     15,324   
  

 

 

 

Total investments held in trust

     185,694   

Cash and cash equivalents

     1,282   

Fixed-maturity securities, at fair value

     10,352   

Accrued investment income

     1,351   

Premiums receivable

     990   
  

 

 

 

Total assets

   $ 199,669   
  

 

 

 
LIABILITIES AND STOCKHOLDERS EQUITY   

Liabilities:

  

Losses and loss adjustment expenses

   $ 51,887   

Losses payable

     2,883   

Unearned premiums

     1,575   

Accrued ceding commission expense

     107   

Other liabilities

     189   
  

 

 

 

Total liabilities

     56,641   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     73,148   
  

 

 

 

Total stockholder’s equity

     143,028   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 199,669   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED AUGUST 31, 2013

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 995   

Net investment income

     (683
  

 

 

 

Total revenues

     312   
  

 

 

 

Expenses:

  

Underwriting Expenses

     1,093   

General and administrative expenses

     178   
  

 

 

 

Total expenses

     1,271   
  

 

 

 

(Loss) income before federal income taxes

     (959

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ (959