EX-99.1 2 d722714dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF MARCH 31, 2014

(in thousands, except share data)

 

 

 

ASSETS   

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 130,317   

Cash equivalents held in trust

     37,891   
  

 

 

 

Total investments held in trust

     168,208   

Cash and cash equivalents

     3,275   

Fixed-maturity securities, at fair value

     7,526   

Accrued investment income

     778   

Premiums receivable

     604   
  

 

 

 

Total assets

   $ 180,391   
  

 

 

 
LIABILITIES AND STOCKHOLDERS EQUITY   

Liabilities:

  

Losses and loss adjustment expenses

   $ 32,801   

Losses payable

     1,426   

Unearned premiums

     1,267   

Accrued ceding commission expense

     50   

Other liabilities

     201   
  

 

 

 

Total liabilities

     35,745   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     74,766   
  

 

 

 

Total stockholder’s equity

     144,646   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 180,391   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED MARCH 31, 2014

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 591   

Net investment income

     (78
  

 

 

 

Total revenues

     513   
  

 

 

 

Expenses:

  

Underwriting Expenses

     390   

General and administrative expenses

     216   
  

 

 

 

Total expenses

     606   
  

 

 

 

(Loss) income before federal income taxes

     (93

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ (93