EX-99.1 2 d772301dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF JUNE 30, 2014

(in thousands, except share data)

 

 

 

ASSETS

  

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 60,496   

Cash equivalents held in trust

     6,615   
  

 

 

 

Total investments held in trust

     67,111   

Cash and cash equivalents

     1,049   

Fixed-maturity securities, at fair value

     8,719   

Accrued investment income

     547   

Premiums receivable

     585   
  

 

 

 

Total assets

   $ 78,011   
  

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

  

Liabilities:

  

Losses and loss adjustment expenses

   $ 19,390   

Losses payable

     800   

Unearned premiums

     1,227   

Accrued ceding commission expense

     51   

Other liabilities

     219   
  

 

 

 

Total liabilities

     21,687   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     (13,556
  

 

 

 

Total stockholder’s equity

     56,324   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 78,011   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED JUNE 30, 2014

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 568   

Net investment income

     (16
  

 

 

 

Total revenues

     552   
  

 

 

 

Expenses:

  

Underwriting Expenses

     237   

General and administrative expenses

     164   

Loss from contract termination

     —     
  

 

 

 

Total expenses

     401   
  

 

 

 

(Loss) income before federal income taxes

     151   

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ 151