EX-99.1 2 d16370dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF MAY 31, 2015

(in thousands, except share data)

 

 

 

ASSETS       

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 39,887   

Cash equivalents held in trust

     6,485   
  

 

 

 

Total investments held in trust

  46,372   

Cash and cash equivalents

  1,597   

Fixed-maturity securities, at fair value

  4,123   

Accrued investment income

  207   

Prepaid expenses

  6   

Premiums receivable

  494   
  

 

 

 

Total assets

$ 52,799   
  

 

 

 
LIABILITIES AND STOCKHOLDER’S EQUITY       

Liabilities:

  

Losses and loss adjustment expenses

   $ 5,414   

Losses payable

     462   

Unearned premiums

     934   

Accrued ceding commission expense

     40   

Other liabilities

     150   
  

 

 

 

Total liabilities

  7,000   
  

 

 

 

Stockholder’s equity:

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

  1   

Additional paid-in capital

  69,879   

Retained earnings

  (24,081
  

 

 

 

Total stockholder’s equity

  45,799   
  

 

 

 

Total liabilities and stockholder’s equity

$ 52,799   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED MAY 31, 2015

(in thousands)

 

 

 

Revenues:

Premiums earned

$ 443   

Net investment income

  44   
  

 

 

 

Total revenues

  487   
  

 

 

 

Expenses:

Underwriting expenses

  322   

General and administrative expenses

  147   
  

 

 

 

Total expenses

  469   
  

 

 

 

(Loss) income before federal income taxes

  18   

Federal income tax benefit

  —     
  

 

 

 

Net income (loss)

$ 18