EX-99.1 2 wmih-ex991_6.htm EX-99.1 wmih-ex991_6.htm

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF JANUARY 31, 2016

(in thousands, except share data)

 

 

ASSETS

 

Investments held in trust, at fair value:

 

 

 

Fixed-maturity securities

$

31,572

 

Cash equivalents held in trust

 

1,817

 

Total investments held in trust

 

33,389

 

Cash and cash equivalents

 

755

 

Fixed-maturity securities, at fair value

 

3,575

 

Accrued investment income

 

315

 

Prepaid expenses

 

12

 

Premiums receivable

 

281

 

Total assets

$

38,327

 

 

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

 

Liabilities:

 

 

 

Losses and loss adjustment expenses

$

1,379

 

Losses payable

 

204

 

Unearned premiums

 

557

 

Accrued ceding commission expense

 

23

 

Other liabilities

 

199

 

Total liabilities

 

2,362

 

Stockholder’s equity:

 

 

 

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

 

1

 

Additional paid-in capital

 

69,879

 

Retained deficit

 

(33,915

)

Total stockholder’s equity

 

35,965

 

Total liabilities and stockholder’s equity

$

38,327

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED JANUARY 31, 2016

(in thousands)

 

Revenues:

 

 

 

Premiums earned

$

266

 

Net investment income

 

80

 

Total revenues

 

346

 

Expenses:

 

 

 

Underwriting benefit

 

(34

)

General and administrative expenses

 

199

 

Total expenses

 

165

 

Income before federal income taxes

 

181

 

Federal income tax benefit

 

 

Net income

$

181