EX-99.1 2 d623574dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF SEPTEMBER 30, 2013

(in thousands, except share data)

 

 

 

ASSETS       

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 172,372   

Cash equivalents held in trust

     12,303   
  

 

 

 

Total investments held in trust

     184,675   

Cash and cash equivalents

     1,159   

Fixed-maturity securities, at fair value

     10,398   

Accrued investment income

     1,210   

Premiums receivable

     902   
  

 

 

 

Total assets

   $ 198,344   
  

 

 

 
LIABILITIES AND STOCKHOLDER’S EQUITY       

Liabilities:

  

Losses and loss adjustment expenses

   $ 49,467   

Losses payable

     2,281   

Unearned premiums

     1,506   

Accrued ceding commission expense

     104   

Other liabilities

     189   
  

 

 

 

Total liabilities

     53,547   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     74,917   
  

 

 

 

Total stockholder’s equity

     144,797   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 198,344   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED SEPTEMBER 30, 2013

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 918   

Net investment income

     993   
  

 

 

 

Total revenues

     1,911   
  

 

 

 

Expenses:

  

Underwriting Expenses

     (34

General and administrative expenses

     176   
  

 

 

 

Total expenses

     142   
  

 

 

 

(Loss) income before federal income taxes

     1,769   

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ 1,769