EX-99.1 2 d739032dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF APRIL 30, 2014

(in thousands, except share data)

 

 

 

ASSETS   

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 71,956   

Cash equivalents held in trust

     90,221   
  

 

 

 

Total investments held in trust

     162,177   

Cash and cash equivalents

     4,530   

Fixed-maturity securities, at fair value

     11,511   

Accrued investment income

     653   

Premiums receivable

     619   
  

 

 

 

Total assets

   $ 179,490   
  

 

 

 
LIABILITIES AND STOCKHOLDERS EQUITY   

Liabilities:

  

Losses and loss adjustment expenses

   $ 31,525   

Losses payable

     1,383   

Unearned premiums

     1,265   

Accrued ceding commission expense

     53   

Other liabilities

     185   
  

 

 

 

Total liabilities

     34,411   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     75,199   
  

 

 

 

Total stockholder’s equity

     145,079   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 179,490   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED APRIL 30, 2014

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 575   

Net investment income

     189   
  

 

 

 

Total revenues

     764   
  

 

 

 

Expenses:

  

Underwriting Expenses

     159   

General and administrative expenses

     172   
  

 

 

 

Total expenses

     331   
  

 

 

 

(Loss) income before federal income taxes

     433   

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ 433