EX-99.1 2 d756272dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF MAY 31, 2014

(in thousands, except share data)

 

 

 

ASSETS   

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 60,171   

Cash equivalents held in trust

     13,009   
  

 

 

 

Total investments held in trust

     73,180   

Cash and cash equivalents

     7,325   

Fixed-maturity securities, at fair value

     13,275   

Accrued investment income

     516   

Premiums receivable

     619   
  

 

 

 

Total assets

   $ 94,915   
  

 

 

 
LIABILITIES AND STOCKHOLDERS EQUITY   

Liabilities:

  

Losses and loss adjustment expenses

   $ 20,003   

Losses payable

     757   

Unearned premiums

     1,252   

Accrued ceding commission expense

     46   

Other liabilities

     184   
  

 

 

 

Total liabilities

     22,242   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     2,793   
  

 

 

 

Total stockholder’s equity

     72,673   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 94,915   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED MAY 31, 2014

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 570   

Net investment income

     182   
  

 

 

 

Total revenues

     752   
  

 

 

 

Expenses:

  

Underwriting Expenses

     403   

General and administrative expenses

     192   

Loss from contract termination

     6,563   
  

 

 

 

Total expenses

     7,158   
  

 

 

 

(Loss) income before federal income taxes

     (6,406

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ (6,406