EX-99.1 2 d848859dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF NOVEMBER 30, 2014

(in thousands, except share data)

 

 

 

ASSETS   

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 52,800   

Cash equivalents held in trust

     10,982   
  

 

 

 

Total investments held in trust

     63,782   

Cash and cash equivalents

     892   

Fixed-maturity securities, at fair value

     8,110   

Accrued investment income

     395   

Prepaid expenses

     6   

Premiums receivable

     561   
  

 

 

 

Total assets

   $ 73,746   
  

 

 

 
LIABILITIES AND STOCKHOLDERS EQUITY   

Liabilities:

  

Losses and loss adjustment expenses

   $ 17,340   

Losses payable

     417   

Unearned premiums

     1,132   

Accrued ceding commission expense

     50   

Other liabilities

     166   
  

 

 

 

Total liabilities

     19,105   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     (15,239
  

 

 

 

Total stockholder’s equity

     54,641   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 73,746   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED NOVEMBER 30, 2014

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 612   

Other income

     —     

Net investment income

     121   
  

 

 

 

Total revenues

     733   
  

 

 

 

Expenses:

  

Underwriting expenses

     805   

General and administrative expenses

     162   

Loss from contract termination

     —     
  

 

 

 

Total expenses

     967   
  

 

 

 

(Loss) income before federal income taxes

     (234

Federal income tax benefit

     —     
  

 

 

 

Net (loss) income

   $ (234