EX-99.1 2 d938927dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF APRIL 30, 2015

(in thousands, except share data)

 

 

 

ASSETS

Investments held in trust, at fair value:

Fixed-maturity securities

$ 40,650   

Cash equivalents held in trust

  15,122   
  

 

 

 

Total investments held in trust

  55,772   

Cash and cash equivalents

  105   

Fixed-maturity securities, at fair value

  4,128   

Accrued investment income

  309   

Prepaid expenses

  12   

Premiums receivable

  477   
  

 

 

 

Total assets

$ 60,803   
  

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

Liabilities:

Losses and loss adjustment expenses

$ 5,594   

Losses payable

  309   

Unearned premiums

  928   

Accrued ceding commission expense

  38   

Other liabilities

  154   
  

 

 

 

Total liabilities

  7,023   
  

 

 

 

Stockholder’s equity:

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

  1   

Additional paid-in capital

  69,879   

Retained earnings

  (16,100
  

 

 

 

Total stockholder’s equity

  53,780   
  

 

 

 

Total liabilities and stockholder’s equity

$ 60,803   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED APRIL 30, 2015

(in thousands)

 

 

 

Revenues:

Premiums earned

$ 444   

Net investment income

  60   
  

 

 

 

Total revenues

  504   
  

 

 

 

Expenses:

Underwriting expenses

  (46

General and administrative expenses

  148   
  

 

 

 

Total expenses

  102   
  

 

 

 

(Loss) income before federal income taxes

  402   

Federal income tax benefit

  —     
  

 

 

 

Net income (loss)

$ 402