EX-99.1 2 d13731dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF JULY 31, 2015

(in thousands, except share data)

 

 

 

ASSETS

  

Investments held in trust, at fair value:

  

Fixed-maturity securities

   $ 37,184   

Cash equivalents held in trust

     8,532   
  

 

 

 

Total investments held in trust

     45,716   

Cash and cash equivalents

     1,698   

Fixed-maturity securities, at fair value

     4,103   

Accrued investment income

     370   

Prepaid expenses

     22   

Premiums receivable

     415   
  

 

 

 

Total assets

   $ 52,324   
  

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

  

Liabilities:

  

Losses and loss adjustment expenses

   $ 5,038   

Losses payable

     245   

Unearned premiums

     907   

Accrued ceding commission expense

     37   

Other liabilities

     142   
  

 

 

 

Total liabilities

     6,369   
  

 

 

 

Stockholder’s equity:

  

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

     1   

Additional paid-in capital

     69,879   

Retained earnings

     (23,925
  

 

 

 

Total stockholder’s equity

     45,955   
  

 

 

 

Total liabilities and stockholder’s equity

   $ 52,324   
  

 

 

 


WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED JULY 31, 2015

(in thousands)

 

 

 

Revenues:

  

Premiums earned

   $ 398   

Net investment income

     47   
  

 

 

 

Total revenues

     445   
  

 

 

 

Expenses:

  

Underwriting expenses

     88   

General and administrative expenses

     160   
  

 

 

 

Total expenses

     248   
  

 

 

 

(Loss) income before federal income taxes

     197   

Federal income tax benefit

     —     
  

 

 

 

Net income (loss)

   $       197