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Fresh Start Accounting (Tables) | 9 Months Ended
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Sep. 30, 2012
Assets and Liabilities at Fair Value | Adjustments recorded to the Predecessor, after giving effect to the implementation of the Plan and to record assets and liabilities at fair value pursuant to the adoption of fresh start accounting are summarized below (dollars in thousands):
|  | Predecessor March 19, 2012 |  |  | Reorganization Adjustments (a) |  |  | Fair Value Adjustments (b) |  |  | Successor March 19, 2012 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments held in trust, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 303,169 |  |  | $ | — |  |  | $ | — |  |  | $ | 303,169 |
Cash equivalents held in trust |  |  | 26,249 |  |  |  | — |  |  |  | — |  |  |  | 26,249 |
Total investments held in trust |  |  | 329,418 |  |  |  | — |  |  |  | — |  |  |  | 329,418 |
Cash and cash equivalents |  |  | 7,014 |  |  |  | 75,000 | (c) |  |  | — |  |  |  | 82,014 |
Fixed-maturity securities, at fair value |  |  | 6,049 |  |  |  | — |  |  |  | — |  |  |  | 6,049 |
Accrued investment income |  |  | 2,313 |  |  |  | — |  |  |  | — |  |  |  | 2,313 |
Other assets |  |  | 3,389 |  |  |  | 210,000 | (d) |  |  | (210,000 | ) (i) |  |  | 3,389 |
Total assets |  | $ | 348,183 |  |  | $ | 285,000 |  |  | $ | (210,000 | ) |  | $ | 423,183 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes payable—principal |  | $ | — |  |  | $ | 130,000 | (e) |  | $ | — |  |  | $ | 130,000 |
Losses and loss adjustment reserves |  |  | 141,010 |  |  |  | — |  |  |  | — |  |  |  | 141,010 |
Losses payable |  |  | 7,585 |  |  |  | — |  |  |  | — |  |  |  | 7,585 |
Unearned premiums |  |  | 409 |  |  |  | — |  |  |  | — |  |  |  | 409 |
Accrued ceding commissions |  |  | 466 |  |  |  | — |  |  |  | — |  |  |  | 466 |
Loss contract fair market value reserve |  |  | — |  |  |  | — |  |  |  | 63,064 | (j) |  |  | 63,064 |
Other liabilities |  |  | 27,156 |  |  |  | (23,109 | ) (f) |  |  | 2 | (f) |  |  | 4,049 |
Total liabilities |  |  | 176,626 |  |  |  | 106,891 |  |  |  | 63,066 |  |  |  | 346,583 |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $.00001 par value; 500,000,000 authorized, 200,000,000 shares issued and outstanding |  |  | — |  |  |  | 2 | (g) |  |  | — |  |  |  | 2 |
Common stock, $1 par value, 1,000 shares issued and outstanding |  |  | 1 |  |  |  | — |  |  |  | (1 | ) (k) |  |  | — |
Additional paid-in capital (Predecessor) |  |  | 69,879 |  |  |  | — |  |  |  | (69,879 | ) (l) |  |  | — |
Additional paid-in capital Successor |  |  | — |  |  |  | 154,998 | (g) |  |  | (78,400 | ) (m) |  |  | 76,598 |
Retained earnings |  |  | 101,677 |  |  |  | 23,109 | (h) |  |  | (124,786 | ) (n) |  |  | — |
Total shareholders’ equity |  |  | 171,557 |  |  |  | 178,109 |  |  |  | (273,066 | ) |  |  | 76,600 |
Total liabilities and shareholders’ equity |  | $ | 348,183 |  |  | $ | 285,000 |  |  | $ | (210,000 | ) |  | $ | 423,183 |
Adjustment in Fair Value and Reorganization |
Predecessor retained earnings |  | $ | 101,677 |
Adjustment for carve-out allocations |  |  | 23,109 |
Predecessor adjusted retained earnings |  |  | 124,786 |
Predecessor additional paid-in capital |  |  | 69,879 |
Predecessor common stock eliminated in consolidation |  |  | (1 | )
Predecessor equity value |  |  | 194,664 |
Fair market value of WMMRC |  |  | 131,600 |
Loss contract fair market reserve allowance |  | $ | 63,064 |
Adjustment Reflects the Elimination of Adjusted Retained Earnings |
Predecessor retained earnings |  | $ | 101,677 |
Adjustment for carve-out allocations |  |  | 23,109 |
Predecessor adjusted retained earnings |  |  | 124,786 |
Predecessor additional paid-in capital |  |  | 69,879 |
Predecessor common stock eliminated in consolidation |  |  | (1 | )
Predecessor equity value |  |  | 194,664 |
Fair market value of WMMRC |  |  | 131,600 |
Loss contract fair market reserve allowance |  | $ | 63,064 |
(k) | This adjustment reflects the elimination of common stock of the Predecessor.
(l) | This adjustment reflects the elimination of additional paid-in capital of the Predecessor.
(m) | This adjustment reflects the reduction of equity value resulting from fresh start accounting. It is comprised of a reduction (relative to Court assigned FMV) in WMMRC’s FMV totaling $8.4 million and the elimination of the Court assigned value of $70 million related to NOLs. Although the Company has substantial NOLs they are subject to a 100 percent valuation allowance as described in Note 7: Federal Income Taxes, and there can be no assurance the Company will be able to realize any benefit from the NOLs.
Fair market value of WMMRC (Court assigned) |  | $ | 140,000 |
Fair market value of WMMRC |  |  | 131,600 |
Fair market value reduction |  |  | 8,400 |
Elimination of Court assigned value related to NOLs |  |  | 70,000 |
Total change in fair market value affecting Equity Value |  | $ | 78,400 |
Court assigned Equity Value recorded as additional paid-in capital |  | $ | 154,998 |
Total change in fair market value affecting Equity Value |  |  | 78,400 |
Additional paid-in capital at March 19, 2012 |  | $ | 76,598 |
(n) | This adjustment reflects the elimination of adjusted retained earnings of the Predecessor.
Predecessor retained earnings |  | $ | 101,677 |
Adjustment for carve-out allocations |  |  | 23,109 |
Predecessor adjusted retained earnings |  | $ | 124,786 |
Adjustment Reflects the Reduction of Equity Value Resulting from Fresh Start Accounting |
Fair market value of WMMRC (Court assigned) |  | $ | 140,000 |
Fair market value of WMMRC |  |  | 131,600 |
Fair market value reduction |  |  | 8,400 |
Elimination of Court assigned value related to NOLs |  |  | 70,000 |
Total change in fair market value affecting Equity Value |  | $ | 78,400 |
Court assigned Equity Value recorded as additional paid-in capital |  | $ | 154,998 |
Total change in fair market value affecting Equity Value |  |  | 78,400 |
Additional paid-in capital at March 19, 2012 |  | $ | 76,598 |

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