EX-99.1 2 d499524dex991.htm EX-99.1

EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF JANUARY 31, 2013

(in thousands)

		January 31, 2013
ASSETS
Investments held in trust, at fair value:
Fixed-maturity securities		$	205,134
Cash equivalents held in trust			10,306
Total investments held in trust			215,440
Cash and cash equivalents			3,154
Fixed-maturity securities, at fair value			14,166
Accrued investment income			1,633
Premiums receivable			1,274
Total assets		$	235,667
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Losses and loss adjustment expenses		$	66,928
Contingency reserve			37,284
Losses payable			2,081
Unearned premiums			211
Accrued ceding commission expense			126
Other liabilities			264
Total liabilities			106,894
Stockholder’s equity:
Common stock, $1 par value; 1,000 shares issued and outstanding			1
Additional paid-in capital			69,879
Contingency reserve			(37,284	)
Retained earnings			96,177
Total stockholder’s equity			128,773
Total liabilities and stockholder’s equity		$	235,667

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED JANUARY 31, 2013

(in thousands)

		January 31, 2013
Revenues:
Premiums earned		$	1,227
Net investment income			(322	)
Total revenues			905
Expenses:
Losses and loss adjustment expenses			1,538
Ceding commission expense			126
General and administrative expenses			209
Total expenses			1,873
(Loss) income before federal income taxes			(968	)
Federal income tax benefit			—
Net (loss) income		$	(968	)