EX-99.1 2 d688953dex991.htm EX-99.1

EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF JANUARY 31, 2014

(in thousands, except share data)

ASSETS
Investments held in trust, at fair value:
Fixed-maturity securities		$	157,698
Cash equivalents held in trust			18,429
Total investments held in trust			176,127
Cash and cash equivalents			4,903
Fixed-maturity securities, at fair value			7,559
Accrued investment income			874
Premiums receivable			925
Total assets		$	190,388
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Losses and loss adjustment expenses		$	36,016
Losses payable			7,164
Unearned premiums			1,321
Accrued ceding commission expense			83
Other liabilities			206
Total liabilities			44,790
Stockholder’s equity:
Common stock, $1 par value; 1,000 shares issued and outstanding			1
Additional paid-in capital			69,879
Retained earnings			75,718
Total stockholder’s equity			145,598
Total liabilities and stockholder’s equity		$	190,388

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED JANUARY 31, 2014

(in thousands)

Revenues:
Premiums earned		$	820
Net investment income			475
Total revenues			1,295
Expenses:
Underwriting Expenses			1,283
General and administrative expenses			194
Total expenses			1,477
(Loss) income before federal income taxes			(182	)
Federal income tax benefit			—
Net (loss) income		$	(182	)