EX-99.1 2 d885856dex991.htm EX-99.1

EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF JANUARY 31, 2015

(in thousands, except share data)

ASSETS
Investments held in trust, at fair value:
Fixed-maturity securities		$	43,614
Cash equivalents held in trust			19,691
Total investments held in trust			63,305
Cash and cash equivalents			794
Fixed-maturity securities, at fair value			8,070
Accrued investment income			510
Prepaid expenses			12
Premiums receivable			474
Total assets		$	73,165
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Losses and loss adjustment expenses		$	6,438
Losses payable			10,074
Unearned premiums			912
Accrued ceding commission expense			41
Other liabilities			222
Total liabilities			17,687
Stockholder’s equity:
Common stock, $1 par value; 1,000 shares issued and outstanding			1
Additional paid-in capital			69,879
Retained earnings			(14,402	)
Total stockholder’s equity			55,478
Total liabilities and stockholder’s equity		$	73,165

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED JANUARY 31, 2015

(in thousands)

Revenues:
Premiums earned		$	454
Other income			-
Net investment income			290
Total revenues			744
Expenses:
Underwriting expenses			(93	)
General and administrative expenses			221
Loss from contract termination			-
Total expenses			128
(Loss) income before federal income taxes			616
Federal income tax benefit			-
Net (loss) income		$	616