EX-99.1 2 d924716dex991.htm EX-99.1

EX-99.1

Exhibit 99.1

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED BALANCE SHEET

AS OF MARCH 31, 2015

(in thousands, except share data)

ASSETS
Investments held in trust, at fair value:
Fixed-maturity securities		$	45,816
Cash equivalents held in trust			8,838
Total investments held in trust			54,654
Cash and cash equivalents			151
Fixed-maturity securities, at fair value			5,204
Accrued investment income			371
Prepaid expenses			—
Premiums receivable			530
Total assets		$	60,910
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Losses and loss adjustment expenses		$	5,989
Losses payable			411
Unearned premiums			934
Accrued ceding commission expense			39
Other liabilities			159
Total liabilities			7,532
Stockholder’s equity:
Common stock, $1 par value; 1,000 shares issued and outstanding			1
Additional paid-in capital			69,879
Retained earnings			(16,502	)
Total stockholder’s equity			53,378
Total liabilities and stockholder’s equity		$	60,910

WM MORTGAGE REINSURANCE COMPANY, INC.

UNAUDITED CONDENSED STATEMENT OF OPERATIONS

FOR THE MONTH ENDED MARCH 31, 2015

(in thousands)

Revenues:
Premiums earned		$	378
Other income			—
Net investment income			49
Total revenues			427
Expenses:
Underwriting expenses			(444	)
General and administrative expenses			148
Loss from contract termination			—
Total expenses			(296	)
(Loss) income before federal income taxes			723
Federal income tax benefit			—
Net (loss) income		$	723