Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED BALANCE SHEET
AS OF NOVEMBER 30, 2013
(in thousands, except share data)
| | | | |
ASSETS | | | |
Investments held in trust, at fair value: | | | | |
Fixed-maturity securities | | $ | 163,884 | |
Cash equivalents held in trust | | | 17,344 | |
| | | | |
Total investments held in trust | | | 181,228 | |
Cash and cash equivalents | | | 3,666 | |
Fixed-maturity securities, at fair value | | | 7,586 | |
Accrued investment income | | | 822 | |
Premiums receivable | | | 945 | |
| | | | |
Total assets | | $ | 194,247 | |
| | | | |
LIABILITIES AND STOCKHOLDER’S EQUITY | | | | |
Liabilities: | | | | |
Losses and loss adjustment expenses | | $ | 44,258 | |
Losses payable | | | 2,764 | |
Unearned premiums | | | 1,429 | |
Accrued ceding commission expense | | | 98 | |
Other liabilities | | | 205 | |
| | | | |
Total liabilities | | | 48,754 | |
| | | | |
Stockholder’s equity: | | | | |
Common stock, $1 par value; 1,000 shares issued and outstanding | | | 1 | |
Additional paid-in capital | | | 69,879 | |
Retained earnings | | | 75,613 | |
| | | | |
Total stockholder’s equity | | | 145,493 | |
| | | | |
Total liabilities and stockholder’s equity | | $ | 194,247 | |
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WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED NOVEMBER 30, 2013
(in thousands)
| | | | |
Revenues: | | | | |
Premiums earned | | $ | 941 | |
Net investment income | | | 44 | |
| | | | |
Total revenues | | | 985 | |
| | | | |
Expenses: | | | | |
Underwriting Expenses | | | 825 | |
General and administrative expenses | | | 189 | |
| | | | |
Total expenses | | | 1,014 | |
| | | | |
(Loss) income before federal income taxes | | | (29 | ) |
Federal income tax benefit | | | — | |
| | | | |
Net (loss) income | | $ | (29 | ) |
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