Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED BALANCE SHEET
AS OF NOVEMBER 30, 2015
(in thousands, except share data)
ASSETS |
| ||
Investments held in trust, at fair value: |
|
|
|
Fixed-maturity securities | $ | 32,650 |
|
Cash equivalents held in trust |
| 3,594 |
|
Total investments held in trust |
| 36,244 |
|
Cash and cash equivalents |
| 3,064 |
|
Fixed-maturity securities, at fair value |
| 3,592 |
|
Accrued investment income |
| 154 |
|
Prepaid expenses |
| 9 |
|
Premiums receivable |
| 439 |
|
Total assets | $ | 43,502 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDER’S EQUITY |
| ||
Liabilities: |
|
|
|
Losses and loss adjustment expenses | $ | 4,319 |
|
Losses payable |
| 247 |
|
Unearned premiums |
| 765 |
|
Accrued ceding commission expense |
| 34 |
|
Other liabilities |
| 161 |
|
Total liabilities |
| 5,526 |
|
Stockholder’s equity: |
|
|
|
Common stock, $1 par value; 1,000 shares issued and outstanding |
| 1 |
|
Additional paid-in capital |
| 69,879 |
|
Retained (deficit) earnings |
| (31,904 | ) |
Total stockholder’s equity |
| 37,976 |
|
Total liabilities and stockholder’s equity | $ | 43,502 |
|
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED NOVEMBER 30, 2015
(in thousands)
Revenues: |
|
|
|
Premiums earned | $ | 410 |
|
Net investment (loss) |
| (13 | ) |
Total revenues |
| 397 |
|
Expenses: |
|
|
|
Underwriting expense |
| 108 |
|
General and administrative expense |
| 153 |
|
Total expenses |
| 261 |
|
Income before federal income taxes |
| 136 |
|
Income tax benefit |
| — |
|
Net income | $ | 136 |
|
