Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED BALANCE SHEET
AS OF JULY 31, 2016
(in thousands, except share data)
ASSETS |
| ||
Investments held in trust, at fair value: |
|
|
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Fixed-maturity securities | $ | 30,026 |
|
Cash equivalents held in trust |
| 1,474 |
|
Total investments held in trust |
| 31,500 |
|
Cash and cash equivalents |
| 1,260 |
|
Fixed-maturity securities, at fair value |
| 3,291 |
|
Accrued investment income |
| 303 |
|
Prepaid expenses |
| 13 |
|
Premiums receivable |
| 271 |
|
Total assets | $ | 36,638 |
|
|
|
|
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LIABILITIES AND STOCKHOLDER’S EQUITY |
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Liabilities: |
|
|
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Losses and loss adjustment expenses | $ | 918 |
|
Losses payable |
| 23 |
|
Unearned premiums |
| 325 |
|
Accrued ceding commission expense |
| 27 |
|
Other liabilities |
| 132 |
|
Total liabilities |
| 1,425 |
|
Stockholder’s equity: |
|
|
|
Common stock, $1 par value; 1,000 shares issued and outstanding |
| 1 |
|
Additional paid-in capital |
| 69,879 |
|
Retained deficit |
| (34,667 | ) |
Total stockholder’s equity |
| 35,213 |
|
Total liabilities and stockholder’s equity | $ | 36,638 |
|
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED JULY 31, 2016
(in thousands)
Revenues: |
|
|
|
Premiums earned | $ | 281 |
|
Net investment income |
| 35 |
|
Total revenues |
| 316 |
|
Expenses: |
|
|
|
Underwriting expense |
| 43 |
|
General and administrative expenses |
| 134 |
|
Total expenses |
| 177 |
|
Income before federal income taxes |
| 139 |
|
Federal income tax benefit |
| — |
|
Net income | $ | 139 |
|