Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED BALANCE SHEET
AS OF NOVEMBER 30, 2016
(in thousands, except share data)
ASSETS |
| ||
Investments held in trust, at fair value: |
|
|
|
Fixed-maturity securities | $ | 29,292 |
|
Cash equivalents held in trust |
| 1,920 |
|
Total investments held in trust |
| 31,212 |
|
Cash and cash equivalents |
| 488 |
|
Fixed-maturity securities, at fair value |
| 2,658 |
|
Accrued investment income |
| 164 |
|
Prepaid expenses |
| 6 |
|
Premiums receivable |
| 265 |
|
Total assets | $ | 34,793 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDER’S EQUITY |
| ||
Liabilities: |
|
|
|
Losses and loss adjustment expenses | $ | 586 |
|
Losses payable |
| 58 |
|
Unearned premiums |
| 270 |
|
Accrued ceding commission expense |
| 24 |
|
Other liabilities |
| 141 |
|
Total liabilities |
| 1,079 |
|
Stockholder’s equity: |
|
|
|
Common stock, $1 par value; 1,000 shares issued and outstanding |
| 1 |
|
Additional paid-in capital |
| 69,879 |
|
Retained deficit |
| (36,166 | ) |
Total stockholder’s equity |
| 33,714 |
|
Total liabilities and stockholder’s equity | $ | 34,793 |
|
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED NOVEMBER 30, 2016
(in thousands)
Revenues: |
|
|
|
Premiums earned | $ | 256 |
|
Net investment loss |
| (62 | ) |
Total revenues |
| 194 |
|
Expenses: |
|
|
|
Underwriting expense |
| 84 |
|
General and administrative expenses |
| 136 |
|
Total expenses |
| 220 |
|
Loss before federal income taxes |
| (26 | ) |
Federal income tax benefit |
| — |
|
Net loss | $ | (26 | ) |