Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED BALANCE SHEET
AS OF FEBRUARY 28, 2017
(in thousands, except share data)
ASSETS |
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Investments held in trust, at fair value: |
|
|
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Fixed-maturity securities | $ | 28,940 |
|
Cash equivalents held in trust |
| 1,257 |
|
Total investments held in trust |
| 30,197 |
|
Cash and cash equivalents |
| 666 |
|
Fixed-maturity securities, at fair value |
| 2,139 |
|
Accrued investment income |
| 225 |
|
Prepaid expenses |
| 6 |
|
Premiums receivable |
| 142 |
|
Total assets | $ | 33,375 |
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|
|
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LIABILITIES AND STOCKHOLDER’S EQUITY |
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Liabilities: |
|
|
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Losses and loss adjustment expenses | $ | 194 |
|
Losses refundable |
| (1 | ) |
Unearned premiums |
| 44 |
|
Accrued ceding commission expense |
| 17 |
|
Other liabilities |
| 233 |
|
Total liabilities |
| 487 |
|
Stockholder’s equity: |
|
|
|
Common stock, $1 par value; 1,000 shares issued and outstanding |
| 1 |
|
Additional paid-in capital |
| 69,879 |
|
Retained deficit |
| (36,992 | ) |
Total stockholder’s equity |
| 32,888 |
|
Total liabilities and stockholder’s equity | $ | 33,375 |
|
WM MORTGAGE REINSURANCE COMPANY, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED FEBRUARY 28, 2017
(in thousands)
Revenues: |
|
|
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Premiums earned | $ | 144 |
|
Net investment income |
| 48 |
|
Total revenues |
| 192 |
|
Expenses: |
|
|
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Underwriting expense |
| 23 |
|
General and administrative expenses |
| 165 |
|
Total expenses |
| 188 |
|
Income before federal income taxes |
| 4 |
|
Federal income tax expense |
| — |
|
Net income | $ | 4 |
|