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EXHIBIT 61 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 2 of 23 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 1 of 23 EXHIBIT 61 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 2 of 23 AtriumInsurance Corporation Statutory Financial Statements as of and for the Years Ended December 31 2008 and 2007 Supplemental Information as of and for the Year Ended December 31 2008 and Independent Auditor’s Report NAIC Company Code 10362 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 3 of 23 ATRIUM INSURANCE CORPORATION TABLE OF CONTENTS Page INDEPENDENT AUDITOR’S REPORT 1 2 STATUTORY FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31 2008 AND 2007 Statutory Balance Sheets 3 Statutory Statements of Operations 4 Statutory Statements of Changes in Capital and Surplus 5 Statutory Statements of Cash Flow 6 Notes to Statutory Financial Statements 7 14 SUPPLEMENTARY INFORMATION Summary Investment Schedule 15 16 Investment Risk Interrogatories 17 18 General Reinsurance Risks Interrogatories 19 20 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 4 of 23 Independent Auditor’s Report To the Board of Directors Atrium Insurance Corporation New York New York We have audited the accompanying statutory balance sheets of Atrium Insurance Corporation the Company as of December 31 2008 and 2007 and the related statutory statements of operations changes in capital and surplus and cash flow for the years then ended These statutory financial statements are the responsibility of the Company’s management Our responsibility is to express an opinion on these statutory financial statements based on our audits We conducted our audits in accordance with auditing standards generally accepted in the United States of America Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statutory financial statements are free of material misstatement An audit includes examining on a test basis evidence supporting the amounts and disclosures in the statutory financial statements An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation We believe that our audits provide a reasonable basis for our opinion As described more fully in Note 1 to the statutory financial statements these statutory financial statements were prepared using accounting practices prescribed or permitted by the New York State Insurance Department which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America The effects on the statutory financial statements of the variances between accounting principles prescribed or permitted by the New York State Insurance Department and accounting principles generally accepted in the United States of America although not reasonably determinable are presumed to be material In our opinion because of the effects of the matter discussed in the preceding paragraph the statutory financial statements referred to above do not present fairly in conformity with accounting principles generally accepted in the United States of America the financial position of Atrium Insurance Corporation as of December 31 2008 and 2007 or the results of its operations or its cash flow for the years then ended However in our opinion such statutory financial statements referred to above present fairly in all material respects the admitted assets liabilities and capital and surplus of the Company at December 31 2008 and 2007 and its results of operations and its cash flow for the years then ended on the basis of accounting described in Note 1 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 5 of 23 Our audits were conducted for the purpose of forming an opinion on the basic statutory financial statements taken as a whole The supplementary information included in the Summary Investment Schedule Investment Risk Interrogatories and the General Reinsurance Risks Interrogatories is presented for purposes of additional analysis and is not a required part of the statutory financial statements Such information has been subjected to the auditing procedures applied in the audits of the statutory financial statements and in our opinion is fairly stated in all material respects in relation to the statutory financial statements taken as a whole Beard Miller Company LLP Harrisburg Pennsylvania May 20 2009 2 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 6 of 23 ATRIUM INSURANCE CORPORATION STATUTORY BALANCE SHEETS DECEMBER 31 2008 AND 2007 2008 2007 ADMITTED ASSETS Cash and cash equivalents 55,188,888 65,575,000 Restricted shortterm investments 261,156,994 220,876,891 Premiumsin course of collection 12,423,405 10,626,767 Other assets 6,906 11,776 Interest due and accrued 963,877 2,259,707 Federal income taxes receivable from parent 6,699,713 Deferred tax asset 40,544 41,122 TOTAL ADMITTED ASSETS 336,480,327 299,391,263 LIABILITIES CAPITAL AND SURPLUS LIABILITIES Loss reserves 83,324,956 32,280,240 Statutory contingency reserves 191,577,852 178,832,098 Ceding commissions payable 1,275,602 1,122,097 Unearned premiums 579,359 587,452 Due to affiliates 107,414 Other liabilities 107,321 48,568 Federal income taxes payable to parent 4,178,151 Total liabilities 276,972,504 217,048,606 CAPITAL AND SURPLUS Common capital stock 1,000 par value 1,000 shares authorized issued and outstanding 1,000,000 1,000,000 Paidin and contributed surplus 80,816,004 80,816,004 Unassigned deficit surplus 22,308,181 526,653 Total capital and surplus 59,507,823 82,342,657 TOTAL LIABILITIES CAPITAL AND SURPLUS 336,480,327 299,391,263 See accompanying notes to statutory financial statements 3 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 7 of 23 ATRIUM INSURANCE CORPORATION STATUTORY STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31 2008 AND 2007 2008 2007 INCOME Premiums earned 37,926,376 32,475,586 Net investment income 6,060,336 13,467,047 Total income 43,986,712 45,942,633 EXPENSES Loss provision 51,044,716 15,417,472 Ceding commissions 3,954,652 3,460,728 Payroll expenses 104,888 101,341 Other expenses 678,903 383,112 Total expenses 55,783,159 19,362,653 LOSS INCOME BEFORE FEDERAL INCOME TAXES 11,796,447 26,579,980 FEDERAL INCOME TAX BENEFIT EXPENSE 1,707,945 8,563,187 NET LOSS INCOME 10,088,502 18,016,793 See accompanying notes to statutory financial statements 4 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 8 of 23 ATRIUM INSURANCE CORPORATION STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS YEARS ENDED DECEMBER 31 2008 AND 2007 2008 2007 CAPITAL AND SURPLUS BEGINNING OF YEAR 82,342,657 95,081,001 Net loss income 10,088,502 18,016,793 Increase in statutory contingency reserves 12,745,754 14,229,111 Increase decrease in deferred tax asset 2,430,187 750,346 Increase decrease in non admitted deferred tax asset 2,430,765 724,320 Dividend to parent 16,500,000 Decrease in capital and surplus 22,834,834 12,738,344 CAPITAL AND SURPLUS END OF YEAR 59,507,823 82,342,657 See accompanying notes to statutory financial statements 5 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 9 of 23 ATRIUM INSURANCE CORPORATION STATUTORY STATEMENTS OF CASH FLOW YEARS ENDED DECEMBER 31 2008 AND 2007 2008 2007 CASH FLOW FROM OPERATING ACTIVITIES Premiums collected 36,121,645 33,542,047 Other underwriting expenses 4,413,902 4,215,622 Cash from investment income 7,356,166 14,023,705 Taxes paid 9,169,918 19,582,807 NET CASH FLOWS FROM OPERATING ACTIVITIES 29,893,991 23,767,323 CASH FLOW APPLIED TO FINANCING ACTIVITIES Dividend paid to parent 16,500,000 Net increase in cash and cash equivalents and restricted short terminvestments 29,893,991 7,267,323 CASH AND CASH EQUIVALENTS AND RESTRICTED SHORT TERM INVESTMENTS BEGINNING OF YEAR 286,451,891 279,184,568 CASH AND CASH EQUIVALENTS AND RESTRICTED SHORT TERM INVESTMENTS END OF YEAR 316,345,882 286,451,891 See accompanying notes to statutory financial statements 6 2014-CFPB-0002 Document 108-61 Filed 04/22/2014 Page 10 of 23 ATRIUM INSURANCE CORPORATION NOTES TO STATUTORY STATEMENTS YEARS ENDED DECEMBER 31 2008 AND 2007 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations – Atrium Insurance Corporation “the Company” is incorporated under the laws of the State of New York The Company began insurance operations on November 9 1995 The Company is a wholly owned subsidiary of PHH Corporation “ Parent” or “PHH” On January 31 2005 PHH began operating as a separate publicly traded company subsequent to a spinoff from Cendant Corporation “ Cendant” Cendant has no continuing ownership in PHH The Company assumes mortgage insurance premiums under the terms of reinsurance agreements wherein the ceding company is indemnified subject to a specified limit against the amount of loss in excess of a predetermined limit with respect to accumulation of losses The mortgage insurance assumed is primarily on mortgage loans originated by affiliates of PHH Basis of Presentation – The Company’s statutory financial statements are presented on the basis of accounting practices prescribed or permitted by the New York State Insurance Department “IDSNY” The IDSNY requires insurance companies domiciled in the State of New York prepare their statutory financial statements in accordance with the National Association of Insurance Commissioners’ “NAIC” Accounting Practices and Procedures Manual with certain modifications In addition the Commissionerof the IDSNY has the authority to permit other specific practices that may deviate from prescribed practices The Company had no such permitted practices during
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