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WFG National Title Insurance Company NAIC: 51152 2711 Middleburg Drive, Suite 312 Columbia, SC 29204 WFG National Title Ins. Co. (WFG) is dedicated to taking time and cost out of real estate transactions. By focusing on the client and their processes, WFG will help compress the time required to close a loan and/or transfer real property ownership. Net Admitted Assets - 3rd Quarter 2010 Liabilities - 3rd Quarter 2010 BALANCE SHEET REPORT - 3RD QUARTER 2010 PERCENT PERCENT LIABILITIES AND PERCENT PERCENT NET ADMITTED ASSETS 9/30/10 TOTAL 12/31/09 CHANGE POLICYHOLDERS' SURPLUS 9/30/10 TOTAL 12/31/09 CHANGE BONDS KNOWN CLAIM RESERVE 9,634,248 67.80% 12,813,785 -24.81% 441,864 3.11% 470,330 -6.05% STOCKS ALL OTHER RESERVES 0 0.00% 0 0.00% 3,867,196 27.21% 3,640,104 6.24% CASH AND EQUIVALENTS PREMIUMS RECEIVED IN ADVANCE 903,703 , 6.36% 1,541,272 , , -41.37% 123,752 , 0.87% 0 0.00% PAYABLE TO PARENT, OTHER CASH & INVESTED ASSETS 7,500 0.05% 7,500 0.00% SUBSIDIARIES AND AFFILIATES 2,790 0.02% 430,756 -99.35% SUBTOTAL CASH AND INVESTED ALL OTHER LIABILITIES ASSETS 10,545,451 74.21% 14,362,557 -26.58% 298,876 2.10% 158,700 88.33% PREMIUMS AND AGENTS' TOTAL LIABILITIES BALANCES 340,422 2.40% 96 N/A 4,734,478 33.32% 4,699,890 0.74% ALL OTHER ASSETS POLICYHOLDERS POLICYHOLDERS' SURPLUS 3,324,115 3 324 115 23.39% 23 39% 148 131 148,131 2144 04% 2144.04% 9,475,510 9 475 510 66 68% 66.68% 9 810 894 9,810,894 3 42% -3.42% TOTAL LIABILITIES AND TOTAL NET ADMITTED ASSETS 14,209,988 100.00% 14,510,784 -2.07% POLICYHOLDERS' SURPLUS 14,209,988 100.00% 14,510,784 -2.07% Important: Financial Stability Ratings® must be verified by visiting www.demotech.com. Report data relies on submitted quarterly financial statements. Demotech makes no warranties or statements as to the accurancy of this information. About Demotech, Inc. Financial Stability Ratings® (FSRs) Demotech, Inc. is a Columbus, Ohio based financial analysis and actuarial services firm Description of the Analysis Process providing a wide range of services including Financial Stability Ratings® (FSRs), pricing analysis, state filings assistance and support for other required regulatory reporting. Having The methodology utilized by Demotech, Inc. is proprietary. However, it relies on the underlying worked with insurers of all sizes, Demotech possesses broad experience addressing records and summaries prepared by responsible officers or employees of the Title underwriter actuarial and financial analysis issues, whether the issue is unique to a particular insurer or and/or its parent company as reported in the financial statements of the insurer. prevalent throughout the industry. The Financial Stability Analysis Model involves a tactile review as well as computation and analysis of financial ratios to determine the current and future financial stability of the Title Proactively Responding to Market Needs underwriter. d it Since our beginning in 1985, Demotech has proactively responded to the market with our Tactile Review clients in mind. Starting in 1989, Demotech gained acceptance from the secondary mortgage marketplace, including the Federal National Mortgage Association (Fannie Mae) The tactile review includes the study and summarization of materials provided to us. Set forth and later the Federal Home Loan Mortgage Corporation (Freddie Mac) and the United States below is an example of some of the items that Demotech typically receives: Department of Housing and Urban Development (HUD), for Financial Stability Ratings® to 1. Annual and quarterly statements of the insurer, its parent company and subsidiaries facilitate activities for financially stable clients. 2. Statement of actuarial opinion, managements’ discussion and analysis and independent audit In 1992, Demotech was the first company to analyze the financial position for the Title 3. Changes in working capital insurance industry and publish independent financial stability opinions. Since that time, 4. Change in the restricted cash and receivables from affiliates Demotech has presented the Financial Stability Ratings® of virtually all Title underwriters. 5. Comparison of actual versus budget operating results Financial Stability Ratings® of A′′, A′, A and S are accepted by the major participants in the 6. Summary of current reinsurance program. secondary mortgage marketplace. Financial Ratio Calculation Offering an Individualized Approach to Industry Challenges A major item to determine the financial stability of a Title underwriter is the calculation of financial Demotech understands the industry is fluid and that every company has unique challenges t bilit ti d i t stability ratios measured against our fi i t bilit test. These ratios and t t h financiall stability t t Th ti d tests have b been and objectives. We offer an individualized approach, learning an organization’s needs and sampled on an industry-wide basis and have been substantiated by other firms as well as goals to offer a customized solution. Demotech. Working within the Title insurance sector, Demotech provides a variety of solutions, including A series of solvent and insolvent Title underwriters was subjected to our battery of ratios and tests Financial Stability Ratings®, actuarial consulting, market analysis and loss and loss in order to determine the predictability and reliability of our financial analysis model. The Financial adjustment expense reserve analysis. Each of our services has continually adapted to Stability Analysis Model would have flagged Title underwriters that became insolvent at least one address our clients’ challenges. g year in advance of formal regulatory action. The basic information to develop our ratios is readily available from GAAP or statutory statements. Solutions as Unique as Your Company Our strategic weighting of ratios to arrive at a final score is based on regression analysis and Demotech continues to assess the market with our clients’ interests in mind. Since 1985, multi-variate analysis. Those balance sheet and income statement items reviewed include but are clients have looked to Demotech to provide information, analysis and proactive solutions. not limited to: We continue to evolve along with the industry through the development of innovative * Total current assets * Total assets solutions, driven by our commitment to our clients. * Working capital * Total current liabilities * Total liabilities * Surplus p * Administrative expenses * Total revenues * Net income * Receivables * Total expenses * Amount of business written The concept of financial stability is, in our opinion, independent of size. Accordingly, small, well- managed Title underwriters can have more financial stability than larger, highly leveraged underwriters.
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