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Midas Edge

WHITE MOUNTAINS INSURANCE GROUP LTD

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

WTM$2,280.00+1.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Consolidated balance sheets as of December 31, 202 and

CONSOLIDATED BALANCE SHEETS

December 31,
Millions, Except Share and Per Share Amounts20232022
Assets
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value$1,012.3$909.9
Short-term investments, at fair value70.665.9
Total investments1,082.9975.8
Cash6.718.2
Insurance premiums receivable5.56.6
Deferred acquisition costs40.136.0
Other assets36.821.9
Total Financial Guarantee assets1,172.01,058.5
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value866.8772.8
Common equity securities, at fair value400.6334.6
Short-term investments, at fair value962.8484.6
Other long-term investments440.9373.6
Total investments2,671.11,965.6
Cash (restricted $0.7, $6.1)90.5101.5
Reinsurance recoverables442.0595.3
Insurance premiums receivable612.2544.1
Deferred acquisition costs145.3127.2
Goodwill and other intangible assets292.5292.5
Other assets125.065.2
Total P&C Insurance and Reinsurance assets4,378.63,691.4
Asset Management (Kudu)
Short-term investments, at fair value29.3—
Other long-term investments896.3695.9
Total investments925.6695.9
Cash (restricted $0.0, $12.2)1.4101.4
Accrued investment income17.612.4
Goodwill and other intangible assets8.38.6
Other assets6.57.6
Total Asset Management assets959.4825.9
Other Operations
Fixed maturity investments, at fair value230.2238.2
Common equity securities, at fair value137.8333.8
Investment in MediaAlpha, at fair value254.9168.6
Short-term investments, at fair value425.2373.6
Other long-term investments661.0418.5
Total investments1,709.11,532.7
Cash23.833.9
Goodwill and other intangible assets69.891.3
Other assets73.2155.6
Total Other Operations assets1,875.91,813.5
Total assets$8,385.9$7,389.3

F - 1

CONSOLIDATED BALANCE SHEETS (CONTINUED)

December 31,
Millions, Except Share and Per Share Amounts20232022
Liabilities
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums$325.8$298.3
Debt146.9146.5
Accrued incentive compensation27.228.0
Other liabilities31.829.0
Total Financial Guarantee liabilities531.7501.8
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves1,605.11,296.5
Unearned insurance premiums743.6623.2
Debt185.5183.7
Reinsurance payable81.1251.1
Contingent consideration94.045.3
Other liabilities166.8122.3
Total P&C Insurance and Reinsurance liabilities2,876.12,522.1
Asset Management (Kudu)
Debt203.8208.3
Other liabilities71.665.0
Total Asset Management liabilities275.4273.3
Other Operations
Debt28.436.7
Accrued incentive compensation87.786.1
Other liabilities25.034.3
Total Other Operations liabilities141.1157.1
Total liabilities3,824.33,454.3
Equity
White Mountains’s common shareholders’ equity
White Mountains’s common shares at $1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,560,452 and 2,572,156 shares2.62.6
Paid-in surplus548.7536.0
Retained earnings3,690.83,211.8
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation and interest rate swap(1.6)(3.5)
Total White Mountains’s common shareholders’ equity4,240.53,746.9
Noncontrolling interests321.1188.1
Total equity4,561.63,935.0
Total liabilities and equity$8,385.9$7,389.3

See Notes to Consolidated Financial Statements including Note 13 Common Shareholders’ Equity and Noncontrolling Interests and Note 19 Commitments and Contingencies.

F - 2

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.