WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-07.
0000776867-24-000015
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0000776867-24-000019
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 5 previous paragraphs and 6 current paragraphs.
3 unchanged; 0 reworded; 3 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Refer to the Company’s 2023 Annual Report on Form 10-K for a complete discussion regarding White Mountains’s risk factors. The following presents an update related to the potential volatility from White Mountains’s election of the fair value option for the BAM Surplus Notes.
Current report
We may be subject to volatility from our investment in the BAM Surplus Notes, which could materially adversely affect our results of operations and financial condition.
Current report
Upon the deconsolidation of BAM on July 1, 2024, White Mountains elected the fair value option, and the BAM Surplus Notes, including accrued interest receivable, were measured at their estimated fair value of $387 million using a discounted cash flow analysis, which resulted in an unrealized loss on deconsolidation of $115 million. As of September 30, 2024, the estimated fair value of the BAM Surplus Notes was $411 million. Subsequent to the deconsolidation, White Mountains recognized accrued interest of $8 million and an increase in fair value of $16 million for the third quarter of 2024. White Mountains’s reported book value per share and adjusted book value per share may be subject to greater volatility in the future, as the valuation of the BAM Surplus Notes under the discounted cash flow analysis could be more volatile than the carrying value prior to the deconsolidation. Should there be a significant decrease in the valuation of the BAM Surplus Notes, it could materially adversely affect our results of operations and financial condition.
Removed paragraphs (2)
Previous report
There have been no material changes to any of the risk factors previously disclosed in the Registrant’s 2023 Annual Report