WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
WTM$2,280.00+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated balance sheets as of December 31, 202 and
| December 31, | ||
|---|---|---|
| Millions, Except Share and Per Share Amounts | 2024 | 2023 |
| Assets | ||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||
| Fixed maturity investments, at fair value | $1,565.1 | $866.8 |
| Common equity securities, at fair value | 425.4 | 400.6 |
| Short-term investments, at fair value | 601.4 | 962.8 |
| Other long-term investments | 547.8 | 440.9 |
| Total investments | 3,139.7 | 2,671.1 |
| Cash (restricted $14.1, $0.7) | 141.2 | 90.5 |
| Reinsurance recoverables | 589.0 | 442.0 |
| Insurance premiums receivable | 768.6 | 612.2 |
| Deferred acquisition costs | 165.2 | 145.3 |
| Goodwill and other intangible assets | 292.5 | 292.5 |
| Other assets | 202.8 | 125.0 |
| Total P&C Insurance and Reinsurance assets | 5,299.0 | 4,378.6 |
| Financial Guarantee (HG Global) | ||
| Fixed maturity investments, at fair value | 612.1 | 1,012.3 |
| Short-term investments, at fair value | 55.5 | 70.6 |
| Total investments | 667.6 | 1,082.9 |
| Cash | 11.5 | 6.7 |
| BAM Surplus Notes, at fair value | 381.7 | — |
| Insurance premiums receivable | 4.4 | 5.5 |
| Deferred acquisition costs | 86.6 | 40.1 |
| Other assets | 27.6 | 36.8 |
| Total Financial Guarantee assets | 1,179.4 | 1,172.0 |
| Asset Management (Kudu) | ||
| Short-term investments, at fair value | 27.9 | 29.3 |
| Other long-term investments | 1,014.0 | 896.3 |
| Total investments | 1,041.9 | 925.6 |
| Cash | .6 | 1.4 |
| Accrued investment income | 18.0 | 17.6 |
| Goodwill and other intangible assets | 8.0 | 8.3 |
| Other assets | 39.9 | 6.5 |
| Total Asset Management assets | 1,108.4 | 959.4 |
| P&C Insurance Distribution (Bamboo) | ||
| Fixed maturity investments, at fair value | 40.7 | — |
| Short-term investments, at fair value | 17.3 | — |
| Total investments | 58.0 | — |
| Cash (restricted $59.5 and $0.0) | 74.5 | — |
| Premiums, commissions and fees receivable | 70.0 | — |
| Goodwill and other intangible assets | 355.0 | — |
| Other assets | 27.1 | — |
| Total P&C Insurance Distribution assets | 584.6 | — |
| Other Operations | ||
| Fixed maturity investments, at fair value | 293.7 | 230.2 |
| Common equity securities, at fair value | 224.6 | 137.8 |
| Investment in MediaAlpha, at fair value | 201.6 | 254.9 |
| Short-term investments, at fair value | 262.1 | 425.2 |
| Other long-term investments | 588.4 | 661.0 |
| Total investments | 1,570.4 | 1,709.1 |
| Cash | 38.6 | 23.8 |
| Insurance premiums receivable | 15.3 | — |
| Goodwill and other intangible assets | 64.8 | 69.8 |
| Other assets | 65.1 | 73.2 |
| Total Other Operations assets | 1,754.2 | 1,875.9 |
| Total assets | $9,925.6 | $8,385.9 |
F - 1
| December 31, | ||
|---|---|---|
| Millions, Except Share and Per Share Amounts | 2024 | 2023 |
| Liabilities | ||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||
| Loss and loss adjustment expense reserves | $2,127.5 | $1,605.1 |
| Unearned insurance premiums | 853.3 | 743.6 |
| Debt | 154.5 | 185.5 |
| Reinsurance payable | 149.5 | 81.1 |
| Contingent consideration | 155.3 | 94.0 |
| Other liabilities | 224.7 | 166.8 |
| Total P&C Insurance and Reinsurance liabilities | 3,664.8 | 2,876.1 |
| Financial Guarantee (HG Global) | ||
| Unearned insurance premiums | 297.3 | 325.8 |
| Debt | 147.4 | 146.9 |
| Other liabilities | 19.4 | 59.0 |
| Total Financial Guarantee liabilities | 464.1 | 531.7 |
| Asset Management (Kudu) | ||
| Debt | 238.6 | 203.8 |
| Other liabilities | 78.1 | 71.6 |
| Total Asset Management liabilities | 316.7 | 275.4 |
| P&C Insurance Distribution (Bamboo) | ||
| Loss and loss adjustment expense reserves | 17.8 | — |
| Unearned insurance premiums | 31.5 | — |
| Premiums and commissions payable | 88.1 | — |
| Other liabilities | 30.3 | — |
| Total P&C Insurance Distribution liabilities | 167.7 | — |
| Other Operations | ||
| Loss and loss adjustment expense reserves | 12.1 | — |
| Unearned insurance premiums | 29.0 | — |
| Debt | 22.0 | 28.4 |
| Accrued incentive compensation | 79.3 | 87.7 |
| Other liabilities | 38.9 | 25.0 |
| Total Other Operations liabilities | 181.3 | 141.1 |
| Total liabilities | 4,794.6 | 3,824.3 |
| 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 2,568,148 and 2,560,452 shares | 2.6 | 2.6 |
| Paid-in surplus | 563.8 | 548.7 |
| Retained earnings | 3,919.0 | 3,690.8 |
| Accumulated other comprehensive income (loss), after-tax: | ||
| Net unrealized gains (losses) from foreign currency translation | (1.7) | (1.6) |
| Total White Mountains’s common shareholders’ equity | 4,483.7 | 4,240.5 |
| Noncontrolling interests | 647.3 | 321.1 |
| Total equity | 5,131.0 | 4,561.6 |
| Total liabilities and equity | $9,925.6 | $8,385.9 |
See Notes to Consolidated Financial Statements including Note 13 Common Shareholders’ Equity and Noncontrolling Interests and Note 19 Commitments and Contingencies.
F - 2
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