WHITE MOUNTAINS INSURANCE GROUP LTD

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

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.

Mar 31, 2025 · Filed May 7, 2025

WTM$2,256.20+0.7%Stored close · as of Nov 9, 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, and

CONSOLIDATED BALANCE SHEETS

Millions, except share and per share amounts	March 31, 2025	December 31, 2024
Assets
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value	$1,582.1	$1,565.1
Common equity securities, at fair value	420.9	425.4
Short-term investments, at fair value	625.2	601.4
Other long-term investments	586.8	547.8
Total investments	3,215.0	3,139.7
Cash (restricted $0.0 and $14.1)	160.5	141.2
Reinsurance recoverables	920.4	589.0
Insurance premiums receivable	1,272.6	768.6
Deferred acquisition costs	279.7	165.2
Goodwill and other intangible assets	292.5	292.5
Other assets	184.8	202.8
Total P&C Insurance and Reinsurance assets	6,325.5	5,299.0
Financial Guarantee (HG Global)
Fixed maturity investments, at fair value	631.9	612.1
Short-term investments, at fair value	54.1	55.5
Total investments	686.0	667.6
Cash	6.8	11.5
BAM Surplus Notes, at fair value	389.2	381.7
Insurance premiums receivable	7.6	4.4
Deferred acquisition costs	86.6	86.6
Other assets	26.9	27.6
Total Financial Guarantee assets	1,203.1	1,179.4
Asset Management (Kudu)
Short-term investments, at fair value	11.9	27.9
Other long-term investments	1,126.2	1,014.0
Total investments	1,138.1	1,041.9
Cash	15.1	.6
Accrued investment income	23.5	18.0
Goodwill and other intangible assets	7.9	8.0
Other assets	38.7	39.9
Total Asset Management assets	1,223.3	1,108.4
P&C Insurance Distribution (Bamboo)
Fixed maturity investments, at fair value	44.9	40.7
Short-term investments, at fair value	20.1	17.3
Total investments	65.0	58.0
Cash (restricted $77.0 and $59.5)	99.8	74.5
Premiums, commissions and fees receivable	67.4	70.0
Goodwill and other intangible assets	351.0	355.0
Other assets	31.8	27.1
Total P&C Insurance Distribution assets	615.0	584.6
Other Operations
Fixed maturity investments, at fair value	293.1	293.7
Common equity securities, at fair value	120.9	224.6
Investment in MediaAlpha, at fair value	165.0	201.6
Short-term investments, at fair value	293.3	262.1
Other long-term investments	574.9	588.4
Total investments	1,447.2	1,570.4
Cash	29.8	38.6
Insurance premiums receivable	14.9	15.3
Goodwill and other intangible assets	63.7	64.8
Other assets	82.4	65.1
Total Other Operations assets	1,638.0	1,754.2
Total assets	$11,004.9	$9,925.6

CONSOLIDATED BALANCE SHEETS (CONTINUED)

Millions, except share and per share amounts	March 31, 2025	December 31, 2024
Liabilities
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves	$2,253.9	$2,127.5
Unearned insurance premiums	1,500.6	853.3
Debt	156.1	154.5
Reinsurance payable	385.8	149.5
Contingent consideration	165.0	155.3
Other liabilities	196.7	224.7
Total P&C Insurance and Reinsurance liabilities	4,658.1	3,664.8
Financial Guarantee (HG Global)
Unearned insurance premiums	295.8	297.3
Debt	147.5	147.4
Other liabilities	20.0	19.4
Total Financial Guarantee liabilities	463.3	464.1
Asset Management (Kudu)
Debt	246.6	238.6
Other liabilities	84.0	78.1
Total Asset Management liabilities	330.6	316.7
P&C Insurance Distribution (Bamboo)
Loss and loss adjustment expense reserves	23.2	17.8
Unearned insurance premiums	34.2	31.5
Premiums and commissions payable	86.2	88.1
Debt	104.7	—
Other liabilities	34.4	30.3
Total P&C Insurance Distribution liabilities	282.7	167.7
Other Operations
Loss and loss adjustment expense reserves	13.4	12.1
Unearned insurance premiums	30.8	29.0
Debt	21.2	22.0
Accrued incentive compensation	28.2	79.3
Other liabilities	36.9	38.9
Total Other Operations liabilities	130.5	181.3
Total liabilities	5,865.2	4,794.6
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 2,573,726 and 2,568,148 shares	2.6	2.6
Paid-in surplus	564.5	563.8
Retained earnings	3,943.0	3,919.0
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation	(.5)	(1.7)
Total White Mountains’s common shareholders’ equity	4,509.6	4,483.7
Noncontrolling interests	630.1	647.3
Total equity	5,139.7	5,131.0
Total liabilities and equity	$11,004.9	$9,925.6

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.