WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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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, 2025 · Filed Nov 6, 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 exhibitsContents
Consolidated Balance Sheets, and
CONSOLIDATED BALANCE SHEETS
| Millions, except share and per share amounts | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||
| Fixed maturity investments, at fair value | $1,834.6 | $1,565.1 |
| Common equity securities, at fair value | 437.6 | 425.4 |
| Short-term investments, at fair value | 745.4 | 601.4 |
| Other long-term investments | 676.5 | 547.8 |
| Total investments | 3,694.1 | 3,139.7 |
| Cash (restricted $8.0 and $14.1) | 289.9 | 141.2 |
| Reinsurance recoverables | 924.8 | 589.0 |
| Insurance premiums receivable | 1,149.7 | 768.6 |
| Deferred acquisition costs | 281.2 | 165.2 |
| Goodwill and other intangible assets | 292.5 | 292.5 |
| Other assets | 164.6 | 202.8 |
| Total P&C Insurance and Reinsurance assets | 6,796.8 | 5,299.0 |
| Financial Guarantee (HG Global) | ||
| Fixed maturity investments, at fair value | 686.5 | 612.1 |
| Short-term investments, at fair value | 56.2 | 55.5 |
| Total investments | 742.7 | 667.6 |
| Cash | .2 | 11.5 |
| BAM Surplus Notes, at fair value | 396.2 | 381.7 |
| Insurance premiums receivable | 7.7 | 4.4 |
| Deferred acquisition costs | 93.2 | 86.6 |
| Other assets | 26.1 | 27.6 |
| Total Financial Guarantee assets | 1,266.1 | 1,179.4 |
| Asset Management (Kudu) | ||
| Short-term investments, at fair value | 24.6 | 27.9 |
| Other long-term investments | 1,214.4 | 1,014.0 |
| Total investments | 1,239.0 | 1,041.9 |
| Cash | 4.8 | .6 |
| Accrued investment income | 24.2 | 18.0 |
| Goodwill and other intangible assets | 7.7 | 8.0 |
| Other assets | 23.1 | 39.9 |
| Total Asset Management assets | 1,298.8 | 1,108.4 |
| Specialty Insurance Distribution (Distinguished) | ||
| Short-term investments, at fair value | 62.6 | — |
| Total investments | 62.6 | — |
| Cash (restricted $0.4 and $0.0) | 1.5 | — |
| Premiums, commissions and fees receivable | 42.2 | — |
| Goodwill and other intangible assets | 595.4 | — |
| Other assets | 12.0 | — |
| Total Specialty Insurance Distribution assets | 713.7 | — |
| Other Operations | ||
| Fixed maturity investments, at fair value | 159.6 | 293.7 |
| Common equity securities, at fair value | — | 224.6 |
| Investment in MediaAlpha, at fair value | 203.2 | 201.6 |
| Short-term investments, at fair value | 199.1 | 260.1 |
| Other long-term investments | 698.3 | 588.4 |
| Total investments | 1,260.2 | 1,568.4 |
| Cash | 41.0 | 37.6 |
| Goodwill and other intangible assets | 154.3 | 64.8 |
| Other assets | 146.5 | 75.8 |
| Assets held for sale - Bamboo Group | 662.0 | 585.7 |
| Assets held for sale - Other | 6.2 | 6.5 |
| Total Other Operations assets | 2,270.2 | 2,338.8 |
| Total assets | $12,345.6 | $9,925.6 |
CONSOLIDATED BALANCE SHEETS (CONTINUED)
| Millions, except share and per share amounts | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Liabilities | ||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||
| Loss and loss adjustment expense reserves | $2,477.9 | $2,127.5 |
| Unearned insurance premiums | 1,427.6 | 853.3 |
| Debt | 159.7 | 154.5 |
| Reinsurance payable | 404.7 | 149.5 |
| Contingent consideration | 229.5 | 155.3 |
| Other liabilities | 249.0 | 224.7 |
| Total P&C Insurance and Reinsurance liabilities | 4,948.4 | 3,664.8 |
| Financial Guarantee (HG Global) | ||
| Unearned insurance premiums | 316.3 | 297.3 |
| Debt | 147.7 | 147.4 |
| Other liabilities | 24.5 | 19.4 |
| Total Financial Guarantee liabilities | 488.5 | 464.1 |
| Asset Management (Kudu) | ||
| Debt | 274.3 | 238.6 |
| Other liabilities | 85.0 | 78.1 |
| Total Asset Management liabilities | 359.3 | 316.7 |
| Specialty Insurance Distribution (Distinguished) | ||
| Debt | 148.7 | — |
| Premiums and commissions payable | 67.9 | — |
| Other liabilities | 59.4 | — |
| Total Specialty Insurance Distribution liabilities | 276.0 | — |
| Other Operations | ||
| Loss and loss adjustment expense reserves | 14.7 | 12.1 |
| Unearned insurance premiums | 9.5 | 29.0 |
| Debt | 35.4 | 22.0 |
| Accrued incentive compensation | 76.0 | 79.3 |
| Other liabilities | 104.1 | 33.0 |
| Liabilities held for sale - Bamboo Group | 312.3 | 167.7 |
| Liabilities held for sale - Other | 4.3 | 5.9 |
| Total Other Operations liabilities | 556.3 | 349.0 |
| Total liabilities | 6,628.5 | 4,794.6 |
| Redeemable noncontrolling interests | 132.4 | — |
| 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 2,575,161 and 2,568,148 shares | 2.6 | 2.6 |
| Paid-in surplus | 582.0 | 563.8 |
| Retained earnings | 4,183.0 | 3,919.0 |
| Accumulated other comprehensive income (loss), after-tax: | ||
| Net unrealized gains (losses) from foreign currency translation | — | (1.7) |
| Total White Mountains’s common shareholders’ equity | 4,767.6 | 4,483.7 |
| Nonredeemable noncontrolling interests | 817.1 | 647.3 |
| Total equity | 5,584.7 | 5,131.0 |
| Total liabilities, redeemable noncontrolling interests and equity | $12,345.6 | $9,925.6 |
See Notes to Consolidated Financial Statements including Note 13 — “Noncontrolling Interests” and Note 18 — “Commitments and Contingencies”.
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