WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout 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.
FY2025 · Filed Feb 27, 2026
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 exhibitsContents
Consolidated balance sheets as of December 31, 202 and
CONSOLIDATED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| Millions, except share and per share amounts | 2025 | 2024 |
| Assets | ||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||
| Fixed maturity investments, at fair value | $1,917.9 | $1,565.1 |
| Common equity securities, at fair value | 452.3 | 425.4 |
| Short-term investments, at fair value | 866.6 | 601.4 |
| Other long-term investments | 689.7 | 547.8 |
| Total investments | 3,926.5 | 3,139.7 |
| Cash (restricted $1.1 and $14.1) | 104.8 | 141.2 |
| Reinsurance recoverables | 836.1 | 589.0 |
| Insurance premiums receivable | 848.4 | 768.6 |
| Deferred acquisition costs | 211.1 | 165.2 |
| Goodwill and other intangible assets | 292.5 | 292.5 |
| Other assets | 134.7 | 202.8 |
| Total P&C Insurance and Reinsurance assets | 6,354.1 | 5,299.0 |
| Financial Guarantee (HG Global) | ||
| Fixed maturity investments, at fair value | 693.4 | 612.1 |
| Short-term investments, at fair value | 90.8 | 55.5 |
| Total investments | 784.2 | 667.6 |
| Cash | .1 | 11.5 |
| BAM Surplus Notes, at fair value | 339.0 | 381.7 |
| Insurance premiums receivable | 11.4 | 4.4 |
| Deferred acquisition costs | 96.9 | 86.6 |
| Other assets | 5.2 | 27.6 |
| Total Financial Guarantee assets | 1,236.8 | 1,179.4 |
| Asset Management (Kudu) | ||
| Short-term investments, at fair value | 21.9 | 27.9 |
| Other long-term investments | 1,291.4 | 1,014.0 |
| Total investments | 1,313.3 | 1,041.9 |
| Cash | 34.5 | .6 |
| Accrued investment income | 25.3 | 18.0 |
| Goodwill and other intangible assets | 7.7 | 8.0 |
| Other assets | 21.5 | 39.9 |
| Total Asset Management assets | 1,402.3 | 1,108.4 |
| Specialty Insurance Distribution (Distinguished) | ||
| Short-term investments, at fair value | 94.0 | — |
| Total investments | 94.0 | — |
| Cash (restricted $0.1 and $0.0) | 2.7 | — |
| Premiums, commissions and fees receivable | 45.7 | — |
| Goodwill and other intangible assets | 577.7 | — |
| Other assets | 15.3 | — |
| Total Specialty Insurance Distribution assets | 735.4 | — |
| Other Operations | ||
| Fixed maturity investments, at fair value | 159.2 | 293.7 |
| Common equity securities, at fair value | 30.7 | 224.6 |
| Investment in MediaAlpha, at fair value | 231.2 | 201.6 |
| Short-term investments, at fair value | 807.4 | 260.1 |
| Other long-term investments | 977.4 | 588.4 |
| Total investments | 2,205.9 | 1,568.4 |
| Cash | 42.8 | 37.6 |
| Goodwill and other intangible assets | 142.3 | 64.8 |
| Other assets | 181.9 | 75.8 |
| Assets held for sale - Bamboo Group | — | 585.7 |
| Assets held for sale - Other | 5.0 | 6.5 |
| Total Other Operations assets | 2,577.9 | 2,338.8 |
| Total assets | $12,306.5 | $9,925.6 |
F - 1
CONSOLIDATED BALANCE SHEETS (CONTINUED)
| December 31, | ||
|---|---|---|
| Millions, except share and per share amounts | 2025 | 2024 |
| Liabilities | ||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||
| Loss and loss adjustment expense reserves | $2,481.0 | $2,127.5 |
| Unearned insurance premiums | 1,026.1 | 853.3 |
| Debt | 159.7 | 154.5 |
| Reinsurance payable | 286.2 | 149.5 |
| Contingent consideration | 328.3 | 155.3 |
| Other liabilities | 247.2 | 224.7 |
| Total P&C Insurance and Reinsurance liabilities | 4,528.5 | 3,664.8 |
| Financial Guarantee (HG Global) | ||
| Unearned insurance premiums | 327.9 | 297.3 |
| Debt | 147.8 | 147.4 |
| Other liabilities | 23.8 | 19.4 |
| Total Financial Guarantee liabilities | 499.5 | 464.1 |
| Asset Management (Kudu) | ||
| Debt | 350.4 | 238.6 |
| Other liabilities | 96.5 | 78.1 |
| Total Asset Management liabilities | 446.9 | 316.7 |
| Specialty Insurance Distribution (Distinguished) | ||
| Debt | 140.8 | — |
| Premiums and commissions payable | 81.3 | — |
| Other liabilities | 85.0 | — |
| Total Specialty Insurance Distribution liabilities | 307.1 | — |
| Other Operations | ||
| Loss and loss adjustment expense reserves | 13.6 | 12.1 |
| Unearned insurance premiums | 9.6 | 29.0 |
| Debt | 38.3 | 22.0 |
| Accrued incentive compensation | 102.9 | 79.3 |
| Other liabilities | 101.4 | 33.0 |
| Liabilities held for sale - Bamboo Group | — | 167.7 |
| Liabilities held for sale - Other | 3.6 | 5.9 |
| Total Other Operations liabilities | 269.4 | 349.0 |
| Total liabilities | 6,051.4 | 4,794.6 |
| Redeemable noncontrolling interests | 131.5 | — |
| 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 2,479,677 and 2,568,148 shares | 2.5 | 2.6 |
| Paid-in surplus | 576.5 | 563.8 |
| Retained earnings | 4,845.6 | 3,919.0 |
| Accumulated other comprehensive income (loss), after-tax: | ||
| Net unrealized gains (losses) from foreign currency translation | .8 | (1.7) |
| Total White Mountains’s common shareholders’ equity | 5,425.4 | 4,483.7 |
| Nonredeemable noncontrolling interests | 698.2 | 647.3 |
| Total equity | 6,123.6 | 5,131.0 |
| Total liabilities, redeemable noncontrolling interests and equity | $12,306.5 | $9,925.6 |
See Notes to Consolidated Financial Statements including Note 13 — “Common Shareholders’ Equity and Noncontrolling Interests”and Note 19 — “Commitments and Contingencies.”
F - 2
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.