WHITE MOUNTAINS INSURANCE GROUP LTD

For the period ended Jun 30, 2026. Filed Aug 6, 2026.

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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.

Jun 30, 2026 · Filed Aug 6, 2026

WTM$2,256.20+0.7%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets, and

CONSOLIDATED BALANCE SHEETS

Millions, except share and per share amounts	June 30, 2026	December 31, 2025
Assets
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value	$2,011.9	$1,917.9
Common equity securities, at fair value	407.7	452.3
Short-term investments, at fair value	536.9	866.6
Other long-term investments	769.0	689.7
Total investments	3,725.5	3,926.5
Cash (restricted $25.2 and $1.1)	91.5	104.8
Reinsurance recoverables	1,394.0	836.1
Insurance premiums receivable	1,473.2	848.4
Deferred acquisition costs	327.9	211.1
Goodwill and other intangible assets	292.5	292.5
Other assets	265.6	134.7
Total P&C Insurance and Reinsurance assets	7,570.2	6,354.1
Asset Management (Kudu)
Short-term investments, at fair value	114.4	21.9
Other long-term investments	1,344.6	1,291.4
Total investments	1,459.0	1,313.3
Cash	1.4	34.5
Accrued investment income	21.6	25.3
Goodwill and other intangible assets	7.6	7.7
Other assets	7.3	21.5
Total Asset Management assets	1,496.9	1,402.3
Financial Guarantee (HG Global)
Fixed maturity investments, at fair value	715.1	693.4
Short-term investments, at fair value	34.2	90.8
Total investments	749.3	784.2
Cash	.2	.1
BAM Surplus Notes, at fair value	352.8	339.0
Insurance premiums receivable	9.8	11.4
Deferred acquisition costs	98.5	96.9
Other assets	6.0	5.2
Total Financial Guarantee assets	1,216.6	1,236.8
Specialty Insurance Distribution (Distinguished)
Short-term investments, at fair value	79.4	94.0
Total investments	79.4	94.0
Cash (restricted $3.6 and $0.1)	4.1	2.7
Premiums, commissions and fees receivable	69.8	45.7
Goodwill and other intangible assets	565.1	577.7
Other assets	26.4	15.3
Total Specialty Insurance Distribution assets	744.8	735.4
Services, Industrial and Consumer (WTM Partners)
Short-term investments, at fair value	.6	.5
Total investments	.6	.5
Cash	6.1	4.4
Accounts receivable	78.8	39.5
Contract assets	36.3	17.8
Goodwill and other intangible assets	269.6	91.5
Other assets	43.5	28.7
Total Services, Industrial and Consumer assets	434.9	182.4
Other Operations
Fixed maturity investments, at fair value	312.9	159.2
Common equity securities, at fair value	169.1	30.7
Investment in MediaAlpha, at fair value	224.5	231.2
Short-term investments, at fair value	211.5	806.9
Other long-term investments	1,202.6	977.4
Total investments	2,120.6	2,205.4
Cash	24.2	38.4
Goodwill and other intangible assets	48.9	50.8
Other assets	104.3	95.9
Assets held for sale - Other	5.3	5.0
Total Other Operations assets	2,303.3	2,395.5
Total assets	$13,766.7	$12,306.5

CONSOLIDATED BALANCE SHEETS (CONTINUED)

Millions, except share and per share amounts	June 30, 2026	December 31, 2025
Liabilities
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves	$2,623.8	$2,481.0
Unearned insurance premiums	1,860.4	1,026.1
Debt	159.0	159.7
Reinsurance payable	642.8	286.2
Contingent consideration	370.0	328.3
Other liabilities	208.0	247.2
Total P&C Insurance and Reinsurance liabilities	5,864.0	4,528.5
Asset Management (Kudu)
Debt	350.7	350.4
Other liabilities	116.7	96.5
Total Asset Management liabilities	467.4	446.9
Financial Guarantee (HG Global)
Unearned insurance premiums	331.8	327.9
Debt	197.4	147.8
Other liabilities	20.1	23.8
Total Financial Guarantee liabilities	549.3	499.5
Specialty Insurance Distribution (Distinguished)
Debt	140.9	140.8
Premiums and commissions payable	114.0	81.3
Other liabilities	77.3	85.0
Total Specialty Insurance Distribution liabilities	332.2	307.1
Services, Industrial and Consumer (WTM Partners)
Debt	66.5	19.4
Contract liabilities	35.6	24.8
Other liabilities	81.2	47.2
Total Services, Industrial and Consumer liabilities	183.3	91.4
Other Operations
Debt	18.0	18.9
Accrued incentive compensation	56.2	100.1
Other liabilities	40.3	55.4
Liabilities held for sale - Other	4.0	3.6
Total Other Operations liabilities	118.5	178.0
Total liabilities	7,514.7	6,051.4
Redeemable noncontrolling interests	131.5	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 2,386,721 and 2,479,677 shares	2.4	2.5
Paid-in surplus	563.6	576.5
Retained earnings	4,821.0	4,845.6
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation	1.3	.8
Total White Mountains’s common shareholders’ equity	5,388.3	5,425.4
Nonredeemable noncontrolling interests	732.2	698.2
Total equity	6,120.5	6,123.6
Total liabilities, redeemable noncontrolling interests and equity	$13,766.7	$12,306.5

See Notes to Consolidated Financial Statements including Note 13 — “Noncontrolling Interests” and Note 18 — “Commitments and Contingencies.”

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.