WHITE MOUNTAINS INSURANCE GROUP LTD

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

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.

Sep 30, 2026 · Filed Nov 5, 2026

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	September 30, 2026	December 31, 2025
Assets
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value	$1,971.4	$1,917.9
Common equity securities, at fair value	345.0	452.3
Short-term investments, at fair value	633.1	866.6
Other long-term investments	868.0	689.7
Total investments	3,817.5	3,926.5
Cash (restricted $28.6 and $1.1)	129.7	104.8
Reinsurance recoverables	1,076.1	836.1
Insurance premiums receivable	1,222.1	848.4
Deferred acquisition costs	264.8	211.1
Goodwill and other intangible assets	292.5	292.5
Other assets	344.6	134.7
Total P&C Insurance and Reinsurance assets	7,147.3	6,354.1
Asset Management (Kudu)
Short-term investments, at fair value	120.9	21.9
Other long-term investments	1,319.1	1,291.4
Total investments	1,440.0	1,313.3
Cash	1.0	34.5
Accrued investment income	22.0	25.3
Goodwill and other intangible assets	7.6	7.7
Other assets	7.6	21.5
Total Asset Management assets	1,478.2	1,402.3
Financial Guarantee (HG Global)
Fixed maturity investments, at fair value	707.6	693.4
Short-term investments, at fair value	40.7	90.8
Total investments	748.3	784.2
Cash	.6	.1
BAM Surplus Notes, at fair value	335.5	339.0
Insurance premiums receivable	13.6	11.4
Deferred acquisition costs	102.0	96.9
Other assets	5.7	5.2
Total Financial Guarantee assets	1,205.7	1,236.8
Specialty Insurance Distribution (Distinguished)
Short-term investments, at fair value	70.6	94.0
Total investments	70.6	94.0
Cash (restricted $3.8 and $0.1)	4.3	2.7
Premiums, commissions and fees receivable	52.2	45.7
Goodwill and other intangible assets	558.7	577.7
Other assets	35.1	15.3
Total Specialty Insurance Distribution assets	720.9	735.4
Services, Industrial and Consumer (WTM Partners)
Short-term investments, at fair value	.6	.5
Total investments	.6	.5
Cash	10.2	4.4
Accounts receivable	88.7	39.5
Contract assets	37.1	17.8
Goodwill and other intangible assets	262.7	91.5
Other assets	42.2	28.7
Total Services, Industrial and Consumer assets	441.5	182.4
Other Operations
Fixed maturity investments, at fair value	361.8	159.2
Common equity securities, at fair value	204.0	30.7
Investment in MediaAlpha, at fair value	170.9	231.2
Short-term investments, at fair value	236.8	806.9
Other long-term investments	1,230.4	977.4
Total investments	2,203.9	2,205.4
Cash	21.2	38.4
Goodwill and other intangible assets	47.9	50.8
Other assets	91.1	95.9
Assets held for sale - Other	4.9	5.0
Total Other Operations assets	2,369.0	2,395.5
Total assets	$13,362.6	$12,306.5

CONSOLIDATED BALANCE SHEETS (CONTINUED)

Millions, except share and per share amounts	September 30, 2026	December 31, 2025
Liabilities
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves	$2,747.4	$2,481.0
Unearned insurance premiums	1,427.4	1,026.1
Debt	159.0	159.7
Reinsurance payable	492.3	286.2
Contingent consideration	400.0	328.3
Other liabilities	233.7	247.2
Total P&C Insurance and Reinsurance liabilities	5,459.8	4,528.5
Asset Management (Kudu)
Debt	350.9	350.4
Other liabilities	122.6	96.5
Total Asset Management liabilities	473.5	446.9
Financial Guarantee (HG Global)
Unearned insurance premiums	342.5	327.9
Debt	197.4	147.8
Other liabilities	26.7	23.8
Total Financial Guarantee liabilities	566.6	499.5
Specialty Insurance Distribution (Distinguished)
Debt	140.9	140.8
Premiums and commissions payable	87.9	81.3
Other liabilities	88.6	85.0
Total Specialty Insurance Distribution liabilities	317.4	307.1
Services, Industrial and Consumer (WTM Partners)
Debt	63.1	19.4
Contract liabilities	43.2	24.8
Other liabilities	87.3	47.2
Total Services, Industrial and Consumer liabilities	193.6	91.4
Other Operations
Debt	17.3	18.9
Accrued incentive compensation	55.4	100.1
Other liabilities	49.0	55.4
Liabilities held for sale - Other	3.7	3.6
Total Other Operations liabilities	125.4	178.0
Total liabilities	7,136.3	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 2,386,823 and 2,479,677 shares	2.4	2.5
Paid-in surplus	572.3	576.5
Retained earnings	4,777.1	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	5,353.1	5,425.4
Nonredeemable noncontrolling interests	741.7	698.2
Total equity	6,094.8	6,123.6
Total liabilities, redeemable noncontrolling interests and equity	$13,362.6	$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.