WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 2026
WTM$2,280.00+1.1%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows, and
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| Millions | 2026 | 2025 |
| Cash flows from operations: | ||
| Net income (loss) | $175.3 | $388.1 |
| Adjustments to reconcile net income to net cash provided from (used for) operations: | ||
| Net realized and unrealized investment (gains) losses | (92.0) | (249.6) |
| Net realized and unrealized investment (gains) losses from investment in MediaAlpha | 60.4 | (1.6) |
| Net gain on sale of the Bamboo Group | (2.4) | — |
| Change in fair value of contingent consideration — Ark | 71.7 | 74.2 |
| Interest income from BAM Surplus Notes, net of interest payments received of $2.7 and $2.4 | (17.9) | (20.1) |
| Change in fair value of BAM Surplus Notes | 16.1 | — |
| Deferred income tax expense (benefit) | 18.3 | 5.2 |
| Amortization of restricted share awards | 14.9 | 13.6 |
| Amortization (accretion) and depreciation | 25.7 | 2.6 |
| Other operating items: | ||
| Net change in reinsurance recoverables | (240.0) | (335.8) |
| Net change in insurance premiums, commissions and fees receivable | (382.4) | (396.5) |
| Net change in deferred acquisition costs | (58.8) | (122.6) |
| Net change in loss and loss adjustment expense reserves | 266.4 | 363.7 |
| Net change in unearned insurance premiums | 415.9 | 560.3 |
| Net change in reinsurance payable | 206.1 | 255.2 |
| Net change in premiums and commissions payable | 6.6 | 18.8 |
| Net change in accrued incentive compensation — Other Operations | (44.7) | (4.0) |
| Net change in short-term investments — Kudu | (99.0) | 3.4 |
| Contributions to Kudu’s Participation Contracts | (40.0) | (119.3) |
| Proceeds from Kudu’s Participation Contracts sold | 71.6 | — |
| Net other operating activities | (40.2) | 61.0 |
| Net cash provided from (used for) operations | 331.6 | 496.6 |
| Cash flows from investing activities: | ||
| Net change in short-term investments | 885.8 | (64.4) |
| Sales of fixed maturity investments | 661.0 | 301.7 |
| Maturities, calls and paydowns of fixed maturity investments | 400.5 | 309.4 |
| Sales of common equity securities | 109.6 | 251.0 |
| Distributions and redemptions of other long-term investments | 45.4 | 109.8 |
| Net release of cash (pre-funding) of investment purchases | (170.0) | — |
| Proceeds from the sale of Bamboo Group | 6.0 | — |
| Purchases of consolidated subsidiaries, net of cash acquired of $7.4 and $1.9 | (179.3) | (342.2) |
| Purchases of fixed maturity investments | (1,429.1) | (759.6) |
| Purchases of common equity securities | (155.0) | — |
| Purchases of other long-term investments | (377.6) | (278.1) |
| Payments of principal received on the BAM Surplus Notes | 5.3 | 5.6 |
| Net other investing activities | 4.7 | 14.9 |
| Net cash provided from (used for) investing activities | (192.7) | (451.9) |
| Cash flows from financing activities: | ||
| Draw down of debt and revolving lines of credit | 260.9 | 212.4 |
| Repayment of debt and revolving lines of credit | (169.8) | (5.6) |
| Cash dividends paid to common shareholders | (2.4) | (2.6) |
| Repurchases and retirements of common shares | (216.8) | (9.9) |
| Contributions from other noncontrolling interests | 8.0 | 1.2 |
| Distributions to other noncontrolling interests | (39.1) | (60.1) |
| Net other financing activities | 2.1 | 27.7 |
| Net cash provided from (used for) financing activities | (157.1) | 163.1 |
| Net change in cash during the period | (18.2) | 207.8 |
| Cash balance at beginning of period (includes restricted cash balances of $1.2 and $14.1, unrestricted cash held for sale of $0.7 and $16.0 and restricted cash held for sale of $0.0 and $59.5) | 185.6 | 266.4 |
| Cash balance at end of period (includes restricted cash balances of $32.4 and $8.4, unrestricted cash held for sale of $0.4 and $36.6 and restricted cash held for sale of $0.0 and $100.2) | $167.4 | $474.2 |
| Supplemental cash flows information: | ||
| Interest paid | $(51.4) | $(49.2) |
| Net income tax payments | $(28.2) | $(21.3) |
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