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 Statements of Operations,

	Three Months Ended September 30,		Nine Months Ended September 30,
Millions	2026	2025	2026	2025
Revenues:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums	$508.8	$542.2	$1,258.8	$1,264.4
Net investment income	27.8	27.2	84.5	77.0
Net realized and unrealized investment gains (losses)	(40.3)	17.8	(42.7)	98.4
Other revenues	4.5	2.3	16.1	10.8
Total P&C Insurance and Reinsurance revenues	500.8	589.5	1,316.7	1,450.6
Asset Management (Kudu)
Net investment income	20.7	18.0	60.5	56.7
Net realized and unrealized investment gains (losses)	(25.7)	36.1	66.0	80.9
Other revenues	—	.3	.4	1.0
Total Asset Management revenues	(5.0)	54.4	126.9	138.6
Financial Guarantee (HG Global)
Earned insurance premiums	8.6	7.5	24.0	22.8
Net investment income	7.9	7.0	23.4	19.8
Net realized and unrealized investment gains (losses)	(28.8)	7.2	(36.0)	20.3
Interest income from BAM Surplus Notes	6.8	7.5	20.6	22.5
Change in fair value of BAM Surplus Notes	(16.1)	—	(16.1)	—
Other revenues	.1	.1	.2	.2
Total Financial Guarantee revenues	(21.5)	29.3	16.1	85.6
Specialty Insurance Distribution (Distinguished)
Commission and fee revenues	55.2	14.1	151.4	14.1
Other revenues	.8	.2	2.3	.2
Total Specialty Insurance Distribution revenues	56.0	14.3	153.7	14.3
Services, Industrial and Consumer (WTM Partners)
Product and service revenues	106.8	54.0	243.3	96.8
Total Services, Industrial and Consumer revenues	106.8	54.0	243.3	96.8
P&C Insurance Distribution (Bamboo)
Commission and fee revenues	—	63.9	—	167.2
Earned insurance premiums	—	5.2	—	21.7
Other revenues	—	2.3	—	6.4
Total P&C Insurance Distribution revenues	—	71.4	—	195.3
Other Operations
Net investment income	13.5	6.2	42.5	24.5
Net realized and unrealized investment gains (losses)	25.4	14.9	104.7	49.5
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	(53.6)	7.7	(60.4)	1.6
Product and service revenues	14.3	14.8	41.8	41.9
Net gain on sale of the Bamboo Group	—	—	2.4	—
Other revenues	4.4	7.7	15.8	32.5
Total Other Operations revenues	4.0	51.3	146.8	150.0
Total revenues	$641.1	$864.2	$2,003.5	$2,131.2

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

	Three Months Ended September 30,		Nine Months Ended September 30,
Millions	2026	2025	2026	2025
Expenses:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses	$230.1	$254.6	$612.4	$652.1
Insurance acquisition expenses	113.1	106.8	315.6	287.5
General and administrative expenses	59.5	61.7	151.4	154.1
Change in fair value of contingent consideration	30.0	36.1	71.7	74.2
Interest expense	4.2	4.4	12.4	12.9
Total P&C Insurance and Reinsurance expenses	436.9	463.6	1,163.5	1,180.8
Asset Management (Kudu)
General and administrative expenses	2.9	4.7	11.8	12.3
Interest expense	7.4	6.1	21.7	18.6
Total Asset Management expenses	10.3	10.8	33.5	30.9
Financial Guarantee (HG Global)
Insurance acquisition expenses	2.1	2.0	6.3	5.9
General and administrative expenses	.4	1.0	5.3	2.6
Interest expense	3.8	4.3	11.1	13.4
Total Financial Guarantee expenses	6.3	7.3	22.7	21.9
Specialty Insurance Distribution (Distinguished)
Broker commission expenses	22.0	5.5	62.5	5.5
General and administrative expenses	43.3	10.2	121.5	10.2
Interest expense	3.4	1.3	10.5	1.3
Total Specialty Insurance Distribution expenses	68.7	17.0	194.5	17.0
Services, Industrial and Consumer (WTM Partners)
Cost of sales	84.1	47.1	192.8	82.3
General and administrative expenses	20.1	7.8	45.4	17.2
Interest expense	1.2	.3	2.1	.6
Total Services, Industrial and Consumer expenses	105.4	55.2	240.3	100.1
P&C Insurance Distribution (Bamboo)
Broker commission expenses	—	21.5	—	56.8
Loss and loss adjustment expenses	—	3.3	—	15.9
Insurance acquisition expenses	—	2.0	—	8.0
General and administrative expenses	—	26.8	—	69.4
Interest expense	—	2.8	—	7.8
Total P&C Insurance Distribution expenses	—	56.4	—	157.9
Other Operations
Cost of sales	7.7	8.2	21.8	22.9
General and administrative expenses	28.3	66.2	117.9	170.3
Interest expense	.7	.7	2.0	1.7
Total Other Operations expenses	36.7	75.1	141.7	194.9
Total expenses	664.3	685.4	1,796.2	1,703.5
Pre-tax income (loss)	(23.2)	178.8	207.3	427.7
Income tax (expense) benefit	(6.4)	(17.1)	(32.0)	(39.6)
Net income (loss)	(29.6)	161.7	175.3	388.1
Net (income) loss attributable to noncontrolling interests	(9.4)	(47.9)	(42.0)	(117.5)
Net income (loss) attributable to White Mountains’s common shareholders	$(39.0)	$113.8	$133.3	$270.6

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.