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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the period ended September 30, 2019
 
OR
 
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from          to         
Commission file number 1-8993

WHITE MOUNTAINS INSURANCE GROUP, LTD.
(Exact name of Registrant as specified in its charter)
Bermuda
 

(State or other jurisdiction of incorporation or organization)
 
94-2708455
80 South Main Street,
 
(I.R.S. Employer Identification No.)
Hanover,
 
03755-2053
New Hampshire
 
(Zip Code)
(Address of principal executive offices)
 
 
 
Registrant’s telephone number, including area code: (603640-2200

 Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Shares, par value $1.00
 
WTM
 
New York Stock Exchange
per share
 
 
 
Bermuda Stock Exchange
 
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes      No   
 
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes       No   
 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  ý

As of November 5, 2019, 3,185,353 common shares with a par value of $1.00 per share were outstanding (which includes 43,395 restricted common shares that were not vested at such date).




WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents
 
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets, September 30, 2019 and December 31, 2018
 
 
 
 
 
 
     Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Changes in Equity,
 
     Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
Results of Operations for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
 
Critical Accounting Estimates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Part I.FINANCIAL INFORMATION.
Item 1.
Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
 
 
September 30, 2019
 
December 31, 2018
Millions, except share and per share amounts
 
 
Assets
 
Unaudited
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
     Fixed maturity investments, at fair value
 
$
794.5

 
$
701.4

     Short-term investments, at fair value
 
57.1

 
66.9

     Total investments
 
851.6

 
768.3

     Cash
 
11.3

 
12.5

     Insurance premiums receivable
 
6.7

 
6.4

     Deferred acquisition costs
 
21.4

 
19.0

     Accrued investment income
 
5.5

 
4.9

     Other assets
 
16.4

 
5.1

     Total Financial Guarantee assets
 
912.9

 
816.2

 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
     Short-term investments, at fair value
 

 
1.7

     Cash (restricted $67.0 and $50.0)
 
105.7

 
66.2

Premium and commission receivable
 
53.6

 
44.0

     Goodwill and other intangible assets
 
630.6

 
486.2

     Other assets
 
36.8

 
28.9

Total Specialty Insurance Distribution assets
 
826.7

 
627.0

 
 
 
 
 
Global Asset and Wealth Management (Kudu)
 
 
 
 
     Other long-term investments
 
219.3

 

     Short-term investments, at fair value
 
.1

 

     Cash
 
4.9

 

     Accrued investment income
 
4.7

 

     Goodwill and other intangible assets
 
9.6

 

     Other assets
 
3.7

 

Total Global Asset and Wealth Management assets
 
242.3

 

 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
     Cash
 

 
5.7

     Goodwill and other intangible assets
 

 
43.4

     Accounts receivable from publishers and advertisers
 

 
37.0

     Other assets
 

 
2.3

     Total Marketing Technology assets
 

 
88.4

 
 
 
 
 
Other Operations
 
 
 
 
     Fixed maturity investments, at fair value
 
371.5

 
376.1

     Short-term investments, at fair value
 
215.3

 
145.6

     Common equity securities, at fair value
 
629.7

 
925.6

     Other long-term investments
 
554.4

 
325.6

     Total investments
 
1,770.9

 
1,772.9

     Cash
 
27.3

 
25.9

     Accrued investment income
 
5.1

 
5.5

     Accounts receivable on unsettled investment sales
 
.3

 

     Goodwill and other intangible assets
 
20.7

 
7.9

     Other assets
 
27.3

 
15.5

     Assets held for sale
 
2.8

 
3.3

     Total Other Operations assets
 
1,854.4

 
1,831.0

Total assets
 
$
3,836.3

 
$
3,362.6

See Notes to Consolidated Financial Statements


1


CONSOLIDATED BALANCE SHEETS (CONTINUED)
 
 
September 30, 2019
 
December 31, 2018
Millions, except share and per share amounts
 
 
Liabilities
 
Unaudited
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
     Unearned insurance premiums
 
$
203.5

 
$
176.0

     Accrued incentive compensation
 
19.0

 
20.4

     Accounts payable on unsettled investment purchases
 
3.6

 
2.2

     Other liabilities
 
27.4

 
13.9

     Total Financial Guarantee liabilities
 
253.5

 
212.5

 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
Debt
 
219.4

 
178.5

Premiums payable
 
92.6

 
77.2

Contingent consideration earnout liabilities
 
28.7

 
20.2

     Other liabilities
 
60.1

 
38.9

Total Specialty Insurance Distribution liabilities
 
400.8

 
314.8

 
 
 
 
 
Global Asset and Wealth Management (Kudu)
 
 
 
 
     Other liabilities
 
5.3

 

     Total Global Asset and Wealth Management liabilities
 
5.3

 

 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
     Debt
 

 
14.2

     Amounts due to publishers and advertisers
 

 
27.0

     Other liabilities
 

 
5.7

     Total Marketing Technology liabilities
 

 
46.9

 
 
 
 
 
Other Operations
 
 
 
 
Debt
 
10.8

 

Accrued incentive compensation
 
44.9

 
38.9

Accounts payable on unsettled investment purchases
 

 
5.0

Other liabilities
 
50.1

 
26.3

Total Other Operations liabilities
 
105.8

 
70.2

Total liabilities
 
765.4

 
644.4

 
 
 
 
 
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 3,185,353 and 3,173,115 shares
 
3.2

 
3.2

Paid-in surplus
 
590.0

 
580.8

Retained earnings
 
2,611.5

 
2,264.9

Accumulated other comprehensive loss, after-tax:
 
 
 
 
Net unrealized foreign currency translation and interest rate swap losses
 
(11.3
)
 
(5.8
)
     Total White Mountains’s common shareholders’ equity
 
3,193.4

 
2,843.1

Non-controlling interests
 
(122.5
)
 
(124.9
)
Total equity
 
3,070.9

 
2,718.2

Total liabilities and equity
 
$
3,836.3

 
$
3,362.6

See Notes to Consolidated Financial Statements

2


WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Millions
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
 
 
   Earned insurance premiums
 
$
5.2

 
$
3.3

 
$
13.7

 
$
9.7

   Net investment income
 
5.4

 
4.8

 
16.1

 
12.5

   Net realized and unrealized investment gains (losses)
 
7.1

 
(4.1
)
 
30.4

 
(14.4
)
   Other revenues
 
.3

 
.2

 
1.3

 
.8

Total Financial Guarantee revenues
 
18.0

 
4.2

 
61.5

 
8.6

 
 
 
 
 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
 
 
 
 
Commission revenues
 
49.4

 
35.0

 
147.6

 
56.4

Other revenues
 
10.5

 
4.7

 
27.7

 
6.8

Total Specialty Insurance Distribution revenues
 
59.9

 
39.7

 
175.3

 
63.2

 
 
 
 
 
 
 
 
 
Global Asset and Wealth Management (Kudu)
 
 
 
 
 
 
 
 
Net investment income
 
4.6

 

 
8.6

 

Net realized and unrealized investment gains
 
2.7

 

 
3.1

 

Other revenues
 
.2

 

 
.2

 

Total Global Asset and Wealth Management revenues
 
7.5

 

 
11.9

 

 
 
 
 
 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
 
 
 
 
   Advertising and commission revenues
 

 
74.5

 
48.8

 
216.4

Other revenues
 

 

 

 
1.6

Total Marketing Technology revenues
 

 
74.5

 
48.8

 
218.0

 
 
 
 
 
 
 
 
 
Other Operations
 
 
 
 
 
 
 
 
   Net investment income
 
8.4

 
8.6

 
30.7

 
32.4

   Net realized and unrealized investment gains
 
57.2

 
70.2

 
199.6

 
37.3

Realized gain and unrealized investment gain from the
   MediaAlpha Transaction
 

 

 
182.2

 

   Advertising and commission revenues
 
1.9

 
1.1

 
4.5

 
3.0

   Other revenues
 
2.6

 
.4

 
3.6

 
.6

Total Other Operations revenues
 
70.1

 
80.3

 
420.6

 
73.3

Total revenues
 
$
155.5

 
$
198.7

 
$
718.1

 
$
363.1

 
 
 
 
 
 
 
 
 

3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Millions
 
2019
 
2018
 
2019
 
2018
Expenses:
 
 
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
 
 
   Insurance acquisition expenses
 
$
1.4

 
$
1.2

 
$
4.1

 
$
3.9

   Other underwriting expenses
 
.1

 
.1

 
.3

 
.3

   General and administrative expenses
 
12.5

 
11.3

 
39.1

 
36.5

Total Financial Guarantee expenses
 
14.0

 
12.6

 
43.5

 
40.7

 
 
 
 
 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
 
 
 
 
General and administrative expenses
 
33.3

 
23.5