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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 March 31, 2020
 
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
23 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
Registrant’s former address: 80 South Main Street, Hanover, New Hampshire 03755-2053
 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 (or for such shorter period that the Registrant was required to file such reports), 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes       No   
 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth 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 May 6, 2020, 3,105,038 common shares with a par value of $1.00 per share were outstanding (which includes 43,105 restricted common shares that were not vested at such date).




WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents
 
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets, March 31, 2020 and December 31, 2019
 
 
 
 
 
 
     Three Months Ended March 31, 2020 and 2019
 
 
 
 
Consolidated Statements of Changes in Equity, Three Months Ended March 31, 2020 and 2019
 
 
 
 
Consolidated Statements of Cash Flows, Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
 
Results of Operations for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
 
 
Critical Accounting Estimates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Part I.FINANCIAL INFORMATION.
Item 1.
Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
 
 
March 31, 2020
 
December 31, 2019
Millions, except share and per share amounts
 
 
Assets
 
Unaudited
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
     Fixed maturity investments, at fair value
 
$
818.2

 
$
799.3

     Short-term investments, at fair value
 
24.5

 
46.3

     Total investments
 
842.7

 
845.6

     Cash
 
10.5

 
24.2

     Insurance premiums receivable
 
6.8

 
6.7

     Deferred acquisition costs
 
23.3

 
22.1

     Accrued investment income
 
5.5

 
5.4

     Other assets
 
15.4

 
20.0

     Total Financial Guarantee assets
 
904.2

 
924.0

 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
     Cash (restricted $64.9 and $56.3)
 
89.7

 
89.7

Premiums and commissions receivable
 
71.5

 
70.8

     Goodwill and other intangible assets
 
615.2

 
623.0

     Other assets
 
46.5

 
41.7

Total Specialty Insurance Distribution assets
 
822.9

 
825.2

 
 
 
 
 
Asset Management (Kudu)
 
 
 
 
     Short-term investments, at fair value
 
.1

 
.1

     Other long-term investments
 
262.7

 
266.5

Total investments
 
262.8

 
266.6

     Cash
 
7.7

 
5.8

     Accrued investment income
 
5.6

 
5.8

     Goodwill and other intangible assets
 
9.5

 
9.6

     Other assets
 
2.8

 
2.7

Total Asset Management assets
 
288.4

 
290.5

 
 
 
 
 
Other Operations
 
 
 
 
     Fixed maturity investments, at fair value
 
394.1

 
406.5

     Short-term investments, at fair value
 
113.0

 
154.8

     Common equity securities, at fair value
 
523.7

 
683.9

     Other long-term investments
 
542.9

 
589.8

     Total investments
 
1,573.7

 
1,835.0

     Cash
 
28.5

 
41.3

     Accrued investment income
 
7.3

 
5.7

     Accounts receivable on unsettled investment sales
 
58.1

 
5.1

     Goodwill and other intangible assets
 
22.1

 
22.1

     Other assets
 
31.5

 
31.3

     Assets held for sale
 
3.0

 
3.0

     Total Other Operations assets
 
1,724.2

 
1,943.5

Total assets
 
$
3,739.7

 
$
3,983.2

See Notes to Consolidated Financial Statements


1


CONSOLIDATED BALANCE SHEETS (CONTINUED)
 
 
March 31, 2020
 
December 31, 2019
Millions, except share and per share amounts
 
 
Liabilities
 
Unaudited
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
     Unearned insurance premiums
 
$
202.7

 
$
198.4

     Accrued incentive compensation
 
9.7

 
21.7

     Other liabilities
 
26.4

 
26.7

     Total Financial Guarantee liabilities
 
238.8

 
246.8

 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
Debt
 
218.4

 
219.2

Premiums payable
 
110.8

 
102.3

Contingent consideration earnout liabilities
 
13.4

 
20.6

     Other liabilities
 
61.1

 
59.0

Total Specialty Insurance Distribution liabilities
 
403.7

 
401.1

 
 
 
 
 
Asset Management (Kudu)
 
 
 
 
Debt
 
65.7

 
53.6

     Other liabilities
 
1.4

 
3.4

     Total Asset Management liabilities
 
67.1

 
57.0

 
 
 
 
 
Other Operations
 
 
 
 
Debt
 
10.6

 
10.7

Accrued incentive compensation
 
11.7

 
55.1

Accounts payable on unsettled investment purchases
 
1.0

 

Other liabilities
 
47.7

 
67.8

Total Other Operations liabilities
 
71.0

 
133.6

Total liabilities
 
780.6

 
838.5

 
 
 
 
 
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 3,135,005 and 3,185,353 shares and paid-in surplus
 
589.3

 
596.3

Paid-in surplus
 
 
 
 
Retained earnings
 
2,498.0

 
2,672.4

Accumulated other comprehensive loss, after-tax:
 
 
 
 
Net unrealized foreign currency translation and interest rate swap losses
 
(10.6
)
 
(7.2
)
     Total White Mountains’s common shareholders’ equity
 
3,076.7

 
3,261.5

Non-controlling interests
 
(117.6
)
 
(116.8
)
Total equity
 
2,959.1

 
3,144.7

Total liabilities and equity
 
$
3,739.7

 
$
3,983.2

See Notes to Consolidated Financial Statements

2


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

 
 
Three Months Ended March 31,
Millions
 
2020
 
2019
Revenues:
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
   Earned insurance premiums
 
$
5.4

 
$
4.2

   Net investment income
 
5.5

 
5.3

   Net realized and unrealized investment gains
 
6.1

 
11.8

   Other revenues
 
.5

 
.6

Total Financial Guarantee revenues
 
17.5

 
21.9

 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
Commission revenues
 
53.0

 
43.3

Other revenues
 
12.0

 
6.0

Total Specialty Insurance Distribution revenues
 
65.0

 
49.3

 
 
 
 
 
Asset Management (Kudu)
 
 
 
 
Net investment income
 
7.3

 

Net realized and unrealized investment losses
 
(24.8
)
 

Other revenues
 
.1

 

Total Asset Management revenues
 
(17.4
)
 

 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
   Advertising and commission revenues
 

 
48.8

Other revenues
 

 

Total Marketing Technology revenues
 

 
48.8

 
 
 
 
 
Other Operations
 
 
 
 
   Net investment income
 
10.1

 
10.7

   Net realized and unrealized investment (losses) gains
 
(138.0
)
 
119.1

Realized gain and unrealized investment gain from the MediaAlpha Transaction
 

 
182.2

   Advertising and commission revenues
 
2.1

 
1.3

   Other revenues
 
1.5

 
.3

Total Other Operations revenues
 
(124.3
)
 
313.6

Total revenues
 
$
(59.2
)
 
$
433.6

 
 
 
 
 


3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

 
 
Three Months Ended March 31,
Millions
 
2020
 
2019
Expenses:
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
   Insurance acquisition expenses
 
$
1.7

 
$
1.3

   General and administrative expenses
 
14.7

 
14.4

Total Financial Guarantee expenses
 
16.4

 
15.7

 
 
 
 
 
Specialty Insurance Distribution (NSM)
 
 
 
 
General and administrative expenses
 
39.6

 
25.3

Broker commission expenses
 
18.3

 
15.5

Change in fair value of contingent consideration earnout liabilities
 
(.6
)
 
1.3

Amortization of other intangible assets
 
4.8

 
5.0

Interest expense
 
4.3

 
3.7

Total Specialty Insurance Distribution expenses
 
66.4

 
50.8

 
 
 
 
 
Asset Management (Kudu)
 
 
 
 
General and administrative expenses
 
2.5

 

Amortization of other intangible assets
 
.1

 

Interest expense
 
1.4

 

Total Asset Management expenses
 
4.0

 

 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
   Cost of sales
 

 
40.6

   General and administrative expenses
 

 
12.5

   Amortization of other intangible assets
 

 
1.6

   Interest expense
 

 
.2

Total Marketing Technology expenses
 

 
54.9

 
 
 
 
 
Other Operations
 
 
 
 
   Cost of sales
 
2.0

 
1.1

   General and administrative expenses
 
17.5

 
29.4

   Amortization of other intangible assets
 
.2

 

   Interest expense
 
.3

 

Total Other Operations expenses
 
20.0

 
30.5

Total expenses
 
106.8

 
151.9

 
 
 
 
 
Pre-tax (loss) income from continuing operations
 
(166.0
)
 
281.7

   Income tax benefit (expense)
 
25.5

 
(10.2
)
Net (loss) income from continuing operations
 
(140.5
)
 
271.5

Net gain from sale of discontinued operations, net of tax
 
.9

 
.7

Net (loss) income
 
(139.6
)
 
272.2

   Net loss attributable to non-controlling interests
 
10.8

 
12.2

Net (loss) income attributable to White Mountains’s
   common shareholders
 
$
(128.8
)
 
$
284.4

See Notes to Consolidated Financial Statements

4


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

 
 
Three Months Ended March 31,
Millions
 
2020
 
2019
Net (loss) income attributable to White Mountains’s common
   shareholders
 
$
(128.8
)
 
$
284.4

Other comprehensive loss, net of tax
 
(3.4
)
 
(.3
)
Comprehensive (loss) income
 
(132.2
)
 
284.1

Comprehensive loss attributable to non-controlling interests
 

 

Comprehensive (loss) income attributable to White Mountains’s
   common shareholders
 
$
(132.2
)
 
$
284.1

Loss (earnings) per share attributable to White Mountains’s