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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, 2021
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, Suite 3B | | (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: (603) 640-2200
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 (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 ý 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 ý 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.
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| Large accelerated filer | ý | 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, 2021, 3,017,772 common shares with a par value of $1.00 per share were outstanding (which includes 37,850 restricted common shares that were not vested at such date).
WHITE MOUNTAINS INSURANCE GROUP, LTD.
Table of Contents
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| | Three and Nine Months Ended September 30, 2021 and 2020 | |
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| | Three and Nine Months Ended September 30, 2021 and 2020 | |
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Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | | |
| | September 30, 2021 | | December 31, 2020 |
| Millions, except share and per share amounts | | |
| Assets | | Unaudited | | |
| Financial Guarantee (HG Global/BAM) | | | | |
| Fixed maturity investments, at fair value | | $ | 898.4 | | | $ | 859.5 | |
| Short-term investments, at fair value | | 50.3 | | | 60.4 | |
| Total investments | | 948.7 | | | 919.9 | |
| Cash | | 21.8 | | | 42.8 | |
| Insurance premiums receivable | | 6.9 | | | 6.9 | |
| Deferred acquisition costs | | 31.7 | | | 27.8 | |
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| Other assets | | 18.7 | | | 20.4 | |
| Total Financial Guarantee assets | | 1,027.8 | | | 1,017.8 | |
| P&C Insurance and Reinsurance (Ark) | | | | |
| Fixed maturity investments, at fair value | | 618.1 | | | — | |
| Common equity securities, at fair value | | 159.6 | | | — | |
| Short-term investments, at fair value | | 396.5 | | | — | |
| Other long-term investments | | 320.6 | | | — | |
| Total investments | | 1,494.8 | | | — | |
| Cash | | 116.5 | | | — | |
| Reinsurance recoverables | | 465.6 | | | — | |
| Insurance premiums receivable | | 482.3 | | | — | |
| Ceded unearned premiums | | 92.1 | | | — | |
| Deferred acquisition costs and value of in-force business acquired | | 127.8 | | | — | |
| | | | |
| Goodwill and other intangible assets | | 292.5 | | | — | |
| Other assets | | 61.3 | | | — | |
| Total P&C Insurance and Reinsurance assets | | 3,132.9 | | | — | |
| Specialty Insurance Distribution (NSM) | | | | |
| | | | |
Cash (restricted $92.2 and $78.4) | | 126.5 | | | 126.5 | |
| Premiums and commissions receivable | | 78.8 | | | 76.7 | |
| Goodwill and other intangible assets | | 734.8 | | | 736.8 | |
| Other assets | | 56.4 | | | 59.6 | |
| Total Specialty Insurance Distribution assets | | 996.5 | | | 999.6 | |
| Asset Management (Kudu) | | | | |
| Short-term investments, at fair value | | .1 | | | .1 | |
| Other long-term investments | | 604.7 | | | 400.6 | |
| Total investments | | 604.8 | | | 400.7 | |
Cash (restricted $4.5 and $0.0) | | 14.8 | | | 7.8 | |
| Accrued investment income | | 9.0 | | | 9.8 | |
| Goodwill and other intangible assets | | 9.0 | | | 9.2 | |
| Other assets | | 8.4 | | | 2.7 | |
| Total Asset Management assets | | 646.0 | | | 430.2 | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Other Operations | | | | |
| Fixed maturity investments, at fair value | | 316.4 | | | 347.7 | |
| Short-term investments, at fair value | | 162.6 | | | 82.4 | |
| | | | |
| Investment in MediaAlpha, at fair value | | 316.4 | | | 802.2 | |
| Other long-term investments | | 360.2 | | | 386.2 | |
| Total investments | | 1,155.6 | | | 1,618.5 | |
| Cash | | 31.1 | | | 34.1 | |
| Cash pre-funded/placed in escrow for Ark Transaction | | — | | | 646.3 | |
| | | | |
| | | | |
| Goodwill and other intangible assets | | 48.7 | | | 36.4 | |
| Other assets | | 75.0 | | | 48.5 | |
| | | | |
| Total Other Operations assets | | 1,310.4 | | | 2,383.8 | |
| Total assets | | $ | 7,113.6 | | | $ | 4,831.4 | |
See Notes to Consolidated Financial Statements
CONSOLIDATED BALANCE SHEETS (CONTINUED)
| | | | | | | | | | | | | | |
| | September 30, 2021 | | December 31, 2020 |
| Millions, except share and per share amounts | | |
| Liabilities | | Unaudited | | |
| Financial Guarantee (HG Global/BAM) | | | | |
| Unearned insurance premiums | | $ | 257.0 | | | $ | 237.5 | |
| Accrued incentive compensation | | 21.0 | | | 25.7 | |
| | | | |
| Other liabilities | | 32.5 | | | 28.3 | |
| Total Financial Guarantee liabilities | | 310.5 | | | 291.5 | |
| P&C Insurance and Reinsurance (Ark) | | | | |
| Loss and loss adjustment expense reserves | | 890.9 | | | — | |
| Unearned insurance premiums | | 596.6 | | | — | |
| Debt | | 200.7 | | | — | |
| Reinsurance payable | | 481.4 | | | — | |
| Contingent consideration | | 24.0 | | | — | |
| | | | |
| Other liabilities | | 87.4 | | | — | |
| Total P&C Insurance and Reinsurance liabilities | | 2,281.0 | | | — | |
| Specialty Insurance Distribution (NSM) | | | | |
| Debt | | 295.0 | | | 272.6 | |
| | | | |
| Premiums payable | | 132.5 | | | 113.4 | |
| | | | |
| Contingent consideration | | 6.7 | | | 14.6 | |
| | | | |
| Other liabilities | | 84.2 | | | 91.2 | |
| Total Specialty Insurance Distribution liabilities | | 518.4 | | | 491.8 | |
| Asset Management (Kudu) | | | | |
| | | | |
| | | | |
| Debt | | 195.6 | | | 86.3 | |
| | | | |
| Other liabilities | | 40.2 | | | 10.0 | |
| Total Asset Management liabilities | | 235.8 | | | 96.3 | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Other Operations | | | | |
| Debt | | 19.1 | | | 17.5 | |
| | | | |
| Accrued incentive compensation | | 44.7 | | | 70.1 | |
| | | | |
| Other liabilities | | 49.8 | | | 46.3 | |
| | | | |
| Total Other Operations liabilities | | 113.6 | | | 133.9 | |
| Total liabilities | | 3,459.3 | | | 1,013.5 | |
| 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 3,029,620 and 3,102,011 shares and paid-in surplus | | 3.0 | | | 3.1 | |
| Paid-in surplus | | 583.2 | | 592.1 |
| Retained earnings | | 2,935.3 | | | 3,311.2 | |
| Accumulated other comprehensive gain (loss), after-tax: | | | | |
| Net unrealized foreign currency translation and interest rate swap gains (losses) | | .2 | | | (.4) | |
| | | | |
| Total White Mountains’s common shareholders’ equity | | 3,521.7 | | | 3,906.0 | |
| Non-controlling interests | | 132.6 | | | (88.1) | |
| Total equity | | 3,654.3 | | | 3,817.9 | |
| Total liabilities and equity | | $ | 7,113.6 | | | $ | 4,831.4 | |
See Notes to Consolidated Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| Millions | | 2021 | | 2020 | | 2021 | | 2020 |
| Revenues: | | | | | | | | |
| Financial Guarantee (HG Global/BAM) | | | | | | | | |
| Earned insurance premiums | | $ | 6.7 | | | $ | 6.2 | | | $ | 19.6 | | | $ | 17.2 | |
| Net investment income | | 4.4 | | | 4.7 | | | 13.2 | | | 15.1 | |
| Net realized and unrealized investment (losses) gains | | (4.0) | | | 3.2 | | | (15.6) | | | 23.7 | |
| Other revenues | | .3 | | | .4 | | | .9 | | | 2.1 | |
| Total Financial Guarantee revenues | | 7.4 | | | 14.5 | | | 18.1 | | | 58.1 | |
| | | | | | | | |
| P&C Insurance and Reinsurance (Ark) | | | | | | | | |
| Earned insurance premiums | | 213.4 | | | — | | | 435.8 | | | — | |
| Net investment income | | .6 | | | — | | | 1.8 | | | — | |
| Net realized and unrealized investment gains | | .3 | | | — | | | 10.3 | | | — | |
| Other revenues | | 3.4 | | | — | | | 9.4 | | | — | |
| Total P&C Insurance and Reinsurance revenues | | 217.7 | | | — | | | 457.3 | | | — | |
| | | | | | | | |
| Specialty Insurance Distribution (NSM) | | | | | | | | |
| Commission revenues | | 67.0 | | | 58.2 | | | 194.6 | | | 174.2 | |
| | | | | | | | |
| Other revenues | | 15.3 | | | 12.5 | | | 46.8 | | | 37.6 | |
| Total Specialty Insurance Distribution revenues | | 82.3 | | | 70.7 | | | 241.4 | |
