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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.

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).

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WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents

 

						Page No.
PART I.			FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)
			Consolidated Balance Sheets, September 30, 2021 and December 31, 2020			1
			Consolidated Statements of Operations and Comprehensive Income,
			Three and Nine Months Ended September 30, 2021 and 2020			3
			Consolidated Statements of Changes in Equity,			6
			Three and Nine Months Ended September 30, 2021 and 2020
			Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2021 and 2020			8
			Notes to Consolidated Financial Statements			9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			54
			Results of Operations for the Three and Nine Months Ended September 30, 2021 and 2020			54
			Liquidity and Capital Resources			80
			Non-GAAP Financial Measures			85
			Critical Accounting Estimates			87
			Forward-Looking Statements			91
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			91
Item 4.			Controls and Procedures			92
PART II.			OTHER INFORMATION			92
Items 1 through 6.						92
SIGNATURES						93

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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
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

1

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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

2

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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						211.8
Asset Management (Kudu)
Net investment income						9.5						6.4						26.1						19.3
Net realized and unrealized investment gains						18.9						9.8						62.5						1.5
Other revenues						.1						.1						.2						.2
Total Asset Management revenues						28.5						16.3						88.8						21.0
Other Operations
Net investment income						5.0						60.1						16.1						79.3