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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 June 30, 2022
 
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: (603640-2200
 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value $1.00WTMNew 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 filerýAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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 August 4, 2022, 2,906,994 common shares with a par value of $1.00 per share were outstanding (which includes 38,350 restricted common shares that were not vested at such date).




WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents
 
  Page No.
   
 
   
 
   
 
  
 
      Three and Six Months Ended June 30, 2022 and 2021
 
      Three and Six Months Ended June 30, 2022 and 2021
 
  
 
  
  
 
  
 
  
 
 
  
 
  
  
  
  
  




Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2022December 31, 2021
Millions, except share and per share amounts
Assets
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value$884.4 $934.1 
Short-term investments, at fair value55.3 32.4 
Total investments939.7 966.5 
Cash21.6 19.8 
Insurance premiums receivable6.9 6.9 
Deferred acquisition costs33.9 33.1 
Other assets19.7 18.5 
Total Financial Guarantee assets1,021.8 1,044.8 
P&C Insurance and Reinsurance (Ark)
Fixed maturity investments, at fair value739.3 688.6 
Common equity securities, at fair value278.6 251.1 
Short-term investments, at fair value101.2 296.2 
Other long-term investments330.0 326.2 
Total investments1,449.1 1,562.1 
Cash214.6 67.8 
Reinsurance recoverables398.7 448.4 
Insurance premiums receivable894.8 416.0 
Ceded unearned premiums105.4 67.1 
Deferred acquisition costs and value of in-force business acquired192.4 108.2 
Goodwill and other intangible assets292.5 292.5 
Other assets67.9 64.9 
Total P&C Insurance and Reinsurance assets3,615.4 3,027.0 
Asset Management (Kudu)
     Other long-term investments727.0 669.5 
     Cash (restricted $7.3 and $4.5)
124.1 21.4 
     Accrued investment income11.2 16.9 
     Goodwill and other intangible assets8.7 8.9 
     Other assets10.4 10.4 
Total Asset Management assets881.4 727.1 
Other Operations
     Fixed maturity investments, at fair value243.0 286.2 
     Short-term investments, at fair value88.6 129.5 
Investment in MediaAlpha, at fair value166.9 261.6 
     Other long-term investments411.7 382.1 
     Total investments910.2 1,059.4 
     Cash23.1 38.7 
     Goodwill and other intangible assets96.8 39.1 
     Other assets114.4 59.5 
Assets held for sale - NSM Group997.8 989.0 
Assets held for sale - Other 16.1 
     Total Other Operations assets2,142.3 2,201.8 
Total assets$7,660.9 $7,000.7 
See Notes to Consolidated Financial Statements
1




CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Unaudited)
June 30, 2022December 31, 2021
Millions, except share and per share amounts
Liabilities
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums$274.0 $266.3 
Debt146.3  
Accrued incentive compensation16.5 24.7 
Other liabilities32.7 30.9 
Total Financial Guarantee liabilities469.5 321.9 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expense reserves1,022.1 894.7 
Unearned insurance premiums1,020.6 495.9 
Debt183.5 185.9 
Reinsurance payable418.8 424.1 
Contingent consideration30.2 28.0 
Other liabilities105.1 93.8 
Total P&C Insurance and Reinsurance liabilities2,780.3 2,122.4 
Asset Management (Kudu)
Debt253.3 218.2 
     Other liabilities45.3 42.8 
     Total Asset Management liabilities298.6 261.0 
Other Operations
Debt35.0 16.8 
Accrued incentive compensation51.1 48.5 
Other liabilities30.0 30.1 
Liabilities held for sale - NSM Group504.4 495.3 
Total Other Operations liabilities620.5 590.7 
Total liabilities4,168.9 3,296.0 
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 2,942,877 and 3,017,772 shares
2.9 3.0 
Paid-in surplus600.3585.9
Retained earnings2,725.1 2,957.5 
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation and
    interest rate swap
(5.0)1.7 
Total White Mountains’s common shareholders’ equity3,323.3 3,548.1 
Non-controlling interests168.7 156.6 
Total equity3,492.0 3,704.7 
Total liabilities and equity$7,660.9 $7,000.7 
See Notes to Consolidated Financial Statements
2


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

Three Months Ended June 30,Six Months Ended June 30,
Millions2022202120222021
Revenues:
Financial Guarantee (HG Global/BAM)
Earned insurance premiums$10.5 $6.5 $18.9 $12.9 
Net investment income4.8 4.3 9.4 8.8 
Net realized and unrealized investment gains (losses)(30.1)6.3 (75.2)(11.6)
Other revenues1.6 .3 2.4 .6 
Total Financial Guarantee revenues(13.2)17.4 (44.5)10.7 
P&C Insurance and Reinsurance (Ark)
Earned insurance premiums217.3 117.8 411.7 $222.4 
Net investment income3.2 .4 4.8 1.2 
Net realized and unrealized investment gains (losses)(44.6)8.9 (62.1)10.0 
Other revenues6.3 3.4 3.5 6.0 
Total P&C Insurance and Reinsurance revenues182.2 130.5 357.9 239.6 
Asset Management (Kudu)
Net investment income13.8 8.4 26.4 16.6 
Net realized and unrealized investment gains (losses)(17.6)27.8 4.7 43.6 
Other revenues   .1 
Total Asset Management revenues(3.8)36.2 31.1 60.3 
Other Operations
   Net investment income3.3 4.0 5.1 11.1 
   Net realized and unrealized investment gains (losses)(11.8)16.6 20.1 18.7 
   Net realized and unrealized investment gains (losses) from
      investment in MediaAlpha
(113.5)113.0 (94.7)71.3 
   Commission revenues2.6 2.3 5.5 4.6 
   Other revenues30.9 22.4 56.6 29.5 
Total Other Operations revenues(88.5)158.3 (7.4)135.2 
Total revenues$76.7 $342.4 $337.1 $445.8 
3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
Millions2022202120222021
Expenses:
Financial Guarantee (HG Global/BAM)
Insurance acquisition expenses$4.8 $1.6 $7.8 $3.5 
General and administrative expenses17.4 13.9 33.7 30.3 
Interest expense3.4  3.4  
Total Financial Guarantee expenses25.6 15.5 44.9 33.8 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expenses120.5 52.6 242.5 118.6 
Insurance and reinsurance acquisition expenses50.2 34.0 100.1 70.7 
General and administrative expenses29.8 24.8 52.9 62.6 
Interest expense3.1 1.3 6.9 2.4 
Total P&C Insurance and Reinsurance expenses203.6 112.7 402.4 254.3 
Asset Management (Kudu)
General and administrative expenses3.0 3.2 5.7 5.7 
Amortization of other intangible assets.1 .1 .2 .2 
Interest expense3.3 1.5 6.1 7.3 
Total Asset Management expenses6.4 4.8 12.0 13.2 
Other Operations
   Cost of sales22.4 17.9 43.8 21.9 
   General and administrative expenses50.1 29.3 79.0 65.0 
   Amortization of other intangible assets.9 .4 1.8 .9 
   Interest expense.3 .4 .6 .7 
Total Other Operations expenses73.7 48.0 125.2 88.5 
Total expenses309.3 181.0 584.5 389.8 
Pre-tax income (loss) from continuing operations(232.6)161.4 (247.4)56.0 
   Income tax (expense) benefit16.0 (30.0)18.7 (23.6)
Net income (loss) from continuing operations(216.6)131.4 (228.7)32.4 
Net gain (loss) from sale of discontinued operations, net of tax -
   Sirius
   18.7 
Net income (loss) from NSM Group discontinued operations, net
   of tax
6.4 1.1 10.1 (29.1)
Net income (loss)(210.2)132.5 (218.6)22.0 
   Net (income) loss attributable to non-controlling interests41.0 6.0 82.8 41.2 
Net income (loss) attributable to White Mountains’s
   common shareholders
$(169.2)$138.5 $(135.8)$63.2 
See Notes to Consolidated Financial Statements
4


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

Three Months Ended June 30,Six Months Ended June 30,
Millions2022202120222021
Net income (loss) attributable to White Mountains’s
   common shareholders
$(169.2)$138.5 $(135.8)$63.2 
Other comprehensive income (loss), net of tax(1.1).5 (1.5).2 
Other comprehensive income (loss) from NSM Group
    discontinued operations, net of tax
(4.0).5 (5.9)2.6 
Comprehensive income (loss) (174.3)139.5 (143.2)66.0 
Other comprehensive (income) loss attributable to
   non-controlling interests
.5 (.1).7 (.2)
Comprehensive income (loss) attributable to
   White Mountains’s common shareholders
$(173.8)$139.4 $(142.5)$65.8 

Earnings (loss) per share attributable to White Mountains’s common shareholders:
Basic earnings (loss) per share
Continuing operations$(58.78)$44.21 $(48.57)$23.35 
Discontinued operations1.98 .35 3.17 (3.00)
Total consolidated operations$(56.80)$44.56 $(45.40)$20.35 
Diluted earnings (loss) per share
Continuing operations$(58.78)$44.21 $(48.57)$23.35 
Discontinued operations1.98