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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, 2023
 
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 $1.00 per shareWTMNew York Stock Exchange
WTM.BHBermuda 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 May 5, 2023, 2,563,384 common shares with a par value of $1.00 per share were outstanding (which includes 37,595 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, 2023 and December 31, 2022
  
 
 
     Three Months Ended March 31, 2023 and 2022
 
 
     Three Months Ended March 31, 2023 and 2022
 
Consolidated Statements of Cash Flows, Three Months Ended March 31, 2023 and 2022
  
 
  
  
 
Results of Operations for the Three Months Ended March 31, 2023 and 2022
  
 
  
 
 
  
 
  
  
  
  
  





Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2023December 31, 2022
Millions, except share and per share amounts
Assets
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value$924.8 $909.9 
Short-term investments, at fair value65.9 65.9 
Total investments990.7 975.8 
Cash4.8 18.2 
Insurance premiums receivable6.3 6.6 
Deferred acquisition costs36.9 36.0 
Other assets21.6 21.9 
Total Financial Guarantee assets1,060.3 1,058.5 
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value765.0 772.8 
Common equity securities, at fair value340.4 334.6 
Short-term investments, at fair value553.7 484.6 
Other long-term investments393.9 373.6 
Total investments2,053.0 1,965.6 
Cash132.6 101.5 
Reinsurance recoverables570.6 595.3 
Insurance premiums receivable909.7 544.1 
Deferred acquisition costs208.5 127.2 
Goodwill and other intangible assets292.5 292.5 
Other assets71.5 65.2 
Total P&C Insurance and Reinsurance assets4,238.4 3,691.4 
Asset Management (Kudu)
     Other long-term investments683.2 695.9 
     Cash (restricted $13.0 and $12.2)
36.6 101.4 
     Accrued investment income19.1 12.4 
     Goodwill and other intangible assets8.5 8.6 
     Other assets20.6 7.6 
Total Asset Management assets768.0 825.9 
Other Operations
     Fixed maturity investments, at fair value266.1 238.2 
     Short-term investments, at fair value264.6 373.6 
     Common equity securities, at fair value357.4 333.8 
Investment in MediaAlpha, at fair value253.8 168.6 
     Other long-term investments565.9 418.5 
     Total investments1,707.8 1,532.7 
     Cash28.7 33.9 
     Goodwill and other intangible assets75.2 91.3 
     Other assets80.7 155.6 
     Total Other Operations assets1,892.4 1,813.5 
Total assets$7,959.1 $7,389.3 
See Notes to Consolidated Financial Statements
1




CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Unaudited)
March 31, 2023December 31, 2022
Millions, except share and per share amounts
Liabilities
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums$299.8 $298.3 
Debt146.6 146.5 
Accrued incentive compensation12.1 28.0 
Other liabilities30.1 29.0 
Total Financial Guarantee liabilities488.6 501.8 
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves1,345.6 1,296.5 
Unearned insurance premiums1,123.5 623.2 
Debt184.5 183.7 
Reinsurance payable193.0 251.1 
Contingent consideration42.9 45.3 
Other liabilities143.8 122.3 
Total P&C Insurance and Reinsurance liabilities3,033.3 2,522.1 
Asset Management (Kudu)
Debt191.6 208.3 
     Other liabilities54.8 65.0 
     Total Asset Management liabilities246.4 273.3 
Other Operations
Debt33.6 36.7 
Accrued incentive compensation40.0 86.1 
Other liabilities24.4 34.3 
Total Other Operations liabilities98.0 157.1 
Total liabilities3,866.3 3,454.3 
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 2,564,484 and 2,572,156 shares
2.6 2.6 
Paid-in surplus535.2536.0
Retained earnings3,367.3 3,211.8 
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation and
    interest rate swap
(2.7)(3.5)
Total White Mountains’s common shareholders’ equity3,902.4 3,746.9 
Noncontrolling interests190.4 188.1 
Total equity4,092.8 3,935.0 
Total liabilities and equity$7,959.1 $7,389.3 
See Notes to Consolidated Financial Statements
2


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

Three Months Ended March 31,
Millions20232022
Revenues:
Financial Guarantee (HG Global/BAM)
Earned insurance premiums$7.7 $8.4 
Net investment income7.2 4.6 
Net realized and unrealized investment gains (losses)17.0 (45.1)
Other revenues.8 .8 
Total Financial Guarantee revenues32.7 (31.3)
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums255.1 194.4 
Net investment income10.6 1.6 
Net realized and unrealized investment gains (losses)24.5 (17.5)
Other revenues(2.7)(2.8)
Total P&C Insurance and Reinsurance revenues287.5 175.7 
Asset Management (Kudu)
Net investment income14.2 12.6 
Net realized and unrealized investment gains (losses)29.6 22.3 
Total Asset Management revenues43.8 34.9 
Other Operations
   Net investment income7.0 1.8 
   Net realized and unrealized investment gains (losses)41.8 31.9 
   Net realized and unrealized investment gains (losses) from
      investment in MediaAlpha
85.2 18.8 
   Commission revenues3.3 2.9 
   Other revenues30.6 25.7 
Total Other Operations revenues167.9 81.1 
Total revenues$531.9 $260.4 
See Notes to Consolidated Financial Statements
3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

Three Months Ended March 31,
Millions20232022
Expenses:
Financial Guarantee (HG Global/BAM)
Acquisition expenses$2.7 $3.0 
General and administrative expenses17.3 16.3 
Interest expense4.5  
Total Financial Guarantee expenses24.5 19.3 
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses147.8 122.0 
Acquisition expenses59.8 49.9 
General and administrative expenses35.2 21.0 
Change in fair value of contingent consideration(2.4)2.1 
Interest expense5.0 3.8 
Total P&C Insurance and Reinsurance expenses245.4 198.8 
Asset Management (Kudu)
General and administrative expenses3.8 2.8 
Interest expense4.7 2.8 
Total Asset Management expenses8.5 5.6 
Other Operations
   Cost of sales13.9 21.4 
   General and administrative expenses39.7 29.8 
   Interest expense.8 .3 
Total Other Operations expenses54.4 51.5 
Total expenses332.8 275.2 
Pre-tax income (loss) from continuing operations199.1 (14.8)
   Income tax (expense) benefit(11.9)2.7 
Net income (loss) from continuing operations187.2 (12.1)
Net income (loss) from discontinued operations, net of tax -
   NSM Group
 3.7 
Net income (loss)187.2 (8.4)
   Net (income) loss attributable to noncontrolling interests(7.7)41.8 
Net income (loss) attributable to White Mountains’s
   common shareholders
$179.5 $33.4 
See Notes to Consolidated Financial Statements
4


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

Three Months Ended March 31,
Millions20232022
Net income (loss) attributable to White Mountains’s
   common shareholders
$179.5 $33.4 
Other comprehensive income (loss), net of tax1.2 (.4)
Other comprehensive income (loss) from discontinued operations,
   net of tax - NSM Group
 (1.9)
Comprehensive income (loss) 180.7 31.1 
Other comprehensive (income) loss attributable to
   noncontrolling interests
(.4).2 
Comprehensive income (loss) attributable to
   White Mountains’s common shareholders
$180.3 $31.3 

Earnings (loss) per share attributable to White Mountains’s common shareholders:
Basic earnings (loss) per share
Continuing operations$69.83 $9.90 
Discontinued operations 1.20 
Total consolidated operations$69.83 $11.10 
Diluted earnings (loss) per share
Continuing operations$69.83 $9.90 
Discontinued operations 1.20 
Total consolidated operations$69.83 $11.10 
Dividends declared and paid per White Mountains’s
   common share
$1.00 $1.00 
See Notes to Consolidated Financial Statements.

5


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

 White Mountains’s Common Shareholders’ Equity 
MillionsCommon shares and paid-in surplusRetained earningsAOCI, after taxTotalNon-controlling interestTotal Equity
Balance at January 1, 2023$538.6 $3,211.8 $(3.5)$3,746.9 $188.1 $3,935.0 
Net income (loss) 179.5  179.5 7.7 187.2 
Other comprehensive income (loss), net of tax  .8 .8 .4 1.2 
Total comprehensive income (loss) 179.5 .8 180.3 8.1 188.4 
Dividends declared on common shares (2.6) (2.6) (2.6)
Dividends to noncontrolling interests    (7.2)(7.2)
Issuances of common shares.1   .1  .1 
Repurchases and retirements of common shares(3.9)(21.4) (25.3) (25.3)
BAM member surplus contributions, net of tax    11.8 11.8 
Amortization of restricted share awards3.1   3.1  3.1 
Recognition of equity-based compensation expense
   of subsidiaries
.4   .4 .2 .6 
Net contributions (distributions) and dilution from
   other noncontrolling interests
(.5)  (.5)(1.2)(1.7)
Disposition of noncontrolling interests    (9.4)(9.4)
Balance at March 31, 2023$537.8 $3,367.3 $(2.7)$3,902.4 $190.4 $4,092.8 

 White Mountains’s Common Shareholders’ Equity 
MillionsCommon shares and paid-in surplusRetained earningsAOCI, after taxTotalNon-controlling interestTotal Equity
Balance at January 1, 2022$588.9 $2,957.5 $1.7 $3,548.1 $156.6 $3,704.7 
Net income (loss)— 33.4 — 33.4 (41.8)(8.4)
Other comprehensive income (loss), net of tax— — (.2)(.2)(.2)(.4)
Net gain (loss) from foreign currency translation from
   sale of discontinued operations, net of tax - NSM
   Group
— — (1.9)(1.9)— (1.9)
Total comprehensive income (loss)— 33.4 (2.1)31.3 (42.0)(10.7)
Dividends declared on common shares— (3.0)— (3.0)— (3.0)
Dividends to noncontrolling interests— — — — (.6)(.6)
Issuances of common shares.8 — — .8 — .8 
Repurchases and retirements of common shares(7.3)(31.7)— (39.0)— (39.0)
BAM member surplus contributions, net of tax— — — — 12.3 12.3 
Amortization of restricted share awards2.9 — — 2.9 — 2.9 
Recognition of equity-based compensation expense
   of subsidiaries
1.2 — — 1.2 .2 1.4 
Net contributions and dilution from other
   noncontrolling interests
(.2)— — (.2).7 .5