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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, 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 November 2, 2023, 2,560,452 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, September 30, 2023 and December 31, 2022
  
 
 
     Three and Nine Months Ended September 30, 2023 and 2022
 
 
     Three and Nine Months Ended September 30, 2023 and 2022
 
Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2023 and 2022
  
 
  
  
 
Results of Operations for the Three and Nine Months Ended September 30, 2023 and 2022
  
 
  
 
 
  
 
  
  
  
  
  





Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
Millions, except share and per share amountsSeptember 30, 2023December 31, 2022
Assets
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value$932.2 $909.9 
Short-term investments, at fair value80.1 65.9 
Total investments1,012.3 975.8 
Cash4.9 18.2 
Insurance premiums receivable5.5 6.6 
Deferred acquisition costs38.5 36.0 
Other assets22.2 21.9 
Total Financial Guarantee assets1,083.4 1,058.5 
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value775.0 772.8 
Common equity securities, at fair value384.9 334.6 
Short-term investments, at fair value850.0 484.6 
Other long-term investments416.6 373.6 
Total investments2,426.5 1,965.6 
Cash129.6 101.5 
Reinsurance recoverables538.4 595.3 
Insurance premiums receivable781.6 544.1 
Deferred acquisition costs178.7 127.2 
Goodwill and other intangible assets292.5 292.5 
Other assets66.9 65.2 
Total P&C Insurance and Reinsurance assets4,414.2 3,691.4 
Asset Management (Kudu)
     Short-term investments, at fair value17.3  
     Other long-term investments780.7 695.9 
Total investments798.0 695.9 
     Cash (restricted $0.0 and $12.2)
5.4 101.4 
     Accrued investment income15.8 12.4 
     Goodwill and other intangible assets8.4 8.6 
     Other assets8.3 7.6 
Total Asset Management assets835.9 825.9 
Other Operations
     Fixed maturity investments, at fair value270.7 238.2 
     Common equity securities, at fair value252.1 333.8 
Investment in MediaAlpha, at fair value188.8 168.6 
     Short-term investments, at fair value215.5 373.6 
     Other long-term investments698.5 418.5 
     Total investments1,625.6 1,532.7 
     Cash22.9 33.9 
     Goodwill and other intangible assets71.2 91.3 
     Other assets89.6 155.6 
     Total Other Operations assets1,809.3 1,813.5 
Total assets$8,142.8 $7,389.3 
See Notes to Consolidated Financial Statements
1





CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Unaudited)
Millions, except share and per share amountsSeptember 30, 2023December 31, 2022
Liabilities
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums$312.3 $298.3 
Debt146.8 146.5 
Accrued incentive compensation19.9 28.0 
Other liabilities40.0 29.0 
Total Financial Guarantee liabilities519.0 501.8 
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves1,571.8 1,296.5 
Unearned insurance premiums984.6 623.2 
Debt184.6 183.7 
Reinsurance payable146.3 251.1 
Contingent consideration62.1 45.3 
Other liabilities132.0 122.3 
Total P&C Insurance and Reinsurance liabilities3,081.4 2,522.1 
Asset Management (Kudu)
Debt203.7 208.3 
Other liabilities53.6 65.0 
Total Asset Management liabilities257.3 273.3 
Other Operations
Debt29.6 36.7 
Accrued incentive compensation64.0 86.1 
Other liabilities27.3 34.3 
Total Other Operations liabilities120.9 157.1 
Total liabilities3,978.6 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 2,560,452 and 2,572,156 shares
2.6 2.6 
Paid-in surplus544.9536.0
Retained earnings3,404.3 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’ equity3,949.1 3,746.9 
Noncontrolling interests215.1 188.1 
Total equity4,164.2 3,935.0 
Total liabilities and equity$8,142.8 $7,389.3 
See Notes to Consolidated Financial Statements
2


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

Three Months Ended September 30,Nine Months Ended September 30,
Millions2023202220232022
Revenues:
Financial Guarantee (HG Global/BAM)
Earned insurance premiums$7.9 $7.1 $23.3 $26.0 
Net investment income8.1 5.7 22.9 15.1 
Net realized and unrealized investment gains (losses)(24.1)(38.8)(17.0)(114.0)
Other revenues.7 1.3 2.0 3.7 
Total Financial Guarantee revenues(7.4)(24.7)31.2 (69.2)
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums498.9 346.1 1,047.3 757.8 
Net investment income16.9 4.9 41.2 9.7 
Net realized and unrealized investment gains (losses)(6.6)(14.4)35.9 (76.5)
Other revenues3.6 6.6 (1.1)10.1 
Total P&C Insurance and Reinsurance revenues512.8 343.2 1,123.3 701.1 
Asset Management (Kudu)
Net investment income15.1 14.8 44.0 41.2 
Net realized and unrealized investment gains (losses)11.2 41.1 45.4 45.8 
Total Asset Management revenues26.3 55.9 89.4 87.0 
Other Operations
   Net investment income8.0 8.5 22.0 13.6 
   Net realized and unrealized investment gains (losses)8.0 (17.3)125.8 2.8 
   Net realized and unrealized investment gains (losses) from
      investment in MediaAlpha
(46.8)(18.6)(38.9)(113.3)
   Commission revenues3.5 3.2 10.0 8.7 
   Other revenues15.2 33.0 67.1 89.6 
Total Other Operations revenues(12.1)8.8 186.0 1.4 
Total revenues$519.6 $383.2 $1,429.9 $720.3 
See Notes to Consolidated Financial Statements
3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
Millions2023202220232022
Expenses:
Financial Guarantee (HG Global/BAM)
Acquisition expenses$2.1 $1.7 $6.3 $9.5 
General and administrative expenses17.5 15.8 49.7 49.5 
Interest expense3.8 2.0 10.8 5.4 
Total Financial Guarantee expenses23.4 19.5 66.8 64.4 
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses265.8 213.7 581.1 456.2 
Acquisition expenses90.3 74.8 211.5 174.9 
General and administrative expenses35.4 24.2 105.5 74.9 
Change in fair value of contingent consideration17.0 2.716.8 4.9 
Interest expense5.5 3.7 15.7 10.6 
Total P&C Insurance and Reinsurance expenses414.0 319.1 930.6 721.5 
Asset Management (Kudu)
General and administrative expenses4.5 4.5 12.3 10.4 
Interest expense5.5 4.2 15.5 10.3 
Total Asset Management expenses10.0 8.7 27.8 20.7 
Other Operations
   Cost of sales8.0 25.0 33.5 68.8 
   General and administrative expenses42.2 41.3 130.7 122.1 
   Interest expense.9 .6 2.9 1.2 
Total Other Operations expenses51.1 66.9 167.1 192.1 
Total expenses498.5 414.2 1,192.3 998.7 
Pre-tax income (loss) from continuing operations21.1 (31.0)237.6 (278.4)
   Income tax (expense) benefit(7.3)7.4 (19.4)26.1 
Net income (loss) from continuing operations13.8 (23.6)218.2 (252.3)
Net income (loss) from discontinued operations, net of tax -
   NSM Group
 6.3  16.4 
Net gain (loss) from sale of discontinued operations, net of tax -
   NSM Group
 886.8  886.8 
Net income (loss)13.8 869.5 218.2 650.9 
   Net (income) loss attributable to noncontrolling interests9.8 18.7 4.5 101.5 
Net income (loss) attributable to White Mountains’s
   common shareholders
$23.6 $888.2 $222.7 $752.4 
See Notes to Consolidated Financial Statements
4


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

Three Months Ended September 30,Nine Months Ended September 30,
Millions2023202220232022
Net income (loss) attributable to White Mountains’s
   common shareholders
$23.6 $888.2 $222.7 $752.4 
Other comprehensive income, net of tax:
Other comprehensive income (loss), net of tax(1.7)(1.4).9 (3.0)
Other comprehensive income (loss) from discontinued
   operations, net of tax - NSM Group
 .7  (5.2)
Net gain (loss) from foreign currency translation from sale of
   discontinued operations, net of tax - NSM Group
 2.9  2.9 
Comprehensive income (loss) 21.9 890.4 223.6 747.1 
Other comprehensive (income) loss attributable to
   noncontrolling interests
.7 (.3)(.1).4 
Comprehensive income (loss) attributable to
   White Mountains’s common shareholders
$22.6 $890.1 $223.5 $747.5 

Earnings (loss) per share attributable to White Mountains’s common shareholders:
Basic earnings (loss) per share
Continuing operations$9.19 $(1.66)$86.82 $(50.73)
Discontinued operations 308.59  304.97 
Total consolidated operations$9.19 $306.93 $86.82 $254.24 
Diluted earnings (loss) per share
Continuing operations$9.19 $(1.66)$86.82 $(50.73)
Discontinued operations 308.59  304.97 
Total consolidated operations$9.19 $306.93 $86.82 $254.24 
Dividends declared and paid per White Mountains’s
   common share
$ $ $1.00 $1.00 
See Notes to Consolidated Financial Statements.

5


WHITE MOUNTAINS INSURANCE GROUP, LTD.
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 June 30, 2023$543.2 $3,380.7 $(1.7)$3,922.2 $203.7 $4,125.9 
Net income (loss) 23.6  23.6 (9.8)13.8 
Other comprehensive income (loss), net of tax  (1.0)(1.0)(.7)(1.7)
Total comprehensive income (loss) 23.6 (1.0)22.6 (10.5)12.1 
Dividends to noncontrolling interests    (.5)(.5)
Issuances of common shares      
Repurchases and retirements of common shares      
BAM member surplus contribution, net of tax    19.9 19.9 
Amortization of restricted share awards4.0   4.0  4.0 
Recognition of equity-based compensation expense
   of subsidiaries
.4   .4 .2 .6 
Net contributions and dilution from other
   noncontrolling interests
(.1)  (.1)2.3 2.2 
Balance at September 30, 2023$547.5 $3,404.3 $(2.7)$3,949.1 $215.1 $4,164.2 

 White Mountains’s Common Shareholders’ Equity 
MillionsCommon shares and paid-in surplusRetained earningsAOCI, after taxTotalNon-controlling interestTotal Equity
Balance at June 30, 2022$603.2 $2,725.1 $(5.0)$3,323.3 $168.7 $3,492.0 
Net income (loss)— 888.2 — 888.2 (18.7)869.5 
Other comprehensive income (loss), net of tax— — (1.8)(1.8).3 (1.5)
Other comprehensive income (loss) from discontinued
   operations, net of tax - NSM Group
— — .7 .7 — .7 
Net gain (loss) from foreign currency translation
   from sale of discontinued operations, net of tax -
   NSM Group
— — 2.9 2.9 — 2.9 
Total comprehensive income (loss)— 888.2 1.8 890.0 (18.4)871.6 
Dividends to noncontrolling interests— — — — (.5)(.5)
Repurchases and retirements of common shares(71.5)(437.4)— (508.9)— (508.9)
BAM member surplus contributions, net of tax— — — — 26.0 26.0 
Amortization of restricted share awards3.8 — — 3.8 — 3.8 
Recognition of equity-based compensation expense
   of subsidiaries
.4 — — .4 .2 .6 
Net contributions and dilution from other
   noncontrolling interests
(.6)— — (.6)(.2)(.8)
Disposition of noncontrolling interests— — — — (17.5)(17.5)
Balance at September 30, 2022$535.3 $3,175.9 $(3.2)$3,708.0 $158.3 $3,866.3 
See Notes to Consolidated Financial Statements.
6


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
(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) 222.7  222.7 (4.5)218.2 
Other comprehensive income (loss), net of tax  .8 .8 .1 .9 
Total comprehensive income (loss) 222.7 .8 223.5 (4.4)219.1 
Dividends declared on common shares (2.6) (2.6) (2.6)
Dividends to noncontrolling interests    (8.3)(8.3)
Issuances of common shares2.1   2.1  2.1 
Repurchases and retirements of common shares(5.1)(27.6) (32.7) (32.7)
BAM member surplus contributions, net of tax    46.4 46.4 
Amortization of restricted share awards11.2   11.2