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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, 2024

 

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 per share

WTM

New York Stock Exchange

WTM.BH

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 August 2, 2024, 2,568,283 common shares with a par value of $1.00 per share were outstanding (which includes 35,525 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, June 30, 2024 and December 31, 2023			1
			Consolidated Statements of Operations and Comprehensive Income,    Three and Six Months Ended June 30, 2024 and 2023			3
			Consolidated Statements of Changes in Equity, Three and Six Months Ended    June 30, 2024 and 2023			7
			Consolidated Statements of Cash Flows, Six Months Ended June 30, 2024 and 2023			8
			Notes to Consolidated Financial Statements			9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			47
			Results of Operations for the Three and Six Months Ended June 30, 2024 and 2023			47
			Liquidity and Capital Resources			76
			Non-GAAP Financial Measures			80
			Critical Accounting Estimates			81
			Forward-Looking Statements			82
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			83
Item 4.			Controls and Procedures			83
PART II.			OTHER INFORMATION			83
Items 1 through 6.						83
SIGNATURES						84

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Part I.FINANCIAL INFORMATION.

Item 1.Financial Statements

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

Millions, except share and per share amounts						June 30, 2024						December 31, 2023
Assets
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value						$	1,005.5					$	866.8
Common equity securities, at fair value						422.3						400.6
Short-term investments, at fair value						904.5						962.8
Other long-term investments						491.3						440.9
Total investments						2,823.6						2,671.1
Cash (restricted $3.6 and $0.7)						156.3						90.5
Reinsurance recoverables						863.8						442.0
Insurance premiums receivable						1,175.4						612.2
Deferred acquisition costs						245.3						145.3
Goodwill and other intangible assets						292.5						292.5
Other assets						147.0						125.0
Total P&C Insurance and Reinsurance assets						5,703.9						4,378.6
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value						1,039.4						1,012.3
Short-term investments, at fair value						51.3						70.6
Total investments						1,090.7						1,082.9
Cash						5.0						6.7
Insurance premiums receivable						6.4						5.5
Deferred acquisition costs						41.7						40.1
Other assets						36.3						36.8
Total Financial Guarantee assets						1,180.1						1,172.0
Asset Management (Kudu)
Short-term investments, at fair value						37.6						29.3
Other long-term investments						907.1						896.3
Total investments						944.7						925.6
Cash						1.1						1.4
Accrued investment income						15.1						17.6
Goodwill and other intangible assets						8.1						8.3
Other assets						35.4						6.5
Total Asset Management assets						1,004.4						959.4
P&C Insurance Distribution (Bamboo)
Fixed maturity investments, at fair value						33.2						—
Short-term investments, at fair value						19.8						—
Total investments						53.0						—
Cash (restricted $60.5 and $0.0)						68.9						—
Premiums, commissions and fees receivable						58.0						—
Goodwill and other intangible assets						363.0						—
Other assets						18.8						—
Total P&C Insurance Distribution assets						561.7						—
Other Operations
Fixed maturity investments, at fair value						266.7						230.2
Common equity securities, at fair value						208.5						137.8
Investment in MediaAlpha, at fair value						235.2						254.9
Short-term investments, at fair value						192.3						425.2
Other long-term investments						624.0						661.0
Total investments						1,526.7						1,709.1
Cash						23.9						23.8
Insurance premiums receivable						21.7						—
Goodwill and other intangible assets						67.4						69.8
Other assets						77.1						73.2
Total Other Operations assets						1,716.8						1,875.9
Total assets						$	10,166.9					$	8,385.9

See Notes to Consolidated Financial Statements

1

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CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Unaudited)

Millions, except share and per share amounts						June 30, 2024						December 31, 2023
Liabilities
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves						$	1,890.1					$	1,605.1
Unearned insurance premiums						1,526.1						743.6
Debt						155.0						185.5
Reinsurance payable						367.3						81.1
Contingent consideration						107.3						94.0
Other liabilities						157.2						166.8
Total P&C Insurance and Reinsurance liabilities						4,203.0						2,876.1
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums						333.2						325.8
Debt						147.2						146.9
Accrued incentive compensation						17.3						27.2
Other liabilities						34.8						31.8
Total Financial Guarantee liabilities						532.5						531.7
Asset Management (Kudu)
Debt						203.3						203.8
Other liabilities						67.9						71.6
Total Asset Management liabilities						271.2						275.4
P&C Insurance Distribution (Bamboo)
Loss and loss adjustment expense reserves						16.6						—
Unearned insurance premiums						23.6						—
Premiums and commissions payable						78.8						—
Other liabilities						28.2						—
Total P&C Insurance Distribution liabilities						147.2						—
Other Operations
Loss and loss adjustment expense reserves						3.9						—
Unearned insurance premiums						22.6						—
Debt						24.7						28.4
Accrued incentive compensation						58.5						87.7
Other liabilities						31.1						25.0
Total Other Operations liabilities						140.8						141.1
Total liabilities						5,294.7						3,824.3
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 2,568,283 and 2,560,452 shares						2.6						2.6
Paid-in surplus						558.7						548.7
Retained earnings						3,863.1						3,690.8
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation						(1.8)						(1.6)
Total White Mountains’s common shareholders’ equity						4,422.6						4,240.5
Noncontrolling interests						449.6						321.1
Total equity						4,872.2						4,561.6
Total liabilities and equity						$	10,166.9					$	8,385.9

See Notes to Consolidated Financial Statements

2

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WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

						Three Months Ended June 30,												Six Months Ended June 30,
Millions						2024						2023						2024						2023
Revenues:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums						$	318.3					$	293.3					$	621.1					$	548.4
Net investment income						22.3						13.7						42.2						24.3
Net realized and unrealized investment gains (losses)						20.3						18.0						30.9						42.5
Other revenues						2.4						(2.0)						5.9						(4.7)
Total P&C Insurance and Reinsurance revenues						363.3						323.0						700.1						610.5
Financial Guarantee (HG Global/BAM)
Earned insurance premiums						9.0						7.7						16.8						15.4
Net investment income						10.4						7.6						20.1						14.8
Net realized and unrealized investment gains (losses)						(4.3)						(9.9)						(14.4)						7.1
Other revenues						.6						.5						1.1						1.3
Total Financial Guarantee revenues						15.7						5.9						23.6						38.6
Asset Management (Kudu)
Net investment income						15.7						14.7						32.9						28.9
Net realized and unrealized investment gains (losses)						54.5						4.6						48.0						34.2
Total Asset Management revenues						70.2						19.3						80.9						63.1
P&C Insurance Distribution (Bamboo)
Commission and fee revenues						32.7						—						54.6						—
Earned insurance premiums						8.0						—						16.4						—
Other revenues						1.3						—						2.1						—
Total P&C Insurance Distribution revenues						42.0						—						73.1						—
Other Operations
Earned insurance premiums						8.6						—						8.6						—
Net investment income						8.4						7.0						18.3						14.0
Net realized and unrealized investment gains (losses)						8.5						76.0						30.7						117.8
Net realized and unrealized investment gains (losses) from investment in MediaAlpha						(139.2)						(77.3)						71.5						7.9
Commission and fees revenues						3.4						3.2						7.0						6.5
Other revenues						14.5						21.3						28.9						51.9
Total Other Operations revenues						(95.8)						30.2						165.0						198.1
Total revenues						$	395.4					$	378.4					$	1,042.7					$	910.3

See Notes to Consolidated Financial Statements

3

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CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(Unaudited)

						Three Months Ended June 30,												Six Months Ended June 30,
Millions						2024						2023						2024						2023
Expenses:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses						$	175.7					$	167.5					$	355.7					$	315.3
Acquisition expenses						68.2						61.4						134.5						121.2
General and administrative expenses						42.9						34.9						85.1						70.1
Change in fair value of contingent consideration						13.3						2.2						13.3						(.2)
Interest expense						4.7						5.2						10.1						10.2
Total P&C Insurance and Reinsurance expenses						304.8						271.2						598.7						516.6
Financial Guarantee (HG Global/BAM)
Acquisition expenses						2.2						1.5						4.4						4.2
General and administrative expenses						17.2						14.9						34.5						32.2
Interest expense						4.1						2.5						7.6						7.0
Total Financial Guarantee expenses						23.5						18.9						46.5						43.4
Asset Management (Kudu)
General and administrative expenses						3.5						4.0						6.9						7.8
Interest expense						5.4						5.3						11.0						10.0
Total Asset Management expenses						8.9						9.3						17.9						17.8
P&C Insurance Distribution (Bamboo)
Broker commission expenses						12.7						—						22.0						—
Loss and loss adjustment expenses						4.3						—						10.1						—
Acquisition expenses						2.9						—						6.0						—
General and administrative expenses						15.7						—						27.7						—
Total P&C Insurance Distribution expenses						35.6						—						65.8						—
Other Operations
Loss and loss adjustment expenses						3.9						—						3.9						—
Acquisition expenses						2.6						—						2.6						—
Cost of sales						7.0						11.6						14.6						25.5
General and administrative expenses						43.2						48.8						93.5						88.5
Interest expense						.6						1.2						1.3						2.0
Total Other Operations expenses						57.3						61.6						115.9						116.0
Total expenses						430.1						361.0						844.8						693.8
Pre-tax income (loss)						(34.7)						17.4						197.9						216.5
Income tax (expense) benefit						(6.5)						(.2)						(17.3)						(12.1)
Net income (loss)						(41.2)						17.2						180.6						204.4
Net (income) loss attributable to noncontrolling interests						(13.4)						2.4						1.2						(5.3)
Net income (loss) attributable to White Mountains’s    common shareholders						$	(54.6)					$	19.6					$	181.8					$	199.1

See Notes to Consolidated Financial Statements

4

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WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

						Three Months Ended June 30,												Six Months Ended June 30,
Millions						2024						2023						2024						2023
Net income (loss) attributable to White Mountains’s    common shareholders						$	(54.6)					$	19.6					$	181.8					$	199.1
Other comprehensive income (loss), net of tax						.1						1.4						(.2)						2.6
Comprehensive income (loss)						(54.5)						21.0						181.6						201.7
Other comprehensive (income) loss attributable to noncontrolling    interests						(.1)						(.4)						—						(.8)
Comprehensive income (loss) attributable to White Mountains’s    common shareholders						$	(54.6)					$	20.6					$	181.6					$	200.9

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Earnings (loss) per share attributable to White Mountains’s    common shareholders:
Basic earnings (loss) per share
Continuing operations						$	(21.24)					$	7.65					$	70.93					$	77.57
Discontinued operations						—						—						—						—
Total consolidated operations						$	(21.24)					$	7.65					$	70.93					$	77.57
Diluted earnings (loss) per share
Continuing operations						$	(21.24)					$	7.65					$	70.93					$	77.57
Discontinued operations						—						—						—						—
Total consolidated operations						$	(21.24)					$	7.65					$	70.93					$	77.57
Dividends declared and paid per White Mountains’s    common share						$	—					$	—					$	1.00					$	1.00

See Notes to Consolidated Financial Statements.

5

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WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

						White Mountains’s Common Shareholders’ Equity
Millions						Common shares and paid-in surplus						Retained earnings						AOCI, after tax						Total						Non-controlling interest						Total Equity
Balance as of March 31, 2024						$	554.5					$	3,917.7					$	(1.8)					$	4,470.4					$	420.2					$	4,890.6
Net income (loss)						—						(54.6)						—						(54.6)						13.4						(41.2)
Other comprehensive income (loss), net of tax						—						—						—						—						.1						.1
Total comprehensive income (loss)						—						(54.6)						—						(54.6)						13.5						(41.1)
Dividends to noncontrolling interests						—						—						—						—						.5						.5
Issuances of common shares						2.6						—						—						2.6						—						2.6
Repurchases and retirements of common shares						—						—						—						—						—						—
BAM member surplus contribution, net of tax						—						—						—						—						14.6						14.6
Amortization of restricted share awards						4.3						—						—						4.3						—						4.3
Recognition of equity-based compensation expense    of subsidiaries						.9						—						—						.9						.4						1.3
Net contributions and dilution from other    noncontrolling interests						(1.0)						—						—						(1.0)						.4						(.6)
Balance as of June 30, 2024						$	561.3					$	3,863.1					$	(1.8)					$	4,422.6					$	449.6					$	4,872.2

						White Mountains’s Common Shareholders’ Equity
Millions						Common shares and paid-in surplus						Retained earnings						AOCI, after tax						Total						Non-controlling interest						Total Equity
Balance as of March 31, 2023						$	537.8					$	3,367.3					$	(2.7)					$	3,902.4					$	190.4					$	4,092.8
Net income (loss)						—						19.6						—						19.6						(2.4)						17.2
Other comprehensive income (loss), net of tax						—						—						1.0						1.0						.4						1.4
Total comprehensive income (loss)						—						19.6						1.0						20.6						(2.0)						18.6
Dividends to noncontrolling interests						—						—						—						—						(.6)						(.6)
Issuances of common shares						2.0						—						—						2.0						—						2.0
Repurchases and retirements of common shares						(1.2)						(6.2)						—						(7.4)						—						(7.4)
BAM member surplus contributions, net of tax						—						—						—						—						14.7						14.7
Amortization of restricted share awards						4.1						—						—						4.1						—						4.1
Recognition of equity-based compensation expense    of subsidiaries						.5