White Mountains Insurance Group Ltd. Files 10-Q for Q1 2024

TL;DR

<b>White Mountains Insurance Group Ltd. filed its Q1 2024 10-Q, detailing segment performance and financial position.</b>

AI Summary

WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filing covers the period ending March 31, 2024. Includes financial data for segments: ArkInsuranceHoldingsLimitedWMOutriggerRe, HGGlobalBAM, KuduInvestmentManagementLLC, and BambooIde8InsuranceServices. Corporate and non-segment data is also presented. Financial information for the first quarter of 2024 and 2023 is detailed. Balance sheet information as of March 31, 2024, and December 31, 2023, is included.

Why It Matters

For investors and stakeholders tracking WHITE MOUNTAINS INSURANCE GROUP LTD, this filing contains several important signals. Provides investors with a quarterly update on the financial health and operational performance of White Mountains Insurance Group's diverse business segments. Allows stakeholders to assess the company's financial standing, including assets, liabilities, and equity, as of the end of the first quarter.

Risk Assessment

Risk Level: low — WHITE MOUNTAINS INSURANCE GROUP LTD shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Review the segment performance details to understand the drivers of revenue and profitability for each business unit.

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing)
• 2024-05-09 — Filed As Of Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2024-03-31 — Quarter End Date (Q1 2024)

Key Players & Entities

• WHITE MOUNTAINS INSURANCE GROUP LTD (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-09 (date) — Filed as of Date
• FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
• 23 SOUTH MAIN STREET (address) — Business Address
• HANOVER (location) — Business Address City
• NH (location) — Business Address State
• 03755 (postal_code) — Business Address Zip

FAQ

Industry Context

White Mountains Insurance Group operates within the fire, marine, and casualty insurance sector, a segment characterized by risk management and underwriting expertise.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and performance of each reported segment (ArkInsuranceHoldingsLimitedWMOutriggerRe, HGGlobalBAM, KuduInvestmentManagementLLC, BambooIde8InsuranceServices).
2. Compare the financial data presented for Q1 2024 with Q1 2023 to identify year-over-year trends.
3. Review any disclosures related to corporate non-segment activities and investments.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, providing an update from the previous fiscal year-end filings.

Key Financial Figures

• $1.00 — ch registered Common Shares, par value $1.00 per share WTM New York Stock Exchange

Filing Documents

• wtm-20240331.htm (10-Q) — 3273KB
• wtmq12024ex311.htm (EX-31.1) — 9KB
• wtmq12024ex312.htm (EX-31.2) — 9KB
• wtmq12024ex321.htm (EX-32.1) — 6KB
• wtmq12024ex322.htm (EX-32.2) — 6KB
• 0000776867-24-000010.txt (&nbsp;) — 16523KB
• wtm-20240331.xsd (EX-101.SCH) — 116KB
• wtm-20240331_cal.xml (EX-101.CAL) — 133KB
• wtm-20240331_def.xml (EX-101.DEF) — 732KB
• wtm-20240331_lab.xml (EX-101.LAB) — 1029KB
• wtm-20240331_pre.xml (EX-101.PRE) — 870KB
• wtm-20240331_htm.xml (XML) — 3304KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets, March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income, Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Changes in Equity, Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows, Three Months Ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Results of Operations for the Three Months Ended March 31, 2024 and 2023 44 Liquidity and Capital Resources 65 Non-GAAP Financial Measures 70 Critical Accounting Estimates 71

Forward-Looking Statements

Forward-Looking Statements 72 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 73 PART II. OTHER INFORMATION 73 Items 1 through 6. 73

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION.

Financial Statements

Item 1. Financial Statements WHITE MOUNTAINS INSURANCE GROUP, LTD. CONSOLIDATED BALANCE SHEETS (Unaudited) Millions, except share and per share amounts March 31, 2024 December 31, 2023 Assets P&C Insurance and Reinsurance (Ark/WM Outrigger) Fixed maturity investments, at fair value $ 946.9 $ 866.8 Common equity securities, at fair value 409.9 400.6 Short-term investments, at fair value 835.3 962.8 Other long-term investments 485.0 440.9 Total investments 2,677.1 2,671.1 Cash (restricted $ 24.7 and $ 0.7 ) 129.1 90.5 Reinsurance recoverables 695.0 442.0 Insurance premiums receivable 1,001.5 612.2 Deferred acquisition costs 213.3 145.3 Goodwill and other intangible assets 292.5 292.5 Other assets 140.9 125.0 Total P&C Insurance and Reinsurance assets 5,149.4 4,378.6 Financial Guarantee (HG Global/BAM) Fixed maturity investments, at fair value 1,015.7 1,012.3 Short-term investments, at fair value 54.7 70.6 Total investments 1,070.4 1,082.9 Cash 4.7 6.7 Insurance premiums receivable 5.8 5.5 Deferred acquisition costs 40.9 40.1 Other assets 36.8 36.8 Total Financial Guarantee assets 1,158.6 1,172.0 Asset Management (Kudu) Short-term investments, at fair value 19.8 29.3 Other long-term investments 889.9 896.3 Total investments 909.7 925.6 Cash 6.5 1.4 Accrued investment income 22.1 17.6 Goodwill and other intangible assets 8.2 8.3 Other assets 6.6 6.5 Total Asset Management assets 953.1 959.4 P&C Insurance Distribution (Bamboo) Fixed maturity investments, at fair value 24.6 — Short-term investments, at fair value 18.6 — Total investments 43.2 — Cash (restricted $ 58.3 and $ 0.0 ) 62.0 — Premiums, commissions and fees receivable 43.3 — Goodwill and other intangible assets 367.2 — Other assets 12.4 — Total P&C Insurance Distribution assets 528.1 — Other Operations Fixed maturity investments, at fair value 267.4 230.2 Common equity securities, at fair value 151.6 137.8 Investment in MediaAlpha, at fair value 465.6 254.9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1. Basis of Presentation and Significant Accounting Policies Basis of Presentation White Mountains Insurance Group, Ltd. (the "Company" or the "Registrant") is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and other affiliates. The Company's headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The Company's website is www.whitemountains.com. The information contained on White Mountains's website is not incorporated by reference into, and is not a part of, this report. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the accounts of the Company, its subsidiaries (collectively with the Company, "White Mountains") and other entities required to be consolidated under GAAP. Intercompany transactions have been eliminated in consolidation. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These interim financial statements include all adjustments considered necessary by management to fairly state the financial position, results of operations and cash flows of White Mountains. These interim financial statements may not be indicative of fi

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View this 10-Q filing on SEC EDGAR