White Mountains Insurance Group Ltd. Q2 2024 Update

Ticker: WTM · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 776867

White Mountains Insurance Group Ltd 10-Q Filing Summary
FieldDetail
CompanyWhite Mountains Insurance Group Ltd (WTM)
Form Type10-Q
Filed DateAug 7, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$1.00
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, insurance

TL;DR

WM Insurance Q2: $3.9B assets, multiple segments reporting. All good.

AI Summary

White Mountains Insurance Group Ltd. reported its Q2 2024 results, with total assets reaching $3.9 billion as of June 30, 2024. The company operates across several segments including Ark Insurance Holdings Limited WM Outrigger Re, HG Global BAM, and Kudu Investment Management LLC. The filing covers the period from January 1, 2024, to June 30, 2024.

Why It Matters

This 10-Q filing provides a detailed financial snapshot of White Mountains Insurance Group Ltd.'s performance and financial position for the second quarter of 2024, crucial for investors and analysts assessing the company's health.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments indicated.

Key Numbers

  • $3.9B — Total Assets (As of June 30, 2024)
  • 20240630 — Reporting Period End Date (Second Quarter 2024)

Key Players & Entities

  • WHITE MOUNTAINS INSURANCE GROUP LTD (company) — Filer
  • 20240630 (date) — Period of Report
  • $3.9 billion (dollar_amount) — Total Assets as of June 30, 2024
  • Ark Insurance Holdings Limited WM Outrigger Re (company) — Operating Segment
  • HG Global BAM (company) — Operating Segment
  • Kudu Investment Management LLC (company) — Operating Segment

FAQ

What were the total assets of White Mountains Insurance Group Ltd. as of June 30, 2024?

As of June 30, 2024, White Mountains Insurance Group Ltd. had total assets of $3.9 billion.

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is from January 1, 2024, to June 30, 2024.

Which operating segments are mentioned in the filing?

The filing mentions operating segments such as Ark Insurance Holdings Limited WM Outrigger Re, HG Global BAM, and Kudu Investment Management LLC.

What is the company's fiscal year end?

The company's fiscal year end is December 31.

What is the SEC file number for this filing?

The SEC file number for this filing is 001-08993.

Filing Stats: 4,745 words · 19 min read · ~16 pages · Grade level 6.5 · Accepted 2024-08-07 08:48:33

Key Financial Figures

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

Filing Documents

Financial Statements (Unaudited)

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

Notes to Consolidated Financial Statements 9 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 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

Forward-Looking Statements 82 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 83 Item 4.

Controls and Procedures

Controls and Procedures 83 PART II. OTHER INFORMATION 83 Items 1 through 6. 83

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 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.

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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