White Mountains Insurance Group Q3 2024 Update

TL;DR

**WTM Q3 2024: Financials out, segments detailed. All good.**

AI Summary

White Mountains Insurance Group, Ltd. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its operating segments, including WM Outrigger Re and HG Global BAM. The company's fiscal year ends on December 31st, and this report was filed on November 6, 2024.

Why It Matters

This filing provides insight into the financial health and operational performance of White Mountains Insurance Group, Ltd. during the third quarter of 2024, impacting investors and the insurance industry.

Risk Assessment

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

Key Numbers

• 2024-09-30 — Reporting Period End (Indicates the end date for the financial data presented in the 10-Q.)
• 2024-11-06 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• WHITE MOUNTAINS INSURANCE GROUP LTD (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-06 (date) — Filing Date
• WM Outrigger Re (company) — Operating Segment
• HG Global BAM (company) — Operating Segment

FAQ

Key Financial Figures

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

Filing Documents

• wtm-20240930.htm (10-Q) — 4331KB
• wtmq32024ex311.htm (EX-31.1) — 9KB
• wtmq32024ex312.htm (EX-31.2) — 9KB
• wtmq32024ex321.htm (EX-32.1) — 6KB
• wtmq32024ex322.htm (EX-32.2) — 6KB
• 0000776867-24-000019.txt ( ) — 19749KB
• wtm-20240930.xsd (EX-101.SCH) — 117KB
• wtm-20240930_cal.xml (EX-101.CAL) — 134KB
• wtm-20240930_def.xml (EX-101.DEF) — 769KB
• wtm-20240930_lab.xml (EX-101.LAB) — 1036KB
• wtm-20240930_pre.xml (EX-101.PRE) — 903KB
• wtm-20240930_htm.xml (XML) — 4238KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets, September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income, Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Changes in Equity, Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows, Nine Months Ended September 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 51 Results of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 51 Liquidity and Capital Resources 81 Non-GAAP Financial Measures 86 Critical Accounting Estimates 89

Forward-Looking Statements

Forward-Looking Statements 90 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 91 Item 4.

Controls and Procedures

Controls and Procedures 91 PART II. OTHER INFORMATION 91 Items 1 through 6. 91

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 September 30, 2024 December 31, 2023 Assets P&C Insurance and Reinsurance (Ark/WM Outrigger) Fixed maturity investments, at fair value $ 1,461.2 $ 866.8 Common equity securities, at fair value 435.6 400.6 Short-term investments, at fair value 579.1 962.8 Other long-term investments 544.8 440.9 Total investments 3,020.7 2,671.1 Cash (restricted $ 3.3 and $ 0.7 ) 148.8 90.5 Reinsurance recoverables 748.0 442.0 Insurance premiums receivable 993.0 612.2 Deferred acquisition costs 199.7 145.3 Goodwill and other intangible assets 292.5 292.5 Other assets 175.8 125.0 Total P&C Insurance and Reinsurance assets 5,578.5 4,378.6 Financial Guarantee (HG Global) Fixed maturity investments, at fair value 636.1 1,012.3 Short-term investments, at fair value 34.6 70.6 Total investments 670.7 1,082.9 Cash 1.2 6.7 BAM Surplus Notes, at fair value 411.1 — Insurance premiums receivable 7.9 5.5 Deferred acquisition costs 83.2 40.1 Other assets 27.8 36.8 Total Financial Guarantee assets 1,201.9 1,172.0 Asset Management (Kudu) Short-term investments, at fair value 20.3 29.3 Other long-term investments 936.8 896.3 Total investments 957.1 925.6 Cash 76.7 1.4 Accrued investment income 15.7 17.6 Goodwill and other intangible assets 8.0 8.3 Other assets 36.6 6.5 Total Asset Management assets 1,094.1 959.4 P&C Insurance Distribution (Bamboo) Fixed maturity investments, at fair value 38.9 — Short-term investments, at fair value 14.6 — Total investments 53.5 — Cash (restricted $ 67.7 and $ 0.0 ) 91.1 — Premiums, commissions and fees receivable 72.7 — Goodwill and other intangible assets 359.0 — Other assets 23.3 — Total P&C Insurance Distribution assets 599.6 — Other Operations Fixed maturity investments, at fair value 286.1 230.2 Common equity securities, at fair value 219.8 137.8 Investment

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

View Full Filing

View this 10-Q filing on SEC EDGAR