WTM on NYSE
White Mountains Insurance Group
Insurance company
White Mountains Insurance Group is a diversified insurance and related financial services holding company based in Hamilton, Bermuda. Redomiciled from Delaware, United States, on October 25, 1999, the company conducts most of its business through its insurance subsidiaries and other affiliates.3 From Wikipedia, CC BY-SA 4.0
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Last updated Oct 16, 2026.
Overview
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- TickerWTM on NYSE1
- IndustryFire, Marine & Casualty Insurance1
- HeadquartersD01
- Websitewww.whitemountains.com
- Incorporated inBermuda4
- Business address23 South Main Street, Suite 3B, Hanover, Nh 037554
- Filer categoryLarge accelerated filer4
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White Mountains Insurance Group is a diversified insurance and related financial services holding company based in Hamilton, Bermuda. Redomiciled from Delaware, United States, on October 25, 1999, the company conducts most of its business through its insurance subsidiaries and other affiliates.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Ark Insurance Holdings Limited/WM Outrigger Re - brought in 78% of the revenue White Mountains Insurance Group broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Ark Insurance Holdings Limited/WM Outrigger Re - | $1.6B | $1.8B | $1.9B |
| Bamboo Insurance Services, LLC - | $0 | $179.8M | $246.3M |
| Kudu Investment Management, LLC - | $177.1M | $118.8M | $183.4M |
| HG Global/BAM - | $92.4M | -$44.6M | $73.6M |
| Distinguished Partners - | $0 | $0 | $57.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue4¢$151.8M
- Other costs61¢$2.3B
- Interest2¢$78.4M
- Income tax3¢$126.9M
- Profit30¢$1.1B
Out of $3.7B in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Dividends paid0¢$2.6M
- Share buybacks37¢$202.6M
- Kept or used elsewhere63¢$345.3M
Out of $550.5M of cash from operations.5
Financial statements
Every line of the income statement in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Earned insurance premiums | $1.8B | $1.7B | $1.4B |
| Net investment income | $248.0M | $227.4M | $194.2M |
| Net realized and unrealized investment gains (losses) | $361.5M | $184.9M | $434.2M |
| Interest income from BAM Surplus Notes | $29.8M | $15.8M | $0 |
| Change in fair value of BAM Surplus Notes | -$37.5M | $500.0K | $0 |
| Unrealized loss on deconsolidation of BAM | $0 | -$114.5M | $0 |
| Commission and fee revenues | $284.5M | $149.4M | $13.2M |
| Net gain on sale of the Bamboo Group | $849.3M | $0 | $0 |
| Other revenues | $222.3M | $84.7M | $84.2M |
| Total revenues | $3.7B | $2.2B | $2.2B |
| Broker commission expense | $94.1M | $51.3M | |
| Loss and loss adjustment expenses | $882.2M | $888.5M | $726.8M |
| Acquisition expenses | $420.2M | $341.5M | $290.1M |
| Cost of sales | $151.8M | $29.6M | $40.4M |
| General and administrative expenses | $606.6M | $490.1M | $432.6M |
| Change in fair value of contingent consideration | $173.0M | $61.3M | $48.7M |
| Interest expense | $78.4M | $60.8M | $62.7M |
| Total expenses | $2.4B | $1.9B | $1.6B |
| Pre-tax income (loss) | $1.3B | $316.7M | $565.4M |
| Income tax (expense) benefit | -$126.9M | -$32.6M | $15.5M |
| Net income (loss) | $1.2B | $284.1M | $580.9M |
| Net (income) loss attributable to noncontrolling interests | -$95.4M | -$53.7M | -$71.7M |
| Net income (loss) attributable to White Mountainss common shareholders | $1.1B | $230.4M | $509.2M |
Every line of the balance sheet in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Common equity securities, at fair value | $483.0M | $650.0M | |
| Other long-term investments | $3.0B | $2.2B | |
| Total investments | $8.3B | $6.4B | |
| Goodwill and other intangible assets | $1.0B | $720.3M | $370.6M |
| Total assets | $12.3B | $9.9B | |
| Debt | $837.0M | $562.5M | |
| Total liabilities | $6.1B | $4.8B | |
| Redeemable noncontrolling interests | $131.5M | $0 | |
| White Mountainss common shares at $1 par value per shareauthorized 50,000,000 shares; issued and outstanding 2,479,677 and 2,568,148 shares | $2.5M | $2.6M | |
| Paid-in surplus | $576.5M | $563.8M | |
| Retained earnings | $4.8B | $3.9B | |
| Net unrealized gains (losses) from foreign currency translation | $800.0K | -$1.7M | |
| Total White Mountainss common shareholders equity | $5.4B | $4.5B | |
| Nonredeemable noncontrolling interests | $698.2M | $647.3M | |
| Total equity | $6.1B | $5.1B | |
| Total liabilities, redeemable noncontrolling interests and equity | $12.3B | $9.9B | |
| Common shares, par value per share (in dollars per share) | $1.00 | $1.00 | |
| Common shares, authorized shares (in shares) | 50.0M shares | 50.0M shares | |
| Common shares, issued shares (in shares) | 2.5M shares | 2.6M shares | |
| Common shares, outstanding shares (in shares) | 2.5M shares | 2.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $1.2B | $284.1M | $580.9M |
| Net realized and unrealized investment (gains) losses | -$361.5M | -$184.9M | -$434.2M |
| Net gain on sale of the Bamboo Group | -$849.3M | $0 | $0 |
| Change in fair value of Arks contingent consideration | $173.0M | $61.3M | $48.7M |
| Change in fair value of BAM Surplus Notes | $37.5M | -$500.0K | $0 |
| Unrealized loss on deconsolidation of BAM | $0 | $114.5M | $0 |
| Deferred income tax expense (benefit) | $92.1M | $11.1M | -$46.9M |
| Amortization of restricted share awards | $18.5M | $16.3M | $15.3M |
| Amortization (accretion) and depreciation | $9.0M | -$6.4M | -$17.8M |
| Net change in reinsurance recoverables | -$247.1M | -$147.0M | $153.3M |
| Net change in insurance premiums, commissions and fees receivable | -$91.4M | -$204.7M | -$67.0M |
| Net change in deferred acquisition costs | -$56.2M | -$27.1M | -$22.2M |
| Net change in loss and loss adjustment expense reserves | $367.7M | $543.0M | $308.6M |
| Net change in unearned insurance premiums | $172.7M | $174.4M | $147.9M |
| Net change in reinsurance payable | $136.7M | $68.4M | -$170.0M |
| Net change in premiums and commissions payable | $27.0M | $38.9M | $0 |
| Net change in accrued incentive compensation from Other Operations | $22.9M | -$8.4M | $1.6M |
| Contributions to Kudus Participation Contracts | -$195.1M | -$103.5M | -$163.8M |
| Proceeds from Kudus Participation Contracts sold | $21.6M | $9.4M | $75.2M |
| Net other operating activities | $89.6M | -$42.1M | -$5.5M |
| Net cash provided from (used for) operations | $550.5M | $586.8M | $404.1M |
| Net change in short-term investments | -$872.2M | $548.4M | -$495.8M |
| Sales of fixed maturity investments | $607.4M | $429.5M | $195.1M |
| Maturities, calls and paydowns of fixed maturity investments | $390.5M | $416.5M | $266.5M |
| Sales of common equity securities and investment in MediaAlpha | $251.0M | $162.4M | $261.6M |
| Distributions and redemptions of other long-term investments | $117.3M | $195.7M | $116.9M |
| Proceeds from the sale of Bamboo Group, NSM Group and Other Operating Businesses, net of cash sold of $135.0, $0.0 and $0.8 | $746.5M | $0 | $17.3M |
| Purchases of consolidated subsidiaries, net of cash acquired of $1.9, $44.9 and $0.0 | -$349.5M | -$231.8M | $0 |
| Release of cash (pre-funding) of investment purchases | -$30.0M | $0 | $70.0M |
| Purchases of fixed maturity investments | -$1.2B | -$1.7B | -$592.7M |
| Purchases of common equity securities and investment in MediaAlpha | -$30.6M | -$121.1M | -$114.2M |
| Purchases of other long-term investments | -$286.2M | -$190.2M | -$265.2M |
| Payments of principal received on the BAM Surplus Notes subsequent to deconsolidation | $24.2M | $16.2M | $0 |
| Net other investing activities | -$100.0K | $9.1M | -$3.4M |
| Net cash provided from (used for) investing activities | -$666.9M | -$447.0M | -$543.9M |
| Draw down of debt and revolving lines of credit | $294.7M | $36.6M | $12.4M |
| Repayment of debt and revolving lines of credit | -$17.5M | -$38.1M | -$25.7M |
| Cash dividends paid to common shareholders | -$2.6M | -$2.5M | -$2.6M |
| Repurchases and retirements of common shares | -$202.6M | -$7.9M | -$32.7M |
| BAM member surplus contributions prior to deconsolidation | $0 | $26.0M | $72.8M |
| Contributions from other noncontrolling interests | $700.0K | $1.0M | $9.0M |
| Distributions to other noncontrolling interests | -$64.7M | -$21.1M | -$12.0M |
| Net other financing activities | $27.6M | $10.2M | -$14.0M |
| Net cash provided from (used for) financing activities | $35.6M | $4.2M | $7.2M |
| Net change in cash during the period | -$80.8M | $144.0M | -$132.6M |
| Interest payments received | $10.8M | $5.8M | |
| Cash sold in subsidiary transaction | $0 | $4.2M | $0 |
| Cash acquired from acquisition | $1.9M | $44.9M | $0 |
Compare White Mountains Insurance Group with another company
Former names
Timeline
- Jan 2, 1990Went public Listed on NYSE1
Recent filings
- Aug 31, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Aug 27, 20268-K
- Aug 27, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
- Aug 27, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- Aug 26, 2026N-PX
- Aug 12, 202613F-HR
- Aug 6, 20268-K
- Aug 6, 202610-Q
- Jun 30, 202611-K
- Jun 5, 20268-K
- May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
- May 22, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
- May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitewww.whitemountains.com1
- WikipediaWhite Mountains Insurance Group
- WikidataQ7995089
- SEC EDGARCIK 776867
Sources
The numbers on this page point here. Each one links to the record it came from.
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