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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 March 31, 2022
 
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: (603640-2200
 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value $1.00WTMNew York Stock Exchange
per share 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 filerýAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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 May 5, 2022, 2,981,704 common shares with a par value of $1.00 per share were outstanding (which includes 38,200 restricted common shares that were not vested at such date).




WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents
 
  Page No.
   
 
   
 
   
 
  
 
      Three Months Ended March 31, 2022 and 2021
 
      Three Months Ended March 31, 2022 and 2021
 
  
 
  
  
 
  
 
  
 
 
  
 
  
  
  
  
  




Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
March 31, 2022December 31, 2021
Millions, except share and per share amounts
AssetsUnaudited
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value$873.8 $934.1 
Short-term investments, at fair value36.5 32.4 
Total investments910.3 966.5 
Cash22.3 19.8 
Insurance premiums receivable6.9 6.9 
Deferred acquisition costs33.1 33.1 
Other assets18.4 18.5 
Total Financial Guarantee assets991.0 1,044.8 
P&C Insurance and Reinsurance (Ark)
Fixed maturity investments, at fair value692.4 688.6 
Common equity securities, at fair value290.1 251.1 
Short-term investments, at fair value198.0 296.2 
Other long-term investments334.5 326.2 
Total investments1,515.0 1,562.1 
Cash115.5 67.8 
Reinsurance recoverables412.7 448.4 
Insurance premiums receivable759.6 416.0 
Ceded unearned premiums86.8 67.1 
Deferred acquisition costs and value of in-force business acquired179.8 108.2 
Goodwill and other intangible assets292.5 292.5 
Other assets73.3 64.9 
Total P&C Insurance and Reinsurance assets3,435.2 3,027.0 
Specialty Insurance Distribution (NSM)
     Cash (restricted $90.2 and $89.2)
113.5 111.5 
Premiums and commissions receivable97.6 85.0 
     Goodwill and other intangible assets712.0 725.4 
     Other assets53.0 55.4 
Total Specialty Insurance Distribution assets976.1 977.3 
Asset Management (Kudu)
     Other long-term investments691.8 669.5 
     Cash (restricted $4.5 and $4.5)
25.4 21.4 
     Accrued investment income11.8 16.9 
     Goodwill and other intangible assets8.9 8.9 
     Other assets9.6 10.4 
Total Asset Management assets747.5 727.1 
Other Operations
     Fixed maturity investments, at fair value249.3 286.2 
     Short-term investments, at fair value87.0 137.3 
Investment in MediaAlpha, at fair value280.4 261.6 
     Other long-term investments402.2 382.1 
     Total investments1,018.9 1,067.2 
     Cash50.4 38.8 
     Goodwill and other intangible assets38.1 39.1 
     Other assets83.6 63.3 
Assets held for sale15.9 16.1 
     Total Other Operations assets1,206.9 1,224.5 
Total assets$7,356.7 $7,000.7 
See Notes to Consolidated Financial Statements
1




CONSOLIDATED BALANCE SHEETS (CONTINUED)
March 31, 2022December 31, 2021
Millions, except share and per share amounts
LiabilitiesUnaudited
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums$267.3 $266.3 
Accrued incentive compensation11.2 24.7 
Other liabilities28.3 30.9 
Total Financial Guarantee liabilities306.8 321.9 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expense reserves999.6 894.7 
Unearned insurance premiums883.1 495.9 
Debt184.8 185.9 
Reinsurance payable348.9 424.1 
Contingent consideration30.1 28.0 
Other liabilities108.4 93.8 
Total P&C Insurance and Reinsurance liabilities2,554.9 2,122.4 
Specialty Insurance Distribution (NSM)
Debt270.6 272.1 
Premiums payable146.0 135.9 
Contingent consideration 6.8 
     Other liabilities77.4 80.5 
Total Specialty Insurance Distribution liabilities494.0 495.3 
Asset Management (Kudu)
Debt218.2 218.2 
     Other liabilities42.3 42.8 
     Total Asset Management liabilities260.5 261.0 
Other Operations
Debt17.3 16.8 
Accrued incentive compensation25.3 48.5 
Other liabilities28.6 30.1 
Total Other Operations liabilities71.2 95.4 
Total liabilities3,687.4 3,296.0 
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 2,994,162 and 3,017,772 shares
3.0 3.0 
Paid-in surplus583.3585.9
Retained earnings2,956.2 2,957.5 
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation and
    interest rate swap
(.4)1.7 
Total White Mountains’s common shareholders’ equity3,542.1 3,548.1 
Non-controlling interests127.2 156.6 
Total equity3,669.3 3,704.7 
Total liabilities and equity$7,356.7 $7,000.7 
See Notes to Consolidated Financial Statements
2


WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended March 31,
Millions20222021
Revenues:
Financial Guarantee (HG Global/BAM)
Earned insurance premiums$8.4 $6.4 
Net investment income4.6 4.5 
Net realized and unrealized investment gains (losses)(45.1)(17.9)
Other revenues.8 .3 
Total Financial Guarantee revenues(31.3)(6.7)
P&C Insurance and Reinsurance (Ark)
Earned insurance premiums194.4 $104.6 
Net investment income1.6 .8 
Net realized and unrealized investment gains (losses)(17.5)1.1 
Other revenues(2.8)2.6 
Total P&C Insurance and Reinsurance revenues175.7 109.1 
Specialty Insurance Distribution (NSM)
Commission revenues70.1 59.6 
Other revenues18.4 15.2 
Total Specialty Insurance Distribution revenues88.5 74.8 
Asset Management (Kudu)
Net investment income12.6 8.2 
Net realized and unrealized investment gains (losses)22.3 15.8 
Other revenues .1 
Total Asset Management revenues34.9 24.1 
Other Operations
   Net investment income1.8 7.1 
   Net realized and unrealized investment gains (losses)31.9 2.1 
   Net realized and unrealized investment gains (losses) from
      investment in MediaAlpha
18.8 (41.7)
   Commission revenues2.9 2.3 
   Other revenues25.7 7.1 
Total Other Operations revenues81.1 (23.1)
Total revenues$348.9 $178.2 
3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

Three Months Ended March 31,
Millions20222021
Expenses:
Financial Guarantee (HG Global/BAM)
Insurance acquisition expenses$3.0 $1.9 
General and administrative expenses16.3 16.4 
Total Financial Guarantee expenses19.3 18.3 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expenses122.0 66.0 
Insurance and reinsurance acquisition expenses49.9 36.7 
General and administrative expenses23.1 37.8 
Interest expense3.8 1.1 
Total P&C Insurance and Reinsurance expenses198.8 141.6 
Specialty Insurance Distribution (NSM)
General and administrative expenses54.0 46.0 
Broker commission expenses20.6 18.9 
Change in fair value of contingent consideration.1  
Amortization of other intangible assets9.1 8.6 
Loss on assets held for sale 28.7 
Interest expense2.1 5.9 
Total Specialty Insurance Distribution expenses85.9 108.1 
Asset Management (Kudu)
General and administrative expenses2.7 2.5 
Amortization of other intangible assets.1 .1 
Interest expense2.8 5.8 
Total Asset Management expenses5.6 8.4 
Other Operations
   Cost of sales21.4 4.0 
   General and administrative expenses28.9 35.7 
   Amortization of other intangible assets.9 .5 
   Interest expense.3 .3 
Total Other Operations expenses51.5 40.5 
Total expenses361.1 316.9 
Pre-tax income (loss) from continuing operations(12.2)(138.7)
   Income tax (expense) benefit3.8 9.5 
Net income (loss) from continuing operations(8.4)(129.2)
Net gain (loss) from sale of discontinued operations, net of tax 18.7 
Net income (loss)(8.4)(110.5)
   Net (income) loss attributable to non-controlling interests41.8 35.2 
Net income (loss) attributable to White Mountains’s
   common shareholders
$33.4 $(75.3)
See Notes to Consolidated Financial Statements
4


WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended March 31,
Millions20222021
Net income (loss) attributable to White Mountains’s
   common shareholders
$33.4 $(75.3)
Other comprehensive income (loss), net of tax(2.3)1.8 
Comprehensive income (loss) 31.1 (73.5)
Other comprehensive (income) loss attributable to non-controlling interests.2 (.1)
Comprehensive income (loss) attributable to
   White Mountains’s common shareholders
$31.3 $(73.6)

Earnings (loss) per share attributable to White Mountains’s common shareholders:
Basic earnings (loss) per share
Continuing operations$11.10 $(30.33)
Discontinued operations 6.03 
Total consolidated operations$11.10 $(24.30)
Diluted earnings (loss) per share