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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)
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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: (603) 640-2200
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Shares, par value $1.00 | | WTM | | New 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.
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Large accelerated filer | ý | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
Smaller reporting company | ☐ | Emerging 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
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| Three Months Ended March 31, 2022 and 2021 | |
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| Three Months Ended March 31, 2022 and 2021 | |
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Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
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| | March 31, 2022 | | December 31, 2021 |
Millions, except share and per share amounts | | |
Assets | | Unaudited | | |
Financial Guarantee (HG Global/BAM) | | | | |
Fixed maturity investments, at fair value | | $ | 873.8 | | | $ | 934.1 | |
Short-term investments, at fair value | | 36.5 | | | 32.4 | |
Total investments | | 910.3 | | | 966.5 | |
Cash | | 22.3 | | | 19.8 | |
Insurance premiums receivable | | 6.9 | | | 6.9 | |
Deferred acquisition costs | | 33.1 | | | 33.1 | |
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Other assets | | 18.4 | | | 18.5 | |
Total Financial Guarantee assets | | 991.0 | | | 1,044.8 | |
P&C Insurance and Reinsurance (Ark) | | | | |
Fixed maturity investments, at fair value | | 692.4 | | | 688.6 | |
Common equity securities, at fair value | | 290.1 | | | 251.1 | |
Short-term investments, at fair value | | 198.0 | | | 296.2 | |
Other long-term investments | | 334.5 | | | 326.2 | |
Total investments | | 1,515.0 | | | 1,562.1 | |
Cash | | 115.5 | | | 67.8 | |
Reinsurance recoverables | | 412.7 | | | 448.4 | |
Insurance premiums receivable | | 759.6 | | | 416.0 | |
Ceded unearned premiums | | 86.8 | | | 67.1 | |
Deferred acquisition costs and value of in-force business acquired | | 179.8 | | | 108.2 | |
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Goodwill and other intangible assets | | 292.5 | | | 292.5 | |
Other assets | | 73.3 | | | 64.9 | |
Total P&C Insurance and Reinsurance assets | | 3,435.2 | | | 3,027.0 | |
Specialty Insurance Distribution (NSM) | | | | |
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Cash (restricted $90.2 and $89.2) | | 113.5 | | | 111.5 | |
Premiums and commissions receivable | | 97.6 | | | 85.0 | |
Goodwill and other intangible assets | | 712.0 | | | 725.4 | |
Other assets | | 53.0 | | | 55.4 | |
Total Specialty Insurance Distribution assets | | 976.1 | | | 977.3 | |
Asset Management (Kudu) | | | | |
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Other long-term investments | | 691.8 | | | 669.5 | |
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Cash (restricted $4.5 and $4.5) | | 25.4 | | | 21.4 | |
Accrued investment income | | 11.8 | | | 16.9 | |
Goodwill and other intangible assets | | 8.9 | | | 8.9 | |
Other assets | | 9.6 | | | 10.4 | |
Total Asset Management assets | | 747.5 | | | 727.1 | |
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Other Operations | | | | |
Fixed maturity investments, at fair value | | 249.3 | | | 286.2 | |
Short-term investments, at fair value | | 87.0 | | | 137.3 | |
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Investment in MediaAlpha, at fair value | | 280.4 | | | 261.6 | |
Other long-term investments | | 402.2 | | | 382.1 | |
Total investments | | 1,018.9 | | | 1,067.2 | |
Cash | | 50.4 | | | 38.8 | |
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Goodwill and other intangible assets | | 38.1 | | | 39.1 | |
Other assets | | 83.6 | | | 63.3 | |
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Assets held for sale | | 15.9 | | | 16.1 | |
Total Other Operations assets | | 1,206.9 | | | 1,224.5 | |
Total assets | | $ | 7,356.7 | | | $ | 7,000.7 | |
See Notes to Consolidated Financial Statements
CONSOLIDATED BALANCE SHEETS (CONTINUED)
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| | March 31, 2022 | | December 31, 2021 |
Millions, except share and per share amounts | | |
Liabilities | | Unaudited | | |
Financial Guarantee (HG Global/BAM) | | | | |
Unearned insurance premiums | | $ | 267.3 | | | $ | 266.3 | |
Accrued incentive compensation | | 11.2 | | | 24.7 | |
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Other liabilities | | 28.3 | | | 30.9 | |
Total Financial Guarantee liabilities | | 306.8 | | | 321.9 | |
P&C Insurance and Reinsurance (Ark) | | | | |
Loss and loss adjustment expense reserves | | 999.6 | | | 894.7 | |
Unearned insurance premiums | | 883.1 | | | 495.9 | |
Debt | | 184.8 | | | 185.9 | |
Reinsurance payable | | 348.9 | | | 424.1 | |
Contingent consideration | | 30.1 | | | 28.0 | |
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Other liabilities | | 108.4 | | | 93.8 | |
Total P&C Insurance and Reinsurance liabilities | | 2,554.9 | | | 2,122.4 | |
Specialty Insurance Distribution (NSM) | | | | |
Debt | | 270.6 | | | 272.1 | |
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Premiums payable | | 146.0 | | | 135.9 | |
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Contingent consideration | | — | | | 6.8 | |
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Other liabilities | | 77.4 | | | 80.5 | |
Total Specialty Insurance Distribution liabilities | | 494.0 | | | 495.3 | |
Asset Management (Kudu) | | | | |
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Debt | | 218.2 | | | 218.2 | |
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Other liabilities | | 42.3 | | | 42.8 | |
Total Asset Management liabilities | | 260.5 | | | 261.0 | |
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Other Operations | | | | |
Debt | | 17.3 | | | 16.8 | |
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Accrued incentive compensation | | 25.3 | | | 48.5 | |
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Other liabilities | | 28.6 | | | 30.1 | |
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Total Other Operations liabilities | | 71.2 | | | 95.4 | |
Total liabilities | | 3,687.4 | | | 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 surplus | | 583.3 | | 585.9 |
Retained earnings | | 2,956.2 | | | 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 | |
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Total White Mountains’s common shareholders’ equity | | 3,542.1 | | | 3,548.1 | |
Non-controlling interests | | 127.2 | | | 156.6 | |
Total equity | | 3,669.3 | | | 3,704.7 | |
Total liabilities and equity | | $ | 7,356.7 | | | $ | 7,000.7 | |
See Notes to Consolidated Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended March 31, |
Millions | | | | | | 2022 | | 2021 |
Revenues: | | | | | | | | |
Financial Guarantee (HG Global/BAM) | | | | | | | | |
Earned insurance premiums | | | | | | $ | 8.4 | | | $ | 6.4 | |
Net investment income | | | | | | 4.6 | | | 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) | |
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P&C Insurance and Reinsurance (Ark) | | | | | | | | |
Earned insurance premiums | | | | | | 194.4 | | | $ | 104.6 | |
Net investment income | | | | | | 1.6 | | | .8 | |
Net realized and unrealized investment gains (losses) | | | | | | (17.5) | | | 1.1 | |
Other revenues | | | | | | (2.8) | | | 2.6 | |
Total P&C Insurance and Reinsurance revenues | | | | | | 175.7 | | | 109.1 | |
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Specialty Insurance Distribution (NSM) | | | | | | | | |
Commission revenues | | | | | | 70.1 | | | 59.6 | |
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Other revenues | | | | | | 18.4 | | | 15.2 | |
Total Specialty Insurance Distribution revenues | | | | | | 88.5 | | | 74.8 | |
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Asset Management (Kudu) | | | | | | | | |
Net investment income | | | | | | 12.6 | | | 8.2 | |
Net realized and unrealized investment gains (losses) | | | | | | 22.3 | | | 15.8 | |
Other revenues | | | | | | — | | | .1 | |
Total Asset Management revenues | | | | | | 34.9 | | | 24.1 | |
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Other Operations | | | | | | | | |
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Net investment income | | | | | | 1.8 | | | 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 revenues | | | | | | 2.9 | | | 2.3 | |
Other revenues | | | | | | 25.7 | | | 7.1 | |
Total Other Operations revenues | | | | | | 81.1 | | | (23.1) | |
Total revenues | | | | | | $ | 348.9 | | | $ | 178.2 | |
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CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended March 31, |
Millions | | | | | | 2022 | | 2021 |
Expenses: | | | | | | | | |
Financial Guarantee (HG Global/BAM) | | | | | | | | |
Insurance acquisition expenses | | | | | | $ | 3.0 | | | $ | 1.9 | |
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General and administrative expenses | | | | | | 16.3 | | | 16.4 | |
Total Financial Guarantee expenses | | | | | | 19.3 | | | 18.3 | |
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P&C Insurance and Reinsurance (Ark) | | | | | | | | |
Loss and loss adjustment expenses | | | | | | 122.0 | | | 66.0 | |
Insurance and reinsurance acquisition expenses | | | | | | 49.9 | | | 36.7 | |
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General and administrative expenses | | | | | | 23.1 | | | 37.8 | |
Interest expense | | | | | | 3.8 | | | 1.1 | |
Total P&C Insurance and Reinsurance expenses | | | | | | 198.8 | | | 141.6 | |
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Specialty Insurance Distribution (NSM) | | | | | | | | |
General and administrative expenses | | | | | | 54.0 | | | 46.0 | |
Broker commission expenses | | | | | | 20.6 | | | 18.9 | |
Change in fair value of contingent consideration | | | | | | .1 | | | — | |
Amortization of other intangible assets | | | | | | 9.1 | | | 8.6 | |
Loss on assets held for sale | | | | | | — | | | 28.7 | |
Interest expense | | | | | | 2.1 | | | 5.9 | |
Total Specialty Insurance Distribution expenses | | | | | | 85.9 | | | 108.1 | |
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Asset Management (Kudu) | | | | | | | | |
General and administrative expenses | | | | | | 2.7 | | | 2.5 | |
Amortization of other intangible assets | | | | | | .1 | | | .1 | |
Interest expense | | | | | | 2.8 | | | 5.8 | |
Total Asset Management expenses | | | | | | 5.6 | | | 8.4 | |
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Other Operations | | | | | | | | |
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Cost of sales | | | | | | 21.4 | | | 4.0 | |
General and administrative expenses | | | | | | 28.9 | | | 35.7 | |
Amortization of other intangible assets | | | | | | .9 | | | .5 | |
Interest expense | | | | | | .3 | | | .3 | |
Total Other Operations expenses | | | | | | 51.5 | | | 40.5 | |
Total expenses | | | | | | 361.1 | | | 316.9 | |
Pre-tax income (loss) from continuing operations | | | | | | (12.2) | | | (138.7) | |
Income tax (expense) benefit | | | | | | 3.8 | | | 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 | |
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Net income (loss) | | | | | | (8.4) | | | (110.5) | |
Net (income) loss attributable to non-controlling interests | | | | | | 41.8 | | | 35.2 | |
Net income (loss) attributable to White Mountains’s common shareholders | | | | | | $ | 33.4 | | | $ | (75.3) | |
See Notes to Consolidated Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended March 31, |
Millions | | | | | | 2022 | | 2021 |
Net income (loss) attributable to White Mountains’s common shareholders | | | | | | $ | 33.4 | | | $ | (75.3) | |
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Other comprehensive income (loss), net of tax | | | | | | (2.3) | | | 1.8 | |
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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) | |
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Earnings (loss) per share attributable to White Mountains’s common shareholders: | | | | |
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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 | | | | | |