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White Mountains Insurance Group

Financials

Price	1,077.60	EPS	104
Shares	3	P/E	10
MCap	3,433	P/FCF	-47
Net Debt	81	EBIT	354
TEV	3,514	TEV/EBIT	10
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-09-30	Filed 2020-11-06
10-Q	2020-06-30	Filed 2020-08-07
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-03-02
10-Q	2019-09-30	Filed 2019-11-06
10-Q	2019-06-30	Filed 2019-08-06
10-Q	2019-03-31	Filed 2019-05-06
10-K	2018-12-31	Filed 2019-02-27
10-Q	2018-09-30	Filed 2018-11-05
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-02
10-K	2017-12-31	Filed 2018-02-28
10-Q	2017-09-30	Filed 2017-11-08
10-Q	2017-06-30	Filed 2017-08-04
10-Q	2017-03-31	Filed 2017-05-02
10-K	2016-12-31	Filed 2017-02-27
10-Q	2016-09-30	Filed 2016-11-02
10-Q	2016-06-30	Filed 2016-08-03
10-Q	2016-03-31	Filed 2016-05-02
10-K	2015-12-31	Filed 2016-02-29
10-Q	2015-09-30	Filed 2015-11-02
10-Q	2015-06-30	Filed 2015-08-03
10-Q	2015-03-31	Filed 2015-05-04
10-K	2014-12-31	Filed 2015-02-27
10-Q	2014-09-30	Filed 2014-10-29
10-Q	2014-06-30	Filed 2014-07-29
10-Q	2014-03-31	Filed 2014-04-28
10-K	2013-12-31	Filed 2014-02-28
10-Q	2013-09-30	Filed 2013-10-28
10-Q	2013-06-30	Filed 2013-07-30
10-Q	2013-03-31	Filed 2013-04-29
10-K	2012-12-31	Filed 2013-03-01
10-Q	2012-09-30	Filed 2012-10-30
10-Q	2012-06-30	Filed 2012-07-27
10-Q	2012-03-31	Filed 2012-04-27
10-Q	2011-09-30	Filed 2011-10-28
10-Q	2011-06-30	Filed 2011-07-29
10-Q	2011-03-31	Filed 2011-04-29
10-K	2010-12-31	Filed 2011-02-28
10-Q	2010-09-30	Filed 2010-10-29
10-Q	2010-06-30	Filed 2010-07-30
10-Q	2010-03-31	Filed 2010-04-29
10-K	2009-12-31	Filed 2010-02-26

Reports

8-K	2020-11-06
8-K	2020-10-01
8-K	2020-08-07
8-K	2020-05-21
8-K	2020-05-08
8-K	2020-04-07
8-K	2020-03-20
8-K	2020-02-05
8-K	2019-11-06
8-K	2019-08-29
8-K	2019-08-06
8-K	2019-06-28
8-K	2019-06-07
8-K	2019-05-24
8-K	2019-05-06
8-K	2019-04-04
8-K	2019-02-27
8-K	2019-02-26
8-K	2019-02-14
8-K	2019-02-06
8-K	2019-02-04
8-K	2019-01-03
8-K	2018-11-05
8-K	2018-08-23
8-K	2018-08-07
8-K	2018-06-08
8-K	2018-05-24
8-K	2018-05-11
8-K	2018-05-02
8-K	2018-04-10
8-K	2018-03-31
8-K	2018-03-01
8-K	2018-02-07

WTM 10Q Quarterly Report

Content

Part I.Financial Information.

Item 1. Financial Statements

Note 1. Basis of Presentation and Significant Accounting Policies

Note 2. Significant Transactions

Note 3. Investment Securities

Note 4. Goodwill and Other Intangible Assets

Note 5. Debt

Note 6. Income Taxes

Note 7. Derivatives

Note 8. Municipal Bond Guarantee Insurance

Note 9. Earnings per Share

Note 10. Employee Share - Based Incentive Compensation Plans

Note 11. Leases

Note 12. Non - Controlling Interests

Note 13. Segment Information

Note 14. Equity - Method Eligible Investments

Note 15. Fair Value of Financial Instruments

Note 16. Commitments and Contingencies

Note 18. Subsequent Events

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Item 4. Controls and Procedures.

Part II. Other Information

Item 1. Legal Proceedings.

Item 1A. Risk Factors.

Item 2. Issuer Purchases of Equity Securities.

Item 3. Defaults Upon Senior Securities.

Item 4. Mine Safety Disclosures.

Item 5. Other Information.

Item 6. Exhibits.

Exhibits

EX-31.1	wtmq32020ex311.htm
EX-31.2	wtmq32020ex312.htm
EX-32.1	wtmq32020ex321.htm
EX-32.2	wtmq32020ex322.htm

White Mountains Insurance Group Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

Document

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 September 30, 2020

☐ 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: (603) 640-2200

Securities registered pursuant to Section 12(b) of the Act:



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.



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 November 5, 2020, 3,102,011 common shares with a par value of $1.00 per share were outstanding (which includes 43,105 restricted common shares that were not vested at such date).

WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents



		Page No.

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Consolidated Balance Sheets, September 30, 2020 and December 31, 2019	1

	Consolidated Statements of Operations and Comprehensive Income,
	Three and Nine Months Ended September 30, 2020 and 2019	3