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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 September 30, 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 November 3, 2022, 2,576,232 common shares with a par value of $1.00 per share were outstanding (which includes 38,350 restricted common shares that were not vested at such date).




WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents
 
  Page No.
   
 
   
 
   
 
  
 
 
     Three and Nine Months Ended September 30, 2022 and 2021
 
 
     Three and Nine Months Ended September 30, 2022 and 2021
 
  
 
  
  
 
  
 
  
 
 
  
 
  
  
  
  
  




Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2022December 31, 2021
Millions, except share and per share amounts
Assets
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value$874.4 $934.1 
Short-term investments, at fair value62.3 32.4 
Total investments936.7 966.5 
Cash17.3 19.8 
Insurance premiums receivable6.6 6.9 
Deferred acquisition costs34.9 33.1 
Other assets22.3 18.5 
Total Financial Guarantee assets1,017.8 1,044.8 
P&C Insurance and Reinsurance (Ark)
Fixed maturity investments, at fair value741.8 688.6 
Common equity securities, at fair value286.4 251.1 
Short-term investments, at fair value309.4 296.2 
Other long-term investments329.7 326.2 
Total investments1,667.3 1,562.1 
Cash123.4 67.8 
Reinsurance recoverables550.9 448.4 
Insurance premiums receivable698.6 416.0 
Ceded unearned premiums59.7 67.1 
Deferred acquisition costs and value of in-force business acquired151.4 108.2 
Goodwill and other intangible assets292.5 292.5 
Other assets62.9 64.9 
Total P&C Insurance and Reinsurance assets3,606.7 3,027.0 
Asset Management (Kudu)
     Other long-term investments813.2 669.5 
     Cash (restricted $8.9 and $4.5)
76.6 21.4 
     Accrued investment income12.5 16.9 
     Goodwill and other intangible assets8.7 8.9 
     Other assets9.7 10.4 
Total Asset Management assets920.7 727.1 
Other Operations
     Fixed maturity investments, at fair value238.1 286.2 
     Short-term investments, at fair value824.7 129.5 
     Common equity securities, at fair value46.4  
Investment in MediaAlpha, at fair value148.2 261.6 
     Other long-term investments479.8 382.1 
     Total investments1,737.2 1,059.4 
     Cash28.4 38.7 
     Goodwill and other intangible assets92.0 39.1 
     Other assets142.2 59.5 
Assets held for sale - NSM Group 989.0 
Assets held for sale - Other 16.1 
     Total Other Operations assets1,999.8 2,201.8 
Total assets$7,545.0 $7,000.7 
See Notes to Consolidated Financial Statements
1




CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Unaudited)
September 30, 2022December 31, 2021
Millions, except share and per share amounts
Liabilities
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums$286.7 $266.3 
Debt146.4  
Accrued incentive compensation21.6 24.7 
Other liabilities29.5 30.9 
Total Financial Guarantee liabilities484.2 321.9 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expense reserves1,329.4 894.7 
Unearned insurance premiums781.3 495.9 
Debt180.0 185.9 
Reinsurance payable312.7 424.1 
Contingent consideration32.9 28.0 
Other liabilities107.6 93.8 
Total P&C Insurance and Reinsurance liabilities2,743.9 2,122.4 
Asset Management (Kudu)
Debt253.5 218.2 
     Other liabilities59.7 42.8 
     Total Asset Management liabilities313.2 261.0 
Other Operations
Debt35.6 16.8 
Accrued incentive compensation67.2 48.5 
Other liabilities34.6 30.1 
Liabilities held for sale - NSM Group 495.3 
Total Other Operations liabilities137.4 590.7 
Total liabilities3,678.7 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 2,576,232 and 3,017,772 shares
2.6 3.0 
Paid-in surplus532.7585.9
Retained earnings3,175.9 2,957.5 
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation and
    interest rate swap
(3.2)1.7 
Total White Mountains’s common shareholders’ equity3,708.0 3,548.1 
Non-controlling interests158.3 156.6 
Total equity3,866.3 3,704.7 
Total liabilities and equity$7,545.0 $7,000.7 
See Notes to Consolidated Financial Statements
2


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

Three Months Ended September 30,Nine Months Ended September 30,
Millions2022202120222021
Revenues:
Financial Guarantee (HG Global/BAM)
Earned insurance premiums$7.1 $6.7 $26.0 $19.6 
Net investment income5.7 4.4 15.1 13.2 
Net realized and unrealized investment gains (losses)(38.8)(4.0)(114.0)(15.6)
Other revenues1.3 .3 3.7 .9 
Total Financial Guarantee revenues(24.7)7.4 (69.2)18.1 
P&C Insurance and Reinsurance (Ark)
Earned insurance premiums346.1 213.4 757.8 435.8 
Net investment income4.9 .6 9.7 1.8 
Net realized and unrealized investment gains (losses)(14.4).3 (76.5)10.3 
Other revenues6.6 3.4 10.1 9.4 
Total P&C Insurance and Reinsurance revenues343.2 217.7 701.1 457.3 
Asset Management (Kudu)
Net investment income14.8 9.5 41.2 26.1 
Net realized and unrealized investment gains (losses)41.1 18.9 45.8 62.5 
Other revenues .1  .2 
Total Asset Management revenues55.9 28.5 87.0 88.8 
Other Operations
   Net investment income8.5 5.0 13.6 16.1 
   Net realized and unrealized investment gains (losses)(17.3)15.3 2.8 34.0 
   Net realized and unrealized investment gains (losses) from
      investment in MediaAlpha
(18.6)(396.8)(113.3)(325.5)
   Commission revenues3.2 2.4 8.7 7.0 
   Other revenues33.0 28.1 89.6 57.6 
Total Other Operations revenues8.8 (346.0)1.4 (210.8)
Total revenues$383.2 $(92.4)$720.3 $353.4 
See Notes to Consolidated Financial Statements
3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
Millions2022202120222021
Expenses:
Financial Guarantee (HG Global/BAM)
Insurance acquisition expenses$1.7 $3.0 $9.5 $6.5 
General and administrative expenses15.8 12.4 49.5 42.7 
Interest expense2.0  5.4  
Total Financial Guarantee expenses19.5 15.4 64.4 49.2 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expenses213.7 129.2 456.2 247.8 
Insurance and reinsurance acquisition expenses74.8 53.7 174.9 124.4 
General and administrative expenses26.9 21.8 79.8 84.4 
Interest expense3.7 2.1 10.6 4.5 
Total P&C Insurance and Reinsurance expenses319.1 206.8 721.5 461.1 
Asset Management (Kudu)
General and administrative expenses4.5 3.3 10.2 9.0 
Amortization of other intangible assets  .2 .2 
Interest expense4.2 1.9 10.3 9.2 
Total Asset Management expenses8.7 5.2 20.7 18.4 
Other Operations
   Cost of sales25.0 24.0 68.8 45.9 
   General and administrative expenses39.9 14.4 118.9 79.4 
   Amortization of other intangible assets1.4 2.0 3.2 2.9 
   Interest expense.6 .4 1.2 1.1 
Total Other Operations expenses66.9 40.8 192.1 129.3 
Total expenses414.2 268.2 998.7 658.0 
Pre-tax income (loss) from continuing operations(31.0)(360.6)(278.4)(304.6)
   Income tax (expense) benefit7.4 (28.6)26.1 (52.2)
Net income (loss) from continuing operations(23.6)(389.2)(252.3)(356.8)
Net income (loss) from discontinued operations, net of tax -
   NSM Group
6.3 5.3 16.4 (23.8)
Net gain (loss) from sale of discontinued operations, net of tax -
   NSM Group
886.8  886.8  
Net gain (loss) from sale of discontinued operations, net of tax -
   Sirius Group
   18.7 
Net income (loss)869.5 (383.9)650.9 (361.9)
   Net (income) loss attributable to non-controlling interests18.7 12.5 101.5 53.7 
Net income (loss) attributable to White Mountains’s
   common shareholders
$888.2 $(371.4)$752.4 $(308.2)
See Notes to Consolidated Financial Statements
4


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

Three Months Ended September 30,Nine Months Ended September 30,
Millions2022202120222021
Net income (loss) attributable to White Mountains’s
   common shareholders
$888.2 $(371.4)$752.4 $(308.2)
Other comprehensive income (loss), net of tax(1.4) (3.0)(.3)
Other comprehensive income (loss) from discontinued operations,
   net of tax - NSM Group
.7 (2.2)(5.2).9 
Net gain (loss) from foreign currency translation from sale of
   discontinued operations, net of tax - NSM Group
2.9  2.9  
Comprehensive income (loss) 890.4 (373.6)747.1 (307.6)
Other comprehensive (income) loss attributable to
   non-controlling interests
(.3).2 .4  
Comprehensive income (loss) attributable to
   White Mountains’s common shareholders
$890.1 $(373.4)$747.5 $(307.6)