v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Common equity securities, at fair value $ 541.8 $ 650.0
Other long-term investments 2,287.9 2,150.2
Total investments 6,551.3 6,477.6
Goodwill and other intangible assets 715.1 720.3
Total assets 11,004.9 9,925.6
Liabilities    
Debt 676.1 562.5
Total liabilities 5,865.2 4,794.6
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 2,573,726 and 2,568,148 shares 2.6 2.6
Paid-in surplus 564.5 563.8
Retained earnings 3,943.0 3,919.0
Accumulated other comprehensive income (loss), after-tax:    
Net unrealized gains (losses) from foreign currency translation (0.5) (1.7)
Total White Mountains’s common shareholders’ equity 4,509.6 4,483.7
Noncontrolling interests 630.1 647.3
Total equity 5,139.7 5,131.0
Total liabilities and equity 11,004.9 9,925.6
Other Operations    
Assets    
Fixed maturity investments, at fair value 293.1 293.7
Common equity securities, at fair value 120.9 224.6
Investment in MediaAlpha, at fair value 165.0 201.6
Short-term investments, at fair value 293.3 262.1
Other long-term investments 574.9 588.4
Total investments 1,447.2 1,570.4
Cash 29.8 38.6
Insurance premiums receivable 14.9 15.3
Goodwill and other intangible assets 63.7 64.8
Other assets 82.4 65.1
Total assets 1,638.0 1,754.2
Liabilities    
Loss and loss adjustment expense reserves 13.4 12.1
Unearned insurance premiums 30.8 29.0
Debt 21.2 22.0
Accrued incentive compensation 28.2 79.3
Other liabilities 36.9 38.9
Total liabilities 130.5 181.3
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 1,498.4 1,563.8
Noncontrolling interests 9.1 9.1
P&C Insurance and Reinsurance (Ark/WM Outrigger)    
Liabilities    
Loss and loss adjustment expense reserves 2,253.9 2,127.5
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 1,582.1 1,565.1
Common equity securities, at fair value 420.9 425.4
Short-term investments, at fair value 625.2 601.4
Other long-term investments 586.8 547.8
Total investments 3,215.0 3,139.7
Cash 160.5 141.2
Reinsurance recoverables 920.4 589.0
Insurance premiums receivable 1,272.6 768.6
Deferred acquisition costs 279.7 165.2
Goodwill and other intangible assets 292.5 292.5
Other assets 184.8 202.8
Total assets 6,325.5 5,299.0
Liabilities    
Loss and loss adjustment expense reserves 2,253.9 2,127.5
Unearned insurance premiums 1,500.6 853.3
Debt 156.1 154.5
Reinsurance payable 385.8 149.5
Contingent consideration 165.0 155.3
Other liabilities 196.7 224.7
Total liabilities 4,658.1 3,664.8
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 1,251.4 1,223.8
Noncontrolling interests 416.0 410.4
Financial Guarantee (HG Global) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 631.9 612.1
Short-term investments, at fair value 54.1 55.5
Total investments 686.0 667.6
Cash 6.8 11.5
BAM Surplus Notes, at fair value 389.2 381.7
Insurance premiums receivable 7.6 4.4
Deferred acquisition costs 86.6 86.6
Other assets 26.9 27.6
Total assets 1,203.1 1,179.4
Liabilities    
Unearned insurance premiums 295.8 297.3
Debt 147.5 147.4
Other liabilities 20.0 19.4
Total liabilities 463.3 464.1
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 752.3 728.7
Noncontrolling interests (12.5) (13.4)
Asset Management (Kudu) | Operating Segments    
Assets    
Short-term investments, at fair value 11.9 27.9
Other long-term investments 1,126.2 1,014.0
Total investments 1,138.1 1,041.9
Cash 15.1 0.6
Accrued investment income 23.5 18.0
Goodwill and other intangible assets 7.9 8.0
Other assets 38.7 39.9
Total assets 1,223.3 1,108.4
Liabilities    
Debt 246.6 238.6
Other liabilities 84.0 78.1
Total liabilities 330.6 316.7
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 766.3 664.1
Noncontrolling interests 126.4 127.6
P&C Insurance Distribution (Bamboo) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 44.9 40.7
Short-term investments, at fair value 20.1 17.3
Total investments 65.0 58.0
Cash 99.8 74.5
Premiums, commissions and fees receivable 67.4 70.0
Goodwill and other intangible assets 351.0 355.0
Other assets 31.8 27.1
Total assets 615.0 584.6
Liabilities    
Loss and loss adjustment expense reserves 23.2 17.8
Unearned insurance premiums 34.2 31.5
Debt 104.7 0.0
Premiums and commissions payable 86.2 88.1
Other liabilities 34.4 30.3
Total liabilities $ 282.7 $ 167.7