v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Common equity securities, at fair value $ 435.0 $ 650.0
Other long-term investments 2,307.1 2,150.2
Total investments 6,798.6 6,477.6
Goodwill and other intangible assets 805.4 720.3
Total assets 11,822.9 9,925.6
Liabilities    
Debt 694.6 562.5
Total liabilities 6,482.7 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 2,575,136 and 2,568,148 shares 2.6 2.6
Paid-in surplus 574.0 563.8
Retained earnings 4,067.6 3,919.0
Accumulated other comprehensive income (loss), after-tax:    
Net unrealized gains (losses) from foreign currency translation 0.3 (1.7)
Total White Mountains’s common shareholders’ equity 4,644.5 4,483.7
Noncontrolling interests 695.7 647.3
Total equity 5,340.2 5,131.0
Total liabilities and equity 11,822.9 9,925.6
Other Operations    
Assets    
Fixed maturity investments, at fair value 170.0 293.7
Common equity securities, at fair value 0.0 224.6
Investment in MediaAlpha, at fair value 195.5 201.6
Short-term investments, at fair value 501.9 262.1
Other long-term investments 570.8 588.4
Total investments 1,438.2 1,570.4
Cash 42.6 38.6
Goodwill and other intangible assets 158.1 64.8
Other assets 183.8 80.4
Total assets 1,822.7 1,754.2
Liabilities    
Loss and loss adjustment expense reserves 14.2 12.1
Unearned insurance premiums 9.4 29.0
Debt 36.7 22.0
Accrued incentive compensation 41.0 79.3
Other liabilities 109.2 38.9
Total liabilities 210.5 181.3
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 1,572.2 1,563.8
Noncontrolling interests 40.0 9.1
P&C Insurance and Reinsurance (Ark/WM Outrigger)    
Liabilities    
Loss and loss adjustment expense reserves 2,288.5 2,127.5
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 1,755.8 1,565.1
Common equity securities, at fair value 435.0 425.4
Short-term investments, at fair value 611.4 601.4
Other long-term investments 609.1 547.8
Total investments 3,411.3 3,139.7
Cash 162.7 141.2
Reinsurance recoverables 1,044.1 589.0
Insurance premiums receivable 1,451.4 768.6
Deferred acquisition costs 344.8 165.2
Goodwill and other intangible assets 292.5 292.5
Other assets 198.7 202.8
Total assets 6,905.5 5,299.0
Liabilities    
Loss and loss adjustment expense reserves 2,288.5 2,127.5
Unearned insurance premiums 1,847.3 853.3
Debt 158.9 154.5
Reinsurance payable 463.8 149.5
Contingent consideration 193.4 155.3
Other liabilities 221.6 224.7
Total liabilities 5,173.5 3,664.8
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 1,284.6 1,223.8
Noncontrolling interests 447.4 410.4
Financial Guarantee (HG Global) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 670.8 612.1
Short-term investments, at fair value 42.9 55.5
Total investments 713.7 667.6
Cash 9.2 11.5
BAM Surplus Notes, at fair value 396.7 381.7
Insurance premiums receivable 8.0 4.4
Deferred acquisition costs 90.4 86.6
Other assets 26.5 27.6
Total assets 1,244.5 1,179.4
Liabilities    
Unearned insurance premiums 307.9 297.3
Debt 147.6 147.4
Other liabilities 32.8 19.4
Total liabilities 488.3 464.1
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 768.6 728.7
Noncontrolling interests (12.4) (13.4)
Asset Management (Kudu) | Operating Segments    
Assets    
Short-term investments, at fair value 42.3 27.9
Other long-term investments 1,127.2 1,014.0
Total investments 1,169.5 1,041.9
Cash 5.7 0.6
Accrued investment income 24.1 18.0
Goodwill and other intangible assets 7.8 8.0
Other assets 23.6 39.9
Total assets 1,230.7 1,108.4
Liabilities    
Debt 246.8 238.6
Other liabilities 82.4 78.1
Total liabilities 329.2 316.7
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 773.9 664.1
Noncontrolling interests 127.6 127.6
P&C Insurance Distribution (Bamboo) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 39.3 40.7
Short-term investments, at fair value 26.6 17.3
Total investments 65.9 58.0
Cash 117.6 74.5
Premiums, commissions and fees receivable 54.4 70.0
Goodwill and other intangible assets 347.0 355.0
Other assets 34.6 27.1
Total assets 619.5 584.6
Liabilities    
Loss and loss adjustment expense reserves 28.8 17.8
Unearned insurance premiums 12.9 31.5
Premiums and commissions payable 93.9 88.1
Debt 104.6 0.0
Other liabilities 41.0 30.3
Total liabilities $ 281.2 $ 167.7