v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Common equity securities, at fair value $ 546.5 $ 483.0
Other long-term investments 3,253.5 2,958.5
Total investments 8,353.4 8,323.9
Goodwill and other intangible assets 1,011.7 1,020.2
Total assets 13,168.9 12,306.5
Liabilities    
Debt 834.8 837.0
Total liabilities 6,992.9 6,051.4
Redeemable noncontrolling interests 131.5 131.5
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 2,476,670 and 2,479,677 shares 2.5 2.5
Paid-in surplus 578.8 576.5
Retained earnings 4,790.8 4,845.6
Accumulated other comprehensive income (loss), after-tax:    
Net unrealized gains (losses) from foreign currency translation 1.4 0.8
Total White Mountains’s common shareholders’ equity 5,373.5 5,425.4
Nonredeemable noncontrolling interests 671.0 698.2
Total equity 6,044.5 6,123.6
Total liabilities, redeemable noncontrolling interests and equity 13,168.9 12,306.5
Other Operations    
Assets    
Fixed maturity investments, at fair value 310.9 159.2
Common equity securities, at fair value 147.3 30.7
Investment in MediaAlpha, at fair value 166.1 231.2
Short-term investments, at fair value 428.1 807.4
Other long-term investments 1,157.0 977.4
Total investments 2,209.4 2,205.9
Cash 24.1 42.8
Goodwill and other intangible assets 140.1 142.3
Other assets 174.3 181.9
Total assets 2,552.4 2,577.9
Liabilities    
Loss and loss adjustment expense reserves 12.2 13.6
Unearned insurance premiums 10.8 9.6
Debt 36.2 38.3
Accrued incentive compensation 50.8 102.9
Other liabilities 98.2 101.4
Total liabilities 211.1 269.4
Redeemable noncontrolling interests 0.0 0.0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 2,304.9 2,272.0
Nonredeemable noncontrolling interests 36.4 36.5
Other Operations | Other Disposal Group    
Assets    
Total investments 0.6 1.0
Assets held for sale - Other 4.5 5.0
Liabilities    
Total liabilities held for sale 2.9 3.6
P&C Insurance and Reinsurance (Ark/WM Outrigger)    
Liabilities    
Loss and loss adjustment expense reserves 2,585.6 2,481.0
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 1,870.0 1,917.9
Common equity securities, at fair value 399.2 452.3
Short-term investments, at fair value 900.5 866.6
Other long-term investments 737.7 689.7
Total investments 3,907.4 3,926.5
Cash 97.3 104.8
Reinsurance recoverables 1,179.3 836.1
Insurance premiums receivable 1,307.4 848.4
Deferred acquisition costs 300.2 211.1
Goodwill and other intangible assets 292.5 292.5
Other assets 136.6 134.7
Total assets 7,220.7 6,354.1
Liabilities    
Loss and loss adjustment expense reserves 2,585.6 2,481.0
Unearned insurance premiums 1,613.5 1,026.1
Debt 159.3 159.7
Reinsurance payable 610.3 286.2
Contingent consideration 338.3 328.3
Other liabilities 234.4 247.2
Total liabilities 5,541.4 4,528.5
Redeemable noncontrolling interests 0.0 0.0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 1,231.5 1,360.4
Nonredeemable noncontrolling interests 447.8 465.2
Asset Management (Kudu) | Operating Segments    
Assets    
Short-term investments, at fair value 20.9 21.9
Other long-term investments 1,358.8 1,291.4
Total investments 1,379.7 1,313.3
Cash 13.8 34.5
Accrued investment income 23.6 25.3
Goodwill and other intangible assets 7.6 7.7
Other assets 22.4 21.5
Total assets 1,447.1 1,402.3
Liabilities    
Debt 350.6 350.4
Other liabilities 105.4 96.5
Total liabilities 456.0 446.9
Redeemable noncontrolling interests 0.0 0.0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 855.7 814.2
Nonredeemable noncontrolling interests 135.4 141.2
Financial Guarantee (HG Global) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 705.2 693.4
Short-term investments, at fair value 85.6 90.8
Total investments 790.8 784.2
Cash 0.2 0.1
BAM Surplus Notes, at fair value 345.9 339.0
Insurance premiums receivable 7.8 11.4
Deferred acquisition costs 97.3 96.9
Other assets 5.6 5.2
Total assets 1,247.6 1,236.8
Liabilities    
Unearned insurance premiums 328.5 327.9
Debt 147.9 147.8
Other liabilities 23.4 23.8
Total liabilities 499.8 499.5
Redeemable noncontrolling interests 0.0 0.0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 767.0 755.7
Nonredeemable noncontrolling interests (19.2) (18.4)
Specialty Insurance Distribution (Distinguished) | Operating Segments    
Assets    
Short-term investments, at fair value 66.1 94.0
Total investments 66.1 94.0
Cash 0.5 2.7
Premiums, commissions and fees receivable 45.9 45.7
Goodwill and other intangible assets 571.5 577.7
Other assets 17.1 15.3
Total assets 701.1 735.4
Liabilities    
Debt 140.8 140.8
Premiums and commissions payable 76.3 81.3
Other liabilities 67.5 85.0
Total liabilities 284.6 307.1
Redeemable noncontrolling interests 131.5 131.5
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 214.4 223.1
Nonredeemable noncontrolling interests $ 70.6 $ 73.7