v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Assets    
Common equity securities, at fair value $ 576,800,000 $ 483,000,000.0
Other long-term investments 3,316,200,000 2,958,500,000
Total investments 8,134,400,000 8,323,900,000
Goodwill and other intangible assets 1,183,700,000 1,020,200,000
Total assets 13,766,700,000 12,306,500,000
Liabilities    
Debt 932,500,000 837,000,000.0
Total liabilities 7,514,700,000 6,051,400,000
Redeemable noncontrolling interests 131,500,000 131,500,000
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 2,386,721 and 2,479,677 shares 2,400,000 2,500,000
Paid-in surplus 563,600,000 576,500,000
Retained earnings 4,821,000,000 4,845,600,000
Accumulated other comprehensive income (loss), after-tax:    
Net unrealized gains (losses) from foreign currency translation 1,300,000 800,000
Total White Mountains’s common shareholders’ equity 5,388,300,000 5,425,400,000
Nonredeemable noncontrolling interests 732,200,000 698,200,000
Total equity 6,120,500,000 6,123,600,000
Total liabilities, redeemable noncontrolling interests and equity 13,766,700,000 12,306,500,000
Other Operations    
Assets    
Fixed maturity investments, at fair value 312,900,000 159,200,000
Common equity securities, at fair value 169,100,000 30,700,000
Investment in MediaAlpha, at fair value 224,500,000 231,200,000
Short-term investments, at fair value 211,500,000 806,900,000
Other long-term investments 1,202,600,000 977,400,000
Total investments 2,120,600,000 2,205,400,000
Cash 24,200,000 38,400,000
Goodwill and other intangible assets 48,900,000 50,800,000
Other assets 104,300,000 95,900,000
Total assets 2,303,300,000 2,395,500,000
Liabilities    
Debt 18,000,000.0 18,900,000
Accrued incentive compensation 56,200,000 100,100,000
Other liabilities 40,300,000 55,400,000
Total liabilities 118,500,000 178,000,000.0
Redeemable noncontrolling interests 0 0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 2,180,000,000 2,211,900,000
Nonredeemable noncontrolling interests 4,800,000 5,500,000
Other Operations | Other Disposal Group    
Assets    
Total investments 1,600,000 1,000,000.0
Assets held for sale - Other 5,300,000 5,000,000.0
Liabilities    
Total liabilities held for sale 4,000,000.0 3,600,000
P&C Insurance and Reinsurance (Ark/WM Outrigger)    
Liabilities    
Loss and loss adjustment expense reserves 2,623,800,000 2,481,000,000
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments    
Assets    
Fixed maturity investments, at fair value 2,011,900,000 1,917,900,000
Common equity securities, at fair value 407,700,000 452,300,000
Short-term investments, at fair value 536,900,000 866,600,000
Other long-term investments 769,000,000.0 689,700,000
Total investments 3,725,500,000 3,926,500,000
Cash 91,500,000 104,800,000
Reinsurance recoverables 1,394,000,000 836,100,000
Insurance premiums receivable 1,473,200,000 848,400,000
Deferred acquisition costs 327,900,000 211,100,000
Goodwill and other intangible assets 292,500,000 292,500,000
Other assets 265,600,000 134,700,000
Total assets 7,570,200,000 6,354,100,000
Liabilities    
Loss and loss adjustment expense reserves 2,623,800,000 2,481,000,000
Unearned insurance premiums 1,860,400,000 1,026,100,000
Debt 159,000,000.0 159,700,000
Reinsurance payable 642,800,000 286,200,000
Contingent consideration 370,000,000.0 328,300,000
Other liabilities 208,000,000.0 247,200,000
Total liabilities 5,864,000,000 4,528,500,000
Redeemable noncontrolling interests 0 0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 1,234,700,000 1,360,400,000
Nonredeemable noncontrolling interests 471,500,000 465,200,000
Asset Management (Kudu) | Operating Segments    
Assets    
Short-term investments, at fair value 114,400,000 21,900,000
Other long-term investments 1,344,600,000 1,291,400,000
Total investments 1,459,000,000 1,313,300,000
Cash 1,400,000 34,500,000
Accrued investment income 21,600,000 25,300,000
Goodwill and other intangible assets 7,600,000 7,700,000
Other assets 7,300,000 21,500,000
Total assets 1,496,900,000 1,402,300,000
Liabilities    
Debt 350,700,000 350,400,000
Other liabilities 116,700,000 96,500,000
Total liabilities 467,400,000 446,900,000
Redeemable noncontrolling interests 0 0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 885,400,000 814,200,000
Nonredeemable noncontrolling interests 144,100,000 141,200,000
HG Global | Operating Segments    
Assets    
Fixed maturity investments, at fair value 715,100,000 693,400,000
Short-term investments, at fair value 34,200,000 90,800,000
Total investments 749,300,000 784,200,000
Cash 200,000 100,000
BAM Surplus Notes, at fair value 352,800,000 339,000,000.0
Insurance premiums receivable 9,800,000 11,400,000
Deferred acquisition costs 98,500,000 96,900,000
Other assets 6,000,000.0 5,200,000
Total assets 1,216,600,000 1,236,800,000
Liabilities    
Loss and loss adjustment expense reserves 0 0
Unearned insurance premiums 331,800,000 327,900,000
Debt 197,400,000 147,800,000
Other liabilities 20,100,000 23,800,000
Total liabilities 549,300,000 499,500,000
Redeemable noncontrolling interests 0 0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 687,300,000 755,700,000
Nonredeemable noncontrolling interests (20,000,000.0) (18,400,000)
Specialty Insurance Distribution (Distinguished) | Operating Segments    
Assets    
Short-term investments, at fair value 79,400,000 94,000,000.0
Total investments 79,400,000 94,000,000.0
Cash 4,100,000 2,700,000
Premiums, commissions and fees receivable 69,800,000 45,700,000
Goodwill and other intangible assets 565,100,000 577,700,000
Other assets 26,400,000 15,300,000
Total assets 744,800,000 735,400,000
Liabilities    
Debt 140,900,000 140,800,000
Premiums and commissions payable 114,000,000.0 81,300,000
Other liabilities 77,300,000 85,000,000.0
Total liabilities 332,200,000 307,100,000
Redeemable noncontrolling interests 131,500,000 131,500,000
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 205,100,000 223,100,000
Nonredeemable noncontrolling interests 76,000,000.0 73,700,000
Services, Industrial and Consumer (WTM Partners) | Operating Segments    
Assets    
Short-term investments, at fair value 600,000 500,000
Total investments 600,000 500,000
Cash 6,100,000 4,400,000
Accounts receivable 78,800,000 39,500,000
Contract assets 36,300,000 17,800,000
Goodwill and other intangible assets 269,600,000 91,500,000
Other assets 43,500,000 28,700,000
Total assets 434,900,000 182,400,000
Liabilities    
Debt 66,500,000 19,400,000
Contract liabilities 35,600,000 24,800,000
Other liabilities 81,200,000 47,200,000
Total liabilities 183,300,000 91,400,000
Redeemable noncontrolling interests 0 0
Accumulated other comprehensive income (loss), after-tax:    
Total White Mountains’s common shareholders’ equity 195,800,000 60,100,000
Nonredeemable noncontrolling interests $ 55,800,000 $ 31,000,000.0