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White Mountains Insurance Group, Ltd.

White Mountains Insurance Group, Ltd.

NYSE•WTM
CEO: Mr. George Manning Rountree
Sector: Financial Services
Industry: Insurance - Property & Casualty
Listing Date: 1985-10-23
White Mountains Insurance Group, Ltd., through its subsidiaries, provides insurance and other financial services in the United States. The company operates through HG Global/BAM, Ark/WM Outrigger, Kudu, and Other Operations segments. The HG Global/BAM segment provides insurance on municipal bonds issued to finance public purposes, such as schools, utilities, and transportation facilities, as well as reinsurance protection services. The Ark/WM Outrigger segment offers reinsurance and insurance, including property, marine and energy, accident and health, casualty, and specialty products. The Kudu segment provides capital solutions to boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisitions and growth finances, and legacy partner liquidity, as well as strategic assistance to investees. The Other Operations segment offers insurance solutions to travel industry through broker channel and on a direct-to-consumer basis; and manages separate accounts and pooled investment vehicles for insurance-linked securities sectors, including catastrophe bonds, collateralized reinsurance investments, and industry loss warranties of third-party clients. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.
Contact Information
A.S. Cooper Building, Suite 601 26 Reid Street, Hamilton, HM 11, Bermuda
441-278-3160
www.whitemountains.com
Market Cap
$5.23B
P/E (TTM)
210.5
12.6
Dividend Yield
0.0%
52W High
$2.13K
52W Low
$1.65K
52W Range
83%
Rank46Top 45.7%
3.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$864.20M+448.35%
4-Quarter Trend

EPS

$0.00+0.00%
4-Quarter Trend

FCF

$359.30M+33.37%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Total Revenues Total revenues reached $2.13 B for nine months, showing growth from prior year's $1.88 B across all segments.
Total Assets Increased Total assets grew to $12.35 B by September 30, 2025, up from $9.93 B at year-end 2024 following acquisitions.
P&C Pre-tax Income Rises P&C Insurance pre-tax income improved to $270.0 M for nine months, compared to $242.2 M last year.
Strategic Segment Transactions Completed Distinguished acquisition in September; Bamboo Group assets reclassified as held for sale post-period end.

Risk Factors

Common Shareholder Income Down Net income attributable to common shareholders decreased to $270.6 M for nine months, down from $360.8 M previously.
Total Debt Increased Total debt rose significantly to $870.4 M by September 30, 2025, compared to $562.5 M at year-end 2024.
Investment Gains Lower Total net realized/unrealized investment gains were $249.6 M for nine months, lower than $322.6 M reported previously.
Catastrophe Loss Exposure Ark's nine-month results included seven points of catastrophe losses from California wildfires impacting underwriting results.

Outlook

Bamboo Sale Closing Expected Bamboo Sale Transaction expected to close in fourth quarter 2025, subject to regulatory approvals and customary conditions.
Capital Deployment Plans Undeployed capital is projected around $1.1 B following expected Bamboo Sale proceeds, available for future deployment.
Global Tax Regime Uncertainty Forecasting $1.7 M top-up tax for 2025 due to OECD Pillar Two initiative; potential impact on deferred tax assets uncertain.
Kudu Asset Management Growth Kudu deployed $1.1 B into 29 asset management firms globally, maintaining an average gross cash yield near 9.4%.

Peer Comparison

Revenue (TTM)

The Progressive CorporationPGR
$85.18B
+18.4%
Chubb LimitedCB
$58.70B
+6.4%
W. R. Berkley CorporationWRB
$14.65B
+11.1%

Gross Margin (Latest Quarter)

Horace Mann Educators CorporationHMN
100.0%
+0.0pp
White Mountains Insurance Group, Ltd.WTM
47.5%
-47.7pp
CNA Financial CorporationCNA
32.9%
+2.6pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PGR$133.25B12.535.0%5.7%
CB$125.22B13.014.3%6.4%
WRB$26.26B14.420.9%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
378.3%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Feb 6, 2026
|
EPS:-
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $864.20M+448.4%
    |
    EPS: $0.00+0.0%
    N/A
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $689.20M+74.3%
    |
    EPS: $47.73-324.2%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $7.50M-98.8%
    |
    EPS: $13.19-85.7%
    Beat
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 28, 2025|
    Revenue: $2.35B+8.7%
    |
    EPS: $89.79-54.8%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $157.60M-69.7%
    |
    EPS: $69.69+654.2%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $395.40M+4.5%
    |
    EPS: $-21.29-378.7%
    Beat
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 9, 2024|
    Revenue: $647.20M+21.7%
    |
    EPS: $92.33+32.2%
    N/A
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 26, 2024|
    Revenue: $2.17B+87.1%
    |
    EPS: $198.63-28.3%
    Beat