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WTM

White Mountains Insurance Group, Ltd.

WTM

White Mountains Insurance Group, Ltd. • NYSE
$2024.25 ▼ -0.24% (-4.81)
Market Cap $5.17 B
52w High $2042.89
52w Low $1648.00
Dividend Yield 1.00%
P/E 37.31
Volume 9.32K
Outstanding Shares 2.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $864.2M ▲ $288.1M ▲ $113.8M ▼ 13.168% ▼ $0 ▼ $201M ▲
Q2-2025 $689.2M ▲ $226.9M ▲ $122.9M ▲ 17.832% ▲ $47.73 ▲ $194.3M ▲
Q1-2025 $577.8M ▲ $131M ▼ $33.9M ▲ 5.867% ▲ $13.19 ▲ $91.3M ▲
Q4-2024 $358M ▼ $155.8M ▼ $-130.4M ▼ -36.425% ▼ $-50.15 ▼ $-105.5M ▼
Q3-2024 $953.6M $294.9M $179M 18.771% $69.69 $253.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.417B ▼ $12.346B ▲ $6.628B ▲ $4.768B ▲
Q2-2025 $1.463B ▲ $11.823B ▲ $6.483B ▲ $4.644B ▲
Q1-2025 $1.317B ▲ $11.005B ▲ $5.865B ▲ $4.51B ▲
Q4-2024 $1.216B ▲ $9.926B ▼ $4.795B ▼ $4.484B ▼
Q3-2024 $527.9M $10.338B $5.078B $4.611B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $161.7M ▼ $359.3M ▲ $-295.4M ▼ $72.5M ▲ $136.4M ▲ $359.3M ▲
Q2-2025 $163.6M ▲ $177.5M ▲ $-163.8M ▼ $12.1M ▼ $25.8M ▼ $177.5M ▲
Q1-2025 $62.8M ▲ $-40.2M ▼ $7.3M ▲ $78.5M ▲ $45.6M ▲ $-40.2M ▼
Q4-2024 $-124.4M ▼ $64.1M ▼ $-163.2M ▲ $19.5M ▲ $-79.6M ▼ $64.1M ▼
Q3-2024 $227.9M $269.4M $-189.6M $11M $90.8M $269.4M

Revenue by Products

Product Q3-2022Q4-2022Q1-2023Q2-2023
Corporate and Other
Corporate and Other
 $0 ▲$0 ▲$170.00M ▲$30.00M ▼
Kudu
Kudu
 $0 ▲$0 ▲$40.00M ▲$20.00M ▼
Ark Insurance Holdings Limited
Ark Insurance Holdings Limited
 $340.00M ▲$310.00M ▼$0 ▼$0 ▲
HG GlobalBAM
HG GlobalBAM
 $-20.00M ▲$20.00M ▲$0 ▼$0 ▲
Kudu Investment Management LLC
Kudu Investment Management LLC
 $60.00M ▲$30.00M ▼$0 ▼$0 ▲
Other Entity
Other Entity
 $10.00M ▲$70.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement White Mountains’ earnings profile is lumpy and transaction‑driven rather than smooth and predictable. Over the past few years, revenue and reported margins have swung sharply, reflecting insurance cycles, investment results, and gains or losses on businesses bought and sold. Despite this volatility, the company has produced solid profits in most recent years, with only an occasional down year. In plain terms, this looks like a holding company that can generate strong earnings but in an uneven pattern, so year‑to‑year comparisons can be misleading and need to be viewed over a longer horizon.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets and shareholders’ equity both rising over the past five years. Debt levels have stayed relatively stable compared with the size of the company, suggesting a cautious use of leverage. Cash on hand is meaningful but not excessive, which is typical for an insurance‑focused group that also relies on investment portfolios and subsidiary capital. Overall, the financial position appears conservatively structured for a group that takes underwriting and investment risk, with a notable cushion of equity supporting those activities.

Cash Flow

Cash Flow Cash generation has improved materially over the period. Operating cash flow has moved from slightly negative earlier on to clearly positive in more recent years, indicating that the underlying businesses and investments are, on balance, bringing in cash rather than consuming it. Because the company has minimal traditional capital spending, free cash flow largely mirrors operating cash flow. That gives management flexibility to fund acquisitions, buy back shares, or hold more liquidity when opportunities are scarce. The main caveat is that, like earnings, cash flow can be uneven due to large transactions and insurance cycle effects.

Competitive Edge

Competitive Edge White Mountains occupies a specialized niche as a holding company for insurance and financial services platforms rather than a broad, mass‑market insurer. Its edge comes from focusing on specialty and complex lines—through businesses like Ark at Lloyd’s and NSM’s niche programs—where deep expertise matters more than sheer scale and where competition is more limited. The group also benefits from “patient capital”: it is not forced into quick exits and can hold businesses for the long term. Autonomy at the subsidiary level attracts entrepreneurial management teams. The main competitive risks are concentration in specialty lines that can be volatile, exposure to catastrophe‑prone property risks, and reliance on disciplined deal‑making to keep finding attractive platforms at reasonable prices.

Innovation and R&D

Innovation and R&D Innovation at White Mountains is less about labs and patents and more about choosing and building tech‑enabled insurance and financial platforms. Subsidiaries like Bamboo and NSM are using modern cloud systems, data analytics, and digital tools to improve underwriting, pricing, and distribution. Kudu introduces a different kind of innovation with its permanent‑capital model for asset managers, which breaks from the typical private‑equity playbook. Across the portfolio, the company is leaning into insurtech, specialty MGAs, and data‑driven underwriting rather than traditional, low‑tech insurance. Future progress will depend on how well it continues to source and integrate new, technology‑forward acquisitions and how effectively it uses data and analytics to manage risk in increasingly complex markets.

Summary

White Mountains has evolved into a diversified, transaction‑oriented insurance and financial services group with a focus on specialty markets and tech‑enabled platforms. Financially, it shows a pattern of strong but uneven earnings and cash flows, backed by a conservative balance sheet with growing equity and moderate leverage. Competitively, its strengths lie in patient capital, niche expertise, and decentralized, entrepreneurial subsidiaries, which together can support attractive economics in less crowded segments. On the opportunity side, continued expansion in specialty insurance, MGAs, and data‑driven underwriting could deepen its moat. On the risk side, investors should be mindful of earnings volatility, exposure to catastrophe‑sensitive lines, and the ongoing need for effective capital allocation and integration as leadership transitions and new deals reshape the portfolio.

NEWS

November 21, 2025 · 6:00 AM UTC

White Mountains to Commence Self-Tender Offer to Purchase Up To $300 Million In Value of Its Common Shares

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November 6, 2025 · 8:00 AM UTC

WHITE MOUNTAINS REPORTS THIRD QUARTER RESULTS

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October 3, 2025 · 8:00 AM UTC

White Mountains to Sell Bamboo to CVC

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September 30, 2025 · 8:00 AM UTC

Bamboo Pioneers MGA-Sponsored Sidecar Expansion with Accredited to Launch E&S Signature in Texas

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September 2, 2025 · 8:03 AM UTC

LIAM CAFFREY TO BECOME CEO OF WHITE MOUNTAINS IN 2026

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