White Mountains Insurance Group Ltd (WTM) 10-K Annual Report February 2017

HAMILTON, Bermuda (February 7, 2017) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported December 31, 2016 book value per share of $790 and adjusted book value per share of $794. Book value per share and adjusted book value per share were both down 1% for the quarter and up 14% for the year, including dividends.

Ray Barrette, Chairman and CEO, commented, “It was an OK last quarter in a successful year for White Mountains. For the year, we grew ABVPS by 14% with the Sirius, Symetra, and Tranzact sales. OneBeacon grew book value per share by 11%, maintaining discipline in competitive markets. HG Global/BAM continues to grow at improved margins, and most of our businesses at White Mountains Capital are building value at a good clip. Investment returns of 2.7% were a bit disappointing as we were under allocated to equities, post Sirius sale, in a rising stock market. We returned $900 million to shareholders, mostly through share repurchases. We still have about $1.8 billion in undeployed capital and continue to look for opportunities, well positioned to deal with a world full of unpredictable developments.”

Comprehensive loss attributable to common shareholders was $34 million in the fourth quarter of 2016 and comprehensive income attributable to common shareholders was $558 million in the year ended December 31, 2016, compared to comprehensive income attributable to common shareholders of $259 million and $197 million in the quarter and year ended December 31, 2015. Net loss attributable to common shareholders was $33 million in the fourth quarter of 2016 and net income attributable to common shareholders was $413 million in the year ended December 31, 2016, compared to net income attributable to common shareholders of $268 million and $298 million in the quarter and year ended December 31, 2015.

OneBeacon

OneBeacon’s book value per share increased 1% and 11%, including dividends, for the quarter and year ended December 31, 2016. OneBeacon’s GAAP combined ratio was 95% and 97% for the quarter and year ended December 31, 2016, compared to 96% for both the quarter and year ended December 31, 2015. The current accident year loss ratio was 57% and 58% for the quarter and year ended December 31, 2016, compared to 60% for both the quarter and year ended December 31, 2015. The decrease in the loss ratios reflects improved relative performance across most business units. OneBeacon had no net loss reserve development in the quarter and one point of net unfavorable loss reserve development in the year ended December 31, 2016. Net loss reserve development was insignificant in the quarter and year ended December 31, 2015. The expense ratio was 38% for the quarter and year ended December 31, 2016, compared to 36% for the quarter and year ended December 31, 2015. The increase in the expense ratios was primarily due to lower premium volume and changing business mix. The results for the year ended December 31, 2016 included a $16 million tax benefit related to the settlement of IRS examinations for tax years 2007-2012.

Mike Miller, CEO of OneBeacon, said, “We are pleased to have delivered solid 11% growth in book value per share in 2016. Underwriting results reflect the strong performance of our portfolio of specialty businesses. Going into 2017, we are positioned to continue delivering good underwriting results across our diverse portfolio of businesses.”

Net written premiums were $236 million in the quarter and $1.1 billion in the year ended December 31, 2016, flat and down 3%, respectively, compared to the quarter and year ended December 31, 2015.

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Tuesday, February 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

White Mountains Insurance Group Ltd provided additional information to their SEC Filing as exhibits

Exhibit 10.8: Material Contract

Exhibit 10.15: Material Contract

Exhibit 10.16: Material Contract

Exhibit 12: Statement Regarding Calculation Of Ratios

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: WTM
CIK: 776867
Form Type: 10-K Annual Report
Accession Number: 0000776867-17-000005
Submitted to the SEC: Mon Feb 27 2017 9:04:15 AM EST
Accepted by the SEC: Mon Feb 27 2017
Period: Saturday, December 31, 2016
Industry: Fire Marine And Casualty Insurance

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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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