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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
wtmimagea15.jpg
 
CONTACT: Todd Pozefsky
(203) 458-5807

WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS

HAMILTON, Bermuda (February 6, 2019) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $896 and adjusted book value per share of $888 as of December 31, 2018. For the fourth quarter and year ended December 31, 2018, book value per share decreased 5% and 4% and adjusted book value per share decreased 4% and 3%, including dividends. Including the estimated gain of $55 per share for the MediaAlpha transaction, December 31, 2018 book value per share would have been $951 and adjusted book value per share would have been $943.

Manning Rountree, CEO, commented, “We had a tough fourth quarter, with ABVPS down 4%. This result was driven largely by the impact of the rout in the equity markets on our investment portfolio. BAM enjoyed a strong fourth quarter, ending the year at new highs for par in force, total premiums and claims paying resources and, in December, making a $23 million cash payment on the surplus notes. NSM posted mixed results across its existing business lines in the quarter, while closing two new bolt-on acquisitions. MediaAlpha had yet another strong quarter, ending the year at new highs for revenues and EBITDA. The recently announced MediaAlpha transaction will increase ABVPS by 6%, recognizing the significant value created to date and setting the stage for further value creation. During 2018, we returned $519 million to shareholders through share repurchases and allocated roughly $300 million to new business opportunities, ending the year with $1.2 billion of undeployed capital.”

Comprehensive loss attributable to common shareholders was $141 million and $146 million in the fourth quarter and year ended December 31, 2018, compared to comprehensive income attributable to common shareholders of $23 million and $631 million in the fourth quarter and year ended December 31, 2017. Results for the year ended December 31, 2017 include the $557 million gain from the sale of OneBeacon.

HG Global/BAM

BAM’s gross written premiums and member surplus contributions (MSC) collected from new business totaled $51 million and $107 million in the fourth quarter and year ended December 31, 2018, compared to $33 million and $101 million in the fourth quarter and year ended December 31, 2017. BAM insured municipal bonds with par value of $5.4 billion and $12.0 billion in the fourth quarter and year ended December 31, 2018, compared to $3.3 billion and $10.4 billion in the fourth quarter and year ended December 31, 2017. Total pricing was 94 and 93 basis points in the fourth quarter and year ended December 31, 2018, compared to 99 basis points in both the fourth quarter and year ended December 31, 2017. In the fourth quarter of 2018, BAM completed an assumed reinsurance transaction to insure municipal bonds with a par value of $2.2 billion for gross written premiums and MSC of $20 million. BAM’s total claims paying resources were $871 million at December 31, 2018, compared to $835 million at September 30, 2018 and $708 million at December 31, 2017.




The following information was filed by White Mountains Insurance Group Ltd (WTM) on Wednesday, February 6, 2019 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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Inside White Mountains Insurance Group Ltd's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (Details)
Common Shareholders??? Equity And Non-Controlling Interests
Common Shareholders??? Equity And Non-Controlling Interests (Details)
Common Shareholders??? Equity And Non-Controlling Interests Common Shareholders??? Equity And Non-Controlling Interests (Tables)
Debt
Debt (Debt Outstanding) (Details)
Debt (Narrative) (Details)
Debt (Schedule Of Contractual Repayments) (Details)
Debt (Tables)
Derivatives
Derivatives (Details)
Derivatives (Forward Contracts) (Details)
Derivatives (Pre-Tax Operating Results Of Wm Life Re) (Details)
Derivatives (Realized And Unrealized Gains (Losses)) (Details)
Derivatives (Tables)
Derivatives (Variable Annuity Reinsurance Liabilities And Derivative Instruments) (Details)
Derivatives - Interest Rate Swap (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Footnotes) (Details)
Earnings Per Share (Schedule Of Undistributed Net Earnings) (Details)
Earnings Per Share (Tables)
Employee Share-Based Incentive Compensation Plans
Employee Share-Based Incentive Compensation Plans (Mediaalpha Class B Unit Awards) (Details)
Employee Share-Based Incentive Compensation Plans (Tables)
Employee Share-Based Incentive Compensation Plans (Wtm Non-Qualified Options) (Details)
Employee Share-Based Incentive Compensation Plans (Wtm Performance Shares Granted Under The Wtm Incentive Plan) (Details)
Employee Share-Based Incentive Compensation Plans (Wtm Performance Shares) (Details)
Employee Share-Based Incentive Compensation Plans (Wtm Restricted Shares) (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Goodwill And Intangible Assets Rollforward) (Details)
Goodwill And Other Intangible Assets (Summary Of Goodwill And Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Held For Sale And Discontinued Operations
Held For Sale And Discontinued Operations (Cash Flows Table) (Details)
Held For Sale And Discontinued Operations (Details)
Held For Sale And Discontinued Operations (Earnings Per Share) (Details)
Held For Sale And Discontinued Operations (Loss From Discontinued Operations) (Details)
Held For Sale And Discontinued Operations (Tables)
Income Taxes
Income Taxes (Asc 740-10) (Details)
Income Taxes (Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Effective Rate Reconciliation) (Details)
Income Taxes (Income Tax (Benefit) Expense (Details)
Income Taxes (Net Operating And Capital Loss Carryforwards) (Details)
Income Taxes (Tables)
Income Taxes (Tax Examinations) (Details)
Income Taxes (Valuation Allowance) (Details)
Investment Securities
Investment Securities (Cost And Amortized Cost Maturity Schedule) (Details)
Investment Securities (Cost Or Amortized Cost, Gross Unrealized Investment Gains And Losses) (Details)
Investment Securities (Debt Securities Issued By Corporation) (Details)
Investment Securities (Fair Value Measurement By Level) (Details)
Investment Securities (Fair Value Of Hedge Funds Subject To Restrictions On Redemption Frequency) (Details)
Investment Securities (Investment Gains (Losses) For Level 3) (Details)
Investment Securities (Investment Holdings) (Details)
Investment Securities (Investments Held On Deposit Or As Collateral) (Details)
Investment Securities (Investments In Private Equity Funds Subject To Lock-Up Periods) (Details)
Investment Securities (Mortgage-Backed Asset Securities) (Details)
Investment Securities (Net Investment Income) (Details)
Investment Securities (Net Realized And Unrealized Investement Gains And Losses) (Details)
Investment Securities (Net Realized Investment Gain (Losses) (Details)
Investment Securities (Net Unrealized Investment Gains (Losses)) (Details)
Investment Securities (Other Long-Term Investments) (Details)
Investment Securities (Rollforward Of Fair Value Measurements By Level) (Details)
Investment Securities (Significant Unobservable Inputs) (Details)
Investment Securities (Tables)
Investments In Unconsolidated Affiliates
Investments In Unconsolidated Affiliates (Balance Sheet And Income Statement Tables) (Details)
Investments In Unconsolidated Affiliates (Carrying Values Of Investments) (Details)
Investments In Unconsolidated Affiliates (Details)
Investments In Unconsolidated Affiliates (Tables)
Municipal Bond Guarantee Insurance
Municipal Bond Guarantee Insurance (Details)
Municipal Bond Guarantee Insurance (Tables)
Municipal Bond Guarantee Insurance Schedule Of Net Written Premiums (Details)
Schedule I Summary Of Investments-Other Than Investments In Related Parties
Schedule I Summary Of Investments-Other Than Investments In Related Parties (Details)
Schedule Ii Condensed Financial Information Of The Registrant
Schedule Ii Condensed Financial Information Of The Registrant - Balance Sheet (Details)
Schedule Ii Condensed Financial Information Of The Registrant - Statement Of Cash Flows (Details)
Schedule Ii Condensed Financial Information Of The Registrant - Statement Of Operations And Comprehensive Income (Details)
Schedule Iii Supplementary Insurance Information
Schedule Iii Supplementary Insurance Information (Details)
Schedule Iv Reinsurance
Schedule Iv Reinsurance (Details)
Segment Information
Segment Information (Assets) (Details)
Segment Information (Details)
Segment Information (Tables)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Significant Transactions
Significant Transactions (Acquisitions) (Details)
Significant Transactions (Dispositions) (Details)
Significant Transactions Significant Transactions (Tables)
Statutory Capital And Surplus
Statutory Capital And Surplus (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Foreign Currency Exchange) (Details)
Summary Of Significant Accounting Policies (Investment Securities) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Recently Adopted Accounting Principles) (Details)
Summary Of Significant Accounting Policies (Reportable Segments And Discontinued Operations And Assets And Liabilities Held For Sale) (Details)
Transactions With Related Persons
Transactions With Related Persons (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: WTM
CIK: 776867
Form Type: 10-K Annual Report
Accession Number: 0000776867-19-000008
Submitted to the SEC: Wed Feb 27 2019 4:00:49 AM EST
Accepted by the SEC: Wed Feb 27 2019
Period: Monday, December 31, 2018
Industry: Fire Marine And Casualty Insurance

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