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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
wtmimagea18.jpg
 
CONTACT: Todd Pozefsky
(203) 458-5807

WHITE MOUNTAINS REPORTS FIRST QUARTER RESULTS

HAMILTON, Bermuda (May 6, 2019) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $981 and adjusted book value per share of $979 as of March 31, 2019. Book value per share
and adjusted book value per share were each up 10% for the quarter, including dividends.

On February 26, 2019, MediaAlpha completed the sale of a significant minority stake to Insignia Capital Group in connection with a recapitalization and cash distribution to existing equityholders. As of December 31, 2018,
including the then estimated net gain of $55 per share from the MediaAlpha transaction, book value per share would have been approximately $951 and adjusted book value per share would have been approximately $943.

Manning Rountree, CEO, commented, “We are off to a good start in 2019. In the first quarter, underlying growth in ABVPS, excluding the MediaAlpha transaction, was 4%(1), driven by strong investment results. We closed the MediaAlpha transaction in February and are excited about the next stage of value creation at the company. BAM’s par insured volume was up year over year, in both the primary and secondary markets, although primary market pricing dipped. NSM grew organically during the quarter and, in April, closed its acquisition of Embrace Pet Insurance. Also in April, we closed our previously announced acquisition of Oaktree Capital Management’s interests in Kudu, bringing our total capital commitment to Kudu to $250 million. We ended the quarter with $1.2 billion of undeployed capital.”

Comprehensive income attributable to common shareholders was $284 million in the first quarter of 2019, compared to comprehensive loss attributable to common shareholders of $48 million in the first quarter of 2018.
 
HG Global/BAM

BAM’s gross written premiums and member surplus contributions collected were $16 million in the first quarter of 2019, compared to $11 million in the first quarter of 2018. BAM insured municipal bonds with par value of $1.9 billion in the first quarter of 2019, compared to $1.3 billion in the first quarter of 2018, which was unusually low, as many issuers pulled forward planned first quarter 2018 issuance volume into late 2017 given the uncertainty around tax reform. Total pricing was 83 basis points in the first quarter of 2019, compared to 96 basis points in the first quarter of 2018. BAM’s total claims paying resources were $878 million at March 31, 2019, compared to $871 million at December 31, 2018 and $709 million at March 31, 2018.

Seán McCarthy, CEO of BAM, said, “Although fundamental market conditions were challenging, given the lower interest rates and tighter credit spreads, BAM’s par insured volume in the primary market was up 21% year over year, in line with growth in the municipal new-issue market. There was strong investor demand for BAM’s guaranty in the secondary market, where total activity more than tripled year over year. Pricing dipped in the quarter, especially in the primary market, but risk adjusted pricing remained healthy. The BAM GreenStar assessment program is gaining traction. In the quarter, we closed 12 municipal transactions identified as “green bonds,” totaling $138 million of par, more than any other third-party verifier. We expect that volumes will continue to grow as issuers highlight for investors those bonds that finance projects with environmental benefits.”


(1) See “Regulation G” on page 12.





The following information was filed by White Mountains Insurance Group Ltd (WTM) on Monday, May 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets Consolidated Balance Sheets
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Equity (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation And Significant Accouting Policies
Basis Of Presentation And Significant Accouting Policies (Basis Of Presentation) (Details)
Basis Of Presentation And Significant Accouting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Derivatives
Derivatives - Nsm Interest Rate Swap (Details)
Derivatives Forward Contracts (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Earnings Per Share - Undistributed Net Earnings (Details)
Employee Share-Based Incentive Compensation Plans
Employee Share-Based Incentive Compensation Plans (Performance Shares Granted Under The Wtm Incentive Plan) (Details)
Employee Share-Based Incentive Compensation Plans (Performance Shares) (Details)
Employee Share-Based Incentive Compensation Plans (Restricted Shares) (Details)
Employee Share-Based Incentive Compensation Plans (Tables)
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 (Tables)
Goodwill And Other Intangible Assets - Goodwill Rollforward (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets Footnotes (Details)
Held For Sale And Discontinued Operations
Held For Sale And Discontinued Operations (Tables)
Held For Sale And Discontinued Operations - (Details)
Held For Sale And Discontinued Operations - Eps (Details)
Held For Sale And Discontinued Operations - Net Change Cash From Discontinued Operations (Details)
Income Taxes
Income Taxes (Details)
Investment Securities
Investment Securities (Debt Securities Issued By Corporation) (Details)
Investment Securities (Fair Value Measurement By Level) (Details)
Investment Securities (Fair Value Measurements) (Details)
Investment Securities (Fair Value Of Hedge Funds And Private Equity Funds) (Details)
Investment Securities (Hedge Funds And Private Equity Funds) (Details)
Investment Securities (Investment Gains (Losses) For Level 3) (Details)
Investment Securities (Investment Holding Common Equities/ Other Investments) (Details)
Investment Securities (Investment Holdings Fixed Maturity Table) (Details)
Investment Securities (Investments In Private Equity Funds Subject To Lock-Up Periods) (Details)
Investment Securities (Mortgage-Backed Asset Securities Table) (Details)
Investment Securities (Net Investment Income) (Details)
Investment Securities (Net Realized And Unrealized Investment Gains (Losses) (Details)
Investment Securities (Net Realized Investment Gains (Losses)) (Details)
Investment Securities (Net Unrealized Investment Gains (Losses)) (Details)
Investment Securities (Other Long-Term Investments) (Details)
Investment Securities (Restrictions On Redemption Frequency And Advance Notice Requirements) (Details)
Investment Securities (Rollforward Of Fair Value Measurements By Level) (Details)
Investment Securities (Significant Unobservable Inputs) (Details)
Investment Securities (Tables)
Investments In Unconsolidated Entities
Investments In Unconsolidated Entities (Details)
Investments In Unconsolidated Entities (Tables)
Investments In Unconsolidated Entities - Narrative (Details)
Investments In Unconsolidated Entities - White Mountain's Investments (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Future Minimum Payments On Operating Leases (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Right-Of-Use Assets And Lease Liabilities (Details)
Municipal Bond Guarantee
Municipal Bond Guarantee (Tables)
Municipal Bond Guarantee - Narrative (Details)
Municipal Bond Guarantee - Schedule Of Net Written Premiums (Details)
Non-Controlling Interests
Non-Controlling Interests (Details)
Non-Controlling Interests (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Significant Transactions
Significant Transactions (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: WTM
CIK: 776867
Form Type: 10-Q Quarterly Report
Accession Number: 0000776867-19-000015
Submitted to the SEC: Mon May 06 2019 5:33:53 AM EST
Accepted by the SEC: Mon May 06 2019
Period: Sunday, March 31, 2019
Industry: Fire Marine And Casualty Insurance

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