White Mountains Insurance Group Ltd (WTM) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

The following discussion also includes nine non-GAAP financial measures (i) adjusted book value per share, (ii) underlying growth in adjusted book value per share, (iii) gross written premiums and member surplus contributions ("MSC") from new business, (iv) NSM's earnings before interest, taxes, depreciation and amortization ("EBITDA"), (v) NSM's adjusted EBITDA, (vi) adjusted capital, (vii) total consolidated portfolio returns excluding the MediaAlpha Transaction, (viii) total common equity securities and other long-term investments returns excluding the MediaAlpha Transaction, and (ix) total other long-term investments returns excluding the MediaAlpha Transaction, that have been reconciled from their most comparable GAAP financial measures on page 69.

Book value per share and adjusted book value per share increased 10% and 11% in the first six months of 2019, including dividends, driven primarily by the gain from the MediaAlpha Transaction and strong investment returns.

These forward-looking statements include, among others, statements with respect to White Mountains's: changes in adjusted book value per share or return on equity; business strategy; financial and operating targets or plans; incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; expansion and growth of its business and operations; and future capital expenditures.

The underlying growth in adjusted book value per share on page 44 reflects the estimated gain from the MediaAlpha Transaction as if it had closed as of December 31, 2018.