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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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WTM Quarterly Reports

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
image11.jpg
CONTACT: Todd Pozefsky
(203) 458-5807

WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS

HAMILTON, Bermuda (February 5, 2020) - White Mountains Insurance Group, Ltd. (NYSE: WTM)
reported book value per share of $1,024 and adjusted book value per share of $1,018 as of December 31, 2019. Book value per share and adjusted book value per share increased 2% and 1% in the fourth quarter of 2019. Book value per share and adjusted book value per share increased 14% and 15% in the year ended December 31, 2019, including dividends. The results for the year ended December 31, 2019 include the gain from MediaAlpha's sale of a significant minority stake to Insignia Capital Group on February 26, 2019 (the “MediaAlpha Transaction”). Excluding the gain on the MediaAlpha Transaction, book value per share and adjusted book value per share both would have increased 8% in the year ended December 31, 2019, including dividends.(1)

Manning Rountree, CEO, commented, “We had a solid 4th quarter to cap off a satisfying year. Our investment portfolio was up 4% in the quarter, a strong result that included a $30 million increase in the fair value of our investment in MediaAlpha, which continues to produce outstanding results. In the quarter, BAM produced $23 million of premiums and member surplus contributions on good volume but lower pricing. In December and January, BAM made cash payments of surplus note principal and interest totaling $97 million. Quarter over quarter, NSM produced solid top line growth and a flat bottom line result, reflecting continuing investment in the business. In the quarter, Kudu continued to grow revenues and profits and closed two new investments, marking the full deployment of our initial $250 million commitment. In December, Kudu raised another $225 million of capital, comprised of a new $125 million committed bank facility and an incremental $100 million equity capital commitment from White Mountains. We ended the year with $1.0 billion of undeployed capital.”

Comprehensive income attributable to common shareholders was $65 million and $413 million in the fourth quarter and year ended December 31, 2019, compared to comprehensive loss attributable to common shareholders of $141 million and $146 million in the fourth quarter and year ended December 31, 2018.

HG Global/BAM

BAM’s gross written premiums and member surplus contributions (MSC) collected were $23 million and $107 million in the fourth quarter and year ended December 31, 2019, compared to $51 million and $107 million in the fourth quarter and year ended December 31, 2018. BAM insured municipal bonds with par value of $3.9 billion and $12.8 billion in the fourth quarter and year ended December 31, 2019, compared to $5.4 billion and $12.0 billion in the fourth quarter and year ended December 31, 2018. In the third quarter of 2019, BAM completed assumed reinsurance transactions to insure municipal bonds with a par value of $1.1 billion. In the fourth quarter of 2018, BAM completed assumed reinsurance transactions to insure municipal bonds with a par value of $2.2 billion. Total pricing was 58 and 83 basis points in the fourth quarter and year ended December 31, 2019, compared to 94 and 93 basis points in the fourth quarter and year ended December 31, 2018. BAM’s total claims paying resources were $938 million at December 31, 2019, compared to $930 million at September 30, 2019 and $871 million at December 31, 2018.

(1) See “Regulation G” on page 16.
1

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Wednesday, February 5, 2020 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
Consolidated Balance Sheets (Parenthetical)
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)
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 - Fair Value Of Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets Footnotes (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets Rollforward (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)
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 (Insurance-Linked Securities 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 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)

Material Contracts, Statements, Certifications & more

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

Ticker: WTM
CIK: 776867
Form Type: 10-Q Quarterly Report
Accession Number: 0000776867-20-000016
Submitted to the SEC: Fri May 08 2020 9:06:47 AM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Fire Marine And Casualty Insurance

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