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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