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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

White Mountains Insurance Group Ltd

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

WHITE MOUNTAINS REPORTS SECOND QUARTER RESULTS

HAMILTON, Bermuda (August 7, 2020) - White Mountains Insurance Group, Ltd. (NYSE: WTM)
reported book value per share of $1,021 and adjusted book value per share of $1,022 as of June 30, 2020. Book value per share and adjusted book value per share both increased approximately 4% in the second quarter of 2020. Book value per share decreased 0.2% and adjusted book value per share increased 0.4% in the first six months of 2020, including dividends.

Manning Rountree, CEO, commented, “We had a good second quarter. ABVPS increased 4% to $1,022, driven primarily by a 6.5% return on our investment portfolio. BAM wrote $43 million of direct premiums and member surplus contributions, its biggest quarter ever, driven by robust demand for insurance and higher pricing. NSM saw 2% organic growth in controlled premiums, quarter over quarter, and closed the Kingsbridge acquisition in April. Kudu enjoyed a strong quarter, benefiting from the rebound in investment markets and closing the Sequoia transaction in June. MediaAlpha had another excellent quarter, driven by strong performance in its insurance verticals. At PassportCard/DavidShield, the global slowdown in travel activity has caused a significant decline in premiums and revenues; in May we invested $15 million to support operations and to continue global expansion. During the quarter, we repurchased $31 million of shares at an average price of $887. We ended the quarter with $0.8 billion of undeployed capital and ample liquidity.”

Comprehensive income (loss) attributable to common shareholders was $116 million and $(17) million in the second quarter and first six months of 2020, compared to comprehensive income attributable to common shareholders of $18 million and $302 million in the second quarter and first six months of 2019. The
results in the first six months of 2019 include $182 million of realized and unrealized gains from MediaAlpha’s sale of a significant minority stake to Insignia Capital Group on February 26, 2019 (the “MediaAlpha Transaction”).

HG Global/BAM

BAM’s gross written premiums and member surplus contributions (MSC) collected were $43 million and $63 million in the second quarter and first six months of 2020, compared to $25 million and $40 million in the second quarter and first six months of 2019. BAM insured municipal bonds with par value of $4.1 billion and $7.1 billion in the second quarter and first six months of 2020, compared to $2.9 billion and $4.8 billion in the second quarter and first six months of 2019. Total pricing was 105 and 89 basis points in the second quarter and first six months of 2020, compared to 84 and 83 basis points in the second quarter and first six months of 2019. BAM’s total claims paying resources were $957 million at June 30, 2020, compared to $938 million at December 31, 2019 and $895 million at June 30, 2019.



1

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Friday, August 7, 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 And Cap (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

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: 0000776867-20-000031
Submitted to the SEC: Fri Aug 07 2020 9:24:59 AM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Fire Marine And Casualty Insurance

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