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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by White Mountains Insurance Group Ltd.
White Mountains Insurance Group Ltd's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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In the event that White Mountains believes the fair value of a private equity fund, hedge fund or ILS fund differs from the NAV reported by the fund manager due to illiquidity or other factors, White Mountains will adjust the reported NAV to more appropriately represent the fair value of its investment in the private equity fund, hedge fund or ILS fund.
The following discussion also includes ten non-GAAP financial measures (i) adjusted book value per share, (ii) BAM's gross written premiums and member surplus contributions ("MSC") from new business, (iii) NSM's earnings before interest, taxes, depreciation and amortization ("EBITDA"), (iv) NSM's adjusted EBITDA, (v) Kudu's EBITDA, (vi) Kudu's adjusted EBITDA, (vii) total consolidated portfolio return excluding the MediaAlpha Transaction, (viii) total common equity securities and other long-term investments return excluding the MediaAlpha Transaction, (ix) total other long-term investments return excluding the MediaAlpha Transaction, and (x) total adjusted capital that have been reconciled from their most comparable GAAP financial measures on page 75.
Returns in the second quarter of 2020 included a $17 million increase in the fair value of Kudu's Participation Contracts, reflecting the impact of the market rebound in the second quarter of 2020 on Kudu's underlying asset management businesses, and a $15 million increase in the fair market value of White Mountains's investment in MediaAlpha, resulting from continued increases in profitability metrics driven primarily by higher volumes in its insurance verticals.
Returns in the second quarter of 2020 included a $17 million increase in the fair value of Kudu's Participation Contracts, primarily reflecting the impact of the market rebound in the second quarter of 2020 on Kudu's underlying asset management businesses, and a $15 million increase in the fair market value of White Mountains's investment in MediaAlpha, resulting from continued increases in profitability metrics driven primarily by higher volumes in its insurance verticals.
These forward-looking statements include, among others, statements with respect to White Mountains's: change in adjusted book value per share or return on equity; business strategy; financial and operating targets or plans; 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.
Book value per share and...Read more
Total consolidated portfolio returns excluding...Read more
White Mountains's Other Operations segment...Read more
Organic growth in units drove...Read more
The decline in Kudu's modeled...Read more
Fair value purchase accounting adjustment...Read more
Impairments of intangible assets -...Read more
The relative fair values of...Read more
The decrease in general and...Read more
The decrease in general and...Read more
The increase in claims paying...Read more
The effective interest rate on...Read more
Other: NSM's other controlled premium...Read more
The following table presents a...Read more
From time to time, White...Read more
The following table presents the...Read more
The USD-LIBOR rate floor increased...Read more
The relative fair values of...Read more
The discounted cash flow valuation...Read more
Real Estate: NSM's real estate...Read more
Real Estate: NSM's real estate...Read more
For the six months ended...Read more
The weighted average effective interest...Read more
The decrease in NSM's pre-tax...Read more
The decrease in NSM's pre-tax...Read more
The increase in NSM's general...Read more
The increase in NSM's general...Read more
The following is a description...Read more
All statements, other than statements...Read more
White Mountains employs a number...Read more
COVID-19 Update During the first...Read more
During the six months ended...Read more
During the six months ended...Read more
White Mountains's portfolio of common...Read more
For segment reporting, the HG...Read more
For segment reporting, the HG...Read more
The Company has reviewed the...Read more
Book value per share decreased...Read more
The COVID-19 pandemic is negatively...Read more
White Mountains's income tax benefit...Read more
Certain programs have been negatively...Read more
Specialty Transportation: NSM's specialty transportation...Read more
The following table presents the...Read more
This report includes ten non-GAAP...Read more
Returns in the second quarter...Read more
Returns in the second quarter...Read more
White Mountains's pre-tax total return...Read more
White Mountains's pre-tax total return...Read more
Specialty Transportation: NSM's specialty transportation...Read more
As of June 30, 2020,...Read more
Effective January 1, 2014, HG...Read more
White Mountains's income tax (expense)...Read more
Pre-tax income included a $17...Read more
Pre-tax income in the second...Read more
The increase in pre-tax loss...Read more
The increase in pre-tax loss...Read more
White Mountains's other long-term investments...Read more
White Mountains's other long-term investments...Read more
A portion of the premium...Read more
The following table presents White...Read more
Social Services: NSM's social services...Read more
Social Services: NSM's social services...Read more
The following table presents the...Read more
The maximum consolidated total leverage...Read more
Other: NSM's other controlled premium...Read more
BAM is required to seek...Read more
The increase in Kudu's modeled...Read more
Total pricing, which reflects both...Read more
The growth in controlled premium...Read more
United Kingdom: NSM's United Kingdom...Read more
Adjusted book value per share...Read more
White Mountains believes these measures...Read more
The firms have total assets...Read more
As of June 30, 2020,...Read more
White Mountains has maintained long-standing...Read more
Quoted prices in active markets...Read more
If one or more of...Read more
White Mountains believes these adjustments...Read more
For purposes of discussing rates...Read more
Pet: NSM's pet controlled premium...Read more
The firms have combined assets...Read more
Combined, these sectors total approximately...Read more
White Mountains believes that these...Read more
White Mountains believes that these...Read more
The following table presents the...Read more
The increase in cash used...Read more
However, since the fund managers...Read more
EBITDA is a non-GAAP financial...Read more
These statements are based on...Read more
The increase in pre-tax income...Read more
The increase in pre-tax income...Read more
Returns in the second quarter...Read more
Excluding Kingsbridge, United Kingdom controlled...Read more
White Mountains's portfolio of ETFs...Read more
Borrowings for both the three...Read more
White Mountains contributed $80 million...Read more
For GBP denominated borrowings, the...Read more
The increase in total pricing...Read more
Results for the second quarter...Read more
United Kingdom: NSM's United Kingdom...Read more
White Mountains believes these measures...Read more
During the second quarter of...Read more
An impairment of goodwill or...Read more
As a result of the...Read more
The impairments related to NSM's...Read more
There were no other impairments...Read more
The terminal revenue growth rate...Read more
The words "could", "will", "believe",...Read more
Pet: NSM's pet controlled premium...Read more
White Mountains's portfolio of common...Read more
White Mountains's portfolio of common...Read more
White Mountains's portfolio of common...Read more
White Mountains's portfolio of common...Read more
White Mountains's process to assess...Read more
The effective tax rate in...Read more
The results were driven primarily...Read more
The margin over USD-LIBOR may...Read more
For the periods presented, the...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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