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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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, 2021) - White Mountains Insurance Group, Ltd. (NYSE: WTM)
reported book value per share of $1,259 and adjusted book value per share of $1,264 as of December 31, 2020. Book value per share and adjusted book value per share both increased 15% in the fourth quarter of 2020. Book value per share and adjusted book value per share increased 23% and 24% in the year ended December 31, 2020, including dividends.

Manning Rountree, CEO, commented, “We had a strong fourth quarter to cap off an outstanding year. MediaAlpha completed a successful IPO, and investors drove its value higher during the quarter. BAM wrote $38 million of total premiums and member surplus contributions in the quarter, capping off a record year. NSM completed a solid year, with 3% quarter over quarter growth in pro forma controlled premiums and 8% quarter over quarter growth in pro forma adjusted EBITDA. Kudu had a strong finish to the year, benefiting from the move higher in investment markets while closing three transactions in the quarter. Our investment in Ark, which was announced on October 1, closed on January 1, 2021. Ark has hit the ground running with a good January renewal season, with gross written premium expected to be in excess of $270 million. Our investment portfolio (excluding MediaAlpha) returned 1.7% in the quarter. Our capital base is, for the time being, more or less fully deployed.”

Comprehensive income attributable to common shareholders was $495 million and $716 million in the fourth quarter and year ended December 31, 2020, compared to $65 million and $413 million in the fourth quarter and year ended December 31, 2019. Results in the fourth quarter and year ended December 31, 2020 included $391 million and $746 million of net investment income and realized and unrealized investment gains from White Mountains’s investment in MediaAlpha, as well as $131 million from the release of a deferred tax liability as a result of an internal reorganization in connection with the MediaAlpha IPO. Results in the fourth quarter and year ended December 31, 2019 included $33 million and $256 million of net investment income, realized gains and unrealized investment gains from White Mountains’s investment in MediaAlpha, $182 million of which was from MediaAlpha’s sale of a significant minority stake to Insignia Capital Group on February 26, 2019.

MediaAlpha

On October 30, 2020, MediaAlpha completed the MediaAlpha IPO. In the offering, White Mountains sold 3,609,894 shares and received total proceeds of $64 million. White Mountains owns 20,532,202 MediaAlpha shares, representing a 32% fully-diluted ownership interest. At the December 31, 2020 closing price of $39.07 per share, the value of White Mountains’s remaining investment in MediaAlpha was $802 million. At the January 2021 month-end closing price of $55.00 per share, the value of White Mountains’s remaining investment in MediaAlpha was $1,129 million.


1

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Friday, February 5, 2021 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies - Discontinued Operating And Assets And Liabilities Held For Sale (Details)
Basis Of Presentation And Significant Accounting Policies - Fair Value Measurements And Other Long-Term Investments (Details)
Basis Of Presentation And Significant Accounting Policies - Foreign Currency Exchange (Details)
Basis Of Presentation And Significant Accounting Policies - Investment Securities (Details)
Basis Of Presentation And Significant Accounting Policies - Reportable Segments (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Common Shareholders??? Equity And Non-Controlling Interests
Common Shareholders??? Equity And Non-Controlling Interests (Details)
Common Shareholders??? Equity And Non-Controlling Interests (Tables)
Debt
Debt (Tables)
Debt - Debt Outstanding (Details)
Debt - Narrative (Details)
Debt - Schedule Of Contractual Repayments (Details)
Debt - Schedule Of The Change In Debt Under The Nsm Bank Facility (Details)
Derivatives
Derivatives - Forward Contracts (Details)
Derivatives - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Earnings Per Share From Continuing Operations (Details)
Earnings Per Share - Schedule Of Undistributed Net Earnings (Details)
Employee Share-Based Incentive Compensation Plans
Employee Share-Based Incentive Compensation Plans (Tables)
Employee Share-Based Incentive Compensation Plans - Performance Shares (Details)
Employee Share-Based Incentive Compensation Plans - Performance Shares Granted (Details)
Employee Share-Based Incentive Compensation Plans - Restricted Shares (Details)
Equity-Method Eligible Investments
Equity-Method Eligible Investments (Tables)
Equity-Method Eligible Investments - Balance Sheet And Income Statement Tables (Details)
Equity-Method Eligible Investments - Carrying Values Of Investments (Details)
Equity-Method Eligible Investments - Mediaalpha Investment (Details)
Equity-Method Eligible Investments - Narrative (Details)
Equity-Method Eligible Investments - Ownership Percentages (Details)
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 - Amortization Expense (Details)
Goodwill And Other Intangible Assets - Fair Value Of Goodwill And Intangible Assets (Details)
Goodwill And Other Intangible Assets - Goodwill And Intangible Assets Rollforward (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Summary Of Goodwill And Intangible Assets (Details)
Held For Sale And Discontinued Operations
Held For Sale And Discontinued Operations (Details)
Held For Sale And Discontinued Operations (Tables)
Held For Sale And Discontinued Operations - Earnings Per Share (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Asc 740-10 (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Effective Rate Reconciliation (Details)
Income Taxes - Income Tax (Benefit) Expense (Details)
Income Taxes - Net Operating And Capital Loss Carryforwards (Details)
Income Taxes - Valuation Allowance (Detail)
Investment Securities
Investment Securities (Tables)
Investment Securities - Cost And Amortized Cost Maturity Schedule (Details)
Investment Securities - Cost Or Amortized Cost, Gross Unrealized Investment Gains And Losses (Details)
Investment Securities - Debt Securities Issued By Corporation (Details)
Investment Securities - Fair Value Measurement By Level (Details)
Investment Securities - Fair Value Of Hedge Funds Subject To Restrictions On Redemption Frequency (Details)
Investment Securities - Investment Gains And Losses For Level 3 (Details)
Investment Securities - Investment Holdings (Details)
Investment Securities - Investment In Mediaalpha (Details)
Investment Securities - Investments Held On Deposit Or As Collateral (Details)
Investment Securities - Investments In Private Equity Funds Subject To Lock-Up Periods (Details)
Investment Securities - Mortgage-Backed Asset Securities (Details)
Investment Securities - Net Investment Income (Details)
Investment Securities - Net Realized And Unrealized Investment Gains And Losses - (Details)
Investment Securities - Other Long-Term Investments (Details)
Investment Securities - Rollforward Of Fair Value Measurements By Level (Details)
Investment Securities - Significant Unobservable Inputs (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 - Schedule Of Municipal Guarantee Insurance Contracts, Premium Received Over Contract Period (Details)
Municipal Bond Guarantee Insurance
Municipal Bond Guarantee Insurance (Details)
Municipal Bond Guarantee Insurance (Tables)
Municipal Bond Guarantee Insurance - Schedule Of Municipal Bond Guarantee Insured Obligations (Details)
Municipal Bond Guarantee Insurance - Schedule Of Net Written Premiums (Details)
Schedule I Summary Of Investments-Other Than Investments In Related Parties
Schedule I Summary Of Investments-Other Than Investments In Related Parties (Details)
Schedule Ii Condensed Financial Information Of The Registrant
Schedule Ii Condensed Financial Information Of The Registrant - Balance Sheet (Details)
Schedule Ii Condensed Financial Information Of The Registrant - Statement Of Cash Flows (Details)
Schedule Ii Condensed Financial Information Of The Registrant - Statement Of Operations And Comprehensive Income (Details)
Schedule Iii Supplementary Insurance Information
Schedule Iii Supplementary Insurance Information (Details)
Schedule Iv Reinsurance
Schedule Iv Reinsurance (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information - Assets (Details)
Segment Information - Revenue (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Significant Transactions
Significant Transactions - Ark (Details)
Significant Transactions - Elementum (Details)
Significant Transactions - Kudu (Details)
Significant Transactions - Mediaalpha (Details)
Significant Transactions - Nsm (Details)
Significant Transactions - Passportcard/Davidshield (Details)
Statutory Capital And Surplus
Statutory Capital And Surplus (Details)
Subsequent Event
Subsequent Event - Narrative (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: WTM
CIK: 776867
Form Type: 10-K Annual Report
Accession Number: 0000776867-21-000004
Submitted to the SEC: Fri Feb 26 2021 9:20:48 AM EST
Accepted by the SEC: Fri Feb 26 2021
Period: Thursday, December 31, 2020
Industry: Fire Marine And Casualty Insurance

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