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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

White Mountains Insurance Group Ltd

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

WHITE MOUNTAINS REPORTS FIRST QUARTER RESULTS

HAMILTON, Bermuda (May 10, 2021) - White Mountains Insurance Group, Ltd. (NYSE: WTM)
reported book value per share of $1,231 and adjusted book value per share of $1,242 as of March 31, 2021. Book value per share and adjusted book value per share both decreased 2% in the first quarter of 2021, including dividends.

Manning Rountree, CEO, commented, “We are off to a bit of a slow start in 2021, with ABVPS down 2% in the first quarter. The decline was largely driven by two items—(i) a mark-to-market decline in our MediaAlpha position (which has since rebounded) and (ii) a loss triggered by NSM’s sale of the Fresh Insurance motor business. Our underlying operating results were sound. BAM enjoyed its strongest first quarter on record, driven by primary market penetration and another significant assumed reinsurance transaction. Ark wrote $405 million of gross written premiums in the quarter, up more than 2x year over year, with renewal pricing up more than 10%. Ark’s adjusted combined ratio was 108% in the quarter, impacted by heavy cat losses, chiefly related to Winter Storm Uri. NSM posted solid growth in both pro forma controlled premiums and pro forma adjusted EBITDA. Kudu posted solid growth in revenues from participation contracts and adjusted EBITDA. Excluding MediaAlpha, our investment portfolio was up 0.7% in the quarter. Reflecting $160 million of net proceeds from the MediaAlpha secondary offering in March, we finished the quarter with roughly $300 million in undeployed capital.”

Comprehensive loss attributable to common shareholders was $74 million in the first quarter of 2021, compared to $132 million in the first quarter of 2020. Results in the first quarter of 2021 were driven primarily by $42 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha (as the MediaAlpha share price declined from $39.07 at December 31, 2020 to $35.43 at March 31, 2021) and a loss of $29 million related to NSM’s sale of its Fresh Insurance motor business. Results in the first quarter of 2020 were driven primarily by negative investment returns as equity markets declined in reaction to the COVID-19 pandemic.

MediaAlpha

On March 23, 2021, MediaAlpha completed a secondary offering of 8.05 million shares at $46.00 per share ($44.62 per share net of underwriting fees). In the secondary offering, White Mountains sold 3.6 million shares for net proceeds of $160 million. Following the completion of the offering, White Mountains owns 16.9 million shares, representing a 29% basic ownership interest (26% on a fully-diluted/fully-converted basis). At the March 31, 2021 closing price of $35.43 per share, the value of White Mountains’s remaining stake in MediaAlpha was $600 million. Subsequent to the secondary offering, each $1.00 per share increase or decrease in the market price of MediaAlpha will result in an approximate $5.50 per share increase or decrease in White Mountains’s book value per share and adjusted book value per share.
1

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Monday, May 10, 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-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

Cover Page
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 Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of The Change In Debt Under The Nsm Bank Facility (Details)
Debt - Schedule Of Weighted Average Interest Rates (Details)
Debt - Summary Of Debt Outstanding (Details)
Derivatives
Derivatives - Nsm Interest Rate Swap And Cap (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Basic And Diluted Earnings Per Share From Continuing Operations (Details)
Earnings Per Share - Undistributed Net Earnings From Continuing Operations (Details)
Employee Share-Based Incentive Compensation Plans
Employee Share-Based Incentive Compensation Plans (Tables)
Employee Share-Based Incentive Compensation Plans - Narrative (Details)
Employee Share-Based Incentive Compensation Plans - Performance Shares (Details)
Employee Share-Based Incentive Compensation Plans - Performance Shares Granted Under The Wtm Incentive Plan (Details)
Employee Share-Based Incentive Compensation Plans - Restricted Shares (Details)
Equity-Method Eligible Investments
Equity-Method Eligible Investments (Tables)
Equity-Method Eligible Investments - Carrying Values Of Equity Method Eligible Investments Recorded Within Other Long-Term Investments (Details)
Equity-Method Eligible Investments - Equity Method Investments Financial Data (Details)
Equity-Method Eligible Investments - Narrative (Details)
Equity-Method Eligible Investments - Significant Equity Method Eligible Investments (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 - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Acquisition Date Fair Values, Accumulated Amortization And Net Carrying Values For Other Intangibles Assets And Goodwill, By Company (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets Rollforward (Details)
Goodwill And Other Intangible Assets - Summary Of The Acquisition Date Fair Values Of Goodwill And Other Intangible Assets (Details)
Held For Sale And Discontinued Operations
Held For Sale And Discontinued Operations (Tables)
Held For Sale And Discontinued Operations - Earnings Per Share For Discontinued Operations (Details)
Held For Sale And Discontinued Operations - Narrative (Details)
Income Taxes
Income Taxes (Details)
Investment Securities
Investment Securities (Tables)
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 - Investment Gains (Losses) For Level 3 (Details)
Investment Securities - Investment Holding Common Equities/ Other Investments/ Mediaalpha (Details)
Investment Securities - Investment Holdings Fixed Maturity Table (Details)
Investment Securities - Investment In Mediaalpha Textual (Details)
Investment Securities - Investments In Private Equity Funds Subject To Lock-Up Periods (Details)
Investment Securities - Lloyd's Trust Deposits, Bank Loan Fund, And Insurance-Linked Securities Funds (Details)
Investment Securities - Mortgage-Backed Asset Securities Table (Details)
Investment Securities - Net Realized And Unrealized Investment Gains (Losses) (Details)
Investment Securities - Other Long-Term Investments (Details)
Investment Securities - Rollforward Of Fair Value Measurements By Level (Details)
Investment Securities - Schedule Of Interest Income On Fixed Maturity Investments (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)
Loss And Loss Adjustment Expense Reserves
Loss And Loss Adjustment Expense Reserves (Details)
Loss And Loss Adjustment Expense Reserves (Tables)
Municipal Bond Guarantee Insurance
Municipal Bond Guarantee Insurance (Tables)
Municipal Bond Guarantee Insurance - Narrative (Details)
Municipal Bond Guarantee Insurance - Schedule Of Municipal Bond Guarantee Insured Obligations (Details)
Municipal Bond Guarantee Insurance - Schedule Of Municipal Guarantee Insurance Contracts, Premium Received Over Contract Period (Details)
Municipal Bond Guarantee Insurance - Schedule Of Net Written Premiums (Details)
Non-Controlling Interests
Non-Controlling Interests (Details)
Non-Controlling Interests (Tables)
Related Party Disclosures (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Financial Information For White Mountain's Segments (Details)
Segment Information - Narrative (Details)
Segment Information - Reconciliation Of Revenue From Segments To Consolidated (Details)
Significant Transactions
Significant Transactions (Tables)
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)
Significant Transactions - Schedule Of Assets Acquired And Liabilities Assumed, Ark (Details)
Third Party Reinsurance
Third Party Reinsurance - Schedule Of Reinsurance (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: 0000776867-21-000008
Submitted to the SEC: Mon May 10 2021 9:01:06 AM EST
Accepted by the SEC: Mon May 10 2021
Period: Wednesday, March 31, 2021
Industry: Fire Marine And Casualty Insurance

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