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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
image1a.jpg
CONTACT: Todd Pozefsky
(203) 458-5807

WHITE MOUNTAINS REPORTS THIRD QUARTER RESULTS

HAMILTON, Bermuda (November 8, 2021) - White Mountains Insurance Group, Ltd. (NYSE: WTM)
reported book value per share of $1,162 and adjusted book value per share of $1,176 as of September 30, 2021. Book value per share and adjusted book value per share both decreased 9% in the third quarter of 2021. For the first nine months of 2021, book value per share decreased 8% and adjusted book value per share decreased 7%,
including dividends.

Manning Rountree, CEO, commented, “ABVPS was down 9% in the third quarter, driven by the decrease in MediaAlpha’s share price. Excluding the mark to market losses at MediaAlpha, ABVPS was up nicely, reflecting solid performance at our operating companies. BAM produced $28 million of total premiums and member surplus contributions, as insured penetration remained high and pricing improved. Ark produced an 89% adjusted combined ratio while increasing gross written premiums 79% year over year. NSM posted record levels of both pro forma controlled premium and pro forma adjusted EBITDA, driven by solid growth in its existing verticals and the J.C. Taylor acquisition. Kudu posted strong growth in adjusted EBITDA and $19 million of unrealized gains in the fair value of its portfolio, while deploying $130 million into new transactions. Excluding MediaAlpha, our investment portfolio returned 1.4% in the quarter. We completed $87 million of share repurchases during the quarter and finished the third quarter with roughly $450 million of undeployed capital.”

Comprehensive (loss) income attributable to common shareholders was $(373) million and $(308) million in the third quarter and first nine months of 2021 compared to $237 million and $220 million in the third quarter and first nine months of 2020. Results in the third quarter and first nine months of 2021 were driven primarily by $397 million and $326 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha. Results in the third quarter and first nine months of 2020 were driven primarily by $305 million and $355 million of net investment income and unrealized investment gains from White Mountains’s investment in MediaAlpha.

MediaAlpha

White Mountains owns 16.9 million shares of MediaAlpha, representing a 28% basic ownership interest (26% on a fully-diluted/fully-converted basis). At the September 30 closing price of $18.68, which was down from $42.10 at June 30, the value of White Mountains’s investment in MediaAlpha was $316 million, which was down from $713 million at June 30, 2021. This accounted for a decrease of $131 in book value per share and $132 in adjusted book value per share in the quarter. At our current level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $5.60 per share increase or decrease in White Mountains’s book value per share and adjusted book value per share. At the October 2021 month-end closing price of $17.53 per share, the fair value of White Mountains’s investment in MediaAlpha was $297 million. Our focus remains on MediaAlpha’s intrinsic value, not on fluctuations in its share price. We encourage you to read MediaAlpha’s third quarter earnings release and related shareholder letter scheduled for November 10, 2021, which will be available on MediaAlpha’s investor relations website at www.investors.mediaalpha.com.



1

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Monday, November 8, 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)
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 - Cost And Amortized Cost Maturity Schedule (Details)
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 - 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 - Effects Of Reinsurance (Details)
Third Party Reinsurance - Narrative (Details)
Third Party Reinsurance - Remaining Gross And Net Reinsurance Recoverables (Details)
Ticker: WTM
CIK: 776867
Form Type: 10-Q Quarterly Report
Accession Number: 0000776867-21-000021
Submitted to the SEC: Mon Nov 08 2021 8:33:39 AM EST
Accepted by the SEC: Mon Nov 08 2021
Period: Thursday, September 30, 2021
Industry: Fire Marine And Casualty Insurance

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