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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

WTM Quarterly Reports

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
image1a.jpg
CONTACT: Rob Seelig
(603) 640-2212

WHITE MOUNTAINS REPORTS FIRST QUARTER RESULTS

HAMILTON, Bermuda (May 6, 2022) - White Mountains Insurance Group, Ltd. (NYSE: WTM)
reported book value per share of $1,183 and adjusted book value per share of $1,204 as of March 31, 2022. Book value per share and adjusted book value per share both increased 1% in the first quarter of 2022.

Manning Rountree, CEO, commented, “We had a good first quarter, with ABVPS up 1%. Rising interest rates were a headwind in our fixed income portfolio. This was more than offset by positive results from our operating companies and positive returns in our equity portfolio. BAM produced $22 million of total premiums and member surplus contributions in the quarter, driven by strong secondary market activity. Ark produced break-even underwriting results in the quarter, reflecting the impact of estimated losses emanating from the conflict in Ukraine. Ark wrote $633 million of gross written premiums in the quarter, up 57% year over year, with risk adjusted rate change up 9% year over year. NSM produced healthy growth in both pro forma controlled premiums and pro forma adjusted EBITDA. Kudu posted growth in adjusted EBITDA and recognized $22 million of mark-to-market gains in the fair value of its portfolio of participation contracts. MediaAlpha’s share price was up 7% in the quarter, producing a $19 million mark-to-market gain. Excluding MediaAlpha, the investment portfolio returned 0.3% in the quarter, as gains in equities more than offset mark-to-market losses in fixed income. We completed $39 million of share repurchases in the quarter. Including the dividend received from HG Global in May, undeployed capital now stands at roughly $400 million.”

Comprehensive income (loss) attributable to common shareholders was $31 million in the first quarter of 2022 compared to $(74) million in the first quarter of 2021. Results in the first quarter of 2022 included $19 million of unrealized investment gains from White Mountains’s investment in MediaAlpha. Results in the first quarter of 2021 included $42 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha and a loss of $29 million related to NSM’s sale of its Fresh Insurance motor business.

HG Global/BAM

BAM’s gross written premiums and member surplus contributions (MSC) collected were $22 million in the first quarter of 2022 compared to $26 million in the first quarter of 2021. BAM insured municipal bonds with par value of $3.5 billion in the first quarter of 2022 compared to $3.5 billion in the first quarter of 2021, which included $806 million from an assumed reinsurance transaction. Total pricing was 63 basis points in the first quarter of 2022 compared to 74 basis points in the first quarter of 2021. BAM’s total claims paying resources were $1,201 million at March 31, 2022 compared to $1,192 million at December 31, 2021 and $1,144 million at March 31, 2021.

Seán McCarthy, CEO of BAM, said, “BAM insured primary and secondary market volume reached a new record high for first-quarter activity, up 27% year over year. Pricing was in line with full-year 2021 levels. Interest rates were higher and more volatile during the quarter, supporting increased investor demand for insured bonds.”

Through the COVID-19 pandemic, BAM’s portfolio has performed well. All BAM-insured bond payments due through May 1, 2022 have been made by insureds, and there are no credits on BAM’s watchlist.

1

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Friday, May 6, 2022 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
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of The Change In Debt (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 Held On Deposit Or As Collateral (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)
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)
Subsequent Events
Subsequent Events (Details)
Third-Party Reinsurance
Third-Party Reinsurance (Tables)
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: 0000776867-22-000005
Submitted to the SEC: Fri May 06 2022 8:39:01 AM EST
Accepted by the SEC: Fri May 06 2022
Period: Thursday, March 31, 2022
Industry: Fire Marine And Casualty Insurance

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