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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM

Exhibit 99.1
 
CONTACT: David Foy (203) 458-5850

WHITE MOUNTAINS REPORTS
ADJUSTED BOOK VALUE PER SHARE OF $642, UP 9.5% FOR 2013

HAMILTON, Bermuda (February 7, 2014) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported an adjusted book value per share of $642 at December 31, 2013, up 3.3% for the quarter and 9.5% for the year, including dividends.

Ray Barrette, Chairman and CEO, commented, “We had a good year.  All parts of our company performed well. We grew ABVPS by 9.5% while heavy with dry powder. Total return on investments for the year was 4.1%. OneBeacon grew its book value by 17.3% for the year, driven by a 92% GAAP combined ratio.  We expect the runoff sale to close later this year.  Sirius Group reported a GAAP combined ratio of 82% for the year, another great year aided by low catastrophes.  Sirius had a successful 1/1/14 renewal season, thanks to broad and deep client relationships around the globe. BAM is off to a good start in a challenging environment. It insured $4.7 billion of par value in its first full year of operation and is now past the $5 billion mark.  It is the clear leader in its target market. We made good progress in developing opportunities to invest in less capital intensive but high potential insurance services and technology businesses, many outside the U.S.”

Adjusted comprehensive income was $128 million in the fourth quarter of 2013 and $340 million in the year, compared to $72 million in the fourth quarter of 2012 and $245 million last year. Net income attributable to common shareholders was $118 million in the fourth quarter of 2013 and $322 million in the year, compared to $68 million in the fourth quarter of 2012 and $207 million last year.

OneBeacon

OneBeacon’s book value per share increased 5.9% for the fourth quarter of 2013 and 17.3% for the year, including dividends. OneBeacon’s GAAP combined ratio was 91% for the quarter and 92% for the year, compared to 112% for the fourth quarter of 2012 and 98% for last year. The combined ratios for both the quarter and the year reflect lower loss and expense ratios than in the 2012 periods. Catastrophe losses were negligible in 2013 while contributing 15 points to the combined ratio for the fourth quarter of 2012 and 5 points to the 2012 combined ratio.

Mike Miller, CEO of OneBeacon, said, “We are very pleased to report 17.3% growth in book value per share for the year, driven by excellent results on all fronts. At a 92%, our 2013 combined ratio is a testament to our disciplined underwriting and specialty focus. Our ongoing businesses continue to grow at a healthy pace in a competitive but reasonable environment. The deep focus on runoff reserves as part of the regulatory review of the sale transaction led to a meaningful reserve increase that was fully offset by reducing the loss on sale incurred in 2012. We remain focused on closing the sale later this year.”

Net written premiums were $263 million in the fourth quarter of 2013, an increase of 6% from the fourth quarter of last year, while net written premiums were $1.1 billion in 2013, a decrease of 8% from last year. Excluding premiums related to exited businesses, net written premiums increased 25% in the quarter and 12% in the year.






The following information was filed by White Mountains Insurance Group Ltd (WTM) on Friday, February 7, 2014 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 this 10-K Annual Report

Document And Entity Information
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
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 Operations And Comprehensive Income
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (legal Contingencies) (details)
Common Shareholders' Equity
Common Shareholders' Equity (details)
Debt
Debt (debt Outstanding) (details)
Debt (narrative) (details)
Debt (schedule Of Contractual Repayments) (details)
Debt (tables)
Derivatives
Derivatives (additional Collateral) (details)
Derivatives (details)
Derivatives (forward Contracts) (details)
Derivatives (level 3 Derivative Instruments) (details)
Derivatives (pre-tax Operating Results Of Wm Life Re) (details)
Derivatives (realized And Unrealized Gains (losses)) (details)
Derivatives (tables)
Derivatives (uncollateralized Amounts Due Under Wm Life Re's Otc Derivative Contracts) (details)
Derivatives (variable Annuity Reinsurance Liabilities And Derivative Instruments) (details)
Derivatives Derivatives (forward Contract Netting) (details)
Derivatives Derivatives (forward Contracts Collateral) (details)
Derivatives Derivatives (gross Asset (gross Liability) Amounts Offset Under Master Netting Agreements) (details)
Derivatives Derivatives (interest Rate Cap) (details)
Derivatives Derivatives (unrealized And Realized Derivative Gains (losses) Forward Contracts) (details)
Derivatives Derivatives (weather) (details)
Discontinued Operations
Discontinued Operations (assets And Liabilities Classified As Held For Sale) (details)
Discontinued Operations (details)
Discontinued Operations (earnings Per Share) (details)
Discontinued Operations (loss From Discontinued Operations) (details)
Discontinued Operations (tables)
Discontinued Operations Discontinued Operations (asbestos And Environmental Loss And Lae Reserve Activity) (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Share-based Incentive Compensation Plans
Employee Share-based Incentive Compensation Plans (onebeacon Performance Shares Outstanding) (details)
Employee Share-based Incentive Compensation Plans (onebeacon Restsricted Shares) (details)
Employee Share-based Incentive Compensation Plans (onebeason Peformance Shares) (details)
Employee Share-based Incentive Compensation Plans (tables)
Employee Share-based Incentive Compensation Plans (under Qualified Retirement Plans) (details)
Employee Share-based Incentive Compensation Plans (wtm Non-qualified And Qualified Options) (details)
Employee Share-based Incentive Compensation Plans (wtm Performance Shares Granted Under The Wtm Incentive Plan) (details)
Employee Share-based Incentive Compensation Plans (wtm Performance Shares) (details)
Employee Share-based Incentive Compensation Plans (wtm Restricted Shares) (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Income Taxes
Income Taxes (asc 740-10) (details)
Income Taxes (deferred Tax Inventory) (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 (tables)
Income Taxes (tax Examinations) (details)
Income Taxes (valuation Allowance) (details)
Investment Securities
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 (losses) For Level 3) (details)
Investment Securities (investment Holdings) (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 (mortgage-backed, Asset-backed Securities) (details)
Investment Securities (net Investment Income) (details)
Investment Securities (net Realized And Unrealized Gains (losses) After Tax) (details)
Investment Securities (net Realized And Unrealized Investement Gains And Losses) (details)
Investment Securities (non-agency Commercial Mortgage-backed Securities) (details)
Investment Securities (non-agency Mortgage-backed Securities) (details)
Investment Securities (non-agency Residential Mortgage-backed Securities) (details)
Investment Securities (other Long-term Investments) (details)
Investment Securities (restrictions On Redemption Frequency And Advance Notice Requirements) (details)
Investment Securities (rollforward Of Fair Value Measurements By Level) (details)
Investment Securities (significant Unobservable Inputs) (details)
Investment Securities (tables)
Investment Securities Investment Securities (net Realized Investment Gain (losses) (details)
Investment Securities Investment Securities (net Unrealized Investment Gains (losses)) (details)
Investments In Unconsolidated Affiliates
Investments In Unconsolidated Affiliates (details)
Investments In Unconsolidated Affiliates (financial Information) (details)
Investments In Unconsolidated Affiliates (investments In Symetra) (details)
Investments In Unconsolidated Affiliates (symetra Narrative) (details)
Investments In Unconsolidated Affiliates (tables)
Municipal Bond Guarantee Insurance (details)
Municipal Bond Guarantee Insurance (notes)
Municipal Bond Guarantee Insurance (tables)
Reserves For Unpaid Losses And Loss Adjustment Expenses
Reserves For Unpaid Losses And Loss Adjustment Expenses (lae Reserve Activity) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (narrative) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (reserve Summary) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (tables)
Retirement And Postretirement Plans
Retirement And Postretirement Plans (benefit Obligations) (details)
Retirement And Postretirement Plans (cash Flow) (details)
Retirement And Postretirement Plans (periodic Benefit Cost) (details)
Retirement And Postretirement Plans (qualifed, Non-qualified, And Accumulated Benefit Obligations) (details)
Retirement And Postretirement Plans (qualified Plan's Assets) (details)
Retirement And Postretirement Plans (tables)
Retirement And Postretirement Plans Retirement And Postretirment Plans (assumptions) (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 (details 2)
Schedule Ii Condensed Financial Information Of The Registrant (details 3)
Schedule Ii Condensed Financial Information Of The Registrant (details)
Schedule Iii Supplementary Insurance Information
Schedule Iii Supplementary Insurance Information (details)
Schedule Iv Reinsurance
Schedule Iv Reinsurance (details)
Schedule V Valuation And Qualifying Accounts
Schedule V Valuation And Qualifying Accounts (details)
Schedule Vi Supplemental Information For Property And Casualty Insurance Underwriters
Schedule Vi Supplemental Information For Property And Casualty Insurance Underwriters (details)
Segment Information
Segment Information (assets) (details)
Segment Information (details)
Segment Information (tables)
Significant Transactions
Significant Transactions (formation Of Hg And Bam) (details)
Significant Transactions (sale Of Esurance) (details)
Significant Transactions (wm Solutions) (details)
Significant Transactions Sale Of Essentia (details)
Statutory Capital And Surplus
Statutory Capital And Surplus (details)
Subsequent Event (notes)
Subsequent Event Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (basis Of Presentation) (details)
Summary Of Significant Accounting Policies (deferred Softward Costs) (details)
Summary Of Significant Accounting Policies (foreign Currency Exchange) (details)
Summary Of Significant Accounting Policies (insurance And Reinsurance Operations) (details)
Summary Of Significant Accounting Policies (investment Securities) (details)
Summary Of Significant Accounting Policies (noncontrolling Interest) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (recently Adopted In Accounting Principles) (details)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (warrants) (details)
Third Party Reinsurance
Third Party Reinsurance (sirius Group) (details)
Third Party Reinsurance (tables)
Third Party Reinsurance (written And Earned Premiums) (details)
Third-party Reinsurance (onebeacon) (details)
Transactions With Related Persons
Transactions With Related Persons (details)
Variable Interest Entities
Variable Interest Entities (details)
Ticker: WTM
CIK: 776867
Form Type: 10-K Annual Report
Accession Number: 0001445305-14-000693
Submitted to the SEC: Fri Feb 28 2014 9:11:48 AM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Fire Marine And Casualty Insurance

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