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WTM on NYSE

White Mountains Insurance Group

Insurance company

White Mountains Insurance Group is a diversified insurance and related financial services holding company based in Hamilton, Bermuda. Redomiciled from Delaware, United States, on October 25, 1999, the company conducts most of its business through its insurance subsidiaries and other affiliates. The company owned the automobile insurer Esurance before selling it to Allstate for $1 billion.3 Its shares trade on NYSE under the symbol WTM.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerWTM on NYSE1
  • IndustryFire, Marine & Casualty Insurance1
  • HeadquartersHanover, United States1
  • Websitewww.whitemountains.com
  • Incorporated inBermuda5
  • Business address23 South Main Street, Suite 3B, Hanover, Nh 037555
  • Filer categoryLarge accelerated filer5
  • Legal formExempted Companies Limited by Shares4
  • LEI549300N3FL068JERBG024
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressA.S. Cooper Building, HM 11 Hamilton, Bermuda4
  • Registered withRegistrar of Companies (Ministry of Economic Development), 272254

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White Mountains Insurance Group is a diversified insurance and related financial services holding company based in Hamilton, Bermuda. Redomiciled from Delaware, United States, on October 25, 1999, the company conducts most of its business through its insurance subsidiaries and other affiliates.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

29.6%Net margin7
66.8%Revenue growth, 20257
20.4%Return on equity7
0.15×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Ark Insurance Holdings Limited/WM Outrigger Re - brought in 78% of the revenue White Mountains Insurance Group broke down this way in fiscal 2025.

  1. Ark Insurance Holdings Limited/WM Outrigger Re -$1.9B778%up 11% from 2024
  2. Bamboo Insurance Services, LLC -$246.3M710%up 37% from 2024
  3. Kudu Investment Management, LLC -$183.4M77%up 54% from 2024
  4. HG Global/BAM -$73.6M73%up 265% from 2024
  5. Distinguished Partners -$57.7M72%
Business segments by year
Business segments202320242025
Ark Insurance Holdings Limited/WM Outrigger Re -$1.6B$1.8B$1.9B
Bamboo Insurance Services, LLC -$0$179.8M$246.3M
Kudu Investment Management, LLC -$177.1M$118.8M$183.4M
HG Global/BAM -$92.4M-$44.6M$73.6M
Distinguished Partners -$0$0$57.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue4¢$151.8M
  • Other costs61¢$2.3B
  • Interest2¢$78.4M
  • Income tax3¢$126.9M
  • Profit30¢$1.1B

Out of $3.7B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid0¢$2.6M
  • Share buybacks37¢$202.6M
  • Kept or used elsewhere63¢$345.3M

Out of $550.5M of cash from operations.7

Financial statements

Revenue8910117$3.7B in 2025+318% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $893.4M$893.4M20192020: $895.6M$895.6M2020+0%2021: $614.4M$614.4M2021−31%2022: $1.2B$1.2B2022+88%2023: $2.2B$2.2B2023+87%2024: $2.2B$2.2B2024+3%2025: $3.7B$3.7B2025+67%
Net income8910117$1.1B in 2025+194% since 2019
-$500.0M0$500.0M$1.0B$1.5B2019: $376.6M$376.6M20192020: $663.4M$663.4M2020+76%2021: -$275.4M-$275.4M20212022: $792.8M$792.8M20222023: $509.2M$509.2M2023−36%2024: $230.4M$230.4M2024−55%2025: $1.1B$1.1B2025+380%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Earned insurance premiums$1.8B$1.7B$1.4B
Net investment income$248.0M$227.4M$194.2M
Net realized and unrealized investment gains (losses)$361.5M$184.9M$434.2M
Interest income from BAM Surplus Notes$29.8M$15.8M$0
Change in fair value of BAM Surplus Notes-$37.5M$500.0K$0
Unrealized loss on deconsolidation of BAM$0-$114.5M$0
Commission and fee revenues$284.5M$149.4M$13.2M
Net gain on sale of the Bamboo Group$849.3M$0$0
Other revenues$222.3M$84.7M$84.2M
Total revenues$3.7B$2.2B$2.2B
Broker commission expense$94.1M$51.3M
Loss and loss adjustment expenses$882.2M$888.5M$726.8M
Acquisition expenses$420.2M$341.5M$290.1M
Cost of sales$151.8M$29.6M$40.4M
General and administrative expenses$606.6M$490.1M$432.6M
Change in fair value of contingent consideration$173.0M$61.3M$48.7M
Interest expense$78.4M$60.8M$62.7M
Total expenses$2.4B$1.9B$1.6B
Pre-tax income (loss)$1.3B$316.7M$565.4M
Income tax (expense) benefit-$126.9M-$32.6M$15.5M
Net income (loss)$1.2B$284.1M$580.9M
Net (income) loss attributable to noncontrolling interests-$95.4M-$53.7M-$71.7M
Net income (loss) attributable to White Mountainss common shareholders$1.1B$230.4M$509.2M

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Corporate structure

White Mountains Insurance Group sits at the top of its group. 79 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of White Mountains Insurance Group

  • White Mountains Insurance Group Hanover, New Hampshire, United States
    • MediaAlpha, Inc. Stake · Los Angeles, California
    • ACCIDENT & HEALTH CLAIMS LLP Subsidiary · United Kingdom
    • ACCIDENT & HEALTH UNDERWRITING LIMITED Subsidiary · United Kingdom
    • AFSF V AIV PHOENIX AGGREGATOR LP Subsidiary · Delaware, United States
    • ARK CORPORATE MEMBER LIMITED Subsidiary · United Kingdom
    • ARK CORPORATE MEMBER NO. 2 LIMITED Subsidiary · United Kingdom
    • ARK CORPORATE MEMBER NO. 3 LIMITED Subsidiary · United Kingdom
    • ARK CORPORATE MEMBER NO. 4 LIMITED Subsidiary · United Kingdom
    • ARK INSURANCE HOLDINGS LIMITED Subsidiary · Hamilton, Bermuda
      • GROUP ARK INSURANCE HOLDINGS LIMITED Subsidiary · Pembroke, Bermuda
    • ARK SYNDICATE MANAGEMENT LIMITED Subsidiary · United Kingdom
    • COPPER FUNDING, LLC Subsidiary · Delaware, United States
    • DEPI HOLDINGS, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED CAPITAL, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED GROUP, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED PRIZE INDEMNITY, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED PROGRAMS INS BROKERAGE, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED PROGRAMS RISK MANAGEMENT, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED PROGRAMS, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED SPECIALTY INS. BROKERAGE, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED SPECIALTY RISK MANAGEMENT, LLC Subsidiary · Delaware, United States
    • DISTINGUISHED, LLC Subsidiary · Delaware, United States
    • DP D&O MANAGEMENT , LLC Subsidiary · Delaware, United States
    • DP FINE ART AND COLLECTIBLES, LLC Subsidiary · Delaware, United States
    • DP INLAND MARINE MANAGEMENT, LLC Subsidiary · Delaware, United States
    • DP SURETY MANAGEMENT, LLC Subsidiary · Delaware, United States
    • and 52 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What White Mountains Insurance Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$51.2M7 Dec 31, 2025$32.6M7 Dec 31, 2024+57.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$614.1M7 Dec 31, 2025$439.2M7 Dec 31, 2024+39.8%
Intangible assets, net (excluding goodwill)$406.1M7 Dec 31, 2025$281.1M7 Dec 31, 2024+44.5%
Indefinite-lived intangibles (excluding goodwill)$175.7M7 Dec 31, 2025$175.7M11 Dec 31, 20240%
Accumulated amortization$38.9M7 Dec 31, 2025$39.0M7 Dec 31, 2024−0.3%
Finite-lived intangibles, net$230.4M7 Dec 31, 2025$105.4M11 Dec 31, 2024+118.6%

Properties, in its own words

The Company maintains two professional offices in Hamilton, Bermuda, which serve as its headquarters and its registered office. The Company’s principal executive office is in Hanover, New Hampshire. In addition, White Mountains maintains professional offices in Guilford, Connecticut, which houses its corporate finance and investment functions, and Boston, Massachusetts, which houses its corporate accounting, reporting and internal audit functions. All of the Company’s professional offices are leased.

Ark’s, WM Outrigger Re’s and HG Global’s headquarters are located in Hamilton, Bermuda. In addition, Ark maintains underwriting offices in London, England and Hamilton, Bermuda. Kudu’s, Distinguished’s and WTM Partners’s headquarters are located in New York, New York.

The rest of Item 2

The various offices and facilities of the consolidated Other Operating Businesses are owned or leased. Management considers its office facilities suitable and adequate for its current level of operations.

Item 2 of the 10-K filed Feb 27, 2026.16

Leadership

Who has led White Mountains Insurance Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Steve Elliott Fass2006
  2. Raymond Joseph Rene Barrette2007–2017
  3. Gary Charles Tolman2007–2011
  4. Allan Lewis Waters2008–2015
  5. Liam P. Caffrey2026–now

President

  1. Steve Elliott Fass2006
  2. Morgan W. Davis2006–2008
  3. Reid Tarlton Campbell2007–2024
  4. Liam P. Caffrey2025
  5. Giles E. Harrison2026–now

Chief financial officer

  1. Charles Bergen Chokel2006–2008
  2. David Thomas Foy2009–2017
  3. Reid Tarlton Campbell2017–2022
  4. Liam P. Caffrey2022–2025
  5. Michael A. Papamichael2026–now
2010201520202025
Board members and other officers (34)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ACCIDENT & HEALTH CLAIMS LLP UNITED KINGDOM6
  • ACCIDENT & HEALTH UNDERWRITING LIMITED UNITED KINGDOM6
  • AFSF V AIV PHOENIX AGGREGATOR LP DELAWARE, USA6
  • ARK CORPORATE MEMBER LIMITED UNITED KINGDOM6
  • ARK CORPORATE MEMBER NO. 2 LIMITED UNITED KINGDOM6
  • ARK CORPORATE MEMBER NO. 3 LIMITED UNITED KINGDOM6
  • ARK CORPORATE MEMBER NO. 4 LIMITED UNITED KINGDOM6
  • ARK INSURANCE HOLDINGS LIMITED BERMUDA6
  • ARK SYNDICATE MANAGEMENT LIMITED UNITED KINGDOM6
  • COPPER FUNDING, LLC DELAWARE, USA6
  • DEPI HOLDINGS, LLC DELAWARE, USA6
  • DISTINGUISHED CAPITAL, LLC DELAWARE, USA6
  • DISTINGUISHED GROUP, LLC DELAWARE, USA6
  • DISTINGUISHED PRIZE INDEMNITY, LLC DELAWARE, USA6
  • DISTINGUISHED PROGRAMS INS BROKERAGE, LLC DELAWARE, USA6
  • DISTINGUISHED PROGRAMS RISK MANAGEMENT, LLC DELAWARE, USA6
  • DISTINGUISHED PROGRAMS, LLC DELAWARE, USA6
  • DISTINGUISHED SPECIALTY INS. BROKERAGE, LLC DELAWARE, USA6
  • DISTINGUISHED SPECIALTY RISK MANAGEMENT, LLC DELAWARE, USA6
  • DISTINGUISHED, LLC DELAWARE, USA6
  • DP D&O MANAGEMENT , LLC DELAWARE, USA6
  • DP FINE ART AND COLLECTIBLES, LLC DELAWARE, USA6
  • DP INLAND MARINE MANAGEMENT, LLC DELAWARE, USA6
  • DP SURETY MANAGEMENT, LLC DELAWARE, USA6
All 76 listed subsidiaries
  • ENTERPRISE ELECTRIC, LLC TENNESSEE, USA6
  • GROUP ARK INSURANCE HOLDINGS LIMITED BERMUDA6
  • GROUP ARK INSURANCE LIMITED BERMUDA6
  • HG GLOBAL LTD BERMUDA6
  • HG HOLDINGS LTD BERMUDA6
  • HG RE LTD BERMUDA6
  • HG SERVICES LTD BERMUDA6
  • IDP HOLDINGS, LLC DELAWARE, USA6
  • IDP HOSPITALITY GROUP, LLC DELAWARE, USA6
  • KFO HOLDINGS LTD UNITED KINGDOM6
  • KUDU INVESTMENT HOLDINGS, LLC DELAWARE, USA6
  • KUDU INVESTMENT MANAGEMENT LLC DELAWARE, USA6
  • KUDU INVESTMENT US, LLC DELAWARE, USA6
  • KWCP HOLDINGS UK LTD UNITED KINGDOM6
  • PHOENIX INTERMEDIATE, LLC DELAWARE, USA6
  • PHOENIX MERGER PARENT, LLC DELAWARE, USA6
  • PSC HOLDINGS LTD. BERMUDA6
  • RICHMOND RISK MANAGEMENT, INC VIRGINIA, USA6
  • SYNDICATE ARK 4020 UNITED KINGDOM6
  • SYNDICATE NOA 3902 UNITED KINGDOM6
  • TK PARTNERS, LLC DELAWARE, USA6
  • TNUVA FINANCIT LTD ISRAEL6
  • WHITE MOUNTAINS ADVISORS LLC DELAWARE, USA6
  • WHITE MOUNTAINS CAPITAL, LLC DELAWARE, USA6
  • WHITE MOUNTAINS HOLDINGS LTD BERMUDA6
  • WHITE MOUNTAINS INVESTMENTS (BERMUDA) LTD. BERMUDA6
  • WHITE MOUNTAINS INVESTMENTS (LUXEMBOURG) S.A.R.L LUXEMBOURG6
  • WHITE MOUNTAINS PARTNERS, LLC DELAWARE, USA6
  • WHITE MOUNTAINS SERVICES LLC DELAWARE, USA6
  • WM ADAMS HOLDINGS, INC DELAWARE, USA6
  • WM BIRKDALE LTD UNITED KINGDOM6
  • WM CAPITAL HOLDINGS LTD UNITED KINGDOM6
  • WM CLAY HOLDINGS, INC DELAWARE, USA6
  • WM HINSON (BERMUDA) LTD BERMUDA6
  • WM INTERNATIONAL HOLDINGS LTD UNITED KINGDOM6
  • WM JEFFERSON HOLDINGS, INC DELAWARE, USA6
  • WM LAFAYETTE HOLDINGS, LLC DELAWARE, USA6
  • WM LINCOLN HOLDINGS, LLC DELAWARE, USA6
  • WM MADISON HOLDINGS, INC DELAWARE, USA6
  • WM MONROE BLOCKER GP, LLC DELAWARE, USA6
  • WM MONROE BLOCKER, L.P. DELAWARE, USA6
  • WM MONROE HOLDINGS, INC DELAWARE, USA6
  • WM PAGET (BERMUDA) LTD BERMUDA6
  • WM PHOENIX BLOCKER GP, LLC DELAWARE, USA6
  • WM PHOENIX BLOCKER, L.P. DELAWARE, USA6
  • WM PHOENIX PARENT, L.P. DELAWARE, USA6
  • WM PORTFOLIO HOLDINGS, LLC DELAWARE, USA6
  • WM REGENT, LTD UNITED KINGDOM6
  • WM TAYLOR HOLDINGS, INC DELAWARE, USA6
  • WM WEBSTER HOLDINGS, INC DELAWARE, USA6
  • WMP INVESTMENTS I, INC DELAWARE, USA6
  • WOBI INSURANCE AGENCY, LTD ISRAEL6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • WHITE MOUNTAINS INSURANCE GROUP INCAug 12, 1999 to Oct 20, 19995
  • FUND AMERICAN ENTERPRISES HOLDINGS INCNov 17, 1994 to Feb 10, 19995

Timeline

  1. Aug 27, 20268-K Executive or director change62
  2. Aug 6, 20268-K Results of operations63
  3. Jun 5, 20268-K Regulation FD disclosure64
  4. May 21, 20268-K Executive or director change; Shareholder vote65
  5. May 15, 20268-K Entered a material agreement; New debt or obligation66
  6. May 6, 20268-K Results of operations67
  7. Apr 1, 20268-K Other events68
  8. Feb 26, 20268-K Other events69
  9. Feb 6, 20268-K Results of operations70
  10. Jan 7, 20268-K Other events71
  11. Jan 2, 2026New chief executive Liam P. Caffrey becomes CEO17
  12. Dec 8, 20258-K Completed an acquisition or sale; Other events72
  13. Nov 6, 20258-K Results of operations73
  14. Mar 13, 2008New chief executive Allan Lewis Waters becomes CEO18
  15. Mar 8, 2007New chief executive Gary Charles Tolman becomes CEO20
  16. Jan 23, 2007New chief executive Raymond Joseph Rene Barrette becomes CEO19
  17. Feb 24, 2006New chief executive Steve Elliott Fass becomes CEO21
  18. Oct 25, 1999Founded White Mountains Insurance Group is founded4
  19. Jan 2, 1990Went public Listed on NYSE1

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $72.21 a share, on Nov 6, 2025.74

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results63
  2. May 6, 2026Reported quarterly or annual results67
  3. Feb 6, 2026Reported quarterly or annual results70
  4. Nov 6, 2025Reported quarterly or annual results73
  5. Aug 7, 2025Reported quarterly or annual results75
  6. May 7, 2025Reported quarterly or annual results76
  7. Feb 7, 2025Reported quarterly or annual results77
  8. Nov 6, 2024Reported quarterly or annual results78

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

270 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 119 insider forms, 26 large holders, 47 other. The latest 20:

  1. Aug 31, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  2. Aug 27, 20268-K EDGAR
  3. Aug 27, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  4. Aug 27, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  5. Aug 26, 2026N-PX EDGAR
  6. Aug 12, 202613F-HR EDGAR
  7. Aug 6, 202610-Q EDGAR
  8. Aug 6, 20268-K EDGAR
  9. Jun 30, 202611-K EDGAR
  10. Jun 5, 20268-K EDGAR
  11. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  12. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  14. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  15. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  16. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  17. May 22, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  18. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. May 22, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR

The 270 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 2 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 19, 2025CAMPBELL REID TARLTONDirectorSale5,000$2,050.00$10.2MForm 4
Dec 19, 2025CAMPBELL REID TARLTONDirectorSale5,000Form 4
Dec 19, 2025Rountree George ManningChief Executive OfficerSale5,000$2,050.00$10.2MForm 4
Dec 16, 2025Gelston Philip ADirectorSale165$2,048.51$338.0KForm 4
Nov 17, 2023Hicks Weston MDirectorBuy1,000$1,480.56$1.5MForm 4
Nov 17, 2023Hicks Weston MDirectorBuy1,000$1,480.56$1.5MForm 4
Dec 22, 2022Hildreth MichaelaMD & Chief Accounting OfficerSale100$1,371.84$137.2KForm 4
Sep 20, 2022Carlson Peter MDirectorSale200$1,400.00$280.0KForm 4
Sep 20, 2022DAVIS MORGAN WDirectorSale945$1,400.00$1.3MForm 4
May 31, 2022Hildreth MichaelaMD & Chief Accounting OfficerSale100$1,270.94$127.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

White Mountains Insurance Group has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025G. Manning Rountree$600.0K$8.1M88
2025Liam P. Caffrey$600.0K$5.9M88
2025Giles E. Harrison$600.0K$5.4M88
2025Robert L. Seelig$600.0K$4.9M88
2025Michaela J. Hildreth$600.0K$4.1M88
2024Chief Executive Officer$600.0K$7.4M88
2024President &$600.0K$5.5M88
2024Executive VicePresident &$334.6K$4.3M88
2024Managing Director &$600.0K$3.0M88
2023Chief Executive Officer$584.6K$7.6M88
2023Chief Financial Officer$584.6K$5.7M88
2023General Counsel$584.6K$4.4M88
2023Chief Accounting Officer$584.6K$3.1M88

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 23, 2025J. French HillRepublican, HouseBuy$50,001 - $100,000−8.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How White Mountains Insurance Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWHITE MOUNTAINS INSURANCE GROUP LTD2
  • CIK0000776867
  • Employer ID (EIN)94-270845516
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inBermuda16
  • Fiscal year endsDecember 312
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address23 South Main Street, Suite 3B, Hanover, NH 037552
  • Phone603 640 22002
  • Shares outstanding2,386,721 as of Aug 3, 202613
  • Public float$4.5B as of Jun 30, 202516
  • AuditorPricewaterhouseCoopers LLP, Atlanta, Georgia PCAOB ID 238; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceFeb 9, 19942
  • Filings1,753 in all: 4 (640), 8-K (332), SC 13G/A (112), 10-Q (95), 13F-HR (71), SC 13D/A (48), 11-K (42), 3 (41)2
    All 45 form types

    13F-NT (39), DEF 14A (32), 10-K (30), SC 13G (28), 5 (26), SC TO-I/A (25), 8-K/A (23), CORRESP (18), UPLOAD (17), S-8 POS (15), ARS (13), S-8 (13), SC 13D (10), SC 13E4/A (8), SC TO-I (8), S-3/A (7), SC 13E4 (6), 4/A (5), PRE 14A (5), SC TO-C (5), SCHEDULE 13G/A (5), 10-K/A (4), 424B3 (4), DEFA14A (3), N-PX (3), NT 11-K (3), 10-K405 (2), DEFR14A (2), S-3 (2), SC TO-T/A (2), SCHEDULE 13D/A (2), SCHEDULE 13G (2), 10-Q/A (1), 3/A (1), 8-A12B (1), DEFM14A (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Aug 27, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, par value $1.00 per shareWTMNew York Stock Exchange
Common Shares, par value $1.00 per shareWTM.BH

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks White Mountains Insurance Group names in Item 1A of its 10-K filed Feb 27, 2026: 33 risks under these headings, as written.16

  • Risks Related to White Mountains
  • We have successfully created shareholder value through acquisitions and dispositions. We may not be able to continue to create shareholder value through such transactions in the future, which could materially adversely affect our results of operations and financial condition.
  • If we are required to write down goodwill and other intangible assets, it could materially adversely affect our results of operations and financial condition.
  • Risks Related to Ark/WM Outrigger’s Business and Industry
  • Unpredictable catastrophic events could materially adversely affect our results of operations and financial condition.
  • Ark and its subsidiaries benefit from favorable financial strength ratings from A.M. Best, Standard & Poor’s and others, the deterioration of which could materially adversely affect its ability to conduct business and, consequently, could materially adversely affect our results of operations and financial condition.
  • Ark may not adequately alleviate risk through reinsurance and retrocessional arrangements, which could materially adversely affect our results of operations and financial condition.
  • The property and casualty insurance and reinsurance industries are highly competitive and cyclical, and Ark may not be able to compete effectively in the future, which could materially adversely affect our results of operations and financial condition.
  • Ark’s loss and LAE reserves may be inadequate to cover the ultimate liability for losses, which could materially adversely affect our results of operations and financial condition.
  • Risks Related to HG Global’s Business and Industry
  • HG Re is only licensed to provide reinsurance to BAM. If BAM does not maintain its favorable financial strength rating from Standard & Poor’s, it could materially adversely affect HG Re’s business and, consequently, could materially adversely affect our results of operations and financial condition.
  • Certain sectors of the municipal bond insurance industry are highly competitive, and BAM may not be able to compete effectively in the future, which could materially adversely affect HG Re’s business and, consequently, could materially adversely affect our results of operations and financial condition.
The other 24 risks
  • We are exposed to losses from municipal bond insurance written by BAM through our reinsurance treaties between HG Re and BAM, which could materially adversely affect our results of operations and financial condition.
  • If BAM does not pay some or all of the principal and interest due on the BAM Surplus Notes, it could materially adversely affect our results of operations and financial condition.
  • We may be subject to volatility from the valuation of the BAM Surplus Notes, which could materially adversely affect our results of operations and financial condition.
  • The municipal bond industry is highly regulated at the federal and state level, and certain municipal bonds enjoy preferential tax treatment. Significant changes to these regulations or to the tax treatment of municipal bonds could materially adversely affect BAM’s and HG Re’s business and, consequently, could materially adversely affect our results of operations and financial condition.
  • Risks Related to Kudu’s Business and Industry
  • Kudu’s financial performance is dependent upon its clients’ asset and performance-based fees, which are subject to a variety of economic, market and other risks. Additionally, Kudu’s managers participate in a highly competitive, highly regulated industry. Kudu’s managers may not be able to compete effectively in the future, which could materially adversely affect our results of operations and financial condition.
  • Risks Related to Distinguished’s Business and Industry
  • Distinguished’s commission revenues are dependent on many factors, some of which are beyond its control, including the pricing and profitability of certain segments of the property and casualty insurance industry, which is highly competitive and cyclical. Distinguished may not be able to compete effectively in the future, which could materially adversely affect our results of operations and financial condition.
  • A substantial portion of Distinguished’s business is placed with one insurance carrier, and most of Distinguished’s business is placed with a small number of carriers. Any deterioration in the arrangements with its carriers could adversely affect Distinguished’s business, which could materially adversely affect our results of operations and financial condition.
  • Distinguished primarily relies on third-party agents and brokers to distribute its products, and any deterioration in the relationships with these parties could adversely affect Distinguished’s business, which could materially adversely affect our results of operations and financial condition.
  • Risks Related to Investments
  • Our investment portfolio may suffer reduced returns or losses, which could materially adversely affect our results of operations and financial condition. Adverse changes in equity markets, interest rates, debt markets or foreign currency exchange rates could result in significant losses to the value of our investment portfolio.
  • We may be subject to volatility from our investment in MediaAlpha, which could materially adversely affect our results of operations and financial condition.
  • Our investment portfolio includes securities that do not have readily observable market prices. We use valuation methodologies that are inherently subjective and uncertain to value these securities. The values of securities established using these methodologies may never be realized, which could materially adversely affect our results of operations and financial condition.
  • Risks Related to Taxation
  • We may not meet the requirements of the five-year deferral from the Bermuda corporate income tax or the OECD Pillar Two Undertaxed Profits Rule, which could materially adversely affect our results of operations and financial condition.
  • We may be treated as a PFIC, in which case a U.S. holder of our common shares could be subject to disadvantageous rules under U.S. federal income tax laws.
  • The Company and certain of our non-U.S. subsidiaries may become subject to U.S. tax, which could materially adversely affect our results of operations and financial condition.
  • Changes in tax laws or tax treaties could materially adversely affect our results of operations and financial condition.
  • Our non-U.S. subsidiaries are treated as CFCs and may subject a U.S. 10% shareholder of our common shares to disadvantageous rules under U.S. federal income tax laws.
  • Proposed regulations could subject U.S. persons who are shareholders to disadvantageous rules under U.S. federal income tax laws pertaining to “related person insurance income.”
  • Risks Related to Laws and Regulation
  • Regulation may have a material adverse effect on our operations and financial condition.
  • Bermuda law differs from the laws in effect in the United States and may afford less protection to shareholders.
  • We could be materially adversely affected if our controls designed to ensure compliance with guidelines, policies, and legal and regulatory standards are not effective.
  • Other Risks Related to White Mountains and its Subsidiaries
  • We may be unable to adequately maintain our systems and safeguard the security of our data, which could adversely impact our ability to operate our business and cause reputational harm and, consequently, could materially adversely affect our results of operations and financial condition.
  • We may suffer losses from unfavorable outcomes from litigation and other legal proceedings, which could materially adversely affect our results of operations and financial condition.
  • We depend on our key personnel to manage our business effectively, and they may be difficult to replace, which could materially adversely affect our results of operations and financial condition.

Sources

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