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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the period ended March 31, 2021
 
OR
 
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from          to         
Commission file number 1-8993

WHITE MOUNTAINS INSURANCE GROUP, LTD.
(Exact name of Registrant as specified in its charter)
Bermuda 
(State or other jurisdiction of incorporation or organization) 94-2708455
23 South Main Street, Suite 3B (I.R.S. Employer Identification No.)
Hanover, 03755-2053
New Hampshire(Zip Code)
(Address of principal executive offices) 
 
Registrant’s telephone number, including area code: (603640-2200
 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value $1.00WTMNew York Stock Exchange
per share Bermuda Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ý   No   
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes   ý    No   
 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  ý

As of May 7, 2021, 3,107,267 common shares with a par value of $1.00 per share were outstanding (which includes 37,805 restricted common shares that were not vested at such date).




WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents
 
  Page No.
   
 
   
 
   
 Consolidated Balance Sheets, March 31, 2021 and December 31, 2020
  
 
      Three Months Ended March 31, 2021 and 2020
 Consolidated Statements of Changes in Equity,
      Three Months Ended March 31, 2021 and 2020
 Consolidated Statements of Cash Flows, Three Months Ended March 31, 2021 and 2020
  
 
  
  
 Results of Operations for the Three Months Ended March 31, 2021 and 2020
  
 
  
 
 Critical Accounting Estimates
  
 
  
  
  
  
  




Part I.FINANCIAL INFORMATION.
Item 1.Financial Statements
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
March 31, 2021December 31, 2020
Millions, except share and per share amounts
AssetsUnaudited
Financial Guarantee (HG Global/BAM)
Fixed maturity investments, at fair value$857.0 $859.5 
Short-term investments, at fair value45.3 60.4 
Total investments902.3 919.9 
Cash18.9 42.8 
Insurance premiums receivable6.9 6.9 
Deferred acquisition costs28.7 27.8 
Accrued investment income5.2 5.0 
Other assets14.8 15.4 
Total Financial Guarantee assets976.8 1,017.8 
P&C Insurance and Reinsurance (Ark)
Fixed maturity investments, at fair value305.8  
Common equity securities, at fair value118.6  
Short-term investments, at fair value328.6  
Other long-term investments234.7  
Total investments987.7  
Cash308.8  
Reinsurance recoverables449.0  
Insurance premiums receivable435.4  
Ceded unearned premiums145.5  
Deferred acquisition cost79.2  
Value of in-force business acquired42.9  
Goodwill and other intangible assets292.5  
Other assets99.2  
Total P&C Insurance and Reinsurance assets2,840.2  
Specialty Insurance Distribution (NSM)
     Cash (restricted $79.3 and $78.4)121.0 126.5 
Premiums and commissions receivable77.0 76.7 
     Goodwill and other intangible assets699.7 736.8 
     Other assets65.0 59.6 
Total Specialty Insurance Distribution assets962.7 999.6 
Asset Management (Kudu)
     Short-term investments, at fair value.1 .1 
     Other long-term investments427.4 400.6 
Total investments427.5 400.7 
     Cash (restricted $3.9 and $0.0)10.9 7.8 
     Accrued investment income7.5 9.8 
     Goodwill and other intangible assets9.1 9.2 
     Other assets2.7 2.7 
Total Asset Management assets457.7 430.2 
Other Operations
     Fixed maturity investments, at fair value318.8 347.7 
     Short-term investments, at fair value251.8 82.4 
Investment in MediaAlpha, at fair value600.2 802.2 
     Other long-term investments370.1 386.2 
     Total investments1,540.9 1,618.5 
     Cash28.9 34.1 
     Cash pre-funded/placed in escrow for Ark Transaction  646.3 
     Accrued investment income3.9 2.4 
     Accounts receivable on unsettled investment sales3.5 3.4 
     Goodwill and other intangible assets35.7 36.4 
     Other assets49.7 40.4 
     Assets held for sale.7 2.3 
     Total Other Operations assets1,663.3 2,383.8 
Total assets$6,900.7 $4,831.4 
See Notes to Consolidated Financial Statements
1




CONSOLIDATED BALANCE SHEETS (CONTINUED)
March 31, 2021December 31, 2020
Millions, except share and per share amounts
LiabilitiesUnaudited
Financial Guarantee (HG Global/BAM)
Unearned insurance premiums$243.7 $237.5 
Accrued incentive compensation11.0 25.7 
Other liabilities28.6 28.3 
Total Financial Guarantee liabilities283.3 291.5 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expense reserves751.9  
Unearned insurance premiums565.4  
Debt44.1  
Reinsurance payable487.5  
Contingent consideration related to the Ark Transaction22.5  
Accounts payable on unsettled investment purchases61.6  
Other liabilities73.8  
Total P&C Insurance and Reinsurance liabilities2,006.8  
Specialty Insurance Distribution (NSM)
Debt272.7 272.6 
Premiums payable116.0 113.4 
Contingent consideration earnout liabilities7.9 14.6 
     Other liabilities83.5 91.2 
Total Specialty Insurance Distribution liabilities480.1 491.8 
Asset Management (Kudu)
Debt95.9 86.3 
     Other liabilities15.4 10.0 
     Total Asset Management liabilities111.3 96.3 
Other Operations
Debt17.0 17.5 
Accrued incentive compensation40.4 70.1 
Other liabilities25.9 46.3 
Total Other Operations liabilities83.3 133.9 
Total liabilities2,964.8 1,013.5 
Equity
White Mountains’s common shareholders’ equity
White Mountains’s common shares at $1 par value per share—authorized 50,000,000
   shares; issued and outstanding 3,107,267 and 3,102,011 shares and paid-in surplus
3.1 3.1 
Paid-in surplus594.8592.1
Retained earnings3,226.7 3,311.2 
Accumulated other comprehensive gain (loss), after-tax:
Net unrealized foreign currency translation and interest rate swap gains (losses)1.3 (.4)
     Total White Mountains’s common shareholders’ equity3,825.9 3,906.0 
Non-controlling interests110.0 (88.1)
Total equity3,935.9 3,817.9 
Total liabilities and equity$6,900.7 $4,831.4 
See Notes to Consolidated Financial Statements
2


WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended March 31,
Millions20212020
Revenues:
Financial Guarantee (HG Global/BAM)
Earned insurance premiums$6.4 $5.4 
Net investment income4.5 5.5 
Net realized and unrealized investment (losses) gains(17.9)6.1 
Other revenues.3 .5 
Total Financial Guarantee revenues(6.7)17.5 
P&C Insurance and Reinsurance (Ark)
Earned insurance premiums104.6  
Net investment income.8  
Net realized and unrealized investment gains1.1  
Other revenues2.6  
Total P&C Insurance and Reinsurance revenues109.1  
Specialty Insurance Distribution (NSM)
Commission revenues59.6 53.0 
Other revenues15.2 12.0 
Total Specialty Insurance Distribution revenues74.8 65.0 
Asset Management (Kudu)
Net investment income8.2 7.3 
Net realized and unrealized investment gains (losses)15.8 (24.8)
Other revenues.1 .1 
Total Asset Management revenues24.1 (17.4)
Other Operations
   Net investment income7.1 10.1 
   Net realized and unrealized investment gains (losses)2.1 (168.0)
   Net realized and unrealized investment (losses) gains from investment in MediaAlpha (41.7)30.0 
   Commission revenues2.3 2.1 
   Other revenues7.1 1.5 
Total Other Operations revenues(23.1)(124.3)
Total revenues$178.2 $(59.2)

3


CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)

Three Months Ended March 31,
Millions20212020
Expenses:
Financial Guarantee (HG Global/BAM)
Insurance acquisition expenses$1.9 $1.7 
General and administrative expenses16.4 14.7 
Total Financial Guarantee expenses18.3 16.4 
P&C Insurance and Reinsurance (Ark)
Loss and loss adjustment expenses66.0  
Insurance and reinsurance acquisition expenses36.7  
Other underwriting expenses11.2  
General and administrative expenses26.6  
Interest expense1.1  
Total P&C Insurance and Reinsurance expenses141.6  
Specialty Insurance Distribution (NSM)
General and administrative expenses46.0 39.6 
Broker commission expenses18.9 18.3 
Change in fair value of contingent consideration earnout liabilities (.6)
Amortization of other intangible assets8.6 4.8 
Loss on assets held for sale28.7  
Interest expense5.9 4.3 
Total Specialty Insurance Distribution expenses108.1 66.4 
Asset Management (Kudu)
General and administrative expenses2.5 2.5 
Amortization of other intangible assets.1 .1 
Interest expense5.8 1.4 
Total Asset Management expenses8.4 4.0 
Other Operations
   Cost of sales4.0 2.0 
   General and administrative expenses35.7 17.5 
   Amortization of other intangible assets.5 .2 
   Interest expense.3 .3 
Total Other Operations expenses40.5 20.0 
Total expenses316.9 106.8 
Pre-tax loss from continuing operations(138.7)(166.0)
   Income tax benefit9.5 25.5 
Net loss from continuing operations(129.2)(140.5)
Net income from sale of discontinued operations, net of tax18.7 .9 
Net loss(110.5)(139.6)
   Net loss attributable to non-controlling interests35.2 10.8 
Net loss attributable to White Mountains’s common shareholders$(75.3)$(128.8)
See Notes to Consolidated Financial Statements
4


WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended March 31,
Millions20212020
Net loss attributable to White Mountains’s common shareholders$(75.3)$(128.8)
Other comprehensive income (loss), net of tax1.8 (3.4)
Comprehensive loss(73.5)(132.2)
Other comprehensive income attributable to non-controlling interests(.1) 
Comprehensive loss attributable to White Mountains’s common shareholders$(73.6)$(132.2)
Earnings (loss) per share attributable to White Mountains’s common shareholders:
Basic (loss) earnings per share
Continuing operations$(30.33)$(40.82)
Discontinued operations6.03 .28 
Total consolidated operations$(24.30)$(40.54)
Diluted (loss) earnings per share
Continuing operations$(30.33)$(40.82)
Discontinued operations6.03 .28 
Total consolidated operations$(24.30)$(40.54)
Dividends declared and paid per White Mountains’s common share$1.00 $1.00 
See Notes to Consolidated Financial Statements.

5


YTD CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
(Unaudited)

 White Mountains’s Common Shareholders’ Equity 
MillionsCommon shares and paid-in surplusRetained earningsAOCI, after taxTotalNon-controlling interestTotal Equity
Balance at January 1, 2021$