Announcement • Mar 09
White Mountains Insurance Group, Ltd., Annual General Meeting, May 21, 2026 White Mountains Insurance Group, Ltd., Annual General Meeting, May 21, 2026. Location: hamilton parish, Bermuda Announcement • Feb 27
White Mountains Insurance Group, Ltd. Declares Annual Dividend, Payable on March 25, 2026 At its regular meeting held on February 26, 2026, the Board of Directors of White Mountains Insurance Group, Ltd. declared a $1.00 per share annual dividend, payable in cash on March 25, 2026, to holders of record of Common Shares as of the close of business on March 16, 2026. Announcement • Oct 03
Funds managed by CVC Capital Partners plc (ENXTAM:CVC) signed a definitive agreement to acquire an unknown minority stake in Bamboo Ide8 Insurance Services, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) and others for approximately $840 million. Funds managed by CVC Capital Partners plc (ENXTAM:CVC) signed a definitive agreement to acquire an unknown minority stake in Bamboo Ide8 Insurance Services, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) and others for approximately $840 million on October 3, 2025. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing.
The transaction is expected to close by the end of the fourth quarter of 2025. The closing is subject to regulatory approvals and other customary closing conditions.
Evercore Group L.L.C and Piper Sandler & Co acted as financial advisor for White Mountains Insurance Group, Ltd. and Bamboo Ide8 Insurance Services, LLC. Cravath, Swaine & Moore LLP acted as legal advisor for White Mountains Insurance Group, Ltd. and Bamboo Ide8 Insurance Services, LLC. Willkie Farr & Gallagher LLP acted as legal advisor to the management of Bamboo Ide8 Insurance Services, LLC. David Beller, Philip Wolf, Edmond Parhami, Gary Boss, Paul Kukish, Alexander Traum, Nineveh Alkhas, Bradd Williamson, Megan Alessi, Matthew Dewitz, Joshua Tinkelman, Kendra Kocovsky, Jeffrey Tochner, Robert Blamires, Damara Chambers, Amanda Reeves, Dara Denberg, David Langer, Eric Volkman, Harrison White and Adam Gelardi of Latham & Watkins LLP acted as legal advisor for CVC Capital Partners plc. Announcement • Sep 04
White Mountains Insurance Group, Ltd. (NYSE:WTM) completed the acquisition of an additional 50% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $220 million. White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into a definitive agreement to acquire an additional 50% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million on July 4, 2025. Distinguished will continue to be led by industry veterans Bill Malloy; CEO, Jason Rotman; President and Steve Sitterly; COO, and no major changes in management or strategy are foreseen as part of the transaction. Key existing shareholders, including Aquiline Capital, will remain significant minority owners. The transaction will result in White Mountains holding a 51% controlling interest in Distinguished following the closing of the transaction.
Completion of the transactions is subject to receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the transactions. Completion of the transactions does not require the approval of the White Mountains shareholders. The transactions are expected to close in the third quarter of 2025.
The team of Cravath, Swaine & Moore LLP led by Maurio A. Fiore, Peter Feist, Tatiana Lapushchik, Christopher K. Fargo, Amanda Hines Gold, Sasha Rosenthal-Larrea, Jesse M. Weiss, Brian M. Budnick and Rebecca Ryan acted as legal advisor to White Mountains. Justin J. Sommerkamp, Larissa R. Marcellino, and Jeffrey R. Poss of Willkie Farr & Gallagher LLP acted as legal advisor to the Distinguished Programs Group LLC and Aquiline. Mayer Brown LLP acted as legal advisor the Distinguished Programs Group LLC’s management team. Guy Carpenter Capital & Advisory provided a fairness opinion to Aquiline.
White Mountains Insurance Group, Ltd. (NYSE:WTM) completed the acquisition of an additional 50% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $220 million on September 2, 2025. White Mountains Insurance Group, Ltd paid $224 million in cash for the transaction. Announcement • Jul 07
White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into a definitive agreement to acquire a 51% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million. White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into a definitive agreement to acquire a 51% stake Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million on July 4, 2025. Distinguished will continue to be led by industry veterans Bill Malloy (CEO), Jason Rotman (President) and Steve Sitterly (COO), and no major changes in management or strategy are foreseen as part of the transaction. Key existing shareholders, including Aquiline Capital, will remain significant minority owners. Completion of the Transactions is subject to receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the Transactions. Completion of the Transactions does not require the approval of the White Mountains shareholders. The Transactions are expected to close in the third quarter of 2025.
Cravath, Swaine & Moore LLP acted as legal advisor to White Mountains. Justin J. Sommerkamp, Larissa R. Marcellino, and Jeffrey R. Poss of Willkie Farr & Gallagher LLP acted as legal advisor to the Company and Aquiline. Mayer Brown LLP acted as legal advisor the Company’s management team. Guy Carpenter Capital & Advisory provided a fairness opinion to Aquiline. Announcement • Jun 30
White Mountains Insurance Group, Ltd.(NYSE:WTM) dropped from Russell 1000 Dynamic Index White Mountains Insurance Group, Ltd.(NYSE:WTM) dropped from Russell 1000 Dynamic Index Announcement • Apr 10
An investor group led by Ethos Capital, LP, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (NYSE:WTM) acquired an unknown stake in BroadStreet Partners, Inc. from Ontario Teachers' Pension Plan Board. An investor group led by Ethos Capital, LP, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (NYSE:WTM) acquired an unknown stake in BroadStreet Partners, Inc. from Ontario Teachers' Pension Plan Board on April 10, 2025. Under the terms of the agreement, Ontario Teachers’ Pension Plan will maintain a significant co-control stake and operate in partnership with the Ethos-led investor group.
Ardea Partners LP acted as financial advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. RBC Capital Markets, LLC acted as financial advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. BMO Capital Markets acted as financial advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. Latham & Watkins LLP acted as legal advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. Torys LLP acted as legal advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. Kirkland & Ellis LLP acted as legal advisor for Ethos Capital, LP. Debevoise & Plimpton LLP acted as legal advisor for British Columbia Investment Management Corporation. Cravath, Swaine & Moore LLP acted as legal advisor for White Mountains Insurance Group, Ltd.
An investor group led by Ethos Capital, LP, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (NYSE:WTM) completed the acquisition of an unknown stake in BroadStreet Partners, Inc. from Ontario Teachers' Pension Plan Board on April 10, 2025. Announcement • Mar 05
White Mountains Insurance Group, Ltd., Annual General Meeting, May 22, 2025 White Mountains Insurance Group, Ltd., Annual General Meeting, May 22, 2025. Location: hamilton Bermuda Announcement • Feb 28
White Mountains Insurance Group, Ltd. Declares Annual Dividend, Payable on March 26, 2025 At its regular meeting held on February 27, 2025, the Board of Directors of White Mountains Insurance Group, Ltd. declared a $1.00 per share annual dividend, payable in cash on March 26, 2025, to holders of record of Common Shares as of the close of business on March 17, 2025. New Risk • Nov 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: US$69.70 (vs US$9.24 in 3Q 2023) Third quarter 2024 results: EPS: US$69.70 (up from US$9.24 in 3Q 2023). Revenue: US$839.1m (up 62% from 3Q 2023). Net income: US$179.0m (up US$155.7m from 3Q 2023). Profit margin: 21% (up from 4.5% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2024 earnings released: US$21.24 loss per share (vs US$7.64 profit in 2Q 2023) Second quarter 2024 results: US$21.24 loss per share (down from US$7.64 profit in 2Q 2023). Revenue: US$378.2m (flat on 2Q 2023). Net loss: US$54.6m (down 383% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: US$93.70 (vs US$69.84 in 1Q 2023) First quarter 2024 results: EPS: US$93.70 (up from US$69.84 in 1Q 2023). Revenue: US$647.3m (up 22% from 1Q 2023). Net income: US$236.4m (up 33% from 1Q 2023). Profit margin: 37% (up from 33% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 10
White Mountains Insurance Group, Ltd. Announces Executive Changes White Mountains Insurance Group, Ltd. announced that Giles Harrison will become its executive vice president and chief strategy officer on June 10, 2024. Since 2015, Mr. Harrison has served in various capacities at Zurich Insurance Company Ltd., most recently as chief financial officer of Farmers Group Inc. Prior to joining Zurich, Mr. Harrison was an insurance sector investment banker for 20 years and advised White Mountains on numerous projects in such capacity. The company also announced that Liam Caffrey has been named President of the company. Mr. Caffrey will continue to serve as chief financial officer. Declared Dividend • Mar 04
Dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 8th March 2024 Payment date: 20th March 2024 Dividend yield will be 0.06%, which is lower than the industry average of 3.8%. Payout Ratios Payout ratio: 0.5034%. Cash payout ratio: 0.6263%. Announcement • Mar 02
White Mountains Insurance Group, Ltd., Annual General Meeting, May 23, 2024 White Mountains Insurance Group, Ltd., Annual General Meeting, May 23, 2024. Location: Hamilton, Bermuda Hamilton Bermuda Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Reid Campbell was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: US$199 (vs US$42.64 loss in FY 2022) Full year 2023 results: EPS: US$199 (up from US$42.64 loss in FY 2022). Revenue: US$2.17b (up 87% from FY 2022). Net income: US$502.0m (up US$622.5m from FY 2022). Profit margin: 23% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: US$199 (vs US$42.64 loss in FY 2022) Full year 2023 results: EPS: US$199 (up from US$42.64 loss in FY 2022). Revenue: US$2.17b (up 87% from FY 2022). Net income: US$509.2m (up US$629.7m from FY 2022). Profit margin: 24% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Recent Insider Transactions • Nov 21
Independent Chairman of the Board recently bought €1.4m worth of stock On the 17th of November, Weston Hicks bought around 1k shares on-market at roughly €1,360 per share. This transaction amounted to 77% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Weston's only on-market trade for the last 12 months. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: US$9.19 (vs US$1.68 loss in 3Q 2022) Third quarter 2023 results: EPS: US$9.19 (up from US$1.68 loss in 3Q 2022). Revenue: US$519.6m (up 36% from 3Q 2022). Net income: US$23.6m (up US$28.4m from 3Q 2022). Profit margin: 4.5% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$7.64 (vs US$59.00 loss in 2Q 2022) Second quarter 2023 results: EPS: US$7.64 (up from US$59.00 loss in 2Q 2022). Revenue: US$378.4m (up 393% from 2Q 2022). Net income: US$19.3m (up US$192.8m from 2Q 2022). Profit margin: 5.1% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • May 27
White Mountains Insurance Group, Ltd. Announces Appointment of Steve Yi as A New Member of the Board of Director, Effective 25 May 2023 White Mountains Insurance Group, Ltd. announced the appointment of Mr. Steve Yi as a new member of the Board of Director effective 25 May 2023. Announcement • May 26
White Mountains Insurance Group, Ltd. Announces Board Changes White Mountains Insurance Group, Ltd. announced that Weston M. Hicks has been elected Chairman of the Board. Mr. Hicks replaces Morgan Davis, who has retired from the Board effective May 25, 2023. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: US$69.83 (vs US$9.78 in 1Q 2022) First quarter 2023 results: EPS: US$69.83 (up from US$9.78 in 1Q 2022). Revenue: US$531.9m (up 104% from 1Q 2022). Net income: US$179.5m (up US$150.4m from 1Q 2022). Profit margin: 34% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 08
Full year 2022 earnings released: US$38.57 loss per share (vs US$95.58 loss in FY 2021) Full year 2022 results: US$38.57 loss per share (improved from US$95.58 loss in FY 2021). Revenue: US$1.16b (up 23% from FY 2021). Net loss: US$110.4m (loss narrowed 62% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 28
MD & Chief Accounting Officer recently sold €129k worth of stock On the 22nd of December, Michaela Hildreth sold around 100 shares on-market at roughly €1,295 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €248k more than they bought in the last 12 months. Reported Earnings • Nov 08
Third quarter 2022 earnings released: US$1.69 loss per share (vs US$120 loss in 3Q 2021) Third quarter 2022 results: US$1.69 loss per share (improved from US$120 loss in 3Q 2021). Net loss: US$4.90m (loss narrowed 99% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Aug 23
White Mountains Insurance Group, Ltd. (NYSE:WTM) announces an Equity Buyback for $500 million worth of its shares. White Mountains Insurance Group, Ltd. (NYSE:WTM) announces a share repurchase program. Under the offer, the company will repurchase up to $500 million worth of its shares, at a purchase price of not greater than $1,400 per share or less than $1,250 per share. The shares repurchased will be cancelled. The company intends to fund the repurchases from available cash, including cash from the sale of liquid investments. The offer is being made to utilize a portion of the company's un-deployed capital and to provide shareholders with added liquidity. If more than $500 million worth of shares are properly tendered in the offer, then the company will first repurchase shares from all the odd lot holders (who hold less than 100 shares) and then will repurchase shares from all other holders who properly tender shares at or below the purchase price, on a pro rata basis. If more than $500 million worth of shares are properly tendered in the offer, the company may exercise its right to increase the number of shares sought to be repurchased under the offer by an amount not exceeding 2% of its outstanding shares without extending the expiration time of the offer. The offer will expire on September 20, 2022, unless extended. As of August 19, 2022, the company had 2,904,027 shares outstanding. Reported Earnings • Aug 09
Second quarter 2022 earnings released: US$58.95 loss per share (vs US$44.56 profit in 2Q 2021) Second quarter 2022 results: US$58.95 loss per share (down from US$44.56 profit in 2Q 2021). Revenue: US$76.7m (down 82% from 2Q 2021). Net loss: US$175.6m (down 228% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Aug 02
Carlyle Partners VIII, managed by The Carlyle Group Inc. (NasdaqGS:CG) completed the acquisition of NSM Insurance Group, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) and management. Carlyle Partners VIII, managed by The Carlyle Group Inc. (NasdaqGS:CG) signed a definitive agreement to acquire NSM Insurance Group, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) and management in a transaction valued at $1.8 billion on May 9, 2022. An affiliate of Purchaser, Carlyle Partners VIII, L.P., has agreed to provide a customary equity commitment letter and limited guarantee in support of certain of the Purchaser’s obligations under the SPA and ancillary agreements. In addition, a syndicate of lenders has committed to provide debt financing for the Transaction. In case of termination, Carlyle shall pat a termination fee of $93,187,500 in cash. The closing is subject to regulatory approvals and other customary closing conditions including any waiting period under the HSR Act shall have been terminated or shall have expired, U.K. Approvals shall have been received. The closing of the Transaction does not require the approval of the White Mountains shareholders. The transaction is expected to close during the second half of 2022.
J.P. Morgan Securities LLC acted as exclusive financial advisor, and David J. Perkins, Tatiana Lapushchik, Christopher K. Fargo, Eric W. Hilfers, Matthew J. Bobby, David J. Kappos and Annmarie M. Terraciano of Cravath, Swaine & Moore LLP served as legal counsels, to White Mountains and NSM. Paul Jaskot, John Martini and Gary Schoenbrun of Holland & Knight LLP also acted as legal advisors to NSM management. Morgan Stanley & Co. LLC acted as financial advisor, and Nicholas G. Demmo of Wachtell, Lipton, Rosen & Katz acted as legal advisor to Carlyle.
Carlyle Partners VIII, managed by The Carlyle Group Inc. (NasdaqGS:CG) completed the acquisition of NSM Insurance Group, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) and management on August 1, 2022. Recent Insider Transactions • Jun 02
MD & Chief Accounting Officer recently sold €118k worth of stock On the 31st of May, Michaela Hildreth sold around 100 shares on-market at roughly €1,185 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Buying Opportunity • May 12
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be €1,337, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 10
Investment funds affiliated with The Carlyle Group Inc. (NasdaqGS:CG) signed a definitive agreement to acquire NSM Insurance Group, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) in a transaction valued at $1.8 billion. Investment funds affiliated with The Carlyle Group Inc. (NasdaqGS:CG) signed a definitive agreement to acquire NSM Insurance Group, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) in a transaction valued at $1.8 billion on May 9, 2022. The closing is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close during the second half of 2022. J.P. Morgan Securities LLC acted as exclusive financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel, to White Mountains and NSM. Holland & Knight LLP also acted as legal advisor to NSM management. Morgan Stanley & Co. LLC acted as financial advisor, and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Carlyle. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: US$11.21 (vs US$30.41 loss in 1Q 2021) First quarter 2022 results: EPS: US$11.21 (up from US$30.41 loss in 1Q 2021). Revenue: US$348.9m (up 96% from 1Q 2021). Net income: US$33.4m (up US$126.7m from 1Q 2021). Profit margin: 9.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buying Opportunity • Apr 12
Now 20% undervalued Over the last 90 days, the stock is up 9.9%. The fair value is estimated to be €1,257, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company became loss making. Announcement • Apr 07
White Mountains Insurance Group, Ltd., Annual General Meeting, May 26, 2022 White Mountains Insurance Group, Ltd., Annual General Meeting, May 26, 2022, at 08:00 Atlantic Standard Time. Location: Rosewood Bermuda Hotel, 60 Tucker’s Point Drive Hamilton Parish Bermuda Agenda: To consider election of three directors to Class I with terms ending in 2025; to consider election of one director to Class III with term ending in 2024; to consider approval of the advisory resolution on executive compensation; to consider approval of the appointment of PwC as the company’s independent registered public accounting firm for 2022. Announcement • Feb 26
White Mountains Insurance Group, Ltd. Declares Dividend for the Year 2021, Payable on March 23, 2022 At its regular meeting held on February 24, 2022, the Board of Directors of White Mountains Insurance Group, Ltd. declared a $1.00 per share annual dividend, payable in cash on March 23, 2022, to holders of record of Common Shares as of the close of business on March 14, 2022. Reported Earnings • Feb 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$95.53 loss per share (down from US$228 profit in FY 2020). Revenue: US$944.8m (down 20% from FY 2020). Net loss: US$294.1m (down 142% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2021 earnings released: US$120 loss per share (vs US$75.33 profit in 3Q 2020) Third quarter 2021 results: Revenue: -US$10.1m (down 102% from 3Q 2020). Net loss: US$366.9m (down 259% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS US$44.56 (vs US$37.46 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: US$426.7m (up 64% from 2Q 2020). Net income: US$136.8m (up 19% from 2Q 2020). Profit margin: 32% (down from 44% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
White Mountains Insurance Group, Ltd.(NYSE:WTM) dropped from Russell 1000 Dynamic Index White Mountains Insurance Group, Ltd.(NYSE:WTM) dropped from Russell 1000 Dynamic Index Executive Departure • Jun 02
Independent Director has left the company On the 27th of May, Edith Holiday's tenure as Independent Director ended after 16.8 years in the role. We don't have any record of a personal shareholding under Edith's name. A total of 3 executives have left over the last 12 months. Executive Departure • May 16
MD & Chief Accounting Officer has left the company On the 14th of May, J. Palmer's tenure as MD & Chief Accounting Officer ended after 20.0 years in the role. As of December 2020, Palmer personally held 3.29k shares (€2.6m worth at the time). A total of 3 executives have left over the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: US$30.41 loss per share (vs US$40.84 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: US$178.2m (down 401% from 1Q 2020). Net loss: US$93.3m (loss narrowed 27% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS US$228 (vs US$130 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.18b (up 32% from FY 2019). Net income: US$701.7m (up 72% from FY 2019). Profit margin: 59% (up from 46% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day high: €965 The company is up 21% from its price of €795 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is flat over the same period. Recent Insider Transactions • Feb 13
Independent Non-Executive Chairman recently sold €1.4m worth of stock On the 9th of February, Morgan Davis sold around 2k shares on-market at roughly €937 per share. This was the largest sale by an insider in the last 3 months. Morgan has been a seller over the last 12 months, reducing personal holdings by €669k. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS US$232 (vs US$130 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.18b (up 32% from FY 2019). Net income: US$711.0m (up 74% from FY 2019). Profit margin: 60% (up from 46% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 04
New 90-day high: €880 The company is up 14% from its price of €770 on 06 November 2020. The German market is also up 14% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Insurance industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €840 The company is up 16% from its price of €725 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is up 17% over the same period. Announcement • Dec 02
White Mountains Insurance Group, Ltd. Announces Executive Changes. Effective from May 14, 2021 On November 30, 2020, White Mountains Insurance Group, Ltd. announced that J. Brian Palmer, Chief Accounting Officer (“CAO”), has informed the Company of his decision to retire from the Company on May 14, 2021. After his retirement as CAO, Mr. Palmer is expected to become an advisor to senior management. On November 30, 2020, the Company also announced that Michaela Hildreth will become the Chief Accounting Officer of the Company on May 14, 2021. Ms. Hildreth, 52, has served as the General Auditor of White Mountains Capital since 2006. She joined the Company in 2003 and has served in a variety of accounting and auditing-related positions with the Company and its subsidiaries. Prior to joining the Company, Ms. Hildreth spent 13 years with PricewaterhouseCoopers. Is New 90 Day High Low • Nov 25
New 90-day high: €815 The company is up 9.0% from its price of €745 on 26 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 3.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$75.32 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$459.5m (up 196% from 3Q 2019). Net income: US$233.6m (up 396% from 3Q 2019). Profit margin: 51% (up from 30% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 24
New 90-day high: €810 The company is up 7.0% from its price of €755 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 11% over the same period. 
