WTM
White Mountains Insurance Group, Ltd.2045.31
-22.86-1.11%
Dec 16, 4:00:13 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
5.22BP/E (TTM)
37.59Basic EPS (TTM)
54.41Dividend Yield
0%Recent Filings
10-K
FY2025 results
White Mountains surged 25% in book value per share to $2,188 for FY2025 ended December 31, 2025, powered by the $848 million Bamboo sale netting $816 million gain while retaining a $250 million stake. Ark/WM Outrigger drove core strength with gross premiums up 16% y/y to $2.6B, combined ratio steady at 81% despite California wildfires, and Q4 reinsurance profits yielding $10 million distributions. Kudu deployed $197 million into new managers, lifting adjusted EBITDA 19% to $65 million; Distinguished added $188 million managed premiums post-September acquisition. Yet catastrophe exposure looms large. Share buybacks accreted value.
8-K
White Mountains invests $125M
White Mountains completed a $125 million structured capital investment into Bishop Street Underwriters, a RedBird portfolio company of MGAs in property and casualty insurance, on February 26, 2026. The deal equips Bishop Street to accelerate growth after 2025's $650 million gross written premium and sub-50% loss ratio. White Mountains adds MGA scaling expertise. Investment fuels 2026 expansion.
8-K
Bamboo sale boosts BVPS 25%
White Mountains closed Bamboo sale to CVC on December 5, 2025, for $848 million cash plus $250 million retained equity stake, fueling 18% Q4 book value per share jump to $2,188 and 25% full-year surge. Solid ops lifted Ark's gross written premiums 16% to $2.6 billion at 83% combined ratio; Kudu hit 13% ROE. Bamboo drove gains, yet $73 million deferred tax hit stings.
8-K
Outrigger Re renews at $70M
White Mountains renewed its Outrigger Re sidecar for 2026, deploying $70 million in third-party investor capital for quota share reinsurance on Ark Bermuda's property catastrophe portfolio—down from prior year due to Ark's shift to traditional reinsurance. Terms mirror 2025. Capital fully collateralized. Investors foot the bill.
8-K
Bamboo sale closes, $848M cash
White Mountains closed the sale of 77.3% of Bamboo Group to CVC affiliates on December 5, 2025, pocketing $848 million in net cash while keeping a $250 million indirect stake. Pro forma balance sheet swells total assets to $12.8B and retained earnings by $845M as of September 30. Cash influx bolsters liquidity. Sale crystallizes big gain.
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