White Mountains Insurance Group, Ltd. (WTM) SEC Filings & Earnings Calls

Ongoing exposure to war in Iran through specialty and marine & energy lines

“Ark has ongoing exposure to the war in Iran, primarily through the specialty and marine & energy lines of business. In Q2 2026, Ark recorded estimated losses of $17 million (net of reinsurance and reinstatement premiums) related to the war.”

Property market softening leading to gross written premium decline

“The decline in gross written premiums in Q2 2026 was driven primarily by softening market conditions in property lines”

Geopolitical conflict exposure

“Ark has ongoing exposure to the war in Iran, primarily through the specialty and marine & energy lines of business. In the second quarter and first six months of 2026, Ark recorded estimated losses of $17 million and $42 million (net of reinsurance and reinstatement premiums) related to the war.” · word for word

Property insurance market softening

“The decline in gross written premiums in the second quarter of 2026 was driven primarily by softening market conditions in property lines, which was partially offset by growth in specialty lines.” · word for word

Municipal bond insurance demand decline

“The decline in primary and secondary market par assumed was driven by tighter municipal bond spreads, leading to lower demand for municipal bond insurance.” · word for word

Increased fixed rate debt, but lower interest expense.

“Net proceeds ... will be used to repay in full the outstanding amount of HGG’s existing $150 million term loan facility”

War in Iran loss escalation

“However, losses could increase as the war is ongoing.” · word for word

MediaAlpha share price volatility

“each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.00 per share increase or decrease in White Mountains’s book value per share.” · word for word

Investment portfolio underperformance relative to benchmarks

“Our investment portfolio was up 9%, a good absolute return, although we trailed our benchmarks.” · word for word

Concentration on transactional gains for value creation

“Over the years, transaction gains have been a large driver of success in achieving our principal objective of growing our values per share.” · word for word

Integration risk of acquired business; potential for lower returns if BaseSix underperforms.

“Acquisition of majority interest in BaseSix Systems LLC.”

Bermuda corporate income tax / Pillar Two exposure

“The failure by White Mountains to meet the requirements of the five-year deferral under the Bermuda corporate income tax or the OECD Pillar Two UTPR could materially adversely affect our results of operations and financial condition.” · word for word

Catastrophe loss volatility

“Ark’s combined ratio included eight points of catastrophe losses in 2025, driven primarily by Hurricane Melissa and losses related to the January 2025 California wildfires.” · word for word

Contingent consideration liability growth

“Ark’s results in 2025 also included a $173 million increase in the fair value of contingent consideration compared to $61 million in 2024.” · word for word

Investment in MGA platform carries underwriting and execution risk.

“Bishop Street is a diversified platform of MGAs and niche underwriting teams.”

Catastrophe losses from Hurricane Melissa and California wildfires impacted Ark's combined ratio

“Ark’s combined ratio in the fourth quarter of 2025 included 10 points of catastrophe losses, driven primarily by Hurricane Melissa” · word for word

Aviation losses from conflict in Ukraine and Russia contributed unfavorable development

“11 points and six points of unfavorable development in the fourth quarter and year ended December 31, 2025 related to aviation losses from the conflict in Ukraine and Russia” · word for word

Deferred tax asset reversal of $73M due to Pillar II legislation in Luxembourg

“White Mountains also recognized a net deferred tax expense of $73 million in the fourth quarter of 2025 from the reversal of the deferred tax asset related to the Bermuda economic transition adjustment” · word for word

Execution risk low; transaction closed.

“Transaction completed; no material risks disclosed.”

Catastrophe loss exposure

“Ark's combined ratio in the first nine months of 2025 included seven points of catastrophe losses, driven by losses related to the January 2025 California wildfires of $75 million on a net basis after reinsurance and reinstatement premiums.” · word for word

Aviation loss exposure from Ukraine/Russia conflict

“This included four points of unfavorable development in the first nine months of 2025 related to aviation losses from the conflict in Ukraine and Russia.” · word for word

Refinery fire loss

“Non-catastrophe losses in the first nine months of 2025 included $30 million on a net basis related to a refinery fire in California.” · word for word

Catastrophe losses from California wildfires impacted results but were manageable.

“Ark's combined ratio in the first nine months of 2025 included seven points of catastrophe losses, driven primarily by losses related to the January 2025 California wildfires.” · word for word

Aviation losses from Ukraine/Russia conflict created unfavorable development.

“This included four points of unfavorable development in the first nine months of 2025 related to aviation losses from the conflict in Ukraine and Russia.” · word for word