Financial Performance - As of September 30, 2024, White Mountains reported a book value per share of $1,795 and an adjusted book value per share of $1,883, reflecting increases of 4% and 6% in Q3 2024, and 9% and 11% year-to-date[1]. - Comprehensive income attributable to common shareholders was $180 million in Q3 2024, compared to $23 million in Q3 2023, driven by significant investment gains[3]. - Net income attributable to White Mountains's common shareholders for Q3 2024 was $179.0 million, compared to $23.6 million in Q3 2023, representing a significant increase of 658.5%[37]. - Pre-tax income for Q3 2024 was $239.5 million, a substantial increase from $21.1 million in Q3 2023, reflecting an increase of 1,134.0%[40]. - Total revenues for the three months ended September 30, 2024, reached $839.1 million, a significant increase from $519.6 million in the same quarter of 2023, marking a growth of 61.5%[34]. - Total revenues for the nine months ended September 30, 2024, reached $1,881.8 million, with earned insurance premiums at $1,244.4 million[44]. - Total revenues for the three months ended September 30, 2023, were $519.6 million, with earned insurance premiums contributing $506.8 million[42]. - Total expenses for Q3 2024 amounted to $599.6 million, compared to $498.5 million in Q3 2023, which is an increase of 20.3%[40]. - The company reported a pre-tax income of $437.4 million for the nine months ended September 30, 2024, compared to a loss of $46.2 million in the same period last year[44]. Premiums and Underwriting - Ark produced a combined ratio of 79% in Q3 2024, with gross written premiums of $374 million, representing a 49% year-over-year increase[3]. - Bamboo's managed premiums doubled year-over-year to $148 million in Q3 2024, driven by growth in new business volume[20]. - Total gross written premiums for the nine months ended September 30, 2024, reached $34.5 million, compared to $31.9 million for the same period in 2023, marking an increase of 8.1%[52]. - Gross written premiums for the nine months ended September 30, 2024, were reported at $1,942.7 million, reflecting growth in the insurance segment[50]. - Total par value of policies assumed increased to $688.4 million in Q3 2024 from $644.3 million in Q3 2023, representing a growth of 6.5%[52]. Investment Performance - The total consolidated portfolio return was 4.6% in Q3 2024, compared to -0.2% in Q3 2023[24]. - MediaAlpha's share price increased by 38% in Q3 2024, resulting in an $88 million unrealized gain for White Mountains[3]. - The total consolidated portfolio return for the three months ended September 30, 2024, was 4.6%, while the return excluding MediaAlpha was 3.3%[79]. - White Mountains reported a total consolidated portfolio return of 9.4% for the nine months ended September 30, 2024, compared to 5.3% in the previous year[79]. - Net investment income from Asset Management (Kudu) increased to $17.2 million for the three months ended September 30, 2024, up from $15.1 million in the same period last year[34]. Assets and Liabilities - Total assets increased to $10,337.5 million as of September 30, 2024, up from $8,385.9 million in December 31, 2023, representing a growth of 23.3%[30]. - Total liabilities increased to $5,077.7 million from $3,824.3 million in December 31, 2023, reflecting a growth of 32.7%[30]. - P&C Insurance and Reinsurance liabilities totaled $4,000.2 million, an increase from $2,876.1 million in December 31, 2023, indicating a rise of 39.1%[30]. - Total P&C Insurance and Reinsurance assets reached $5,578.5 million, up from $4,378.6 million in December 31, 2023, indicating a growth of 27.4%[28]. - Insurance premiums receivable rose to $993.0 million, up from $612.2 million in December 31, 2023, representing a significant increase of 62.2%[28]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[42]. - Future outlook includes continued focus on market expansion and potential new product development to enhance revenue streams[45]. Dividends - The company reported a year-to-date dividend per share of $1.00, consistent with the previous year[33]. - The company declared dividends of $1.00 per share for the nine months ended September 30, 2024, consistent with the previous year[38].

Core Insights - White Mountains Insurance Group reported a book value per share of $1,795 and an adjusted book value per share of $1,883 as of September 30, 2024, reflecting increases of 4% and 6% in Q3 2024, and 9% and 11% year-to-date [1][31][32] Financial Performance - Comprehensive income attributable to common shareholders was $180 million in Q3 2024, compared to $23 million in Q3 2023, and $361 million for the first nine months of 2024, compared to $224 million in the same period of 2023 [3][20] - The total consolidated portfolio return was 4.6% in Q3 2024 and 9.4% for the first nine months, compared to -0.2% and 5.3% in the same periods of 2023 [21][22] Segment Performance - Ark reported a combined ratio of 79% in Q3 2024, an improvement from 81% in Q3 2023, with gross written premiums of $374 million, up 49% year-over-year [5][8][6] - HG Global generated gross written premiums of $14 million in Q3 2024, consistent with Q3 2023, but reported a pre-tax loss of $(63) million compared to a loss of $(2) million in Q3 2023 [10][11] - Kudu's total revenues increased to $47 million in Q3 2024 from $26 million in Q3 2023, with pre-tax income rising to $38 million from $16 million [13][14] Investment Highlights - MediaAlpha's share price increased by 38% in Q3 2024, resulting in an unrealized gain of $88 million for White Mountains [3][18] - The carrying value of White Mountains's investment in MediaAlpha rose to $323 million as of September 30, 2024, from $235 million at the end of June 2024 [18] Operational Metrics - Undeployed capital remains at approximately $650 million, indicating potential for future investments [3] - Managed premiums at Bamboo doubled year-over-year to $148 million in Q3 2024, driven by strong demand from new and renewing policyholders [17][18]

Company Overview - Bamboo Insurance has achieved a remarkable three-year revenue growth of 309 percent, positioning it among America's fastest-growing private companies [1] - The company has been ranked No. 1,680 on the Inc. 5000 list for 2024, highlighting its success in navigating inflationary pressures and rising capital costs [2] Leadership and Investment - John Chu, the Founder & CEO of Bamboo Insurance, expressed pride in the company's inclusion on the Inc. 5000 for a second consecutive year, emphasizing the team's commitment to delivering exceptional value [3] - Earlier in the year, White Mountains Insurance Group, Ltd. invested $297 million in Bamboo Insurance, acquiring a 72% stake to support its growth [3] Business Model and Strategy - Bamboo Insurance is focused on providing a seamless and innovative insurance experience, leveraging data and technology to enhance transparency and streamline the insurance process for partners and policyholders [4]

Financial Performance - As of June 30, 2024, White Mountains reported a book value per share of $1,722 and an adjusted book value per share of $1,777, both decreasing by 1% in Q2 2024 but increasing by 4% in the first six months of 2024[165]. - Total revenues for Q2 2024 reached $395.4 million, a 4.6% increase from $378.4 million in Q2 2023[174]. - Net income attributable to White Mountains's common shareholders for Q2 2024 was a loss of $54.6 million, compared to a profit of $19.6 million in Q2 2023[174]. - The company reported a pre-tax loss of $34.7 million for Q2 2024, compared to a pre-tax income of $17.4 million in Q2 2023[174]. - The company reported a pre-tax loss of $(23.1) million for the six months ended June 30, 2024, compared to a pre-tax loss of $(13.2) million for the same period in 2023, indicating a worsening of financial performance[206]. Revenue Growth - Kudu reported total revenues of $70 million and pre-tax income of $61 million in Q2 2024, significantly up from $19 million and $10 million respectively in Q2 2023[167]. - Bamboo's managed premiums increased to $120 million in Q2 2024 from $41 million in Q2 2023, driven by growth in new business volume[167]. - Asset Management revenues surged to $70.2 million in Q2 2024, compared to $19.3 million in Q2 2023, marking a significant growth[174]. - Financial Guarantee revenues increased to $15.7 million in Q2 2024, compared to $5.9 million in Q2 2023[174]. - Gross written premiums increased by 15% to $697 million in Q2 2024 compared to $606 million in Q2 2023, driven primarily by property, marine & energy, and specialty lines of business[189]. Investment Performance - White Mountains's total consolidated portfolio return on invested assets was -0.1% in Q2 2024, impacted by $139 million of net realized and unrealized investment losses from MediaAlpha[169]. - MediaAlpha's share price decreased to $13.17 per share as of June 30, 2024, down from $20.37 per share at the end of Q1 2024, leading to a decline in White Mountains's investment carrying value by $231 million[167]. - The portfolio returned -1.3% in Q2 2024, including $139 million of net realized and unrealized investment losses from MediaAlpha, compared to a return of 3.9% for the same period in 2023[244]. - For the first six months of 2024, the portfolio returned 8.1%, including $72 million of net realized and unrealized investment gains from MediaAlpha, compared to 9.1% in the first half of 2023[244]. Segment Performance - The Ark/WM Outrigger segment's combined ratio was 87% in Q2 2024, with gross written premiums of $697 million and net earned premiums of $318 million, compared to gross written premiums of $606 million in Q2 2023[165]. - The Ark segment reported pre-tax income of $50 million in Q2 2024, compared to $42 million in Q2 2023, with net realized and unrealized investment gains of $20 million[165]. - WM Outrigger Re's combined ratio was 27% in Q2 2024, with gross written premiums of $39 million, down from $58 million in Q2 2023 due to lower capital commitment[167]. - The Ark/WM Outrigger segment reported pre-tax income of $58.5 million for Q2 2024, an increase from $51.8 million in Q2 2023[177]. Expenses and Liabilities - Total expenses for Q2 2024 were $430.1 million, up from $361.0 million in Q2 2023, reflecting a 19.2% increase[174]. - Total liabilities as of June 30, 2024, were $4,203.0 million, reflecting an increase from $2,876.1 million as of December 31, 2023[200]. - The company reported a loss and loss adjustment expense reserve of $1,890.1 million as of June 30, 2024[199]. Capital and Equity - As of June 30, 2024, White Mountains's undeployed capital was approximately $650 million[165]. - Total equity for White Mountains's common shareholders was $363.5 million in June 2024, consistent with the previous period[218][220]. - White Mountains repurchased 5,269 common shares for $8 million at an average price of $1,505, approximately 85% of its adjusted book value per share as of June 30, 2024[260]. Future Outlook - The company plans to expand its marine & energy and accident & health lines of business, supported by new teams in London[198]. - White Mountains expects to meet requirements to be exempt from Bermuda corporate income tax until January 1, 2030, benefiting from a net deferred tax asset of $68 million recognized as of December 31, 2023[247]. - The company plans to continue focusing on market expansion and new product development to drive future growth[206].

Financial Performance - Ark reported gross written premiums of $697 million, up 15% year-over-year, with a combined ratio of 89% in Q2 2024[2][3]. - BAM's gross written premiums and member surplus contributions increased to $28 million in Q2 2024, up 7% year-over-year, with total insured municipal bonds reaching $5.3 billion[7][8]. - Kudu's total revenues increased to $70 million in Q2 2024, with pre-tax income rising to $61 million compared to $19 million and $10 million in Q2 2023[11]. - Bamboo's managed premiums tripled year-over-year to $120 million in Q2 2024, driven by strong new business volume and an expanding renewal book[13][15]. - Total revenues for the three months ended June 30, 2024, increased to $395.4 million from $378.4 million in the same period last year, representing a growth of 4.6%[29]. - Total P&C Insurance and Reinsurance revenues for the six months ended June 30, 2024, were $700.1 million, up from $610.5 million in the same period last year[29]. - Total revenues for the six months ended June 30, 2024, were $1,042.7 million, an increase from $910.3 million in the same period of 2023, representing a growth of approximately 14.5%[40]. Investment Performance - Total consolidated portfolio return was -0.1% in Q2 2024, but 2.2% excluding MediaAlpha[19][20]. - The company reported net realized and unrealized investment gains of $95.1 million for the six months ended June 30, 2024, compared to $201.6 million in 2023, indicating a decrease of about 52.8%[40]. - Net investment income for the three months ended June 30, 2024, was $22.3 million, up from $13.7 million in the same period last year[29]. - Net investment income for the six months ended June 30, 2024, was $114.4 million, compared to $82.0 million in 2023, reflecting an increase of approximately 39.5%[40]. Shareholder Equity and Book Value - Book value per share decreased by 1% to $1,722 and adjusted book value per share decreased by 1% to $1,777 as of June 30, 2024[1]. - The company's common shareholders' equity rose to $4,422.6 million as of June 30, 2024, up from $3,922.2 million a year ago, indicating a growth of 12.8%[26]. - GAAP book value per share decreased by 1.2% quarter-to-date to $1,722.02, while adjusted book value per share decreased by 1.1% to $1,776.89[28]. - Year-to-date change in GAAP book value per share, including dividends, was 4.0%[28]. Expenses and Losses - Total expenses for the three months ended June 30, 2024, increased to $430.1 million from $361.0 million in the same period last year[31]. - Loss and loss adjustment expenses for the three months ended June 30, 2024, were $175.7 million, compared to $167.5 million in the same period last year[31]. - Loss and loss adjustment expenses totaled $369.7 million for the six months ended June 30, 2024, compared to $315.3 million in 2023, marking an increase of about 17.2%[41]. - Acquisition expenses for the three months ended June 30, 2024, were $75.9 million, up from $62.9 million in the same period of 2023, reflecting an increase of approximately 21%[36][38]. Capital and Reserves - Undeployed capital stands at approximately $650 million as of Q2 2024[2]. - Loss and loss adjustment expense reserves for P&C Insurance and Reinsurance stood at $1,890.1 million as of June 30, 2024, compared to $1,421.0 million a year earlier, reflecting a 33.0% increase[27]. - Unearned insurance premiums for P&C Insurance and Reinsurance increased to $1,526.1 million as of June 30, 2024, from $1,376.5 million a year earlier, representing an increase of 10.9%[27]. - Total liabilities reached $5,294.7 million as of June 30, 2024, compared to $4,250.4 million a year earlier, indicating a year-over-year increase of 24.6%[27]. Market Conditions and Risks - White Mountains anticipates future capital expenditures to support business expansion and growth strategies[70]. - White Mountains' forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations[71]. - The company highlights potential claims arising from catastrophic events, including hurricanes and public health crises[71]. - There is a risk that recorded loss reserves may prove to be inadequate[71]. - The market value of White Mountains' investment in MediaAlpha is a point of concern[71]. - The ongoing trends and uncertainties from the COVID-19 pandemic may impact business opportunities[71]. - Actions taken by rating agencies could affect financial strength or credit ratings[71]. - The availability of capital and financing remains a critical factor for the company[71]. - Competitive forces and the conduct of other insurers are influencing market conditions[71]. - Changes in domestic or foreign laws or regulations could impact operations[71]. Dividends and Share Repurchases - The company declared dividends of $1.00 per common share for the six months ended June 30, 2024, consistent with the same period in 2023[34]. - White Mountains did not repurchase any common shares in Q2 2024, but repurchased 5,269 shares for $8 million in the first half of 2024[20]. - In Q2 2023, White Mountains repurchased 5,542 common shares for $7 million at an average price of $1,336.68, representing 85% of the adjusted book value per share[21]. - In the first half of 2023, the company repurchased 24,165 common shares for $33 million at an average price of $1,354.88, or 86% of the adjusted book value per share[21].

HAMILTON, Bermuda, Aug. 7, 2024 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,722 and adjusted book value per share of $1,777 as of June 30, 2024. Book value per share and adjusted book value per share both decreased 1% in the second quarter of 2024 and increased 4% in the first six months of 2024, including dividends. Manning Rountree, CEO, commented, "ABVPS was down 1% in the quarter, due primarily to our investment in MediaAlpha. Excluding MediaAlph ...

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, 2024 OR 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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commis ...

Exhibit 99.1 Ark's combined ratio was 94% in both the first quarter of 2024 and 2023. Ark's combined ratio in the first quarter of 2024 included slight net favorable prior year development compared to three points of net unfavorable prior year development in the first quarter of 2023, primarily due to Winter Storm Elliott. Ark's combined ratio in the first quarter of 2024 and 2023 both included minimal catastrophe losses. Non-catastrophe losses in the first quarter of 2024 included $15 million on a net basi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 94-2708455 (State or other jurisdiction ...

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 September 30, 2023 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 incorpora ...