White Mountains Insurance Group, Ltd
(NYSE:WTM)

White Mountains Insurance Group, Ltd., through its subsidiaries, provides insurance services in the United States. The company operates through four segments: HG Global/BAM, NSM, Kudu, and Other Operations. The HG Global/BAM segment provides insurance on municipal bonds issued to finance public purp...

Website: http://www.whitemountains.com

Founded: 1980

Full Time Employees: 1,262

Sector: Financial Services

Industry: Insurance-Property & Casualty

Insurance

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2003-12-31

expenses:
p&c insurance and reinsurance
loss and loss adjustment expenses	206,700,000		233,500,000	211,800,000	288,300,000	175,700,000	180,000,000	145,700,000	265,800,000	167,500,000	147,800,000	80,200,000	213,700,000	120,500,000	122,000,000	67,000,000	129,200,000	66,000,000															151,700,000	155,900,000	165,000,000	182,000,000	161,100,000	174,800,000	170,000,000	288,300,000	265,400,000	289,100,000	282,700,000	229,300,000	243,300,000	278,300,000	274,600,000	244,300,000	372,200,000	308,100,000	265,000,000	262,700,000	292,900,000	277,100,000	292,400,000	526,500,000	384,100,000	426,100,000	554,600,000	703,200,000	502,900,000	544,100,000	528,900,000	543,200,000	697,600,000	566,800,000	558,100,000	763,800,000	564,000,000	739,100,000	929,600,000	570,200,000
acquisition expenses	98,800,000		83,500,000	76,300,000	96,300,000	68,200,000	66,300,000	2,300,000	2,100,000	1,500,000	2,700,000
general and administrative expenses	47,500,000		35,900,000	54,400,000	68,900,000	42,900,000	42,200,000	19,200,000	17,500,000	14,900,000	17,300,000	19,600,000	15,800,000	17,400,000	16,300,000	14,400,000	12,400,000	16,400,000	15,300,000	13,900,000	12,500,000	11,400,000	12,500,000	12,300,000	14,400,000	11,500,000	11,300,000	13,400,000	11,800,000	-119,300,000	44,100,000	57,500,000	94,200,000	69,500,000	70,200,000	73,100,000	140,500,000	133,400,000	142,600,000	108,100,000	116,400,000	69,300,000	70,300,000	50,300,000	55,800,000	41,500,000	40,200,000	43,800,000	35,900,000	58,700,000	42,100,000	45,500,000	54,900,000	36,200,000	56,200,000	40,500,000	36,600,000	48,100,000	68,500,000	50,500,000	75,200,000	75,100,000	56,800,000	55,900,000	65,300,000	92,800,000	55,800,000	22,200,000	47,500,000	18,100,000	39,500,000	61,500,000
change in fair value of contingent consideration	10,000,000		9,700,000	13,800,000	34,200,000	13,300,000		31,900,000	17,000,000	2,200,000	-2,400,000				100,000	200,000	600,000
interest expense	4,100,000		4,200,000	4,500,000	4,900,000	4,700,000	5,400,000	5,700,000	3,800,000	2,500,000	4,500,000	2,900,000	2,000,000	3,400,000	3,800,000	2,800,000	2,100,000	1,100,000	6,000,000	6,100,000	5,700,000	4,500,000	4,400,000	4,100,000	3,700,000	3,200,000	3,200,000	1,600,000	400,000	-800,000	900,000	500,000	3,700,000	3,100,000	3,800,000	4,100,000	5,900,000	3,375,000	4,900,000	10,900,000	11,100,000	10,300,000	10,000,000	10,100,000
total p&c insurance and reinsurance expenses	367,100,000		366,800,000	360,800,000	492,600,000	304,800,000	293,900,000	309,700,000	414,000,000	271,200,000	245,400,000	192,900,000	319,100,000	203,600,000	198,800,000	154,500,000	206,800,000	141,600,000
asset management
total asset management expenses	11,300,000		10,400,000	10,300,000	9,300,000	8,900,000	9,000,000	12,800,000	10,000,000	9,300,000	8,500,000	9,000,000	8,700,000	6,400,000	5,600,000	8,100,000	5,200,000	8,400,000	6,000,000	3,700,000	4,400,000
financial guarantee
total financial guarantee expenses	6,400,000		7,100,000	6,100,000	8,000,000	23,500,000	23,000,000	27,200,000	23,400,000	18,900,000	24,500,000	24,200,000	19,500,000	25,600,000	19,300,000	16,200,000	15,400,000	18,300,000	17,000,000	15,600,000	14,800,000	13,100,000	14,000,000	13,800,000	15,700,000	13,000,000	12,600,000	14,800,000	13,300,000
specialty insurance distribution
broker commission expenses	17,200,000		15,500,000	13,400,000	15,900,000	12,700,000	9,300,000								20,600,000	15,225,000	20,400,000	18,900,000	14,100,000	17,100,000	21,000,000
total specialty insurance distribution expenses	57,900,000														85,900,000	83,300,000	83,900,000	108,100,000	79,600,000	71,900,000	79,800,000	63,600,000	55,400,000	65,400,000	50,800,000	41,600,000	44,900,000	20,300,000
p&c insurance distribution
total p&c insurance distribution expenses			55,100,000	41,100,000	40,200,000	35,600,000	30,200,000
other operations
cost of sales	42,700,000		7,500,000	7,400,000	7,600,000	7,000,000	7,600,000	6,900,000	8,000,000	11,600,000	13,900,000	29,800,000	25,000,000	22,400,000	21,400,000	11,475,000	24,000,000	4,000,000							40,600,000	65,900,000	61,800,000	59,900,000	57,400,000	47,200,000	33,100,000	26,800,000
total other operations expenses	100,600,000		66,000,000	60,400,000	49,500,000	57,300,000	58,600,000	59,300,000	51,100,000	61,600,000	54,400,000	82,500,000	66,900,000	73,700,000	51,500,000	51,200,000	40,900,000	40,500,000	60,900,000	47,100,000	27,900,000	38,600,000	30,300,000	31,800,000	30,500,000
total expenses	543,300,000		505,400,000	478,700,000	599,600,000	430,100,000	414,700,000	409,000,000	498,500,000	361,000,000	332,800,000	308,600,000	414,200,000	309,300,000	361,100,000	313,300,000	352,200,000	316,900,000	163,500,000	138,300,000	126,900,000	118,800,000	104,400,000	113,200,000	151,900,000	150,100,000	154,400,000	134,700,000	108,100,000	108,800,000	79,100,000	85,800,000	348,000,000	335,000,000	345,000,000	360,300,000	415,600,000	420,400,000	429,300,000	593,300,000	570,000,000	555,000,000	543,800,000	466,200,000	492,400,000	518,800,000	485,700,000	475,600,000	617,200,000	562,300,000	505,700,000	502,300,000	535,600,000	500,100,000	536,700,000	814,900,000	691,200,000	737,200,000	921,300,000	1,070,900,000	906,500,000	944,400,000	915,100,000	918,100,000	1,098,500,000	1,030,900,000	960,400,000	1,129,200,000	943,900,000	1,050,300,000	1,308,400,000	977,800,000
pre-tax income	-25,500,000		72,400,000	109,350,000	239,500,000	-34,700,000	232,600,000																																																		85,900,000	84,300,000	7,100,000		153,500,000	258,300,000	303,800,000	48,400,000		318,400,000	225,800,000	71,700,000	113,900,000	7,800,000
income tax benefit	-800,000		-9,600,000	-3,700,000	-11,600,000	-6,500,000	-10,800,000	34,900,000	-7,300,000	-200,000	-11,900,000	-67,500,000	7,400,000	16,000,000	3,800,000			9,500,000			-24,100,000	-10,400,000	-8,800,000	100,000		3,600,000	3,600,000	-2,500,000	-700,000	2,500,000	4,000,000	1,000,000	-3,900,000	23,000,000	6,700,000	6,000,000	8,700,000	1,500,000	1,600,000	2,700,000			-23,900,000				600,000		101,000,000	-47,800,000				600,000		9,000,000			800,000	200,000					150,800,000			29,300,000			55,600,000
net income	-26,300,000		62,800,000	-124,400,000	227,900,000	-41,200,000	221,800,000	362,700,000	13,800,000	17,200,000	187,200,000	61,500,000	869,500,000	-210,200,000	-8,400,000	40,000,000	-383,900,000	-110,500,000	473,400,000	222,000,000	107,600,000	45,300,000	43,200,000	15,900,000	272,200,000	-140,500,000	30,600,000	-14,900,000	-66,600,000	12,000,000	551,500,000	3,400,000	33,000,000	-50,600,000	88,600,000	362,500,000	19,300,000	274,000,000	-74,900,000	3,400,000	77,000,000	40,300,000	100,200,000	95,100,000	118,200,000	56,100,000	15,200,000	119,900,000	56,200,000	-11,800,000	38,200,000	110,600,000			32,500,000		89,500,000	75,000,000	13,200,000							299,300,000	162,100,000	115,800,000	96,000,000	33,300,000		146,800,000
yoy	-111.54%		-71.69%	-134.30%	1551.45%	-339.53%	18.48%	489.76%	-98.41%	-108.18%	-2328.57%	53.75%	-326.49%	90.23%	-101.77%	-81.98%	-456.78%	-343.93%	995.83%	1296.23%	-60.47%	-132.24%	41.18%	-206.71%	-508.71%	-1270.83%	-94.45%	-538.24%	-301.82%	-123.72%	522.46%	-99.06%	70.98%	-118.47%	-218.29%	10561.76%	-74.94%	579.90%	-174.75%	-96.42%	-34.86%	-28.16%	559.21%	-20.68%	110.32%	-575.42%	-60.21%	8.41%			17.54%				146.21%											798.80%		-21.12%
qoq			-150.48%	-154.59%	-653.16%	-118.58%	-38.85%	2528.26%	-19.77%	-90.81%	204.39%	-92.93%	-513.65%	2402.38%	-121.00%	-110.42%	247.42%	-123.34%	113.24%	106.32%	137.53%	4.86%	171.70%	-94.16%	-293.74%	-559.15%	-305.37%	-77.63%	-655.00%	-97.82%	16120.59%	-89.70%	-165.22%	-157.11%	-75.56%	1778.24%	-92.96%	-465.82%	-2302.94%	-95.58%	91.07%	-59.78%	5.36%	-19.54%	110.70%	269.08%	-87.32%	113.35%	-576.27%	-130.89%	-65.46%						19.33%	468.18%								84.64%	39.98%	20.63%	188.29%
net income margin %	-Infinity%	NaN%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	12.33%	62.78%	-2341.67%	15.40%	-12.18%	-158.19%	10.53%	630.29%	3.98%	8.55%	-18.87%	24.27%	101.20%	4.52%	40.38%	-22.38%	0.58%	11.72%	6.84%	15.35%	16.44%	18.86%	9.77%	3.11%	19.11%	9.92%	-1.69%	7.02%	17.54%	0%	0%	5.69%	0%	11.52%	9.13%	1.42%	0%	0%	0%	0%	0%	0%	22.18%	13.67%	9.64%	9.08%	3.15%	0%	12.54%
net loss attributable to noncontrolling interests	-900,000		-28,900,000	-6,000,000	-48,900,000		14,600,000	-76,200,000	9,800,000	2,400,000	-7,700,000
net income attributable to white mountains’s common shareholders	-27,200,000		33,900,000	-130,400,000	179,000,000	-54,600,000	236,400,000	286,500,000	23,600,000	19,600,000	179,500,000	40,400,000	888,200,000	-169,200,000	33,400,000	32,800,000	-371,400,000		489,200,000	232,900,000	115,400,000	60,900,000	48,700,000	20,500,000	284,400,000	-137,500,000	40,800,000	3,500,000	-48,000,000	22,500,000	562,100,000	15,500,000	34,300,000	-33,300,000	91,700,000	341,100,000	13,000,000	267,900,000	-58,900,000	4,300,000	84,300,000	51,500,000	95,600,000	95,600,000
millions, except per share amounts	2,026
other comprehensive income, net of tax	1		2	-1,100,000.1	1,300,000		-300,000	-899,997.6	-1,700,000	1,400,000	1,200,000	2,999,996.2	-1,400,000	-1,100,000				1,800,000
comprehensive income	-26.2		35.9	-361,899,769.7	180,300,000		236,100,000	-223,599,488.4	21,900,000	21,000,000	180,700,000	-747,099,213.3	890,400,000	-174,300,000																152,025,000	565,100,000	16,300,000		-33,300,000	91,900,000	449,200,000	50,300,000	258,700,000	-73,800,000	-13,300,000	25,600,000	-22,700,000		124,300,000	116,100,000	96,600,000	-74,300,000	108,700,000	70,000,000	91,000,000	24,500,000	116,100,000	663,800,000		28,300,000	33,800,000	30,200,000	220,700,000
other comprehensive loss attributable to noncontrolling interests	-0.4		-0.8	-125,000	-500,000		100,000	99,999.5	700,000	-400,000	-400,000
comprehensive income attributable to white mountains’s common shareholders	-26.6		35.1	-361,399,769.7	179,800,000		236,200,000	-223,499,488.9	22,600,000	20,600,000	180,300,000	-747,499,212.4	890,100,000	-173,800,000																152,000,000	565,100,000	16,200,000	35,200,000	-33,700,000	92,000,000	449,200,000	50,300,000	258,800,000	-73,900,000	-13,300,000	25,600,000	-22,600,000	100,600,000	124,300,000
millions, except for per share amounts			2,025
millions				506,000,000	2,024,000,000		2,024,000,000	505,750,000	2,023,000,000	2,023,000,000	2,023,000,000	505,500,000	2,022,000,000	2,022,000,000				2,021,000,000						2,019,000,000
earnings per share attributable to white mountains’s common shareholders:
basic earnings per share				35.165	69.68																																																				0.393	6.01	0.28	-4.48	10.463	18.02	20.35	3.44	-26.55	8.68	15.05	10.75	8.92
diluted earnings per share				35.165	69.68																																																				0.393	6.01	0.28		10.46	18.02	20.35	3.44		8.653	15.01	10.72	8.89
dividends declared and paid per white mountains’s common share				0.25			1	0.25			1	0.25						1
net (income) loss attributable to noncontrolling interests						-13,400,000																																											500,000	30,900,000
other comprehensive income, net of tax:
continuing operations							92.33	21.705	9.19	7.65	69.83	-12.683	-1.66	-58.78				-30.33												1.758	5.36	2.78	7.72	-5.14	6.12	-3.44	2.51	44.2	-12.42	0.76	12.77	7.35	15.1	15.56	19.1	9.2	3.62	19.1	10.45	19.11	3.92	12.59	15.99	1.81	1.51
discontinued operations												76.243	308.59	1.98				6.03												32.008	125.45	0.61	-0.22	1.11	12.72	70.37	-0.17	1.43	2.41	-0.04	1.32	1.1	0.43	-0.08	-0.04	0.06	0.64	0.07	-0.14	-16.21		0.02
total consolidated operations							92.33	21.705	9.19	7.65	69.83	63.56	306.93	-56.8				-24.3												33.765	130.81	3.39	7.5	-4.03	18.84	66.93	2.34	45.63	-10.01	0.72	14.09	8.45	15.53	15.48	19.06	9.26	4.26	19.17	10.31	2.9	3.92	12.61
pre-tax income from continuing operations								327,800,000	21,100,000	17,400,000	199,100,000	129,000,000	-31,000,000	-232,600,000	-12,200,000	36,700,000	-362,300,000		357,300,000	321,200,000	132,700,000	56,500,000	51,100,000	15,800,000	281,700,000	-144,100,000	44,300,000	-12,400,000	-66,000,000	5,200,000	8,400,000	-400,000	37,900,000	-66,800,000	20,000,000	-2,100,000	11,500,000	-25,800,000	-94,600,000	-5,800,000	86,800,000	34,400,000	109,000,000	112,100,000	52,675,000	55,300,000	3,600,000	151,800,000	78,400,000	135,100,000	38,300,000	128,300,000	900,000	1,200,000	34,400,000
net income from continuing operations								362,700,000	13,800,000	17,200,000	187,200,000	61,500,000	-23,600,000	-216,600,000	-8,400,000	40,000,000	-383,900,000	-129,200,000	474,900,000	222,700,000	108,600,000	46,100,000	42,300,000	15,900,000	271,500,000	-140,500,000	47,900,000	-14,900,000	-66,700,000	7,700,000	12,400,000	600,000	34,000,000	-43,800,000	26,700,000	3,900,000	20,200,000	259,600,000	-93,000,000	-3,100,000	61,800,000	26,600,000	85,100,000	81,800,000	106,800,000	47,100,000	4,200,000	110,200,000	50,200,000	87,300,000	31,700,000	100,300,000	182,600,000	1,800,000	24,900,000
net income from discontinued operations, net of tax - nsm group													6,300,000
net gain from sale of discontinued operations, net of tax - nsm group													886,800,000
other comprehensive income from discontinued operations, net of tax - nsm group												5,199,994.8	700,000
net gain from foreign currency translation from sale of discontinued operations, net of tax - nsm group												-2,899,997.1	2,900,000
insurance acquisition expenses												1,700,000	1,700,000	4,800,000	3,000,000	1,800,000	3,000,000	1,900,000	1,600,000	1,600,000	2,100,000	1,600,000	1,400,000	1,400,000	1,300,000	1,400,000	1,200,000	1,300,000	1,400,000	900,000	900,000	900,000	46,600,000	52,400,000	56,400,000	50,100,000	52,700,000	41,525,000	55,300,000
insurance and reinsurance acquisition expenses												64,500,000	74,800,000	50,200,000	49,900,000	53,600,000	53,700,000	36,700,000																						105,300,000	95,600,000	105,300,000	98,900,000	95,100,000	95,900,000	106,700,000	76,100,000	98,200,000	104,000,000	107,600,000	108,700,000	108,400,000	103,800,000	107,000,000	100,400,000	140,200,000	149,400,000	153,400,000	183,000,000	185,000,000	182,000,000	181,900,000	179,800,000	182,200,000	190,500,000	192,200,000	189,300,000	187,700,000	185,600,000	188,300,000	199,700,000	184,100,000
amortization of other intangible assets												100,000		100,000	9,100,000	10,200,000	8,200,000	8,600,000	10,500,000	5,100,000	6,300,000	5,900,000	4,400,000	4,100,000	5,000,000	3,300,000	5,000,000	2,500,000	2,900,000
net gain from sale of discontinued operations, net of tax - sirius group
net loss attributable to non-controlling interests												-21,100,000	18,700,000	41,000,000				35,200,000
other comprehensive loss attributable to non-controlling interests												100,000	-300,000	500,000
net gain from sale of discontinued operations, net of tax - sirius
net income from nsm group discontinued operations, net of tax														6,400,000
other comprehensive income from nsm group discontinued operations, net of tax														-4,000,000
loss on assets held for sale																		28,700,000
net gain from sale of discontinued operations, net of tax																						400,000	900,000		700,000	-4,300,000	-17,300,000
net (income) loss attributable to non-controlling interests															41,800,000																					-21,400,000	-6,300,000						-4,600,000
income tax expense																-10,475,000	-21,600,000		-24,275,000	-98,500,000					-10,200,000																-25,000,000	-7,800,000		-30,300,000	-12,300,000	-8,200,000		-41,600,000			-6,600,000
net income attributable to non-controlling interests																-7,200,000	12,500,000		15,800,000	10,900,000	7,800,000	15,600,000	5,500,000	4,600,000	12,200,000	11,800,000	10,200,000	18,400,000	18,600,000									-6,100,000	16,000,000		7,300,000	11,200,000		500,000	3,175,000	1,100,000
other underwriting expenses																		11,200,000	100,000	100,000	200,000	100,000	100,000	100,000		100,000	100,000	100,000	100,000	100,000	100,000	100,000	51,800,000	53,500,000	49,600,000	51,000,000	55,400,000	53,100,000	56,500,000	80,700,000	81,500,000	81,000,000	81,900,000	81,400,000	87,300,000	80,400,000	84,500,000	79,100,000	93,400,000	76,600,000	79,000,000	74,800,000	67,600,000	67,000,000	74,800,000	94,600,000	108,000,000	96,400,000	100,500,000	115,900,000	138,500,000	122,700,000	128,700,000	115,400,000	120,400,000	143,900,000	122,800,000	122,800,000	115,900,000	72,700,000	105,700,000	128,300,000
change in fair value of contingent consideration earnout liabilities																			-1,700,000	700,000	-1,700,000	-3,500,000	-2,000,000	6,300,000	1,300,000
pre-tax loss from continuing operations																		-138,700,000
net income from sale of discontinued operations, net of tax																		18,700,000	-200,000	-700,000	-1,000,000
net loss attributable to white mountains’s common shareholders																		-75,300,000
comprehensive loss																		-73,500,000
other comprehensive income attributable to non-controlling interests																		-100,000												-25,000		-100,000		25,000	100,000			-25,000	-100,000
comprehensive loss attributable to white mountains’s common shareholders																		-73,600,000
marketing technology
total marketing technology expenses																									54,900,000	79,200,000	69,800,000	67,300,000	71,900,000
broker commission expense																						15,900,000	15,300,000	18,200,000	15,700,000	11,400,000	10,900,000	6,600,000
global asset and wealth management
total global asset and wealth management expenses																						1,725,000	4,700,000	2,200,000
revenues:
earned insurance premiums																								4,300,000	4,200,000	4,200,000	3,300,000	3,400,000	3,000,000	1,800,000	2,400,000	2,200,000	264,800,000	275,900,000	281,300,000	274,700,000	282,100,000	292,200,000	284,900,000
net investment income																								5,400,000	5,300,000	4,200,000	4,800,000	4,000,000	3,700,000	-27,400,000	12,200,000	14,700,000	26,100,000	27,200,000	22,500,000	19,200,000	17,900,000	18,200,000	16,800,000	23,800,000	23,300,000	24,700,000	29,100,000	24,300,000	26,400,000	27,300,000	28,700,000	28,500,000	33,800,000	37,600,000	40,400,000	41,800,000	46,400,000	42,800,000	45,800,000	53,500,000	55,700,000	54,700,000	57,500,000	60,600,000	67,900,000	66,200,000	77,200,000	61,100,000	105,700,000	123,900,000	108,700,000	104,400,000	98,500,000	102,200,000	110,800,000	104,600,000
net realized and unrealized investment gains																								11,500,000	11,800,000	6,900,000	-4,100,000	-2,400,000	-7,900,000	-101,900,000	32,500,000	33,700,000	51,300,000	-73,700,000	26,400,000	28,100,000	29,500,000	259,300,000	-43,900,000	-61,100,000	103,400,000	20,800,000	113,900,000	63,800,000	95,600,000	28,200,000	-37,300,000	75,200,000	-5,000,000	72,700,000	-8,100,000	58,600,000	44,500,000	1,700,000	57,300,000	22,700,000	9,600,000		1,800,000	87,000,000	33,500,000	170,700,000	214,900,000
other revenues																								400,000	600,000	400,000	200,000	400,000	200,000
total financial guarantee revenues																								21,600,000	21,900,000	15,700,000	4,200,000	5,400,000	-1,000,000
commission revenues																								54,900,000	43,300,000	35,500,000	36,600,000	22,600,000
total specialty insurance distribution revenues																								66,100,000	49,300,000	38,400,000	39,700,000	23,500,000
total global asset and wealth management revenues																								4,400,000
advertising and commission revenues																									48,800,000	79,100,000	74,500,000			25,975,000	38,800,000	33,200,000
total marketing technology revenues																									48,800,000	79,100,000	74,500,000	71,800,000	71,700,000
realized gain and unrealized investment gain from the mediaalpha transaction
total other operations revenues																								36,900,000	313,600,000
total revenues																								129,000,000	433,600,000	6,000,000	198,700,000	122,300,000	42,100,000	114,000,000	87,500,000	85,400,000	385,900,000	268,200,000	365,000,000	358,200,000	427,100,000	678,500,000	334,700,000	587,500,000	656,800,000	589,400,000	652,800,000	578,300,000	626,600,000	574,100,000	489,300,000	627,400,000	566,400,000	697,400,000	544,000,000	630,600,000	593,600,000	501,300,000	571,100,000	782,400,000	777,100,000	821,500,000	928,400,000	1,044,100,000	1,060,000,000	1,202,700,000	1,218,900,000	966,500,000	618,000,000	1,349,300,000	1,186,200,000	1,200,900,000	1,057,800,000	1,058,100,000	1,177,600,000	1,170,900,000
yoy																								5.48%	929.93%	-94.74%	127.09%	43.21%	-89.09%	-57.49%	-76.03%	-76.16%	-9.65%	-60.47%	9.05%	-39.03%	-34.97%	15.12%	-48.73%	1.59%	4.82%	2.67%	33.42%	-7.83%	10.63%	-17.68%	-10.06%	-0.51%	-4.58%	39.12%	-4.75%	-19.40%	-23.61%	-38.98%	-38.49%	-25.06%	-26.69%	-31.70%	-23.83%	8.03%	71.52%	-10.86%	2.76%	-19.52%	-41.58%	27.52%	0.73%	2.56%
qoq																								-70.25%	7126.67%	-96.98%	62.47%	190.50%	-63.07%	30.29%	2.46%	-77.87%	43.89%	-26.52%	1.90%	-16.13%	-37.05%	102.72%	-43.03%	-10.55%	11.44%	-9.71%	12.88%	-7.71%	9.14%	17.33%	-22.01%	10.77%	-18.78%	28.20%	-13.73%	6.23%	18.41%	-12.22%	-27.01%	0.68%	-5.40%	-11.51%	-11.08%	-1.50%	-11.86%	-1.33%	26.11%	56.39%	-54.20%	13.75%	-1.22%	13.53%	-0.03%	-10.15%	0.57%
realized and unrealized gains from the mediaalpha transaction																									182,200,000
other
total other revenues																										-127,200,000	80,300,000	21,600,000	-28,600,000
general and administrative and other incomes																										15,400,000	26,000,000
total other incomes																										16,300,000	27,100,000	32,300,000	22,900,000
net income from discontinued operations, net of tax																															-15,200,000	3,400,000		-7,400,000	14,000,000	-8,000,000	-900,000	7,300,000	3,900,000	-200,000	-100,000	6,700,000	2,600,000	-500,000	-46,900,000	400,000		500,000	-6,125,000	-15,800,000		100,000
advertising & commission revenues																												71,800,000	70,100,000
gain from sale of discontinued operations, net of tax																													100,000							366,600,000		4,550,000	10,300,000	-100,000	8,000,000
insurance acquisition expense
other revenue																														1,525,000	1,600,000	1,600,000	43,700,000	38,800,000	34,800,000	36,200,000	97,600,000	108,800,000	76,900,000	87,500,000	35,800,000	5,300,000	6,400,000	-3,400,000	10,600,000	18,200,000	400,000	28,300,000	19,300,000	50,300,000	-500,000	31,200,000				10,700,000	5,900,000	36,600,000	10,000,000	31,800,000	69,900,000	63,800,000	28,500,000	17,300,000	6,300,000	44,900,000	90,800,000	36,500,000	29,800,000	44,800,000	65,500,000	59,600,000
gain from sale of other discontinued operations, net of tax																														138,175,000	554,300,000	-600,000
net income (income) attributable to non-controlling interests																														10,500,000	10,600,000	12,100,000	1,300,000	-6,150,000	3,100,000					900,000							11,100,000	500,000
comprehensive income, net of tax:
change in foreign currency translation, net of tax																														50,000
comprehensive income from discontinued operations, net of tax																														800,000	3,000,000	200,000
income per share attributable to white mountains’s common shareholders
basic income per share
diluted income per share
dividends declared per white mountains’s common share																														0.25			1	0.25			1	0.25	1	1	1			1
change in foreign currency translation																																600,000																																							1,600,000
income from sale of discontinued operations, net of tax																																	-1,000,000																-22,750,000	-91,000,000
change in foreign currency translation, pension liability and other, net of tax																																	900,000		200,000		100,000
change in foreign currency translation and other from discontinued operations, net of tax																																				-5,200,000	37,200,000
gain from sale of tranzact, net of tax																																			51,900,000
gain from sale of sirius group, net of tax																																		600,000	-4,000,000
income before equity in earnings of unconsolidated affiliates																																		-50,600,000	88,600,000	362,500,000	19,300,000	266,900,000	-78,800,000	-3,400,000	69,700,000	33,300,000	87,700,000	81,300,000	106,500,000	47,500,000	8,100,000	110,700,000	50,700,000	-19,500,000	31,700,000	100,400,000					12,100,000	67,100,000	7,900,000							86,125,000	156,500,000	101,000,000	87,000,000
equity in earnings of unconsolidated affiliates, net of tax																																						7,100,000	3,900,000	6,800,000	7,300,000	7,000,000	12,500,000	13,800,000	6,225,000	8,600,000	7,100,000	9,200,000	6,100,000	7,700,000	6,500,000
change in equity in net unrealized gains from investments in symetra common shares, net of tax																																						-5,500,000	3,500,000	-61,800,000	28,900,000	-9,900,000	32,900,000	36,500,000
recognition of foreign currency translation and other from sale of sirius group, net of tax																																				113,300,000
change in foreign currency translation, pension liability and other																																						75,000		44,200,000	-87,600,000	-64,300,000	-27,900,000	-7,800,000
change in foreign currency translation and other from discontinued operations																																						-15,525,000	-18,400,000
earned insurance and reinsurance premiums																																								537,300,000	494,300,000	538,600,000	503,400,000	493,600,000	494,000,000	500,400,000	497,500,000	495,400,000	518,300,000	536,800,000	512,200,000	499,000,000	491,100,000	490,600,000	495,800,000	695,500,000	705,900,000	732,700,000	859,100,000	864,700,000	888,700,000	902,000,000	898,300,000	911,400,000	935,700,000	939,300,000	918,900,000	953,500,000	901,000,000	917,800,000	982,400,000	943,400,000
comprehensive income attributable to non-controlling interests
comprehensive loss (income) attributable to non-controlling interests																																										100,000
interest expense on debt																																													10,100,000	11,900,000	10,300,000	10,200,000	11,700,000	11,300,000	10,900,000	10,900,000	16,400,000	12,800,000	12,900,000	13,100,000	13,100,000	13,200,000	14,700,000	16,300,000	16,500,000	17,100,000	18,300,000	18,900,000	20,400,000	13,600,000	12,900,000	11,900,000	11,700,000	9,700,000	11,500,000	11,700,000
net income attributable to white mountains’ common shareholders																																													117,900,000	57,200,000	26,300,000	120,400,000	68,200,000	19,100,000	26,100,000	93,800,000			11,700,000		72,900,000	50,700,000	2,500,000		99,800,000	159,600,000
change in equity in net unrealized gains from investments in unconsolidated affiliates																																													-20,300,000	-7,200,000	-66,000,000		14,825,000	32,300,000	28,200,000		19,300,000	55,100,000	22,100,000		-52,900,000	43,100,000	50,400,000	32,900,000	-14,600,000	127,600,000	97,600,000
change in foreign currency translation and other																																													2,100,000	46,600,000	-34,600,000	-3,700,000	8,325,000	39,600,000	-29,800,000	23,500,000				62,000,000	11,475,000	126,900,000			24,700,000	80,800,000	57,000,000			8,475,000	1,000,000	11,900,000	21,000,000
comprehensive (income) loss attributable to non-controlling interests																																													-5,100,000	-100,000
comprehensive income attributable to white mountains’ common shareholders																																													111,000,000	96,500,000	-74,300,000	108,700,000	70,400,000	91,400,000	24,500,000	116,100,000	666,600,000	-42,500,000	28,300,000	33,800,000	28,500,000	220,700,000	-16,500,000		75,700,000	368,900,000
income per share attributable to white mountains’ common shareholders
dividends declared per white mountains’ common share																																													0.25			1	0.25			1
net gain income from discontinued operations, net of tax																																															3,900,000
change in equity in net unrealized losses from investments in unconsolidated affiliates																																																-8,000,000
comprehensive income attributable to noncontrolling interests																																																	100,000	400,000
net income attributable to noncontrolling interests																																																			-12,100,000			11,000,000
equity in earnings of unconsolidated affiliates																																																				10,200,000	4,025,000	1,500,000			8,300,000	7,900,000			6,500,000	8,300,000	8,600,000	900,000	800,000
income per share attributable to white mountains’ common shareholders basic income per share
dividends declared and paid per white mountains’ common share																																																								1				1
income before equity in earnings (losses) of unconsolidated affiliates																																																							24,600,000
equity in earnings (losses) of unconsolidated affiliates																																																							7,900,000	6,700,000			5,300,000
pre-tax loss
loss per share attributable to white mountains’ common shareholders
basic loss per share																																																								-3.51
diluted loss per share																																																								-3.51
earnings per share attributable to white mountains’ common shareholders
equity in (losses) earnings of unconsolidated affiliates
comprehensive loss attributable to white mountains’ common shareholders																																																												-18,300,000
accretion of fair value adjustment to loss and loss adjustment expense reserves																																																													2,150,000	3,500,000	2,600,000	2,500,000	4,300,000	6,300,000	6,600,000	6,400,000	5,200,000	8,800,000	9,100,000	9,100,000
interest expense - dividends on preferred stock subject to mandatory redemption																																																																		7,600,000	7,600,000	7,500,000	7,600,000	7,600,000	7,600,000	7,500,000
interest expense - accretion on preferred stock subject to mandatory redemption																																																																		7,700,000	7,300,000	6,900,000	6,400,000	6,000,000	5,700,000	5,400,000
income before equity in earnings of unconsolidated affiliates and extraordinary item																																																													119,500,000	184,400,000	215,200,000
excess of fair value of acquired assets over cost
net income before noncontrolling interests																																																													113,375,000	192,700,000	223,800,000	37,000,000
net income attributable to noncontrolling interest
comprehensive income before noncontrolling interests																																																													169,000,000	368,000,000
comprehensive net income attributable to noncontrolling interests																																																														900,000
net income attributable to white mountains common shareholders																																																															180,300,000	30,300,000
comprehensive net income before noncontrolling interests																																																															334,900,000
comprehensive net income attributable to white mountains common shareholders																																																															333,400,000
earnings per share attributable to white mountains common shareholders
dividends declared and paid per white mountains common share																																																																1
net realized and unrealized investment losses
income before equity in earnings of unconsolidated affiliates, and extraordinary item																																																																36,100,000
net (income) loss attributable to noncontrolling interest
comprehensive loss, net of tax:
comprehensive net income attributable to white mountains shareholders																																																																-27,200,000
net realized investment gains																																																																		69,900,000	67,800,000	106,500,000	28,500,000	-6,700,000	18,900,000	63,300,000
net unrealized investment losses
income before equity in earnings of unconsolidated affiliates, extraordinary item, and minority interest
minority interest																																																																	52,200,000
change in net unrealized gains and losses for investments held																																																																		69,700,000	151,800,000			75,000		128,600,000
recognition of net unrealized losses for investments sold
comprehensive net income																																																																	-490,700,000	357,300,000	275,700,000	13,200,000	59,900,000	-26,500,000	-187,100,000	199,300,000
dividends declared and paid per common share																																																																		2	2	2	2	2	2	2
equity in earnings of unconsolidated insurance affiliates																																																																		7,350,000	5,600,000	14,800,000	9,000,000	5,900,000	8,900,000	9,100,000
recognition of net unrealized gains and losses for investments sold
income tax provision
net income before equity in earnings of unconsolidated affiliates and extraordinary items																																																																						57,275,000		137,700,000
net income before extraordinary item																																																																						64,200,000	-6.16	146,800,000
excess of fair value of acquired net assets over cost
basic earnings per share:
diluted earnings per share:
pretax income																																																																								193,100,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-03-31	2021-01-01	2020-12-31	2020-09-30	2020-06-30	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2003-12-31

liabilities
p&c insurance and reinsurance
loss and loss adjustment expense reserves	2,585,600,000	2,481,000,000	2,253,900,000	2,127,500,000	2,133,000,000	1,890,100,000	1,744,500,000	1,605,100,000	1,571,800,000	1,421,000,000	1,345,600,000	1,296,500,000	1,329,400,000	1,022,100,000	999,600,000	894,700,000	890,900,000	751,900,000	-696,000,000													1,365,600,000	1,362,000,000	1,376,600,000	1,349,600,000	1,395,800,000	1,433,300,000	3,031,800,000	3,035,000,000	3,022,900,000	3,053,300,000	3,048,400,000	3,079,300,000	3,108,100,000	3,057,900,000	3,100,600,000	3,059,800,000	5,329,800,000	5,510,800,000	5,702,300,000	5,882,000,000	5,642,400,000	6,212,300,000	6,187,200,000	6,415,900,000	6,643,300,000	7,091,000,000	6,802,100,000	6,953,600,000	6,999,800,000	7,260,100,000	7,936,800,000	7,936,800,000	7,946,400,000	8,038,000,000	8,249,300,000	8,364,700,000	8,636,000,000	8,777,200,000	9,114,200,000	9,775,300,000	9,987,000,000	10,231,200,000	10,102,600,000	9,535,800,000	7,728,200,000
unearned insurance premiums	1,613,500,000	1,026,100,000	1,500,600,000	853,300,000	1,149,800,000	1,526,100,000	1,234,700,000	325,800,000	312,300,000	303,700,000	299,800,000	298,300,000	286,700,000	274,000,000	267,300,000	266,300,000	257,000,000	243,700,000	-326,100,000	237,500,000	226,900,000	218,600,000	165,500,000	151,900,000	179,600,000	124,100,000	123,300,000	110,200,000	118,500,000	109,900,000		658,000,000	674,100,000	619,700,000	626,500,000	612,600,000	671,300,000
debt	159,300,000	159,700,000	156,100,000	154,500,000	156,800,000	155,000,000	155,400,000	146,900,000	146,800,000	146,700,000	146,600,000	146,500,000	146,400,000	146,300,000	184,800,000	185,900,000	200,700,000	44,100,000	-46,400,000	272,600,000	270,200,000	268,400,000			184,500,000				9,400,000	10,600,000		285,900,000	288,500,000	289,800,000	532,600,000	442,400,000	383,300,000	748,500,000	749,800,000	678,100,000	677,500,000	677,600,000	676,400,000	676,300,000	676,300,000	676,200,000	676,600,000	677,600,000	677,200,000	671,200,000	669,000,000	669,000,000	818,800,000	818,800,000	818,700,000	851,700,000	1,026,100,000	1,050,700,000	1,050,500,000	1,271,400,000	1,349,200,000	1,367,100,000	1,367,100,000	1,520,600,000	1,666,000,000	1,192,800,000	1,183,600,000	1,183,600,000	1,106,700,000	794,200,000	838,200,000	779,100,000	779,100,000	775,200,000	777,600,000	743,000,000
reinsurance payable	610,300,000	286,200,000	385,800,000	149,500,000	230,200,000	367,300,000	262,500,000	81,100,000	146,300,000	247,000,000	193,000,000	251,100,000	312,700,000	418,800,000	348,900,000	424,100,000	481,400,000	487,500,000
contingent consideration	338,300,000	328,300,000	165,000,000	155,300,000	141,500,000	107,300,000	94,000,000	94,000,000	62,100,000	45,100,000	42,900,000	45,300,000	32,900,000	30,200,000	30,100,000	28,000,000	24,000,000
other liabilities	234,400,000	247,200,000	196,700,000	224,700,000	188,900,000	157,200,000	190,100,000	31,800,000	40,000,000	34,600,000	30,100,000	29,000,000	29,500,000	32,700,000	28,300,000	30,900,000	32,500,000	28,600,000	-25,900,000	28,300,000	27,800,000	27,300,000	800,000	800,000	28,100,000	800,000	800,000	300,000	45,400,000	44,900,000	72,100,000	199,900,000	210,900,000	188,500,000	229,800,000	264,700,000	304,900,000	297,300,000	338,500,000	355,400,000	336,800,000	343,300,000	362,900,000	362,700,000	371,500,000	374,400,000	461,800,000	461,900,000	441,400,000	534,100,000	1,310,600,000	1,089,100,000	1,142,800,000	1,245,900,000	1,119,900,000	1,104,800,000	928,100,000	990,000,000	972,100,000	931,700,000	1,031,300,000	904,500,000	904,500,000	820,300,000	864,600,000	901,500,000	775,600,000	825,900,000	913,700,000	1,178,500,000	1,003,200,000	992,900,000	1,165,500,000	1,200,700,000	1,205,500,000	1,333,200,000
total p&c insurance and reinsurance liabilities	5,541,400,000	4,528,500,000	4,658,100,000	3,664,800,000	4,000,200,000	4,203,000,000	3,681,200,000	2,876,100,000	3,081,400,000	3,391,300,000	3,033,300,000	2,520,900,000	2,743,900,000	2,780,300,000	2,554,900,000	2,122,400,000	2,281,000,000	2,006,800,000
asset management
total asset management liabilities	456,000,000	446,900,000	330,600,000	316,700,000	294,400,000	271,200,000	265,600,000	275,400,000	257,300,000	254,700,000	246,400,000	273,300,000	313,200,000	298,600,000	260,500,000	261,000,000	235,800,000	111,300,000		96,300,000	81,200,000	77,300,000
financial guarantee
total financial guarantee liabilities	499,800,000	499,500,000	463,300,000	464,100,000	453,900,000	532,500,000	519,300,000	531,700,000	519,000,000	499,700,000	488,600,000	501,800,000	484,200,000	469,500,000	306,800,000	321,900,000	310,500,000	283,300,000		291,500,000	280,500,000	263,000,000			219,400,000
specialty insurance distribution
premiums and commissions payable	76,300,000	81,300,000	86,200,000	88,100,000	93,700,000	78,800,000	61,700,000
total specialty insurance distribution liabilities	284,600,000	307,100,000													494,000,000	495,300,000	518,400,000	480,100,000		491,800,000	476,400,000	500,900,000			351,500,000
other operations
accrued incentive compensation	50,800,000	102,900,000	28,200,000	79,300,000	64,500,000	17,300,000	11,900,000	27,200,000	19,900,000	14,700,000	12,100,000	28,000,000	21,600,000	16,500,000	11,200,000	24,700,000	21,000,000	11,000,000		25,700,000	19,400,000	14,100,000	600,000	400,000	10,100,000				76,900,000	63,300,000		140,000,000	124,200,000	106,300,000	114,200,000	141,700,000	121,000,000	124,900,000	100,500,000	187,500,000	157,900,000	124,900,000	218,300,000	161,600,000	125,900,000	100,800,000	144,700,000	113,600,000	90,000,000	187,900,000	169,900,000	153,300,000	122,500,000	176,500,000	150,900,000	132,600,000	116,400,000	204,900,000	153,600,000
liabilities held for sale - other	2,900,000	3,600,000
total other operations liabilities	211,100,000	269,400,000	130,500,000	181,300,000	157,200,000	140,800,000	115,300,000	141,100,000	120,900,000	104,700,000	98,000,000	158,300,000	137,400,000	620,500,000	71,200,000	95,400,000	113,600,000	83,300,000		133,900,000	236,100,000	95,800,000			80,500,000
total liabilities	6,992,900,000	6,051,400,000	5,865,200,000	4,794,600,000	5,077,700,000	5,294,700,000	4,699,700,000	3,824,300,000	3,978,600,000	4,250,400,000	3,866,300,000	3,454,300,000	3,678,700,000	4,168,900,000	3,687,400,000	3,296,000,000	3,459,300,000	2,964,800,000		1,013,500,000	1,074,200,000	937,000,000	494,400,000	468,500,000	651,400,000	399,500,000	387,900,000	361,200,000	299,900,000	3,022,100,000	2,759,300,000	2,807,500,000	2,881,900,000	2,966,200,000	6,154,500,000	5,916,500,000	6,139,700,000	5,970,800,000	5,968,000,000	7,689,500,000	7,749,300,000	7,888,500,000	7,746,900,000	8,020,300,000	8,093,300,000	8,329,500,000	9,090,400,000	8,946,000,000	9,069,100,000	9,396,100,000	10,562,600,000	9,986,700,000	10,388,300,000	10,273,300,000	10,722,300,000	11,342,300,000	11,567,900,000	11,101,700,000	11,428,100,000	11,699,600,000	12,158,200,000	13,024,000,000	13,024,000,000	13,357,800,000	13,931,100,000	14,097,300,000	13,721,400,000	14,106,500,000	14,385,200,000	14,593,400,000	14,863,700,000	15,209,200,000	15,584,900,000	15,913,000,000	15,092,900,000	11,991,800,000
redeemable noncontrolling interests	131,500,000	131,500,000
equity
white mountains’s common shareholders’ equity																							483,100,000	483,700,000		482,600,000	486,800,000	492,000,000			3,625,100,000
white mountains’s common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 2,476,670 and 2,479,677 shares	2,500,000
paid-in surplus	578,800,000	576,500,000	564,500,000	563,800,000	560,700,000	558,700,000	551,900,000	548,700,000	544,900,000	540,600,000	535,200,000	536,000,000	532,700,000	600,300,000	583,300,000	585,900,000	583,200,000	594,800,000		592,100,000					582,600,000				665,600,000	810,500,000		806,100,000	805,200,000	868,100,000	933,500,000	972,600,000	992,300,000	1,025,200,000	1,032,700,000	1,030,900,000	1,047,700,000	1,046,700,000	1,044,900,000	1,040,400,000	1,036,200,000	1,031,100,000	1,095,600,000	1,102,200,000	1,099,500,000	1,253,700,000	1,262,700,000	1,313,500,000	1,312,600,000	1,350,800,000	1,370,800,000	1,397,600,000	1,423,500,000	1,436,100,000	1,431,600,000	1,427,300,000	1,422,800,000	1,676,700,000	1,676,700,000	1,691,100,000	1,690,600,000	1,723,900,000	1,721,100,000	1,716,600,000	1,716,700,000	1,715,900,000	1,715,600,000	1,715,200,000	1,716,400,000	1,718,500,000	1,719,500,000	1,399,600,000
retained earnings	4,790,800,000	4,845,600,000	3,943,000,000	3,919,000,000	4,048,300,000	3,863,100,000	3,917,700,000	3,690,800,000	3,404,300,000	3,380,700,000	3,367,300,000	3,211,800,000	3,175,900,000	2,725,100,000	2,956,200,000	2,957,500,000	2,935,300,000	3,226,700,000		3,311,200,000	2,822,100,000	2,589,300,000			2,542,300,000				2,800,800,000	2,835,200,000	2,821,700,000	2,797,200,000	2,846,700,000	3,006,600,000	2,959,600,000	3,084,900,000	2,888,300,000	3,069,200,000	3,080,800,000	2,961,500,000	2,965,800,000	2,880,800,000	2,802,300,000	2,684,400,000	2,627,200,000	2,601,400,000	2,577,400,000	2,576,300,000	2,553,700,000	2,789,700,000	2,004,000,000	2,102,000,000	2,094,200,000	2,175,600,000	2,125,900,000	2,108,700,000	2,148,200,000	2,215,900,000	2,116,200,000	1,956,600,000	1,776,300,000	2,495,400,000	2,495,400,000	2,802,200,000	2,837,600,000	2,737,300,000	2,647,500,000	2,566,700,000	2,496,000,000	2,218,200,000	2,077,700,000	1,983,400,000	1,899,800,000	1,888,000,000	1,975,900,000	1,286,400,000
accumulated other comprehensive income, after-tax:
net unrealized gains from foreign currency translation	1,400,000	800,000	-500,000	-1,700,000	-1,000,000	-1,800,000	-1,800,000
total white mountains’s common shareholders’ equity	5,373,500,000	5,425,400,000	4,509,600,000	4,483,700,000	4,610,600,000	4,422,600,000	4,470,400,000	4,240,500,000	3,949,100,000	3,922,200,000	3,902,400,000	3,746,900,000	3,708,000,000	3,323,300,000	3,542,100,000	3,548,100,000	3,521,700,000	3,825,900,000		3,906,000,000	3,407,700,000	3,166,000,000			3,122,000,000				3,468,800,000	3,647,300,000		3,603,300,000	3,652,200,000	3,875,200,000	3,785,900,000	3,913,200,000	3,745,500,000	3,974,600,000	4,011,300,000	4,010,100,000	4,105,500,000	4,014,500,000
nonredeemable noncontrolling interests	671,000,000	698,200,000
total equity	6,044,500,000	6,123,600,000	5,139,700,000	5,131,000,000	5,259,800,000	4,872,200,000	4,890,600,000	4,561,600,000	4,164,200,000	4,125,900,000	4,092,800,000	3,935,000,000	3,866,300,000	3,492,000,000	3,669,300,000	3,704,700,000	3,654,300,000	3,935,900,000		3,817,900,000	3,309,200,000	3,063,300,000	498,000,000	498,600,000	2,978,300,000	497,400,000	502,200,000	507,700,000	3,337,200,000	3,764,100,000	3,757,500,000	3,737,200,000	3,801,400,000	4,099,400,000	4,237,300,000	4,368,000,000	4,206,300,000	4,458,500,000	4,539,800,000	4,498,800,000	4,608,600,000	4,527,900,000	4,397,400,000	4,287,200,000	4,190,400,000	4,282,000,000	4,378,400,000	4,334,500,000	4,309,500,000	4,667,900,000	4,019,100,000	4,215,800,000	4,209,100,000	4,260,800,000	4,271,600,000	4,160,400,000	4,254,900,000	4,341,500,000	4,247,700,000	3,851,400,000	3,482,300,000
total liabilities, redeemable noncontrolling interests and equity	13,168,900,000	12,306,500,000
liabilities held for sale - bamboo group
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,479,677 and 2,568,148 shares		2,500,000
p&c insurance distribution
total p&c insurance distribution liabilities			282,700,000	167,700,000	172,000,000	147,200,000	118,300,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,573,726 and 2,568,148 shares			2,600,000
noncontrolling interests			630,100,000	647,300,000	649,200,000	449,600,000	420,200,000	321,100,000	215,100,000	203,700,000	190,400,000
total liabilities and equity			11,004,900,000	9,925,600,000	10,337,500,000	10,166,900,000	9,590,300,000	8,385,900,000	8,142,800,000	8,376,300,000	7,959,100,000	7,389,300,000	7,545,000,000	7,660,900,000	7,356,700,000	7,000,700,000	7,113,600,000	6,900,700,000		4,831,400,000	4,383,400,000	4,000,300,000	992,400,000	967,100,000	3,629,700,000	896,900,000	890,100,000	868,900,000	3,637,100,000	6,786,200,000	6,516,800,000	6,544,700,000	6,683,300,000	7,065,600,000	10,391,800,000	10,284,500,000	10,346,000,000	10,429,300,000	10,507,800,000	12,188,300,000	12,357,900,000	12,416,400,000	12,144,300,000	12,307,500,000	12,283,700,000	12,611,500,000	13,468,800,000	13,280,500,000	13,378,600,000	14,064,000,000	14,581,700,000	14,202,500,000	14,597,400,000	14,534,100,000	14,993,900,000	15,502,700,000	15,822,800,000	15,443,200,000	15,675,800,000	15,551,000,000	15,640,500,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,568,148 and 2,560,452 shares				2,600,000	2,600,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,568,283 and 2,560,452 shares						2,600,000
millions						2,024,000,000						2,022,000,000			2,022,000,000		2,021,000,000			2,020,000,000	2,020,000,000	2,020,000,000
revenues:
earned insurance premiums						318,300,000						33,300,000			8,400,000		6,700,000			22,800,000	6,200,000	5,600,000
net investment income						22,300,000						21,500,000			4,600,000		4,400,000			19,500,000	4,700,000	4,900,000
net realized and unrealized investment gains						20,300,000						-105,800,000			-45,100,000		-4,000,000			23,700,000	3,200,000	14,400,000
other revenues						2,400,000						4,600,000			800,000		300,000			2,500,000	400,000	1,200,000
total p&c insurance and reinsurance revenues						363,300,000						1,009,500,000			175,700,000		217,700,000
total financial guarantee revenues						15,700,000						-46,400,000			-31,300,000		7,400,000			68,500,000	14,500,000	26,100,000
total asset management revenues						70,200,000						118,500,000			34,900,000		28,500,000			45,700,000	16,300,000	22,100,000
commission and fee revenues						32,700,000
total p&c insurance distribution revenues						42,000,000
net realized and unrealized investment gains from investment in mediaalpha						-139,200,000						-93,000,000			18,800,000		-396,800,000
commission and fees revenues						3,400,000
total other operations revenues						-95,800,000						76,300,000			81,100,000		-346,000,000			781,400,000	358,000,000	135,300,000
total revenues						395,400,000						1,157,900,000			348,900,000		-10,100,000			1,180,700,000	459,500,000	259,600,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,565,733 and 2,560,452 shares							2,600,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,560,452 and 2,572,156 shares								2,600,000	2,600,000	2,600,000
net unrealized gains from foreign currency translation and interest rate swap								-1,600,000	-2,700,000	-1,700,000	-2,700,000	-3,500,000	-3,200,000	-5,000,000	-400,000
millions, except share and per share amounts
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,564,484 and 2,572,156 shares											2,600,000
liabilities held for sale - nsm group														504,400,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,572,156 and 3,017,772 shares												2,600,000
accumulated other comprehensive gain, after-tax:
non-controlling interests												188,100,000	158,300,000	168,700,000	127,200,000	156,600,000	132,600,000	110,000,000		-88,100,000	-98,500,000	-102,700,000	14,900,000	14,900,000	-143,700,000	14,800,000	15,400,000	15,700,000	-131,600,000	116,800,000	132,400,000	133,900,000	149,200,000	224,200,000	451,400,000	454,800,000
commission revenues												11,500,000			70,100,000		67,000,000			232,500,000	58,200,000	63,000,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,576,232 and 3,017,772 shares													2,600,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,942,877 and 3,017,772 shares														2,900,000
premiums payable															146,000,000	135,900,000	132,500,000	116,000,000		113,400,000	116,900,000	139,700,000			93,400,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 2,994,162 and 3,017,772 shares															3,000,000
total specialty insurance distribution revenues															88,500,000		82,300,000			285,100,000	70,700,000	76,100,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 3,017,772 and 3,102,011 shares																3,000,000
net unrealized foreign currency translation and interest rate swap gains																1,700,000	200,000	1,300,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 3,029,620 and 3,102,011 shares and paid-in surplus																	3,000,000
contingent consideration related to the ark transaction																		22,500,000
accounts payable on unsettled investment purchases																		61,600,000			6,400,000	3,000,000			1,600,000		2,400,000	2,200,000	49,700,000	114,600,000			30,000,000	69,900,000	6,900,000		46,000,000	57,700,000	92,600,000	76,000,000	28,200,000	80,900,000	20,500,000	28,100,000	55,700,000	25,700,000	47,700,000	44,500,000	103,500,000	34,600,000	57,100,000	44,900,000	99,000,000	22,400,000	110,000,000	51,800,000	37,100,000	9,100,000	60,200,000	64,400,000	23,500,000	17,400,000	17,400,000	72,800,000	106,300,000	85,400,000	32,000,000	19,700,000	66,800,000	303,500,000	63,700,000	165,700,000	43,400,000	162,800,000	95,700,000	371,600,000
contingent consideration earnout liabilities																		7,900,000		14,600,000	11,800,000	11,700,000			27,500,000
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																		3,100,000
investments																			594,300,000
cash																			52,000,000				2,100,000	4,300,000	10,400,000	800,000	800,000	1,200,000	48,600,000	53,300,000		149,800,000	244,700,000	135,000,000	178,800,000	179,300,000	200,000,000	354,200,000	335,800,000	543,500,000	331,000,000	338,600,000	382,800,000	411,000,000	348,300,000	411,500,000	549,200,000	811,600,000	605,400,000	705,400,000	557,700,000	483,700,000	452,500,000	434,800,000	401,200,000	348,800,000	345,000,000	366,000,000	258,100,000	405,200,000	448,800,000	220,800,000	220,800,000	198,300,000	229,600,000	185,600,000	172,900,000	186,300,000	159,000,000	210,300,000	191,600,000	183,100,000	187,700,000	205,400,000	204,000,000	89,900,000
reinsurance recoverables																			433,400,000
insurance premiums receivable																			236,700,000				4,300,000	4,100,000	6,500,000	3,800,000	3,700,000	3,100,000	4,500,000	2,800,000		229,900,000	264,600,000	240,400,000	234,300,000	223,300,000	273,300,000
ceded unearned premiums																			170,200,000																																							111,100,000	128,600,000	159,200,000	165,700,000	134,300,000	134,300,000	158,800,000	171,900,000	129,200,000	130,900,000	133,600,000	87,900,000	113,700,000	167,100,000	214,200,000	200,700,000	242,200,000	241,900,000	185,300,000
value of in-force business acquired																			71,700,000
other assets																			88,900,000				1,600,000	1,500,000	17,100,000	1,400,000	1,200,000	1,200,000	46,100,000	62,800,000	2,146,300,000	274,600,000	226,300,000	239,400,000	286,900,000	318,700,000	307,700,000	322,700,000	323,600,000	466,700,000	520,100,000	537,700,000	458,100,000	397,300,000	483,300,000	416,500,000	626,500,000	673,000,000	580,900,000	681,900,000	760,200,000	679,300,000	744,400,000	779,400,000	694,900,000	705,000,000	648,500,000	691,500,000	767,500,000	791,400,000	760,100,000	735,300,000	735,300,000	726,600,000	605,000,000	593,100,000	640,800,000	628,800,000	645,100,000	555,500,000	554,400,000	540,100,000	526,500,000	506,600,000	574,800,000	682,200,000
ceded reinsurance payable																			-528,300,000														28,200,000	23,900,000	31,800,000	30,500,000	46,800,000	189,600,000	151,800,000	134,000,000	159,200,000	157,900,000	71,900,000	153,600,000	156,900,000	175,700,000	138,600,000	175,600,000	194,000,000	134,600,000	188,300,000	160,600,000	224,800,000	221,000,000	293,300,000	268,800,000	227,300,000	92,000,000	152,100,000	158,600,000	162,600,000	100,400,000	100,400,000	88,400,000	124,600,000	124,000,000	125,400,000	141,000,000	138,400,000	135,600,000	166,900,000	173,700,000	204,500,000	219,100,000	202,600,000
net tangible assets acquired																			24,500,000
goodwill																			116,800,000												13,400,000
other intangible assets - syndicate underwriting capacity																			175,700,000
deferred tax liability on other intangible assets																			-33,400,000
net assets acquired																			283,600,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 3,102,011 and 3,185,353 shares																				3,100,000
accumulated other comprehensive loss, after-tax:
net unrealized losses from foreign currency translation and interest rate swap																				-400,000
marketing technology
advertising and commission revenues
total marketing technology revenues
net realized and unrealized investment gains from mediaalpha																				686,000,000
realized gain from the 2019 mediaalpha transaction
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 3,102,011 and 3,185,353 shares and paid-in surplus																					592,100,000
net unrealized foreign currency translation and interest rate swap losses																					-6,500,000	-10,300,000
realized gain and unrealized investment gain from the mediaalpha transaction
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 3,101,761 and 3,185,353 shares and paid-in surplus																						587,000,000
assets
fixed maturity investments																							285,200,000	271,600,000		206,600,000	195,300,000	167,500,000
short-term investments																							10,300,000	7,800,000		11,800,000	22,600,000	39,200,000
total investments																							295,500,000	279,400,000	769,400,000	218,400,000	217,900,000	206,700,000	3,280,500,000	2,692,900,000		5,334,800,000	5,213,500,000	5,521,300,000	3,639,700,000	4,280,700,000	3,709,500,000	6,823,400,000	6,906,400,000	6,976,300,000	7,161,800,000	7,213,400,000	7,192,600,000	7,057,500,000	6,945,600,000	6,972,800,000	7,283,600,000	7,224,300,000	7,617,000,000	8,268,000,000	7,199,600,000	7,529,200,000	8,671,200,000	8,732,500,000	8,655,400,000	8,389,300,000	9,128,300,000	9,232,500,000	9,284,600,000	8,921,000,000	8,804,700,000	10,747,000,000	10,747,000,000	11,536,100,000	12,150,200,000	11,910,300,000	11,495,700,000	11,252,100,000	11,332,700,000	9,852,000,000	9,793,700,000	9,829,000,000	9,866,400,000	10,128,700,000	10,091,200,000	8,547,500,000
bam surplus notes																							481,300,000	481,300,000		499,000,000	499,000,000	499,000,000
accrued interest receivable on bam surplus notes																							164,200,000	157,300,000		143,200,000	137,500,000	131,700,000
deferred acquisition costs																							43,400,000	39,100,000	19,600,000	30,300,000	30,000,000	26,000,000	14,100,000	13,000,000		106,900,000	109,600,000	113,900,000	109,800,000	107,600,000	110,800,000	198,100,000	192,000,000	204,400,000	191,200,000	190,000,000	174,700,000	188,200,000	180,600,000	190,400,000	211,300,000	200,000,000	198,800,000	187,000,000	202,900,000	194,100,000	233,500,000	210,800,000	241,700,000	241,900,000	298,300,000	303,800,000	329,200,000	329,400,000	327,700,000	350,400,000	350,400,000	338,400,000	325,900,000	358,600,000	351,600,000	338,600,000	320,300,000	333,500,000	324,900,000	312,200,000	288,400,000	308,300,000	313,000,000	233,600,000
accounts receivable on unsettled investment sales																								100,000	6,100,000				190,100,000	199,500,000		6,200,000	179,000,000	21,500,000	4,500,000	41,900,000	11,500,000	23,300,000	12,000,000	39,000,000	76,600,000	19,900,000	12,100,000	38,200,000	14,000,000	99,000,000	167,200,000	76,200,000	6,500,000	4,700,000	20,300,000	23,400,000	49,900,000	40,000,000	147,400,000	87,100,000	112,300,000	27,600,000	47,000,000	10,300,000	25,600,000	27,000,000	27,000,000	36,500,000	35,300,000	21,700,000	24,300,000	40,200,000	8,500,000	354,100,000	23,600,000	45,700,000	21,700,000	27,000,000	19,500,000	9,100,000
total assets																							992,400,000	967,100,000	3,629,700,000	896,900,000	890,100,000	868,900,000	3,637,100,000	6,786,200,000	6,516,800,000	6,544,700,000	6,683,300,000	7,065,600,000	10,391,800,000	10,284,500,000	10,346,000,000	10,429,300,000	10,507,800,000	12,188,300,000	12,357,900,000	12,416,400,000	12,144,300,000	12,307,500,000	12,283,700,000	12,611,500,000	13,468,800,000	13,280,500,000	13,378,600,000	14,064,000,000	14,581,700,000	14,202,500,000	14,597,400,000	14,534,100,000	14,993,900,000	15,502,700,000	15,822,800,000	15,443,200,000	15,675,800,000	15,551,000,000	15,640,500,000	17,764,400,000	17,764,400,000	18,703,800,000	19,364,800,000	19,718,700,000	19,184,300,000	19,278,200,000	19,443,700,000	18,712,100,000	18,728,000,000	19,081,400,000	19,418,100,000	19,795,800,000	19,184,700,000	14,971,000,000
accrued interest payable on bam surplus notes
preferred dividends payable to white mountains’s subsidiaries																							316,600,000	305,000,000		265,500,000	252,800,000	240,300,000
preferred dividends payable to non-controlling interests																							10,900,000	10,400,000		9,100,000	8,600,000	8,200,000
fixed maturity investments, at fair value																									737,600,000				1,490,000,000	1,566,900,000		4,250,200,000	4,131,500,000	4,362,800,000	2,613,200,000	2,639,700,000	2,602,200,000	4,874,500,000	4,771,900,000	4,785,500,000	5,008,000,000	4,988,700,000	5,030,500,000	4,914,000,000	4,931,900,000	4,854,400,000	4,912,400,000	5,248,700,000	5,411,300,000	6,221,900,000	5,287,700,000	5,558,900,000	6,417,000,000	6,379,900,000	6,085,400,000	5,568,600,000	5,828,300,000	6,101,200,000	5,936,200,000	5,929,800,000	5,630,500,000	6,160,100,000	6,160,100,000	6,846,400,000	6,842,600,000	7,436,700,000	7,524,900,000	7,179,900,000	7,911,500,000	7,089,200,000	7,303,600,000	7,265,500,000	7,582,700,000	7,594,200,000	7,760,400,000	6,248,100,000
short-term investments, at fair value																									31,800,000
accrued investment income																									5,400,000				15,400,000	16,000,000		26,100,000	18,900,000	16,000,000	13,400,000	14,000,000	13,700,000	33,700,000	30,400,000	32,700,000	43,600,000	37,000,000	39,300,000	33,700,000	45,900,000	44,700,000	45,500,000	54,100,000	52,000,000	51,400,000	58,300,000	61,900,000	66,300,000	66,900,000	61,600,000	60,600,000	59,400,000	67,400,000	70,500,000	69,900,000	64,500,000	80,000,000	80,000,000	78,000,000	78,600,000	89,100,000	85,800,000	84,700,000	87,400,000
total financial guarantee assets																									834,500,000
premium and commission receivable																									51,900,000
goodwill and other intangible assets																									488,700,000				37,800,000	49,500,000			59,300,000
total specialty insurance distribution assets																									661,100,000
accounts receivable from publishers and advertisers
total marketing technology assets
common equity securities, at fair value																									905,000,000				774,400,000	827,900,000		474,300,000	425,000,000	407,500,000	443,000,000	1,113,900,000	482,100,000	713,800,000	786,900,000	986,100,000	1,206,100,000	1,174,600,000	1,156,800,000	1,110,700,000	1,029,500,000	1,073,200,000	1,004,800,000	919,200,000	868,700,000	755,000,000	669,800,000	703,800,000	756,600,000	710,000,000	636,000,000	556,300,000	577,100,000	458,500,000	307,600,000	262,200,000	318,800,000	1,393,400,000	1,393,400,000	1,620,600,000	1,520,700,000	1,471,300,000	1,402,700,000	1,245,200,000	1,212,600,000	1,042,000,000	1,147,000,000	1,107,000,000	967,800,000	1,000,100,000	1,024,400,000	513,600,000
other long-term investments																									497,600,000				229,600,000	226,500,000		323,300,000	351,400,000	329,200,000	321,800,000	315,800,000	294,600,000	390,100,000	402,600,000	320,900,000	313,000,000	302,300,000	288,900,000	300,000,000	303,300,000	295,200,000	307,100,000	292,500,000	306,700,000	301,300,000	328,800,000	333,300,000	343,400,000	376,100,000	429,700,000	404,000,000	382,600,000	341,300,000	377,500,000	405,400,000	395,100,000
assets held for sale																									3,300,000					3,696,400,000	3,578,900,000	10,100,000	27,000,000	384,600,000	5,215,500,000	4,407,000,000	4,528,100,000		58,000,000	1,699,200,000	1,750,700,000	1,803,100,000	1,880,100,000	1,957,200,000	2,047,000,000	2,155,200,000	2,388,200,000			132,600,000	1,399,500,000	1,213,900,000
total other operations assets																									2,134,100,000
amounts due to publishers and advertisers
total marketing technology liabilities
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 3,181,199 and 3,173,115 shares																									3,200,000
net unrealized foreign currency translation losses and interest rate swap																									-6,100,000
short-term investments, at amortized cost																													786,500,000	71,600,000		287,000,000	305,600,000	421,800,000	261,700,000	211,300,000	325,000,000	840,500,000	929,200,000	834,900,000	564,000,000	674,000,000	635,900,000	648,000,000	606,800,000	654,400,000	917,300,000	618,400,000	877,500,000	846,000,000	772,800,000	813,500,000	998,200,000	1,106,300,000	1,348,300,000	1,663,700,000	2,102,200,000	2,098,400,000	2,336,600,000	2,023,300,000	2,148,400,000	2,256,600,000	2,256,600,000	1,988,000,000	2,372,200,000	1,614,800,000	1,152,900,000	1,473,600,000	1,344,900,000	1,222,800,000	873,500,000	949,700,000	727,800,000	1,027,300,000	773,100,000	1,546,600,000
liabilities held for sale																														2,678,800,000	2,535,200,000	5,100,000	7,800,000	150,600,000	3,121,100,000	2,884,000,000	3,032,800,000			1,699,200,000	1,750,700,000	1,803,100,000	1,880,100,000	1,957,200,000	2,047,000,000	2,155,200,000	2,388,200,000			107,600,000	909,400,000	779,900,000
white mountains’s common shares at 1 par value per share - authorized 50,000,000 shares;
issued and outstanding 3,749,971 and 4,563,814 shares																													3,700,000
accumulated other comprehensive loss, after tax:
net unrealized foreign currency translation losses																													-1,300,000			-1,400,000	-600,000	-700,000	-108,300,000	-145,600,000	-142,400,000	-123,700,000	-167,600,000																																9,300,000
accumulated other comprehensive income from net change in benefit plan assets and obligations																														-3,000,000
issued and outstanding 4,571,625 and 4,563,814 shares																														4,600,000
financial guarantee assets																															699,100,000
marketing technology assets																															53,200,000
other																																																																					600,000
other intangible assets																															4,500,000
other assets — commissions receivable																															21,400,000
financial guarantee liabilities																															126,400,000
marketing technology liabilities																															25,600,000
white mountains’s common shares																															4,600,000
paid in surplus																															802,500,000
accumulated other comprehensive income, net of tax																															-3,700,000
item 2.
reinsurance recoverable on unpaid losses																																172,900,000	169,400,000	162,800,000	150,900,000	186,500,000	214,600,000	427,500,000	436,900,000	430,700,000	433,200,000	425,200,000	428,100,000	416,000,000	388,600,000	410,800,000	356,800,000	2,369,400,000	2,465,400,000	2,507,300,000	2,581,200,000	2,193,100,000	2,338,600,000	1,064,900,000	2,621,400,000	2,778,600,000	2,919,600,000	1,217,600,000	1,230,600,000	1,201,100,000	1,329,200,000	1,501,800,000	1,501,800,000	1,622,200,000	1,635,300,000	1,789,300,000	1,864,300,000	2,006,400,000	2,134,500,000	2,348,000,000	2,725,300,000	2,892,000,000	3,003,600,000	2,765,200,000	2,325,700,000	1,213,500,000
reinsurance recoverable on paid losses																																6,600,000	16,400,000	20,700,000	16,600,000	7,500,000	22,600,000	31,700,000	29,800,000	27,200,000	18,900,000	15,200,000	25,400,000	18,800,000	16,100,000	15,600,000	14,800,000	39,700,000	39,100,000	30,500,000	30,900,000	44,500,000	31,900,000	64,400,000	31,900,000	36,800,000	49,700,000	35,000,000	41,000,000	42,900,000	66,900,000	50,800,000	50,800,000	41,200,000	88,200,000	58,100,000	57,700,000	131,900,000	159,400,000	89,300,000	116,000,000	96,100,000	77,000,000	103,300,000	116,300,000	121,700,000
deferred tax asset																																126,700,000	119,500,000	122,200,000	133,600,000	112,800,000	133,900,000	440,200,000	417,900,000	439,100,000	462,800,000	484,900,000	512,100,000	555,500,000	540,500,000	539,100,000	555,000,000	504,600,000	524,700,000	536,900,000	431,700,000	407,400,000	480,600,000	499,700,000	483,500,000	567,300,000	551,100,000	564,000,000	512,600,000	567,500,000	658,100,000	484,900,000	484,900,000	324,100,000	253,500,000	238,700,000	222,400,000	242,600,000	276,000,000	288,900,000	324,200,000	317,700,000	341,200,000	338,300,000	310,900,000	260,000,000
ceded unearned insurance premiums																																44,200,000	35,100,000	34,500,000	36,300,000	29,500,000	41,400,000
goodwill and intangible assets																																55,900,000		53,300,000	371,500,000	375,700,000	381,700,000	355,600,000	362,600,000
funds held under insurance contracts																																153,000,000	156,200,000	140,900,000	134,900,000	137,800,000	100,300,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 4,563,814 and 5,623,735 shares																																4,600,000
pension liability and other																																-3,200,000	-3,700,000	-3,800,000	-4,300,000	-4,300,000	-3,900,000	-4,100,000	-4,400,000	4,500,000	4,300,000	4,200,000	4,100,000	-11,000,000	-11,300,000	-11,500,000	-10,400,000	-9,100,000
issued and outstanding 4,578,698 and 5,623,735 shares																																	4,600,000
issued and outstanding 4,963,921 and 5,623,735 shares																																		5,000,000
deferred tax liability																																			7,100,000	7,000,000		264,800,000	254,000,000	303,000,000	336,500,000	353,900,000	356,200,000	329,600,000	317,500,000	337,100,000	399,700,000	368,100,000	384,100,000	365,500,000	360,600,000	374,200,000	369,200,000	373,200,000	368,100,000	320,900,000	339,600,000	355,300,000	343,600,000	309,400,000	289,500,000	369,200,000	369,200,000	453,800,000	390,200,000	327,200,000	312,000,000	311,100,000	311,500,000	241,100,000	241,000,000	277,500,000	274,300,000	281,700,000	281,300,000
issued and outstanding 5,415,462 and 5,623,735 shares																																			5,400,000
investments in unconsolidated affiliates																																					392,600,000	397,200,000	450,800,000	413,500,000	419,100,000	373,300,000	321,400,000	331,700,000	331,900,000	383,600,000	376,300,000	337,500,000	294,900,000	275,300,000	458,600,000	422,900,000	394,900,000	389,700,000	440,000,000	410,000,000	365,800,000	344,800,000	356,100,000	209,000,000	99,700,000	195,000,000	195,000,000	289,000,000	362,300,000	404,400,000	381,000,000
white mountains’s common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 5,623,735 and 5,986,214 shares																																				5,600,000
equity in net unrealized gains from investments in symetra common shares																																								19,100,000	29,000,000		-40,400,000
convertible fixed maturity and preferred investments, at fair value																																					5,600,000	4,500,000	15,800,000
funds held by ceding entities																																					4,600,000	137,400,000	99,600,000	123,900,000
issued and outstanding 5,745,002 and 5,986,214 shares																																					5,700,000
accumulated other comprehensive income, after tax:
equity in net unrealized gains from investment in symetra common shares																																					5,500,000	2,000,000	63,800,000
non-controlling interest - onebeacon ltd.																																					246,900,000	255,000,000	258,800,000	275,600,000	280,600,000	279,200,000		263,300,000	258,400,000	263,500,000
non-controlling interest - sig preference shares																																					250,000,000	250,000,000	250,000,000	250,000,000	250,000,000	250,000,000		250,000,000	250,000,000	250,000,000
non-controlling interest - mutuals and reciprocals																																					-149,400,000	-146,200,000	-140,500,000
non-controlling interest - other																																					113,300,000	125,100,000	160,200,000	59,400,000	61,500,000	68,500,000		48,000,000	47,900,000	46,800,000
total non-controlling interests																																					460,800,000	483,900,000	528,500,000	488,700,000	503,100,000	513,400,000	491,900,000	497,200,000	501,200,000	523,100,000
insurance and reinsurance premiums receivable																																						711,900,000	706,900,000	677,800,000	717,900,000	734,800,000	518,900,000	684,900,000	706,700,000	717,600,000	678,100,000	747,000,000	737,300,000	489,200,000	644,800,000	672,000,000	838,200,000	635,400,000	842,200,000	861,400,000	1,004,500,000	785,500,000	922,700,000	986,500,000	982,600,000	929,000,000	929,000,000	953,300,000	976,200,000	971,100,000	1,007,300,000	1,007,400,000	913,600,000	1,002,300,000	1,062,400,000	1,099,200,000	1,014,300,000	1,039,700,000	981,900,000	779,000,000
ceded unearned insurance and reinsurance premiums																																						172,400,000	145,100,000	114,300,000	142,000,000	149,500,000	92,400,000	116,400,000	137,000,000	144,100,000	113,600,000	135,200,000	145,500,000	87,300,000	104,400,000	141,300,000	188,800,000	184,700,000	252,300,000	249,300,000	236,400,000
unearned insurance and reinsurance premiums																																						1,110,800,000	1,102,500,000	1,089,500,000	1,093,400,000	1,116,600,000	901,400,000	1,010,300,000	1,015,000,000	1,064,900,000	1,067,100,000	1,065,400,000	1,074,400,000	846,900,000	976,400,000	1,033,800,000	1,314,400,000	1,140,300,000	1,361,600,000	1,385,700,000	1,698,600,000	1,498,500,000	1,655,400,000	1,704,400,000	1,732,300,000	1,743,600,000	1,743,600,000	1,760,300,000	1,753,800,000	1,743,200,000	1,735,700,000	1,746,600,000	1,584,900,000	1,714,900,000	1,730,700,000	1,742,400,000	1,582,000,000	1,717,900,000	1,759,000,000	1,409,400,000
funds held under insurance and reinsurance contracts																																						145,400,000	143,300,000	132,200,000	124,000,000	127,800,000	127,100,000
issued and outstanding 5,960,542 and 5,986,214 shares																																						6,000,000
issued and outstanding 5,991,584 and 5,986,214 shares																																							6,000,000
convertible fixed maturity investments, at fair value																																								48,900,000	70,700,000	73,800,000	80,500,000	84,800,000	74,100,000	95,600,000	142,000,000	145,500,000	152,800,000	143,800,000	140,500,000	119,700,000	156,000,000	160,200,000	156,000,000	196,700,000	238,100,000	233,100,000	326,700,000	300,300,000	265,000,000	353,000,000	353,000,000	414,600,000	463,000,000	529,500,000	544,700,000	485,800,000
variable annuity benefit guarantee																																								11,700,000	31,800,000	54,100,000	52,800,000	143,700,000	194,100,000	251,600,000	672,400,000	661,800,000	548,500,000	768,500,000
issued and outstanding 6,028,251 and 6,176,739 shares																																								6,000,000
net unrealized foreign currency translation gains																																								-11,900,000	52,500,000	80,500,000	88,400,000	93,500,000	47,200,000	82,000,000	80,800,000	39,500,000	69,400,000	46,100,000	35,700,000	117,600,000	123,200,000	61,400,000	57,400,000			11,500,000	29,700,000			28,700,000	28,700,000	162,300,000	170,000,000	79,100,000	52,800,000	35,900,000	37,200,000	11,500,000
non-controlling interest - hg global																																								18,000,000	18,200,000	18,400,000		16,600,000	16,600,000	16,600,000
non-controlling interest - bam																																								-114,300,000	-107,200,000	-102,700,000		-80,700,000	-71,700,000	-53,800,000
funds held by ceding companies																																									89,000,000	93,800,000	106,300,000	101,100,000	98,200,000	110,600,000	102,700,000	107,900,000	111,100,000	106,500,000	131,600,000	135,800,000	106,600,000	118,700,000	120,400,000	111,000,000	103,900,000	123,100,000	123,800,000	141,400,000	145,600,000	203,300,000	203,300,000	221,000,000	231,700,000	352,300,000	366,700,000	438,200,000	452,800,000	467,500,000	554,700,000	566,100,000	620,400,000	707,600,000	735,300,000
issued and outstanding 6,150,515 and 6,176,739 shares																																									6,200,000
issued and outstanding 6,174,386 and 6,176,739 shares																																										6,200,000
equity in net unrealized losses from investments in symetra common shares																																										-3,900,000
white mountains’ common shareholders’ equity
white mountains’ common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 6,176,739 and 6,290,964 shares																																											6,200,000
total white mountains’ common shareholders’ equity																																											3,905,500,000	3,790,000,000	3,689,200,000	3,758,900,000	3,809,300,000	3,742,500,000	3,718,800,000	4,087,700,000	3,444,700,000	3,620,500,000	3,595,200,000	3,653,000,000	3,667,800,000	3,513,600,000	3,598,300,000	3,657,400,000	3,577,300,000
non-controlling interest — onebeacon ltd.																																											273,700,000
non-controlling interest — sig preference shares																																											250,000,000
non-controlling interest — hg global																																											16,600,000
non-controlling interest — bam																																											-97,600,000
non-controlling interest — consolidated limited partnerships and a.w.g. dewar																																											49,200,000
funds held under reinsurance treaties																																												89,100,000	75,500,000	67,300,000	33,800,000	47,700,000	45,200,000	42,900,000	39,300,000	39,500,000	84,500,000	88,000,000	83,900,000	80,400,000	103,700,000	97,400,000	85,300,000	55,900,000	76,600,000	75,100,000	75,100,000	76,000,000	98,700,000	99,500,000	110,400,000	126,400,000	141,600,000	119,600,000	130,100,000	131,500,000	171,400,000	169,900,000	170,400,000	211,900,000
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares;
issued and outstanding 6,176,739 and 6,290,964 shares																																												6,200,000
equity in net unrealized gains from investments in unconsolidated affiliates																																												-23,500,000	-16,300,000	49,700,000	59,300,000	27,000,000
issued and outstanding 6,176,489 and 6,290,964 shares																																													6,200,000
issued and outstanding 6,176,210 and 6,290,964 shares																																														6,200,000
issued and outstanding 6,583,653 and 7,577,855 shares																																															6,600,000
noncontrolling interest - onebeacon ltd.																																															259,700,000	280,400,000	281,900,000		269,800,000	282,600,000	300,300,000		292,600,000	337,900,000	346,300,000		337,400,000	315,500,000	287,000,000
noncontrolling interest - sig preference shares																																															250,000,000	250,000,000	250,000,000
noncontrolling interest - hg global																																															16,600,000
noncontrolling interest - bam																																															-18,000,000
noncontrolling interest - other																																															60,800,000	61,600,000	58,800,000
total noncontrolling interests																																															569,100,000	592,000,000	590,700,000	580,200,000	574,400,000	595,300,000	613,900,000	607,800,000	603,800,000	646,800,000	656,600,000	684,100,000	670,400,000	647,300,000	616,100,000
issued and outstanding 6,630,318 and 7,577,855 shares																																																6,600,000
issued and outstanding 6,638,873 and 7,577,855 shares																																																	6,600,000
equity in net unrealized losses from investments in unconsolidated affiliates
white mountains’ common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 7,577,855 and 8,194,925 shares																																																		7,600,000
equity in unrealized gains from investments in unconsolidated affiliates																																																			135,700,000	80,600,000	58,500,000	58,500,000	111,400,000	74,300,000	23,800,000		5,600,000
noncontrolling interest—onebeacon, ltd.																																																		273,100,000				295,000,000				351,000,000
noncontrolling interest—sig preference shares																																																		250,000,000
noncontrolling interest—consolidated limited partnerships and a.w.g dewar																																																		57,100,000				62,800,000				83,100,000
shareholders’ equity and noncontrolling interests
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 7,630,717 and 8,194,925 shares																																																			7,600,000
noncontrolling interest - sirius group preference shares																																																			250,000,000
noncontrolling interest - consolidated limited partnerships and a.w.g dewar																																																			54,600,000	62,700,000	63,600,000		61,200,000	58,900,000	60,300,000		83,000,000	81,800,000	79,100,000
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 7,958,589 and 8,194,925 shares																																																				8,000,000
noncontrolling interest - wmre preference shares																																																				250,000,000	250,000,000		250,000,000	250,000,000	250,000,000		250,000,000	250,000,000	250,000,000
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 7,975,452 and 8,194,925 shares																																																					8,000,000
reinsurance recoverable on unpaid losses—berkshire hathaway inc.																																																						1,312,200,000				1,573,300,000
white mountains’ common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 8,194,925 and 8,860,150 shares																																																						8,200,000
noncontrolling interest—wmre preference shares																																																						250,000,000				250,000,000
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 8,343,050 and 8,860,150 shares																																																							8,300,000
assets held for sale - onebeacon personal lines transaction																																																								655,600,000
liabilities held for sale - onebeacon personal lines transaction																																																								502,300,000
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 8,532,442 and 8,860,150 shares																																																								8,500,000
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 8,775,632 and 8,860,150 shares																																																									8,800,000
securities lending collateral																																																												92,300,000		341,200,000	341,200,000	474,900,000	481,100,000	824,600,000	554,000,000	563,800,000	649,800,000	583,800,000	453,100,000	496,200,000	674,900,000	786,900,000	564,600,000
securities lending payable																																																										1,700,000	1,700,000	96,400,000		349,600,000	349,600,000	476,300,000	481,100,000	824,600,000	554,000,000	563,800,000	649,800,000	583,800,000	453,100,000	496,200,000	674,900,000	786,900,000	564,600,000
white mountains’ common shares at 1 par value per share—authorized 50,000,000 shares; issued and outstanding 8,860,150 and 8,808,843 shares																																																										8,900,000
reinsurance recoverable on unpaid losses - berkshire hathaway inc.																																																											1,603,500,000	1,623,900,000	1,655,500,000	1,763,600,000	1,763,600,000	1,705,400,000	1,740,000,000	1,792,600,000	1,828,900,000	1,867,300,000	1,881,200,000	1,902,300,000		1,968,000,000	2,022,100,000	2,058,800,000	2,077,800,000	2,260,300,000
white mountains’ common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 8,857,586 and 8,808,843 shares																																																											8,900,000
incentive compensation payable																																																												107,600,000	71,700,000	160,300,000	160,300,000	142,900,000	118,900,000
white mountains’ shareholders’ equity
white mountains common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 8,857,586 and 8,808,843 shares																																																												8,900,000
equity in unrealized losses from investments in unconsolidated affiliates
total white mountains shareholders’ equity																																																												3,204,100,000	2,866,200,000
securities lending investment assets - onebeacon																																																													46,900,000
securities lending collateral - onebeacon
securities lending collateral - wmre america																																																													105,800,000
securities lending payable - onebeacon																																																													48,600,000
securities lending payable - wmre america																																																													112,800,000
white mountains common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 8,854,086 and 8,808,843 shares																																																													8,900,000
other investments																																																														583,900,000	583,900,000	666,500,000	642,500,000	549,300,000	558,500,000	532,200,000	524,800,000	498,000,000	469,600,000	506,800,000	588,100,000	507,100,000	533,300,000	239,200,000
trust account investments, at amortized cost																																																																	309,200,000	308,700,000	312,000,000	335,400,000	338,900,000
preferred stock subject to mandatory redemption:
held by berkshire hathaway inc.																																																																	288,900,000	268,500,000	259,200,000	250,500,000	242,300,000	234,500,000	227,300,000	220,400,000	214,000,000	207,900,000	202,200,000	174,500,000
minority interest - onebeacon ltd.																																																														337,100,000	337,100,000
minority interest - wmre group preference shares																																																														250,000,000	250,000,000	250,000,000	250,000,000	250,000,000
minority interest - consolidated limited partnerships																																																														91,400,000	91,400,000	98,700,000	97,100,000	102,500,000	111,600,000	113,000,000
total minority interest																																																														678,500,000	678,500,000	748,700,000	754,500,000	888,800,000	887,600,000	628,800,000	603,200,000
common shareholders’ equity
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,441,964 and 10,553,572 shares																																																														10,400,000	10,400,000
net unrealized gains on investments																																																																		184,300,000	144,000,000	214,700,000	194,000,000	165,700,000	53,100,000	167,600,000	233,900,000	288,800,000	411,200,000
total common shareholders’ equity																																																														4,061,900,000	4,061,900,000	4,597,300,000	4,679,200,000	4,732,600,000	4,575,300,000	4,542,900,000	4,455,300,000	4,118,700,000	3,864,300,000	3,872,200,000	3,833,200,000	3,882,800,000	4,091,800,000	2,979,200,000
total liabilities, minority interest and common shareholders’ equity																																																														17,764,400,000	17,764,400,000	18,703,800,000	19,364,800,000	19,718,700,000	19,184,300,000	19,278,200,000	19,443,700,000
minority interest - onebeacon, ltd.																																																																400,000,000	407,400,000	536,300,000
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,552,376 and 10,553,572 shares																																																																10,600,000
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,570,234 and 10,553,572 shares																																																																	10,600,000
long-term incentive compensation payable																																																																		202,500,000	181,500,000	139,300,000	285,200,000
reserves for structured contracts																																																																		78,800,000	87,300,000	142,600,000	147,100,000	153,500,000	214,200,000	222,800,000	224,600,000	268,300,000	278,200,000
held by others																																																																				20,000,000	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,842,613 and 10,782,753 shares																																																																		10,800,000
minority interest - onebeacon insurance group, ltd.																																																																			526,000,000	515,800,000
minority interest - white mountains re group, ltd. preference shares																																																																			250,000,000
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,842,538 and 10,782,753 shares																																																																			10,800,000
investments in unconsolidated insurance affiliates																																																																				356,300,000	335,500,000	529,100,000	412,000,000	437,500,000	479,700,000	486,800,000	531,200,000	515,900,000
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,833,788 and 10,782,753 shares																																																																				10,800,000
minority interest- onebeacon insurance group, ltd.																																																																					490,700,000
minority interest- consolidated limited partnerships																																																																					112,500,000
common shares at 1 par value per share — authorized 50,000,000 shares; issued and outstanding 10,782,753 and 10,779,223 shares																																																																					10,800,000
unearned compensation - restricted common share awards
investment income accrued																																																																						81,800,000	89,400,000	84,300,000	93,500,000	91,000,000	96,600,000	73,000,000
common shares at 1 par value per share—authorized 50,000,000 shares;issued and outstanding 10,780,053 and 10,779,223 shares																																																																						10,800,000
minimum pension liability and other
total liabilities and common shareholders’ equity																																																																						18,712,100,000	18,728,000,000	19,081,400,000	19,418,100,000	19,795,800,000	19,184,700,000
reinsurance recoverable on unpaid losses — berkshire hathaway inc.																																																																							1,935,600,000
common shares at 1 par value per share — authorized 50,000,000 share issued and outstanding 10,780,053 and 10,779,223 shares																																																																							10,800,000
accumulated other comprehensive income, after-tax
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,780,053 and 10,779,223 shares																																																																								10,800,000
common shares at 1 par value per share authorized 50,000,000 shares; issued and outstanding 10,779,223 and 10,772,789 shares																																																																									10,800,000
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,773,723 and 10,772,789 shares																																																																										10,800,000
minimum pension liability
common shares at 1 par value per share - authorized 50,000,000 shares; issued and outstanding 10,774,273 and 10,772,789 shares																																																																											10,800,000
convertible preference shares
minority interest - mandatorily redeemable preferred stock of subsidiaries
common shares at 1 par per share– authorized 50,000,000 shares; issued and outstanding 9,007,195 and 8,351,387 shares																																																																												9,000,000
unrealized gains on investments																																																																												286,000,000
unrealized foreign currency translation losses
total liabilities, convertible preference shares, minority interest and common shareholders’ equity																																																																												14,971,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-03-31	2020-12-31	2020-09-30	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30

cash flows from operations:
net income	-26,300,000	62,800,000	-124,400,000	227,900,000	-41,200,000	221,800,000	362,700,000	13,800,000	17,200,000	187,200,000	61,500,000	869,500,000	-210,200,000	-8,400,000	40,000,000		473,400,000	222,000,000	45,300,000	43,200,000	15,900,000	272,200,000	-140,500,000	30,600,000	-14,900,000	-66,600,000	12,000,000	544,700,000	3,400,000	33,000,000	-50,600,000	88,600,000	362,500,000	19,300,000	274,000,000	-74,900,000	3,400,000	77,000,000	40,300,000	100,200,000	95,100,000	118,200,000	56,100,000	15,200,000	119,900,000	-11,600,000	38,200,000	110,600,000	820,500,000	-26,800,000	32,500,000	-16,800,000	89,500,000	75,000,000	13,200,000	-38,200,000				30,300,000	-212,600,000	-276,700,000	-9,200,000	-56,800,000	102,600,000	92,200,000	299,300,000	162,100,000	115,800,000	96,000,000	33,300,000	-66,300,000
adjustments to reconcile net income to net cash from operations:
net realized and unrealized investment losses	-10,800,000	-86,600,000	83,800,000			-16,200,000	-217,000,000	11,500,000	-88,700,000	-112,900,000		29,400,000				-1,100,000									-10,500,000	53,700,000																																		23,300,000
net realized and unrealized investment losses from investment in mediaalpha	65,200,000	36,600,000	121,700,000			-210,700,000	-66,000,000	46,800,000	77,300,000	-85,200,000		18,600,000				41,700,000
net gain on sale of the bamboo group	-2,400,000
change in fair value of ark’s contingent consideration	10,000,000
interest income from bam surplus notes	-6,900,000
deferred income tax expense	4,200,000	1,700,000	7,400,000	4,100,000	9,400,000	-9,800,000	-48,800,000	6,400,000	-900,000	-3,600,000	-9,200,000	18,100,000	-600,000	4,600,000	-200,000	-1,400,000															-9,600,000	-300,000	7,500,000	5,300,000			-10,400,000	12,200,000	-2,900,000	900,000	21,700,000	34,300,000	-2,800,000	-17,600,000	25,800,000	18,500,000	5,600,000	26,300,000
amortization of restricted share awards	4,100,000	3,800,000	4,500,000	4,300,000	4,300,000	3,200,000	4,100,000	4,000,000	4,100,000	3,100,000	3,700,000	3,800,000	3,600,000	2,900,000
amortization and depreciation	4,800,000	1,100,000	1,100,000			-2,100,000	-7,500,000	-5,300,000	-2,600,000	-2,400,000	-2,700,000	-1,400,000	-7,600,000	16,000,000	20,700,000	12,800,000	16,200,000	9,800,000	10,000,000	7,800,000	3,700,000	8,300,000	7,300,000	9,600,000	4,000,000	4,800,000	-3,500,000	6,700,000	4,600,000	14,600,000	29,800,000	12,200,000	5,100,000	17,400,000	20,700,000	1,800,000	22,800,000	22,200,000
other operating items:
net change in reinsurance recoverables	-343,200,000	-331,400,000	159,000,000	115,800,000	-168,800,000	-253,000,000	96,400,000	131,300,000	-99,100,000	24,700,000	14,800,000	-152,200,000	14,000,000	35,700,000	17,200,000	-15,700,000
net change in insurance premiums, commissions and fees receivable	-455,600,000	-504,200,000	249,600,000	151,500,000	-210,900,000	-394,900,000
net change in deferred acquisition costs	-89,500,000	-114,500,000	31,100,000	43,400,000	-32,800,000	-68,800,000		52,300,000	-24,100,000	-82,200,000		40,000,000	-13,400,000	-71,600,000	18,200,000	-51,300,000	-1,800,000	-1,100,000	-700,000	-900,000	-900,000	-600,000	-1,400,000	-400,000	-1,300,000	-1,100,000	-700,000	-1,100,000	1,100,000	-3,500,000	2,700,000	4,300,000	-4,100,000	-2,200,000	3,200,000	20,000,000	-3,400,000	-20,200,000	-19,800,000	-1,200,000	-15,300,000	9,500,000	-4,900,000	8,000,000	4,500,000	-8,000,000							30,900,000	8,900,000	10,900,000	4,800,000								7,700,000
net change in loss and loss adjustment expense reserves	103,200,000	133,100,000	-1,400,000	248,200,000	153,800,000	142,400,000	33,300,000	150,800,000	75,400,000	49,100,000	-32,900,000	307,300,000	22,500,000	104,900,000	3,800,000	56,000,000														2,900,000	2,600,000	-14,300,000	32,700,000	-46,200,000	-37,500,000	163,000,000	-40,400,000	-39,300,000	42,000,000	4,900,000	-44,600,000	-69,500,000	4,300,000	-13,200,000	-86,200,000	123,900,000			-209,300,000						-113,700,000	279,200,000																815,300,000
net change in unearned insurance premiums	589,200,000	650,300,000	-284,100,000	-357,500,000	316,600,000	499,400,000	-227,500,000	-383,300,000	256,900,000	501,800,000	-146,500,000	-226,600,000	144,200,000	388,200,000	-91,400,000	245,500,000	10,500,000	8,400,000	8,300,000	15,700,000	8,200,000	3,600,000	19,800,000	700,000	15,300,000	3,400,000	18,300,000	8,600,000	6,900,000	20,700,000	-16,500,000	54,100,000	-5,000,000	13,900,000	-58,700,000
net change in reinsurance payable	324,100,000	236,300,000	-80,700,000	-137,100,000	104,800,000	181,400,000	-65,200,000	-100,700,000	54,000,000	-58,100,000	-61,600,000	-106,100,000	69,900,000	-75,200,000	-57,400,000	-40,700,000
net change in premiums and commissions payable	-5,000,000	-1,900,000	-5,600,000	14,900,000	17,100,000	12,500,000
net change in accrued incentive compensation from other operations	-52,100,000	-51,100,000
contributions to kudu’s participation contracts	-25,400,000	-68,000,000	-103,300,000	0			-55,500,000	-26,700,000	-50,700,000	-30,900,000
net other operating activities	-57,100,000	-10,400,000	-21,600,000	55,300,000	-15,500,000	-68,700,000	-47,200,000	38,900,000
net cash from operations	30,500,000	-40,200,000	64,100,000			36,500,000	24,500,000	222,900,000	71,100,000	85,600,000		117,000,000				-92,800,000														-56,100,000			-94,800,000	-92,400,000			22,000,000	-57,700,000		4,800,000	-47,200,000	-30,200,000	193,600,000	-39,500,000	-224,900,000
capital expenditures	0	0	0			0	0	0	0	0		0				0														0			0	0			0	0		0	0	0	0	0	0
free cash flows	30,500,000	-40,200,000	64,100,000			36,500,000	24,500,000	222,900,000	71,100,000	85,600,000		117,000,000				-92,800,000														-56,100,000			-94,800,000	-92,400,000			22,000,000	-57,700,000		4,800,000	-47,200,000	-30,200,000	193,600,000	-39,500,000	-224,900,000
cash flows from investing activities:
net change in short-term investments	384,100,000	-52,200,000	-62,400,000	293,500,000	-124,000,000	441,300,000	-300,900,000	-152,300,000	-90,200,000	47,600,000	280,300,000	-948,000,000	68,100,000	144,500,000	141,600,000	-103,100,000	429,000,000	-454,300,000	76,400,000	-85,400,000	86,200,000	-55,300,000	99,500,000	8,100,000	440,900,000	-587,500,000	610,500,000	-715,000,000	47,200,000	55,600,000	18,600,000	119,000,000	-157,300,000	-50,400,000	113,400,000	43,700,000	69,000,000	-86,100,000	-291,100,000	111,800,000	-61,500,000	44,700,000	-34,100,000	-2,100,000	26,300,000	-299,000,000			61,900,000	-50,100,000	33,200,000	129,500,000	233,800,000			12,100,000			142,500,000	89,800,000
sales of fixed maturity investments	145,100,000	96,700,000	108,600,000	58,700,000	76,400,000	185,800,000	87,200,000	17,400,000	35,900,000	54,600,000	-23,700,000	59,000,000	66,900,000	86,500,000																																																			1,715,400,000	1,331,700,000	1,177,800,000	1,053,700,000	1,266,800,000	1,077,900,000	1,439,700,000	1,931,500,000
maturities, calls and paydowns of fixed maturity investments	143,800,000	109,700,000	93,200,000	95,000,000	146,500,000	81,800,000	53,900,000	66,300,000	79,500,000	66,800,000	91,200,000	31,700,000	36,600,000	39,000,000																																																			213,300,000	333,200,000	220,500,000	168,100,000	222,100,000	223,200,000
sales of common equity securities and investment in mediaalpha	35,600,000	120,700,000	0	0
distributions and redemptions of other long-term investments	6,300,000	21,900,000	25,800,000	53,800,000	24,600,000	91,500,000	90,100,000	8,100,000	16,700,000	2,000,000	60,400,000	8,500,000																		16,500,000	9,100,000	9,700,000	7,100,000	3,000,000	28,100,000	500,000	49,700,000	6,400,000	18,200,000	3,000,000	23,900,000	21,500,000	13,300,000	2,400,000	20,900,000	900,000	8,900,000	11,100,000	60,700,000	12,100,000	23,900,000	54,000,000	106,700,000	18,900,000	-400,000	8,000,000	52,400,000
release of cash (pre-funding) of investment purchases	30,000,000
proceeds from the sale of bamboo group	6,000,000
purchases of fixed maturity investments	-425,400,000	-222,500,000	-335,500,000	-609,400,000	-315,300,000	-417,300,000	-199,800,000	-152,400,000	-112,900,000	-127,600,000	-111,400,000	-143,300,000	-215,800,000	-115,000,000
purchases of common equity securities and investment in mediaalpha	-123,900,000		0	0				-10,000,000
purchases of other long-term investments	-217,700,000	-39,700,000	-32,000,000	-48,300,000	-30,000,000	-79,900,000	-27,500,000	-21,800,000	-69,800,000	-146,100,000	-41,900,000	-86,500,000	-29,000,000	-21,400,000	-11,500,000	-101,000,000	-15,800,000	-18,700,000	-4,700,000	-3,900,000	-108,500,000	-60,600,000	-30,000,000	-18,800,000	-1,100,000	-46,000,000	-16,400,000	-12,600,000	-32,700,000	-22,400,000	-2,200,000	-24,000,000	-2,400,000	-10,900,000		2,800,000	-23,800,000	-9,500,000	-13,900,000	-4,700,000	-13,000,000		-9,800,000	-4,500,000	-17,400,000	-14,900,000
net other investing activities	-13,700,000	-27,300,000	22,900,000	-28,700,000	-14,300,000	29,200,000	6,400,000	1,800,000	-400,000	-11,200,000
net cash from investing activities	-29,800,000	7,300,000	-163,200,000			100,600,000	-88,900,000	-232,200,000	-126,200,000	-96,600,000		234,300,000																																																								-128,500,000	-11,800,000	168,300,000
cash flows from financing activities:
draw down of debt and revolving lines of credit	6,400,000	116,300,000	21,100,000				200,000
repayment of debt and revolving lines of credit	-8,700,000	-1,000,000	-1,400,000	-2,600,000	-1,500,000	-32,600,000	-1,400,000
cash dividends paid to common shareholders	-2,400,000	-2,600,000	0	0	0	-2,500,000	0	0	0	-2,600,000
repurchases and retirements of common shares	-25,900,000	-9,900,000	200,000	0	0	-8,100,000	0
contributions from other noncontrolling interests	700,000	600,000
distributions to other noncontrolling interests	-19,400,000	-41,100,000
net other financing activities		16,200,000	8,200,000	-7,400,000			-200,000	-100,000
net cash from financing activities	-49,300,000	78,500,000	19,500,000			-34,200,000		17,600,000	6,900,000	-41,300,000		-487,600,000				6,500,000						105,500,000	47,900,000	4,900,000	-457,500,000	-9,600,000	25,700,000	-713,500,000	-2,300,000	-8,900,000	-19,500,000	-323,900,000	-500,200,000	-98,800,000	-51,600,000	-118,900,000	-31,800,000	-12,300,000	-80,000,000	-32,100,000	-21,100,000	-9,400,000	-2,100,000	-8,000,000	-167,000,000	-31,500,000
net change in cash during the period	-48,600,000	45,600,000		90,800,000	29,900,000	102,900,000																															26,500,000	-42,700,000	216,500,000	-13,200,000	-10,300,000	-9,900,000	49,500,000	64,100,000	10,400,000	-246,100,000
cash balance at beginning of period	185,600,000	266,400,000
cash balance at end of period	137,000,000	312,000,000
supplemental cash flows information:
interest paid	-18,100,000	-15,900,000		-15,000,000	-14,700,000	-16,700,000		-6,400,000	-5,800,000	-5,800,000		-4,600,000	2,100,000	-8,400,000		-7,500,000		-4,700,000		-4,400,000	-3,600,000	-3,700,000		-4,600,000	-400,000	-300,000		-100,000	-200,000	-200,000		-6,500,000	1,100,000	-1,600,000		12,900,000	-9,000,000	-12,800,000	-22,200,000	-6,300,000	-12,800,000		-12,700,000	-6,400,000	-12,900,000	-500,000	-8,100,000	-12,800,000		-14,800,000	-10,900,000	-12,800,000		-18,700,000	-17,700,000	-13,200,000		-14,900,000	-28,500,000	-14,800,000		-15,400,000	-24,600,000	-14,000,000	-21,800,000	-7,200,000		46,400,000	-21,600,000	-900,000		43,200,000
net income tax payments	-3,700,000	-3,500,000		-4,800,000	-9,100,000	-5,300,000		-2,100,000	-10,000,000	-17,800,000		600,000	-3,500,000	-300,000		-1,400,000
interest income from bam surplus notes subsequent to deconsolidation, net of interest payments received of 10.8 and 5.8
change in fair value of bam surplus notes			15,300,000
unrealized loss on deconsolidation of bam			0
proceeds from kudu’s participation contracts sold			0	0			600,000	0	11,700,000	62,900,000
proceeds from the sale of bamboo group, nsm group and other operating businesses, net of cash sold of 135.0, 0.0 and 0.8
purchases of consolidated subsidiaries, net of cash acquired of 1.9, 44.9 and 0.0
payments of principal received on the bam surplus notes subsequent to deconsolidation
impact to cash from deconsolidation of bam			0
bam member surplus contributions prior to deconsolidation
cash balance at beginning of year
cash balance at end of year
change in fair value of contingent consideration - ark		9,700,000	13,800,000	34,200,000
interest income from bam surplus notes subsequent to deconsolidation		-7,500,000
purchases of consolidated subsidiaries, net of cash acquired of 0.0 and 44.9
interest income from bam surplus notes subsequent to deconsolidation, net of interest payments received of 5.8
net loss from discontinued operation, net of tax - nsm group
net loss from sale of discontinued operations, net of tax - nsm group
net cash from operations - continuing operations							24,500,000	222,900,000	71,100,000	85,600,000		115,000,000										-41,100,000		-5,000,000	19,300,000	-44,800,000		1,800,000	-10,100,000	-56,100,000			-102,400,000	-41,700,000			22,600,000	-65,600,000		20,900,000	-32,600,000			-7,400,000	-184,200,000
net cash from operations - nsm group discontinued operations												2,000,000
proceeds from the sale of nsm group and other operating businesses, net of cash sold of 0.0, 0.8 and 144.4
purchases of consolidated subsidiaries, net of cash acquired of 44.9, 0.0, and 0.3
release of cash (pre-funding) for ils funds managed by elementum
net cash from investing activities - continuing operations							-88,900,000	-232,200,000	-126,200,000	-96,600,000		234,300,000
net cash from investing activities - nsm group discontinued operations												0
net (contributions to) distributions from discontinued operations
net cash from financing activities - continuing operations							24,000,000	17,600,000	6,900,000	-41,300,000		-487,000,000										105,500,000		4,900,000	-457,500,000	-9,600,000				-8,900,000		-314,700,000	-506,800,000	-101,200,000		-116,500,000	-31,800,000	-12,300,000	-80,000,000	-32,100,000	-21,100,000		-2,100,000	-8,000,000	-167,000,000	-31,500,000
net cash from financing activities - nsm group discontinued operations												-600,000
net change in cash during the period - continuing operations							-40,400,000	8,300,000	-48,200,000	-52,300,000	9,300,000	-137,700,000											-2,500,000	-18,300,000	10,900,000	23,100,000	48,500,000	-4,700,000	-2,100,000	-25,700,000	-97,800,000	112,900,000	-29,700,000	-3,100,000	-9,700,000
cash balance at end of year (includes restricted cash balances of 73.6, 0.7 and 18.3 and excludes discontinued operations cash balances of 0.0, 0.0 and 0.0
proceeds from the sale of other operating businesses, net of cash sold of 0.0 and 0.8
purchases of consolidated subsidiaries, net of cash acquired of 44.9 and 0.0				0	0	-231,800,000
bam member surplus contributions prior to the deconsolidation of bam
net contributions from (distributions to) other noncontrolling interests				-1,400,000	-11,200,000	1,100,000	2,300,000	2,200,000	-5,800,000	-1,700,000
cash balances at beginning of period				0	0	122,400,000		0	0	255,000,000		0	-111,600,000	259,300,000		211,200,000		0		0	0	110,300,000		0	0	97,100,000		0	-69,600,000	149,800,000		0	-6,300,000	173,500,000		-111,500,000	0	349,500,000	0	0	326,700,000		0	0	212,600,000	0	0	251,900,000		-4,600,000	-39,800,000	148,100,000		0	0	148,900,000		0	0	183,900,000		0	-8,500,000	171,300,000	0	159,000,000		0	0	187,700,000		0
cash balances at end of period				90,800,000	29,900,000	225,300,000		8,300,000	-48,200,000	202,700,000		-137,700,000	56,300,000	327,100,000		488,500,000		3,500,000		-1,100,000	18,100,000	132,200,000		-18,900,000	10,900,000	120,200,000		-4,700,000	-71,700,000	125,000,000		109,700,000	-35,400,000	170,400,000		-150,100,000	26,500,000	306,800,000	216,500,000	-13,200,000	316,400,000		49,500,000	64,100,000	223,000,000	-244,100,000	206,300,000	245,300,000		26,600,000	-17,100,000	154,900,000		-25,300,000	16,200,000	137,200,000		-79,200,000	-83,500,000	318,100,000		-9,500,000	-50,100,000	229,600,000	-13,400,000	186,300,000		18,700,000	8,500,000	183,100,000		1,400,000
adjustments to reconcile net income to net cash provided from (used for) operations:
net realized and unrealized investment (gains) losses														8,400,000							-35,200,000	-245,600,000								-51,300,000
net realized and unrealized investment (gains) losses from investment in mediaalpha														-18,800,000
amortization (accretion) and depreciation
net cash provided from (used for) operations														-41,500,000													2,000,000	71,500,000
net cash provided from (used for) investing activities														139,800,000			36,600,000	-61,000,000																																										145,600,000
bam member surplus contributions					14,600,000	11,400,000	26,400,000	19,900,000	14,700,000	11,800,000
fidus re premium payments					-3,400,000	-3,500,000	-3,300,000	-3,400,000	-3,400,000	-3,500,000
net cash provided from (used for) financing activities														-31,100,000					57,800,000	21,700,000																																													191,100,000	32,500,000
net loss from sale of discontinued operations, net of tax - sirius group
net change in insurance premiums receivable							169,400,000	296,500,000	-167,600,000	-365,300,000	154,500,000	196,500,000	-135,200,000	-343,600,000	66,400,000	-199,700,000														2,700,000	35,200,000	-23,800,000	-8,500,000	-11,000,000	49,800,000
net change in deferred acquisition costs and value of in-force business acquired
proceeds from the sale of nsm group and other operating businesses, net of cash sold of 0.8, 144.4 and 0.0
release of cash pre-funded/placed in escrow for ark transaction															0	646,300,000
purchases of common equity securities											-336,500,000	-49,900,000	-100,000	-38,000,000	-83,700,000	-68,800,000	0	-100,000	-25,000,000	-100,000	-100,000	-4,600,000	-75,300,000	-89,800,000	-53,800,000	-109,400,000	-62,600,000	-136,700,000	-568,500,000	-113,400,000	-288,600,000	-108,300,000	-55,300,000	-86,100,000	-80,500,000	211,800,000	-491,700,000	-49,500,000	-39,400,000	-59,000,000	-65,000,000	-74,600,000	-105,700,000	-108,600,000	-143,300,000	-58,700,000
purchases of consolidated subsidiaries, net of cash acquired of 0.0, 0.3, and 52.2
issuances of shares to noncontrolling interests
net cash from financing activities – continuing operations
cash balance at end of year (includes restricted cash balances of 0.7, 18.3 and 4.5 and excludes discontinued operations cash balances of 0.0, 0.0 and 111.6
net change in restricted cash								-13,400,000	400,000	800,000	3,300,000	1,600,000	1,800,000	1,000,000	-3,000,000	4,800,000	-4,500,000	-13,400,000	-10,700,000	-21,800,000	28,000,000	10,800,000	8,700,000								0	0	8,400,000	-2,600,000	11,000,000	4,100,000	8,100,000	-5,300,000	4,000,000	-5,600,000	33,900,000	18,300,000
sales of common equity securities								10,700,000							0	160,300,000	205,000,000	474,900,000	25,100,000	82,000,000	223,600,000	136,500,000	40,100,000	10,800,000	104,600,000	14,400,000	16,300,000	223,900,000	166,200,000	17,700,000	239,700,000	109,800,000	83,800,000	767,500,000	90,800,000	-206,000,000	496,600,000	80,000,000	217,100,000	64,200,000	63,400,000	108,600,000	64,300,000	166,300,000	181,900,000	40,900,000	36,600,000	22,200,000	112,400,000	40,500,000	24,200,000	60,700,000	60,200,000	15,700,000	80,000,000	15,900,000	7,700,000	4,900,000	104,500,000	192,600,000		118,200,000	110,900,000	138,400,000	131,900,000	136,100,000		305,400,000	189,500,000	62,800,000
proceeds from the sale of nsm group and other operating businesses, net of cash sold of 0.8 and 144.4
purchases of consolidated subsidiaries, net of cash acquired of 0.0 and 0.3
proceeds from the sale of other businesses, net of cash sold of 0.8 and 0.0									0	17,300,000
draw down of debt and revolving line of credit												8,800,000	188,000,000	15,000,000		105,300,000		0	57,000,000	0	42,900,000	106,500,000	33,200,000	0			15,000,000	350,000,000			0	250,000,000	-4,500,000	107,000,000	61,500,000	114,500,000	15,000,000	4,500,000
repayment of debt and revolving line of credit									-3,100,000	-20,000,000		-8,100,000	12,400,000	-14,800,000		-93,700,000		-1,600,000	-700,000	-500,000	-6,900,000	-14,800,000	-4,200,000	-5,100,000	-3,800,000	-2,300,000	-400,000	-351,300,000	-12,100,000	-1,200,000	-2,800,000	-251,300,000	-135,400,000	-15,100,000	-2,700,000	-75,300,000	-16,300,000	-1,300,000
common shares repurchased									-7,400,000	-25,300,000		-508,900,000	-66,800,000	-34,800,000	-13,000,000		0	0					-7,200,000	0			0				-20,300,000	-319,500,000	-374,600,000	-166,900,000	-100,000,000	-151,500,000	-12,800,000	-4,300,000	-74,900,000	-14,800,000	-10,900,000	0	0	-800,000	-79,000,000	-26,500,000
acquisition of subsidiary shares from non-controlling interest shareholders															0
net change in other assets and liabilities										-3,400,000	127,700,000	9,000,000	17,100,000	-63,400,000	-21,900,000	-34,700,000	39,000,000	51,100,000	12,800,000	13,700,000	25,400,000	-33,200,000	-25,300,000	15,300,000	24,200,000	-41,300,000	700,000	16,600,000	25,900,000	-64,000,000	-75,800,000	-30,200,000	-88,900,000	-31,800,000	4,500,000	81,500,000	9,400,000	-55,300,000	163,500,000	66,600,000	-77,000,000	-25,400,000	-1,300,000	114,600,000	-24,700,000	14,400,000	18,200,000	35,800,000		109,400,000							-145,600,000			24,200,000							36,800,000
net (income) income from discontinued operation, net of tax - nsm group
net (gain) income from sale of discontinued operations, net of tax - nsm group
net (gain) income from sale of discontinued operations, net of tax - sirius group
net change in ceded unearned premiums											500,000	45,700,000	-18,600,000	-19,700,000	25,000,000	24,800,000														-8,200,000		-600,000	1,800,000	-6,800,000		59,200,000	-21,100,000	-61,500,000	14,300,000	11,000,000	-60,600,000		23,900,000	-2,100,000	-52,400,000	27,800,000				28,500,000	46,200,000	1,800,000
proceeds from kudu participation contracts sold
contributions to kudu participation contracts
net cash provided from (used for) operations - continuing operations
net cash provided from
proceeds from the sale of nsm group, net of cash sold of 143.9, 0.0 and 0.0
proceeds from the sale of other operating businesses, net of cash sold of 0.5 0.0 and 0.0
cash pre-funded for ils funds managed by elementum
purchases of consolidated subsidiaries, net of cash acquired of 0.3, 52.2, and 1.5
net cash provided from (used for) investing activities - continuing operations																																		139,800,000
issuances of shares to non-controlling interests
bam member surplus contribution
net contributions from (distributions to) other non-controlling interests
other financing activities											500,000	-300,000	2,400,000	-4,200,000	0	-4,600,000	300,000	0									0	-100,000	-1,600,000	-7,600,000
net cash provided from (used for) financing activities - continuing operations
net cash provided from (used for) financing activities – continuing operations
cash balance at end of year (includes restricted cash balances of 12.2, 4.5 and 0.0 and excludes discontinued operations cash balances of 0.0, 111.6 and 126.6
millions																	0	0	0	0	0	2,019,000,000		0	0	2,018,000,000											0	2,015,000,000	0	0	2,014,000,000		0	0	2,013,000,000	0	0	2,012,000,000		0	0	2,011,000,000				2,010,000,000		0	0	2,009,000,000			0	2,008,000,000	0	2,007,000,000
investments														594,300,000
cash														52,000,000
reinsurance recoverables														433,400,000
insurance premiums receivable														236,700,000
ceded unearned premiums														170,200,000
value of in-force business acquired														71,700,000
other assets														88,900,000
loss and loss adjustment expense reserves														-696,000,000
unearned insurance premiums														-326,100,000
debt														-46,400,000
ceded reinsurance payable														-528,300,000
other liabilities														-25,900,000
net tangible assets acquired														24,500,000
goodwill														116,800,000
other intangible assets - syndicate underwriting capacity														175,700,000
deferred tax liability on other intangible assets														-33,400,000
net assets acquired														283,600,000
net loss from sale of discontinued operations, net of tax - nsm group and sirius group
investments in kudu participation contracts												-45,100,000				-11,000,000		-100,000
proceeds from the sale of nsm group, net of cash sold of 143.9 and 0.0
proceeds from the sale of other operations, net of cash sold of 0.5 and 0.0
purchases of consolidated subsidiaries, net of cash acquired of 0.3 and 52.2												0
other investing activities												-2,000,000	1,300,000	4,400,000	5,200,000	60,900,000	41,600,000	-26,700,000	-14,400,000	82,900,000	-78,400,000	-17,400,000	-38,000,000
cash dividends paid to the company’s common shareholders												0	0	-3,000,000	100,000	-3,100,000	0	0	0	0	0	-3,200,000	0	0	0	-3,800,000	0	0	0	-4,600,000	0	0	0	-5,400,000	0	0	0	-6,000,000	0	0	-6,200,000	0	0	0	-6,200,000	0
net distributions from non-controlling interest shareholders												-2,700,000
contributions from discontinued operations												0																15,100,000
capital contributions from bam members												26,000,000	24,000,000	12,300,000	17,400,000	13,800,000	22,000,000	15,400,000	11,700,000	23,000,000	12,000,000	7,900,000	26,900,000	12,100,000	9,900,000	4,900,000	11,700,000	8,400,000	7,700,000	9,600,000	9,800,000	11,500,000	10,000,000	6,700,000	8,900,000	8,800,000	6,900,000	4,600,000	3,900,000	2,900,000	4,800,000	5,600,000	3,500,000
acquisition of subsidiary shares by non-controlling interest shareholders												0			400,000
fidus re premium payment												-1,800,000	-1,900,000	-1,900,000		-3,200,000		-700,000	-800,000	-700,000	-800,000	-700,000	-700,000	-600,000
net loss from nsm group discontinued operation, net of tax
net loss from sale of sirius group, net of tax
proceeds from the sale of consolidated subsidiaries, net of cash sold of 0.0 and 0.0
net (gain) income from sale of discontinued operations, net of tax																			800,000						0	-100,000
net change in premiums and commissions receivable														-12,600,000			-9,100,000	9,000,000
net change in premiums payable														10,100,000	3,300,000	2,600,000	-3,500,000	-22,800,000
distributions and redemptions of other long-term investments and settlements of forward contracts														39,800,000	8,200,000	40,100,000	5,400,000	400,000		24,900,000	1,900,000	1,900,000		1,200,000	200,000	-6,900,000
purchases of consolidated subsidiaries, net of cash acquired of — and 52.0
net contributions from non-controlling interest shareholders														300,000	-500,000
contingent consideration payments related to acquisitions of subsidiaries																-6,700,000
effect of exchange rate changes on cash														600,000	-400,000	-300,000	-2,600,000	900,000	1,400,000	-600,000	-500,000	300,000	0														6,400,000	-8,500,000	-13,800,000	3,400,000	-200,000	-1,200,000	3,700,000	-2,100,000	-600,000	3,800,000	-2,500,000	1,700,000			100,000	2,300,000	2,100,000				0	3,300,000					700,000	3,100,000			2,600,000	600,000	3,400,000	1,800,000
net change in cash during the period - continuing operations, including the effect of exchange rate changes														67,800,000	-51,400,000	277,300,000	-3,600,000	3,500,000		-1,100,000	18,100,000	21,900,000
net realized and unrealized investment losses from mediaalpha
realized loss from the 2019 mediaalpha transaction
net loss from sale of discontinued operations, net of tax
net change in commissions receivable															-6,200,000	-200,000
net change in investments in kudu participation contracts
purchases of fixed maturity and convertible investments															-220,700,000	-411,100,000	-126,400,000	-117,900,000	-111,200,000	-130,600,000	-145,100,000	-152,300,000	-137,100,000	-141,500,000	-154,500,000	-537,100,000	-1,175,400,000	-412,500,000	180,300,000	-957,600,000	-1,367,900,000	-968,000,000	-3,151,800,000	-315,200,000
purchases of consolidated subsidiaries, net of cash acquired of 52.2, 13.4, and 12.8 and including restricted cash of 0.0, 8.4, 0.0
proceeds from issuance of shares to non-controlling interest shareholders																			0	0	0	62,700,000
contingent considerations related to acquisition of subsidiaries
net realized and unrealized investment gains																												-32,500,000					-28,100,000	-29,500,000			61,100,000	-103,400,000	-20,800,000	-113,900,000	-63,800,000	-95,600,000	-28,200,000	37,300,000	-75,200,000	-72,700,000
net realized and unrealized investment loss (gains) from investment in mediaalpha
amortization of restricted share and option awards																4,000,000		3,500,000	2,200,000	2,900,000	2,600,000	2,800,000	3,300,000	3,200,000	3,300,000	3,200,000
net cash provided from operations
sales of fixed maturity and convertible investments																97,800,000		49,000,000	41,700,000	51,100,000	148,500,000	93,000,000	80,000,000	186,900,000	315,100,000	1,266,500,000	493,200,000	431,500,000	331,200,000	868,500,000	995,300,000	979,900,000	1,251,200,000	202,300,000
maturities, calls and paydowns of fixed maturity and convertible investments																31,400,000		41,500,000	26,600,000	31,200,000	35,900,000	25,600,000	16,600,000	27,400,000	56,400,000	40,600,000	34,800,000	64,800,000	-62,000,000	175,800,000	196,600,000	213,800,000	160,600,000	155,900,000
purchases of consolidated subsidiaries, net of cash acquired of 52.2 and 13.4
net cash (used to) provided from investing activities
net cash provided from financing activities																		12,500,000																																										23,000,000				341,100,000
net loss																-110,500,000
net gain from sale of discontinued operations, net of tax																-18,700,000	1,500,000	700,000			0	-700,000						-554,300,000
purchases of consolidated subsidiaries, net of cash acquired of 52.0 and 0.0																11,100,000
net cash (used for) provided from investing activities																363,900,000			600,000	52,100,000
distribution to non-controlling interest shareholders																-900,000		0		-100,000	0	-27,600,000		-1,500,000				-400,000	4,600,000	-5,100,000		-300,000				-8,100,000	-300,000	-700,000
capital contributions to non-controlling interest shareholders																-400,000		0		0	900,000	700,000
net realized and unrealized investment gains from mediaalpha
realized gain from the 2019 mediaalpha transaction
deferred income tax (benefit) expense																														-1,100,000
investments in asset management firms - kudu																			-44,000,000
purchases of consolidated subsidiaries, net of cash acquired of 13.4, 12.8, and 90.9 and including restricted cash of 8.4, 0.0, 53.4
cash pre-funded/placed in escrow for ark transaction
acquisitions of additional shares from non-controlling interest
repurchase of shares from non-controlling interest shareholders																			0	0	0	-21,100,000
capital contributions from non-controlling interest shareholders
distributions to non-controlling interest shareholders
payments to contingent considerations related to purchases of consolidated subsidiaries
fixed maturity investments																	22,000,000	-300,000	24,400,000	-300,000	200,000	8,100,000		-1,400,000	-2,000,000	10,900,000
short-term investments																	1,000,000	0	3,700,000	0	0	1,300,000		-300,000	-500,000	2,600,000
investment in mediaalpha
common equity securities																	6,100,000	-1,700,000	11,000,000	-400,000	-2,500,000	5,400,000		600,000	-2,200,000	5,000,000
other long-term investments																	-28,300,000	53,600,000	23,100,000	-1,800,000	7,200,000	1,600,000		2,600,000	-3,300,000	1,900,000
total investment income																	60,700,000	51,600,000	62,200,000	-2,500,000	4,900,000	16,400,000		1,500,000	-8,000,000	20,400,000
third-party investment expenses																	-900,000	0	-900,000	-100,000	100,000	-400,000		100,000	100,000	-700,000
net investment income
realized gain from the mediaalpha transaction																			0	0	-1,300,000	-66,200,000
purchases of consolidated subsidiaries, net of cash acquired of 13.4 and 12.8
payments on contingent consideration earnout liabilities																		-600,000
net investment income, pre-tax																		51,600,000	61,300,000	-2,600,000	5,000,000	16,000,000		1,600,000	-7,900,000	19,700,000
net cash (used for) provided from operations																						-41,100,000	-600,000	-5,100,000							-13,000,000
purchases of consolidated subsidiaries, net of cash acquired of 11.9 and 12.8
net income tax refunds																				-100,000						200,000
charges (credits) to reconcile net income to net cash provided from (used for) operations:
net income from discontinued operations																											0	15,200,000							-7,300,000	-65,700,000	-15,500,000	7,900,000	-6,700,000							24,600,000
net cash from continuing operations
net cash provided from discontinued operations
sales of unconsolidated affiliates and consolidated subsidiaries, net of cash sold																											0				-11,000,000
net settlement of investment cash flows and contributions with discontinued operations																									0	100,000	0				-5,400,000
purchases of consolidated subsidiaries, net of cash acquired of 12.8, 90.9, and 0.0 and including restricted cash of 0.0, 53.4, 0.0
net cash (used for) provided from investing activities — continuing operations
net cash provided from investing activities — discontinued operations
distributions from discontinued operations
net cash provided from (used for) financing activities — continuing operations
net cash from financing activities — discontinued operations
add: cash held for sale at the beginning of period																														900,000	0
deferred income expense																				7,400,000	-3,500,000	7,500,000
purchases of consolidated subsidiaries, net of cash acquired of 12.8 and 71.6																				0
payments on contingent consideration earnout liability																				0
acquisition of additional subsidiary shares from non-controlling interest																								0
restricted share statutory withholding tax payments																				0	0	-4,900,000		0	0	-8,400,000
net cash provided from operations - discontinued operations																																																		8,000,000
net cash (used for) provided from investing activities - continuing operations
net cash from investing activities - discontinued operations
net cash from financing activities - discontinued operations																												-19,900,000
purchases of consolidated subsidiaries, net of cash acquired of 0.4																						-9,600,000
net cash provided from investing activities - continuing operations																						-42,800,000		-18,200,000	449,100,000	77,500,000		687,100,000	-31,700,000	39,300,000		409,600,000				-47,800,000	29,300,000	43,700,000	147,700,000	-5,400,000	43,600,000		-166,400,000	81,600,000	362,200,000	-521,200,000	178,300,000	814,900,000		8,900,000
net cash provided from investing activities																						-42,800,000	-49,200,000			77,400,000	20,800,000			39,300,000	-65,400,000	393,300,000	774,100,000	174,800,000	-49,600,000	-4,800,000	29,900,000	35,800,000	144,600,000	10,700,000	58,200,000	30,900,000	-145,700,000	113,700,000	402,900,000	-365,600,000	178,300,000	814,900,000	140,500,000	174,700,000	251,300,000	233,100,000	2,400,000	159,000,000	186,800,000	137,100,000	10,800,000	-27,900,000								137,000,000					246,600,000
deferred income tax benefit
net gain on sale of discontinued operations																																-47,900,000
proceeds paid to non-controlling common shareholders from the sale of consolidated subsidiaries																															0
purchases of consolidated subsidiaries, net of cash acquired of 90.9, including 53.4 of restricted cash
net change in unsettled investment purchases and sales																									-4,300,000	42,900,000		-55,500,000	-79,100,000	-1,000,000	142,800,000	-197,400,000	46,000,000	44,300,000	-76,400,000	-16,600,000	-46,800,000	135,200,000	86,700,000	-110,400,000	52,600,000	25,300,000	-52,100,000	115,100,000	-80,800,000	-87,900,000	-128,700,000	67,100,000	-7,000,000	15,500,000	-28,200,000	66,700,000					-31,700,000	-40,900,000	56,200,000	68,600,000	-61,100,000	-45,900,000	-34,800,000	225,800,000					-80,000,000	98,400,000	-114,200,000	59,700,000
net cash provided from investing activities — continuing operations
proceeds from issuances of common shares																															0	0																	0	-100,000			-100,000	0			700,000	0							1,600,000	200,000	500,000	0	0	100,000	800,000	0
net cash from financing activities — continuing operations
less: cash held for sale at the end of period																															-2,900,000
gain from sale of tranzact reported in discontinued operations																											0	0	0	51,900,000
add back reclassification from continuing operations for the release of a tax valuation allowance																											0	0	0	30,200,000
increase to white mountains’s book value from sale of tranzact																											0	0
charges (credits) to reconcile net income to net cash from operations:
deferred income benefit																								-3,100,000	-800,000	-800,000		-2,100,000
net cash (used for) provided from operations - discontinued operations
purchases of consolidated subsidiaries, net of cash acquired of 71.9
net cash provided from investing activities - discontinued operations																																-16,300,000							-3,100,000	16,100,000	14,600,000		20,700,000	32,100,000	40,700,000
add: cash held for sale, excluding discontinued operations, at the beginning of period																												0
less: cash held for sale, excluding discontinued operations, at the end of period
investment income:
purchases of consolidated subsidiaries, net of cash acquired
net acquisitions of property and equipment																									-2,300,000	-100,000		1,100,000	300,000	-400,000		500,000	-1,000,000	-2,700,000				-5,000,000	-4,600,000	-3,400,000	-500,000	-2,700,000	-4,200,000	-2,700,000	-3,500,000	-700,000
payments of contingent consideration
net cash provided from (used for) operations - discontinued operations																										100,000											-600,000	7,900,000
net cash provided from used for operations																										-44,700,000
net cash (used for) provided from investing activities - discontinued operations																										-100,000								35,000,000			600,000	-7,900,000
net gain on sale of unconsolidated affiliates
undistributed equity in earnings from unconsolidated affiliates, after-tax
purchases of consolidated affiliates and other assets
distributions, settlements and redemptions of other long-term investments																												-600,000
purchases of unconsolidated affiliates and consolidated subsidiaries, net of cash acquired
payments of contingent consideration related to purchases of consolidated subsidiaries																																0	0	-7,800,000
net income tax refund from national governments																																0
net income on sale of discontinued operations																														1,000,000
net change in reinsurance recoverable on paid and unpaid losses																														1,400,000	6,600,000	-2,400,000	-16,500,000	26,500,000	43,200,000	-99,300,000	16,000,000	20,000,000	-30,500,000	-11,700,000	13,900,000	9,500,000	-20,500,000	15,900,000	20,100,000	-28,800,000	86,700,000	40,200,000			97,800,000	84,400,000	104,100,000				45,900,000	8,300,000	193,300,000	39,700,000	40,100,000	32,100,000	93,600,000	76,700,000	257,600,000	167,000,000	218,700,000	178,800,000	192,900,000	147,800,000
net change in funds held under insurance treaties																														-4,300,000		15,200,000	6,000,000	-2,800,000
net cash from operations - discontinued operations																																	7,600,000	-50,700,000					3,100,000	-16,100,000	-14,600,000		-20,700,000	-32,100,000	-40,700,000
onebeacon ltd. common shares repurchased and retired																															0	0	0	-11,500,000	-1,900,000	-200,000	100,000	-1,700,000
contributions to discontinued operations																																0	0	-3,000,000
increase to white mountains book value from sale of tranzact																														82,100,000
charges (credits) to reconcile net income to net cash (used for) provided from operations:
net gain on sale of consolidated and unconsolidated affiliates
net income (income) from discontinued operations																																	6,000,000	900,000							500,000
net (gain) loss on sale of discontinued operations
net change in ceded unearned insurance premiums
net change in funds held under insurance contracts
net cash (used for) provided from continuing operations
net cash (used for) provided from discontinued operations
purchases of consolidated and unconsolidated affiliates
net (acquisitions) dispositions of property and equipment
net cash provided from (used for) investing activities — continuing operations
change in capital lease obligation
(contributions to) distributions from discontinued operations
capital contributions from non-controlling interest of consolidated lps																																							0			0
redemptions paid to non-controlling interest of consolidated lps																																							0			0
f-4
net gain on sale of unconsolidated affiliates and consolidated subsidiaries
undistributed equity in earnings from unconsolidated affiliates, net of tax																																				-3,900,000	-6,800,000	-7,300,000	-7,000,000	-12,500,000	-13,800,000		-8,600,000	-7,100,000	-9,200,000	-7,700,000
net change in funds held by ceding entities																																				45,600,000	-34,500,000	21,400,000
net change in ceded reinsurance payable																																4,000,000	-8,100,000	1,300,000		-79,300,000	35,500,000	56,400,000	-16,100,000	1,400,000	78,600,000		-17,600,000	-4,900,000	75,700,000	-11,700,000	-11,300,000	54,500,000						6,000,000	55,900,000	137,000,000
net cash (used for) provided from operations - continuing operations
payments on capital lease obligation																																-400,000	-500,000	-500,000		-700,000	-1,500,000	-1,300,000	-1,400,000	-1,300,000	-1,300,000		-1,300,000	-900,000	-1,800,000
cash dividends paid to onebeacon ltd.’s non-controlling common shareholders																																-4,700,000	-4,800,000	-4,700,000	-4,900,000	-4,900,000	-5,000,000	-4,900,000	-4,900,000	-5,000,000	-4,900,000	-5,000,000	-5,000,000	-4,900,000	-5,000,000
acquisition of additional shares from non-controlling interest																																				0
net cash (used for) provided from financing activities - discontinued operations
net gain on sale of unconsolidated subsidiaries
sales of consolidated and unconsolidated subsidiaries, net of cash sold
net settlement of investment cash flows with discontinued operations
purchases of consolidated and unconsolidated subsidiaries, net of cash acquired																																	0	-8,100,000
net cash provided from (used for) financing activities - discontinued operations
cash held for sale at the beginning of period
cash held for sale at the end of period
scope
united states first event																																	0	75,000,000
united states second event																																	0	45,000,000
japan first event																																	0	25,000,000
net change in variable annuity benefit guarantee liabilities																																		-400,000	1,300,000	-2,800,000	1,500,000	-400,000	-20,100,000	-22,300,000	1,300,000	-90,900,000	-50,400,000	-57,500,000	-189,900,000	10,600,000
net change in variable annuity benefit guarantee derivative instruments																																		7,000,000		-1,200,000	11,200,000	9,400,000	9,500,000	14,800,000	-20,400,000		49,800,000
funding from operational cash flows for discontinued operations
transfer of proceeds from symetra sale to sirius group																																		-559,800,000
net cash provided from financing activities - discontinued operations																																		2,400,000
net income tax refund from (payment to) national governments																																		13,500,000
net (gain) loss on sale of other discontinued operations
net change in ceded reinsurance premiums payable
net change in variable annuity benefit derivative instruments																																													22,500,000	88,400,000
net cash provided from (used for) continuing operations
net cash provided from (used for) discontinued operations
sales of unconsolidated affiliates, net of cash sold and held in escrow
contributions to other long-term investments
funding of operational cash flows for discontinued operations																																							3,100,000	-16,100,000	-14,600,000	21,200,000	-20,700,000	-32,100,000	-40,700,000
net dispositions (acquisitions) of property and equipment																																			-4,500,000	-15,000,000
distributions from (contributions to) discontinued operations																																			-3,000,000
distribution to non-controlling interest shareholders of tranzact and mediaalpha
net cash (used for) provided from financing activities — discontinued operations
gain on sale of subsidiaries - hamer and essentia
net cash provided from operations - continuing operations
sales of fixed maturity and convertible fixed maturity investments																																				-1,211,200,000	965,400,000	1,110,800,000	1,313,500,000	1,314,600,000	1,026,300,000	528,900,000	711,500,000	676,500,000	1,962,900,000	1,679,200,000	789,400,000	2,450,200,000	576,200,000	794,800,000	982,600,000	1,128,300,000	1,045,800,000	671,700,000	718,100,000	442,400,000	481,000,000	666,500,000	409,100,000	834,000,000	333,000,000	1,065,200,000	741,000,000	1,527,200,000
maturities, calls and paydowns of fixed maturity and convertible fixed maturity investments																																				-6,600,000	117,900,000	138,200,000	90,700,000	87,900,000	189,700,000	85,800,000	69,700,000	134,000,000	176,300,000	112,100,000	101,700,000	194,900,000	148,300,000	189,600,000	343,100,000	482,600,000	346,500,000	314,800,000	326,200,000	846,600,000	350,300,000	312,500,000	336,800,000	249,500,000	213,300,000	219,600,000	626,500,000	359,400,000
sales of consolidated and unconsolidated affiliates, net of cash sold																																				0			0	0	12,800,000		0	0	31,300,000																7,400,000	0	0	4,200,000
funding from (of) operational cash flows for discontinued operations																																				10,200,000	-600,000	7,900,000
purchases of fixed maturity and convertible fixed maturity investments																																				1,169,500,000	-1,187,400,000	-1,282,300,000	-1,232,600,000	-1,393,300,000	-1,138,300,000	-728,200,000	-798,600,000	-862,700,000	-1,742,500,000	-1,747,300,000
purchases of consolidated and unconsolidated affiliates, net of cash acquired																																				-30,900,000	0	-2,400,000	0	0	-32,200,000		0	0	-9,200,000
gain on sale of subsidiary - hamer and citation
net change in unearned insurance and reinsurance premiums																																					-10,900,000	181,300,000	41,800,000	-26,700,000	217,700,000	-103,700,000	-21,100,000	-33,800,000	146,100,000	-18,300,000	10,000,000	214,900,000		11,900,000	-77,600,000	152,100,000		-87,600,000	-48,700,000	204,100,000		-90,900,000	-58,200,000	149,800,000	-103,100,000	43,900,000	9,900,000	109,200,000	-17,600,000	167,300,000		37,800,000	-25,800,000	156,200,000
net change in funds held under reinsurance treaties																																					0	9,800,000	15,000,000	-3,900,000	700,000	54,000,000	11,700,000	9,400,000	23,700,000	-3,100,000	3,700,000	1,300,000								6,400,000
net change in insurance and reinsurance premiums receivable																																					12,700,000	-190,500,000	-1,900,000	16,800,000	-212,400,000	156,500,000	47,900,000	-12,000,000	-179,700,000	56,300,000																					95,100,000
cash dividends paid on sig preference shares																																							0			-9,400,000	0			0
collateral provided by interest rate cap counterparties																																					600,000	-1,200,000	-900,000	-1,900,000	-2,600,000	1,100,000
net income tax (payment to) refund from national governments
gross beginning balance																																					-124,800,000	3,159,800,000	4,900,000	-30,900,000	3,079,300,000		-42,700,000	-68,300,000	3,168,900,000	-181,000,000	-191,500,000	5,702,300,000		-117,400,000	-427,400,000	6,187,200,000				6,802,100,000		-260,300,000	-140,000,000	7,400,100,000			-24,100,000	8,062,100,000	-141,200,000	8,777,200,000
less beginning reinsurance recoverable on unpaid losses																																					47,000,000	-483,900,000	-8,000,000	2,900,000	-428,100,000		22,200,000	18,300,000	-429,100,000	96,000,000
net income and lae reserves																																					-77,800,000	2,675,900,000	-3,100,000	-28,000,000	2,651,200,000		-20,500,000	-50,000,000	2,739,800,000	-85,000,000	-149,600,000	3,195,000,000		-6,200,000	-354,500,000	3,810,100,000				4,011,200,000		-100,600,000	-74,300,000	4,349,700,000			68,500,000	4,594,200,000	800,000	4,761,500,000
loss and lae reserves consolidated — ssie																																									13,600,000
loss and lae incurred relating to:
current year losses																																					33,200,000	266,800,000	22,800,000	37,900,000	240,500,000		-100,000	47,100,000	242,900,000	49,800,000	10,500,000	257,900,000		5,100,000	-247,500,000	550,200,000				719,500,000		40,900,000	-17,300,000	563,900,000			-34,900,000	618,300,000	-2,300,000	630,100,000
prior year losses																																					-10,300,000	-1,400,000	-16,400,000	15,500,000	-11,200,000		3,800,000	-16,800,000	1,400,000	-6,700,000	-8,200,000	4,800,000															28,900,000	20,400,000
total incurred losses and lae																																					22,900,000	265,400,000	6,400,000	53,400,000	229,300,000		3,700,000	30,300,000	244,300,000	43,100,000	2,300,000	262,700,000		-15,300,000	-234,100,000	526,500,000				703,200,000		15,200,000	-14,300,000	543,200,000			-6,000,000	638,700,000
foreign currency translation adjustment to loss and lae reserves																																					29,900,000	-22,400,000	-23,000,000	-2,300,000	1,800,000		16,900,000	5,000,000	-9,600,000	24,100,000	-23,900,000	11,800,000			-11,000,000	21,100,000						-3,900,000						25,900,000	-200,000	3,700,000
loss and lae paid relating to:
total loss and lae payments																																					31,200,000	-320,800,000	-8,100,000	-12,600,000	-272,900,000		22,600,000	16,600,000	-307,200,000	56,500,000
net ending balance																																					6,200,000	2,598,100,000	-27,900,000	-3,100,000	2,623,200,000		22,800,000	-20,500,000	2,689,800,000	-257,400,000	-85,000,000	3,045,400,000		-148,500,000	-424,400,000	3,873,700,000				4,171,400,000		-55,300,000	-100,600,000	4,275,400,000			-43,900,000	4,662,700,000	-90,800,000	4,762,300,000
plus ending reinsurance recoverable on unpaid losses																																					-9,400,000	436,900,000	-2,500,000	8,000,000	425,200,000		27,400,000	-22,200,000	410,800,000	-2,012,600,000	-96,000,000	2,465,400,000		388,100,000	-145,500,000	2,338,600,000				2,919,600,000		9,100,000	-159,700,000	2,984,700,000			-47,700,000	3,375,300,000	-180,500,000	3,873,700,000
gross ending balance																																					-3,200,000	3,035,000,000	-30,400,000	4,900,000	3,048,400,000		50,200,000	-42,700,000	3,100,600,000	-2,270,000,000	-181,000,000	5,510,800,000		239,600,000	-569,900,000	6,212,300,000				7,091,000,000		-46,200,000	-260,300,000	7,260,100,000			-91,600,000	8,038,000,000	-271,300,000	8,636,000,000
gain on sale of subsidiary - citation
net income tax (payment) refund to national governments																																						-15,000,000
gain on sale of subsidiary - citation and essentia																																							0	0	-700,000
excess of fair value of acquired net assets over cost - ashmere
draw down of revolving line of credit																																										50,000,000	20,000,000	50,000,000	80,000,000
repayment of revolving line of credit																																							-40,000,000			-50,000,000	-20,000,000	-50,000,000	-155,000,000
purchase of interest rate cap																																										0
net income tax refund (payment) to national governments																																							6,200,000	-2,200,000	3,800,000
loss and lae reserves acquired
accretion of fair value adjustment to loss and lae reserves																																							-100,000	0	200,000		100,000	-1,100,000	1,200,000	-100,000	-5,900,000	7,100,000		0	0	2,100,000				2,100,000		900,000	100,000	2,500,000			-100,000	4,200,000	300,000	5,100,000
net change in funds held by ceding companies																																								4,700,000	12,600,000	-21,600,000	1,000,000	9,800,000	25,200,000	7,200,000						22,000,000	1,900,000			16,900,000	-3,500,000	38,900,000	19,000,000	6,000,000		-15,100,000	9,400,000	16,100,000	73,700,000	11,900,000		94,700,000	7,800,000	55,000,000
excess of fair value of acquired net assets over cost - american fuji																																											0	0	-6,900,000
net (gain) loss on sale of consolidated and unconsolidated affiliates
excess of fair value of acquired net assets over cost
undistributed equity in (earnings) income from unconsolidated affiliates, after-tax
net change in ceded unearned insurance and reinsurance premiums
net cash from discontinued operations
repurchase of debt
issuance of debt, net of debt issuance costs
net change in cash from discontinued operations
cash reclassified to assets held for sale
see notes to consolidated financial statements.
net (income) income from discontinued operations																																													-500,000
net income on sale of discontinued operation
gain on sale of subsidiary - essentia																																											0	0	-23,000,000
cash reclassified from assets held for sale																																														0	0	2,000,000
net income tax payments to national governments																																											6,900,000	-6,200,000	-2,200,000	6,900,000	-4,700,000	-8,700,000		18,900,000	-14,500,000	-10,800,000
less: beginning net income and lae reserves for onebeacon’s runoff business
loss and lae reserves acquired - american fuji																																													21,300,000
net (gain) income from discontinued operations
less: beginning net income and lae reserves for onebeacon's runoff business
plus: ending net income and lae reserves for onebeacon's runoff business
sale of unconsolidated affiliates
cash dividends paid to onebeacon ltd.’s noncontrolling common shareholders																																														-5,000,000
less: beginning net income and lae reserves for autoone and onebeacon's runoff business
plus: ending net income and lae reserves for autoone and onebeacon's runoff business
loss and lae reserve balances for onebeacon's run-off business prior to september 30, 2012 and autoone prior to september 30, 2011 were not classified as held for sale. adjustment is to present loss and lae reserve activities from continuing operations.
less: beginning net income and lae reserves for autoone
plus: ending net income and lae reserves for autoone
net income on sale of discontinued operation - autoone																																																	1,000,000
net gain on sale of discontinued operation - esurance
net cash (used for) provided from operations — continuing operations
net cash (used for) provided from operations — discontinued operations
net cash provided from (used for) investing activities — discontinued operations
repayment of debt
settlement of interest rate swap associated with mortgage note
capital lease obligation
net cash provided from financing activities — discontinued operations
net increase in cash during year
net decrease in cash from discontinued operations
currency
swedish kronor
british pound
canadian dollar
contribution to discontinued operations
sales of consolidated and unconsolidated affiliates
net cash provided from (used for) investing activities - discontinued operations																																																		165,800,000
cash dividends paid on sirius group preference shares
loss and lae reserves acquired — central national
loss and lae reserves sold — onebeacon personal lines
cash dividends paid on white mountains re group, ltd. preference shares
net increase in cash during the period																																																			40,100,000	6,800,000							-83,500,000	134,200,000		-9,500,000	-41,600,000	58,300,000	-13,400,000	27,300,000		18,700,000
cash reclassified to assets held for personal lines transaction
net change in ceded reinsurance premiums receivable
sales of trust account investments
issuance of debt																																																													175,800,000	0	0	475,000,000	0	394,400,000	417,400,000	15,000,000
redemption of mandatorily redeemable preferred stock
cash dividends paid to mandatorily redeemable preferred shareholders
cash exchanged with berkshire hathaway inc. for the company’s common shares
settlement of interest rate swap
net decrease in cash during the period
net (income tax payments to) income tax receipts from national governments
net (income tax payments to) tax receipts from national governments
assets held for sale:
fixed maturity investments, at fair value
short-term investments, at amortized cost
reinsurance recoverable on unpaid losses
reinsurance recoverable on paid losses
premiums receivable
deferred acquisition costs
net deferred tax asset
total assets held for sale
liabilities held for sale:
loss and lae reserves
unearned premiums
total liabilities held for sale
net assets held for sale
net change in fixed maturity investments held for collateral under onebeacon’s securities lending program
net change in short-term investments held for collateral under onebeacon’s securities lending program
net change in onebeacon’s securities lending payable																																																												46,900,000
proceeds from option exercises																																																								500,000						300,000	0	100,000
net cash (used for) provided from financing activities
net (tax payments to) tax receipts from national governments																																																								-5,100,000
loss and lae reserves acquired-central national																																																								17,600,000
net change in loss reserves
deferred income tax provision
undistributed equity in earnings (losses) from unconsolidated affiliates, after-tax
net change in loss and lae reserves
net change in reserves for structured contracts
issuance of wmre preference shares, net of issuance costs
interest rate swap agreements associated with wmre senior notes
company’s common shares repurchased and retired
net cash (used for) financing activities
swedish krona
net income - white mountains and noncontrolling interests																																																										192,700,000
excess of fair value of acquired assets over cost
maturities of trust account investments																																																														0	302,200,000	3,400,000	26,900,000	6,900,000
cash dividends paid to preferred shareholders
net receipts from (payments to) national governments																																																										14,100,000	-7,400,000	20,600,000
loss and lae reserves acquired - helicon																																																																13,700,000
distributions of other long-term investments																																																											10,200,000	10,300,000
noncontrolling interest																																																												6,700,000
net realized investment losses																																																													421,800,000	129,000,000	4,900,000	13,000,000
net unrealized investment losses																																																													108,300,000	320,900,000	54,200,000	105,000,000
gain on sale of shares through initial public offering of onebeacon ltd.
minority interest																																																																	26,400,000	19,000,000
undistributed equity in (losses) earnings from unconsolidated affiliates, after-tax
net change in funds held by ceding reinsurers
sales of common equity securities and other investments																																																																							129,300,000	131,700,000
sale of agri renewal rights
purchases of trust account assets
purchases of common equity securities and other investments
interest rate swap agreements
cash dividends paid to onebeacon ltd.’s minority common shareholders
cash dividends paid on wmre preference shares
sales of other investments																																																														7,200,000	2,300,000	34,900,000	57,400,000	27,600,000		26,600,000	10,600,000	12,700,000
sale of shares of onebeacon ltd.																																																																	0	16,700,000
purchases of other investments
issuance of white mountains re group, ltd. preference shares, net of issuance costs
cash dividends paid on white mountains re group ltd. preference shares
net payments to national governments																																																														-27,000,000
net realized investment gains
purchases of unconsolidated affiliates
interest rate swap agreement
net federal income taxes (paid) received
total incurred loss and lae																																																																		613,300,000
gain on sale of shares of onebeacon insurance group, ltd.
undistributed equity in earnings from unconsolidated insurance affiliates, after-tax
net federal income tax receipts
sales of renewal rights
carrying value of net liability for weather derivative contracts at january 1, 2006
net consideration received during the year for new contracts
net payments made on contracts settled during the year
net decrease in fair value on settled and unsettled contracts
carrying value of net liability for weather derivative contracts at december 31, 2006
net cash from (used for) operations
sales of consolidated affiliate, net of cash sold
sale of renewal rights
net federal income taxes received																																																																				0	0	17,500,000
net change in insurance and reinsurance balances receivable
net decrease in short-term investments
maturities of fixed maturity investments																																																																							-125,700,000	272,100,000
proceeds from issuances of debt
repayments of debt
dividends paid on mandatorily redeemable preferred stock of subsidiaries
dividends paid on common shares
charges (credits) to reconcile net income to cash flows used for operations:
net cash used for operations
sales of consolidated affiliates, net of cash sold
sale of montpelier common shares
purchases of consolidated affiliates, net of cash acquired
investment in unconsolidated insurance affiliate
proceeds from exercise of warrants to acquire common shares
net income taxes paid
excess of fair value of acquired net assets over cost - sierra group
sale of consolidated affiliate, net of cash sold
charges (credits) to reconcile net income to cash flows from operations:
cumulative effect of changes in accounting principles
loss on early extinguishment of debt
dividends on preferred stock subject to mandatory redemption
share appreciation expense for series b warrants
amortization of deferred credits and other benefits
undistributed equity in earnings from unconsolidated insurance affiliates, after tax
net income tax receipts
net cash from operating activities
net decrease (increase) in short-term investments
proceeds from sales of subsidiaries and affiliates, net of cash acquired
proceeds from issuances of common shares and convertible preference shares
proceeds from issuances of preferred stock of subsidiaries
proceeds from the issuance of warrants
dividends paid on convertible preference shares
common shares repurchased and retired
basic earnings
net income from continuing operations
redemption value adjustment and dividends on convertible preference shares
net income from continuing operations available to common shareholders
extraordinary income items
net income available to common shareholders
diluted earnings
other effects on diluted earnings
adjusted net income available to common shareholders
earnings
average outstanding dilutive options and warrants to acquire common shares
diluted earnings per share denominator

White Mountains Insurance Group, Ltd(NYSE:WTM)

White Mountains Insurance Group, Ltd
(NYSE:WTM)