White Mountains Insurance (WTM)
Market Price (5/4/2026): $2162.75 | Market Cap: $5.4 BilSector: Financials | Industry: Property & Casualty Insurance
White Mountains Insurance (WTM)
Market Price (5/4/2026): $2162.75Market Cap: $5.4 BilSector: FinancialsIndustry: Property & Casualty Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 10% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -31% | Key risksWTM key risks include [1] market timing and volatility exposure from its strategy of managing capital through investments and exits, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 10% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -31% |
| Key risksWTM key risks include [1] market timing and volatility exposure from its strategy of managing capital through investments and exits, Show more. |
Qualitative Assessment
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1. Strong 2025 Financial Performance and Strategic Capital Deployment.
White Mountains Insurance Group reported robust financial results for the full year 2025 on February 6, 2026, which positively influenced its stock price. The company announced an impressive 25% increase in book value per share (BVPS) for 2025, reaching $2,188, significantly boosted by an $816 million net gain from the sale of Bamboo. Operating segments like Ark also demonstrated strong performance, achieving an 83% combined ratio and a 16% increase in gross written premiums to $2.6 billion. The company also strategically repurchased $193 million of its stock in Q4 2025 and maintained approximately $1 billion in undeployed capital, positioning it for future opportunities.
2. Enhanced Shareholder Returns Through Dividend Declaration.
The company demonstrated a commitment to shareholder returns by declaring a $1.00 per share annual dividend on February 26, 2026. This dividend, payable on March 25, 2026, represented an attractive yield of approximately 5.0%, providing direct returns to investors and likely contributing to positive sentiment around the stock.
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Stock Movement Drivers
Fundamental Drivers
The 5.8% change in WTM stock from 1/31/2026 to 5/3/2026 was primarily driven by a 580.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 2044.00 | 2163.50 | 5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,490 | 2,886 | 15.9% |
| Net Income Margin (%) | 5.6% | 38.3% | 580.9% |
| P/E Multiple | 37.1 | 4.9 | -86.7% |
| Shares Outstanding (Mil) | 3 | 3 | 1.2% |
| Cumulative Contribution | 5.8% |
Market Drivers
1/31/2026 to 5/3/2026| Return | Correlation | |
|---|---|---|
| WTM | 5.8% | |
| Market (SPY) | 3.6% | 24.4% |
| Sector (XLF) | -2.3% | 35.2% |
Fundamental Drivers
The 13.6% change in WTM stock from 10/31/2025 to 5/3/2026 was primarily driven by a 381.5% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 1903.69 | 2163.50 | 13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,579 | 2,886 | 11.9% |
| Net Income Margin (%) | 8.0% | 38.3% | 381.5% |
| P/E Multiple | 23.6 | 4.9 | -79.1% |
| Shares Outstanding (Mil) | 3 | 3 | 1.1% |
| Cumulative Contribution | 13.6% |
Market Drivers
10/31/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| WTM | 13.6% | |
| Market (SPY) | 5.5% | 24.0% |
| Sector (XLF) | -0.0% | 37.3% |
Fundamental Drivers
The 22.5% change in WTM stock from 4/30/2025 to 5/3/2026 was primarily driven by a 291.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 1766.64 | 2163.50 | 22.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,355 | 2,886 | 22.5% |
| Net Income Margin (%) | 9.8% | 38.3% | 291.9% |
| P/E Multiple | 19.4 | 4.9 | -74.7% |
| Shares Outstanding (Mil) | 3 | 3 | 0.8% |
| Cumulative Contribution | 22.5% |
Market Drivers
4/30/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| WTM | 22.5% | |
| Market (SPY) | 30.4% | 20.5% |
| Sector (XLF) | 8.1% | 38.0% |
Fundamental Drivers
The 51.3% change in WTM stock from 4/30/2023 to 5/3/2026 was primarily driven by a 149.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 1429.92 | 2163.50 | 51.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,158 | 2,886 | 149.2% |
| Net Income Margin (%) | 68.5% | 38.3% | -44.0% |
| P/E Multiple | 4.6 | 4.9 | 7.5% |
| Shares Outstanding (Mil) | 3 | 3 | 0.8% |
| Cumulative Contribution | 51.3% |
Market Drivers
4/30/2023 to 5/3/2026| Return | Correlation | |
|---|---|---|
| WTM | 51.3% | |
| Market (SPY) | 78.7% | 24.6% |
| Sector (XLF) | 64.3% | 39.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WTM Return | 1% | 40% | 6% | 29% | 7% | 7% | 124% |
| Peers Return | 20% | 6% | 11% | 33% | 21% | -3% | 119% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| WTM Win Rate | 42% | 67% | 50% | 67% | 58% | 50% | |
| Peers Win Rate | 58% | 50% | 57% | 57% | 67% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WTM Max Drawdown | -1% | -1% | -7% | -2% | -15% | -2% | |
| Peers Max Drawdown | -8% | -15% | -6% | -2% | -5% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MKL, AXS, RNR, ORI, CNA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | WTM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.2% | -18.8% |
| % Gain to Breakeven | 11.3% | 23.1% |
| Time to Breakeven | 169 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.9% | -9.5% |
| % Gain to Breakeven | 12.2% | 10.5% |
| Time to Breakeven | 83 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.4% | -6.7% |
| % Gain to Breakeven | 15.5% | 7.1% |
| Time to Breakeven | 54 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.4% | -33.7% |
| % Gain to Breakeven | 64.9% | 50.9% |
| Time to Breakeven | 329 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.2% | -19.2% |
| % Gain to Breakeven | 11.3% | 23.7% |
| Time to Breakeven | 65 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -11.7% | -17.9% |
| % Gain to Breakeven | 13.2% | 21.8% |
| Time to Breakeven | 80 days | 123 days |
In The Past
White Mountains Insurance's stock fell -10.2% during the 2025 US Tariff Shock. Such a loss loss requires a 11.3% gain to breakeven.
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Asset Allocation
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| Event | WTM | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -39.4% | -33.7% |
| % Gain to Breakeven | 64.9% | 50.9% |
| Time to Breakeven | 329 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -70.3% | -53.4% |
| % Gain to Breakeven | 236.4% | 114.4% |
| Time to Breakeven | 1082 days | 1085 days |
In The Past
White Mountains Insurance's stock fell -10.2% during the 2025 US Tariff Shock. Such a loss loss requires a 11.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About White Mountains Insurance (WTM)
AI Analysis | Feedback
<p>Imagine a smaller-scale Berkshire Hathaway focused on niche insurance and asset management investments.</p> <p>Think of it like Markel Corporation, but with a significant private equity-style arm investing in boutique wealth and asset managers.</p>AI Analysis | Feedback
White Mountains Insurance (WTM) provides the following major products and services:
- Municipal Bond Insurance: Provides insurance on municipal bonds issued to finance public purposes.
- Reinsurance: Offers reinsurance across various lines, including property, marine, energy, accident and health, and casualty.
- Direct Insurance: Writes a portfolio of direct insurance, including property, marine and energy, accident and health, casualty, and specialty products.
- Specialty Property and Casualty Insurance Programs: Operates as a managing general agent and program administrator for specialty property and casualty insurance in specific sectors.
- Capital Solutions for Asset and Wealth Managers: Provides capital for ownership transfers, management buyouts, acquisitions, growth finances, and legacy partner liquidity to boutique asset and wealth managers.
- Travel Insurance: Offers insurance solutions to the travel industry through brokers and direct-to-consumer channels.
- Investment Management (Insurance-Linked Securities): Manages investments in insurance-linked securities like catastrophe bonds and collateralized reinsurance for third-party clients.
AI Analysis | Feedback
White Mountains Insurance Group, Ltd. (WTM) primarily serves other companies and institutions across its various segments, but also provides services directly to individuals in specific niches. No specific customer company names are provided in the background description; however, the major categories of customers can be identified as follows:
Major Customer Categories (Companies and Institutions)
- Municipalities: Customers of the HG Global/BAM segment, requiring insurance on municipal bonds issued to finance public purposes, such as schools, utilities, and transportation facilities.
- Other Insurance Companies: Benefiting from reinsurance protection services offered by the HG Global/BAM and Ark segments, and as third-party clients for insurance-linked securities management within the Other Operations segment.
- Boutique Asset and Wealth Managers: Clients of the Kudu segment, seeking capital solutions for generational ownership transfers, management buyouts, acquisitions, growth finances, and legacy partner liquidity, as well as strategic assistance.
- Businesses in Specialized Sectors: Including those in specialty transportation, real estate, and social services, which are served by the NSM segment through its managing general agent and program administrator services for specialty property and casualty insurance.
- Travel Industry Businesses: Including entities within the travel industry that receive insurance solutions through broker channels from the Other Operations segment.
Major Customer Categories (Individuals)
- Pet Owners: Individuals purchasing pet insurance facilitated through the NSM segment.
- Travelers: Individuals acquiring travel insurance directly from the Other Operations segment.
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Liam Caffrey, Chief Executive Officer
Liam Caffrey was appointed Chief Executive Officer of White Mountains Insurance Group, Ltd. effective January 1, 2026. Prior to this role, Mr. Caffrey served as President & Chief Financial Officer of the company. He joined White Mountains in 2022, initially as Executive Vice President & Chief Financial Officer. Before joining White Mountains, Mr. Caffrey was the CEO of Aon's Global Affinity business. He began his tenure at Aon in 2012 as Chief Financial Officer of Aon Risk Solutions Americas and later became CFO of Aon Risk Solutions globally. Earlier in his career, Mr. Caffrey served as a principal at McKinsey & Company and worked as an engineer for General Motors.
Michael Papamichael, Chief Financial Officer
Michael Papamichael will succeed Liam Caffrey as Chief Financial Officer of White Mountains Insurance Group, Ltd. on January 1, 2026. He rejoined White Mountains in 2020 after serving as Senior Vice President at Hamilton Insurance Group from 2018. Before his time at Hamilton, Mr. Papamichael held several senior roles at Sirius Group, including when it was under White Mountains' ownership prior to 2016.
Giles Harrison, President
Giles Harrison will assume the role of President of White Mountains Insurance Group, Ltd. on January 1, 2026. He joined the company in June 2024, having previously served as Chief Financial Officer of Farmers Group, Inc. during his tenure at Zurich Insurance Group.
Jonathan Cramer, Chief Investment Officer
Jonathan Cramer serves as the Chief Investment Officer of White Mountains Insurance Group, Ltd.
Rob Seelig, General Counsel / Investor Relations
Rob Seelig holds the position of General Counsel and is responsible for Investor Relations at White Mountains Insurance Group, Ltd.
AI Analysis | Feedback
The key risks to White Mountains Insurance (symbol: WTM) include investment volatility, dependence on key personnel, and exposure to catastrophic events.
- Investment Volatility and Market-Sensitive Valuations: White Mountains Insurance Group's financial performance is significantly exposed to the volatility of its investment portfolio and market-sensitive valuations. The company's diverse operations, particularly through its Kudu segment which provides capital solutions to asset and wealth managers, and its stakes in various entities like MediaAlpha, increase its exposure to market fluctuations and impact cash flow streams. Material exposures include interest-rate sensitivity across its substantial cash and fixed-income portfolio.
- Dependence on Key Personnel: The success of White Mountains Insurance Group is heavily reliant on the expertise and performance of its key personnel. The potential loss of such individuals could disrupt operations and negatively affect the company's performance. The competitive nature of the talent market in the insurance industry also poses ongoing challenges in attracting and retaining skilled professionals. Additionally, an upcoming leadership transition, including changes in the CEO and CFO roles in early 2026, introduces a layer of strategic uncertainty for investors.
- Catastrophe Exposure: As an insurance and reinsurance provider, particularly through its Ark segment which writes property, marine and energy, and other reinsurance products, White Mountains Insurance Group faces inherent exposure to catastrophic events. Claims arising from events such as hurricanes, earthquakes, floods, fires, and other severe weather or man-made disasters can lead to significant losses and impact profitability. The company experiences material exposure from catastrophe-driven loss volatility.
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The clear emerging threats for White Mountains Insurance (WTM) are:
- Technological disruption and disintermediation in insurance distribution: The NSM segment operates as a managing general agent and program administrator. The rise of advanced Insurtech platforms leveraging AI and data analytics could enable insurance carriers to manage specialty programs more directly or give rise to new, digitally native MGAs and program administrators with significantly more efficient operations and lower cost structures, thereby threatening NSM's traditional role and market share.
- The growth of embedded insurance and direct distribution models: The "Other Operations" segment offers travel insurance through a broker channel and on a direct-to-consumer basis. The increasing trend of "embedded insurance," where travel providers (e.g., airlines, online travel agencies) integrate insurance offerings directly into their booking processes as a seamless add-on, could diminish the need for separate broker channels or standalone direct-to-consumer providers, similar to how platform businesses have bypassed traditional intermediaries.
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White Mountains Insurance Group, Ltd. (WTM) operates across several key segments, each addressing significant addressable markets:
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Municipal Bond Insurance (HG Global/BAM segment): The total municipal bond issuance in the U.S. reached $580 billion in 2025. The insured share of total municipal issuance in the U.S. was approximately 7.9% from January through June of 2025. The top two municipal bond insurers collectively wrapped over $42.828 billion in 2025 in the U.S. U.S. insurers' total investment in municipal bonds was $434.3 billion at year-end 2024, with total municipal bonds outstanding at $4.2 trillion.
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Reinsurance (Ark segment): The global reinsurance market was valued at approximately USD 621.39 billion in 2025 and is projected to grow to USD 1403.7 billion by 2034. Other estimates for the global market include USD 711.75 billion in 2024, reaching USD 2000.08 billion by 2034, and USD 472.3 billion in 2025, reaching USD 1 Trillion in 2035. North America represented more than 44% of the global reinsurance market revenue in 2024, with the U.S. contributing approximately USD 137.7 billion in 2025. Europe held a 37% market share in 2025.
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Specialty Property and Casualty Insurance (Ark and NSM segments): The global specialty insurance market was valued at USD 130.54 billion in 2025 and is projected to reach USD 285.99 billion by 2033. The U.S. property and casualty insurance market was valued at USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030. North America's property and casualty insurance market was valued at USD 853.13 billion in 2025, with the U.S. market specifically expected to hold USD 733.03 billion in 2025. Specialty lines within the U.S. property and casualty insurance market are projected to grow at a 5.54% CAGR through 2031.
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Capital Solutions to Boutique Asset and Wealth Managers (Kudu segment): The global asset and wealth management industry's assets under management (AUM) reached a record $135 trillion in 2024. Consolidation in the asset and wealth management industry is expected to result in over 1,500 significant mergers and acquisitions by 2029 among firms managing at least $1 billion in assets. In the U.S., there were 182 announced wealth advisory M&A transactions as of June 30, 2025, with deal volume almost doubling from 185 transactions in 2020 to 353 in 2024. Insurance brokerages acquired 27 wealth management and retirement firms in 2025 as of November.
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Travel Insurance (Other Operations segment): The global travel insurance market was valued at approximately USD 27.14 billion in 2025 and is predicted to grow to about USD 98.74 billion by 2034. Other projections for the global market include USD 31.25 billion in 2025, growing to USD 140.78 billion by 2034, and USD 25.98 billion in 2025, reaching USD 62.53 billion by 2031. Europe consistently held the largest share of the travel insurance market, with estimates ranging from 36.0% to 51.70% in 2025.
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Insurance-Linked Securities (ILS), including Catastrophe Bonds (Other Operations segment): The insurance-linked securities (ILS) market reached a record $107 billion in capacity globally at the end of 2024. The 144A natural catastrophe bond market alone surpassed $45 billion by the end of 2024. Collateralized reinsurance capacity was estimated between $45 billion and $50 billion at the end of 2024, and industry loss warranty capacity remained flat at $5 billion to $7 billion. The total catastrophe bond market (new and outstanding issues) climbed to $55.8 billion in the first six months of 2025, and the outstanding catastrophe bond market ended 2025 at just over $61.3 billion. The overall ILS market size surpassed US$56 billion in the first half of 2025.
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Here are 3-5 expected drivers of future revenue growth for White Mountains Insurance (WTM) over the next 2-3 years:
- Continued Growth in the Ark Segment: The Ark segment, which specializes in property and casualty insurance and reinsurance, is expected to continue its growth trajectory. In 2025, Ark produced $2.6 billion in gross written premiums, representing a 16% increase, showcasing successful underwriting expansion and rate increases in specialty lines. This momentum, including a 27% increase in gross written premiums in Q1 2025, indicates sustained expansion within its core insurance offerings.
- Strategic Investments and Expansion within the Kudu Segment: The Kudu segment, which provides capital solutions to asset and wealth managers, is a significant driver of revenue growth. Kudu demonstrated strong performance in 2025 with a 13% return on equity and an 8% growth in the fair value of its portfolio of participation contracts on a same-store basis. Its ability to grow the fair value of its participation contracts and EBITDA, as observed in Q3 2025, suggests continued expansion in this area.
- Deployment of Undeployed Capital for Acquisitions and Investments: White Mountains Insurance significantly increased its undeployed capital to approximately $1.1 billion following the sale of a control stake in Bamboo. This substantial "dry powder" is anticipated to be strategically deployed by the new leadership team in early 2026 for future acquisitions and investments across its segments, which should directly contribute to revenue expansion.
- Growth Through Acquisitions within the Other Operations Segment: The "Other Operations" segment has already demonstrated significant revenue increases due to recent strategic acquisitions. For instance, the acquisition of Enterprise Solutions by WTM Partners in Q2 2025 substantially boosted this segment's revenue, pushing it to $70 million in the first half of 2025, a considerable increase from the prior year. The consolidation of Enterprise Solutions also drove increases in other revenues in Q4 2025 and for the full year 2025. Additionally, the acquisition of Distinguished Programs in Q3 2025 further diversified this segment, indicating a continued focus on growth through strategic additions.
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Share Repurchases
- White Mountains repurchased and retired 100,581 of its common shares for $203 million in the year ended December 31, 2025.
- The company commenced a "modified Dutch auction" self-tender offer on November 21, 2025, to purchase up to $300 million in value of its common shares.
- In 2022, White Mountains allocated $0.6 billion towards share repurchases.
Share Issuance
- White Mountains president Giles E. Harrison received 775 restricted common shares on February 25, 2026, as equity compensation.
Outbound Investments
- In 2025, White Mountains acquired a controlling financial interest in Distinguished for $225 million.
- WTM Partners, launched in October 2023, deployed $58 million in Enterprise Solutions in 2025.
- White Mountains committed $150 million of capital to WM Outrigger Re for the 2025 underwriting year.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 199.72 |
| Mkt Cap | 11.1 |
| Rev LTM | 10,460 |
| Op Inc LTM | - |
| FCF LTM | 1,701 |
| FCF 3Y Avg | 1,746 |
| CFO LTM | 1,807 |
| CFO 3Y Avg | 1,791 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 8.1% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 16.0% |
| CFO/Rev 3Y Avg | 18.2% |
| FCF/Rev LTM | 15.1% |
| FCF/Rev 3Y Avg | 17.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.1 |
| P/S | 1.1 |
| P/Op Inc | - |
| P/EBIT | 6.2 |
| P/E | 8.1 |
| P/CFO | 8.6 |
| Total Yield | 19.0% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 14.4% |
| D/E | 0.2 |
| Net D/E | -0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.9% |
| 3M Rtn | 3.3% |
| 6M Rtn | 10.7% |
| 12M Rtn | 9.8% |
| 3Y Rtn | 53.5% |
| 1M Excs Rtn | -10.2% |
| 3M Excs Rtn | -0.9% |
| 6M Excs Rtn | 9.3% |
| 12M Excs Rtn | -19.0% |
| 3Y Excs Rtn | -23.7% |
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Ark/White Mountains (WM) Outrigger | 5,299 | 4,379 | 3,691 | 3,027 | |
| Other Operations | 1,754 | 1,876 | 1,814 | 2,202 | 2,382 |
| HG Global | 1,179 | 1,172 | 1,058 | 1,045 | 1,018 |
| Kudu | 1,108 | 959 | 826 | 727 | 430 |
| Bamboo | 585 | ||||
| Held for Sale | 2 | ||||
| NSM Insurance HoldCo, LLC (NSM) | 1,000 | ||||
| Total | 9,926 | 8,386 | 7,389 | 7,001 | 4,831 |
Price Behavior
| Market Price | $2,163.50 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 05/09/1986 | |
| Distance from 52W High | -6.7% | |
| 50 Days | 200 Days | |
| DMA Price | $2,224.45 | $1,998.80 |
| DMA Trend | up | up |
| Distance from DMA | -2.7% | 8.2% |
| 3M | 1YR | |
| Volatility | 23.0% | 23.8% |
| Downside Capture | 0.10 | 0.06 |
| Upside Capture | 36.95 | 30.41 |
| Correlation (SPY) | 24.1% | 21.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.46 | 0.45 | 0.35 | 0.34 | 0.39 | 0.38 |
| Up Beta | 0.39 | 0.30 | 0.49 | 0.56 | 0.75 | 0.38 |
| Down Beta | -2.08 | 1.23 | 0.86 | 0.50 | 0.51 | 0.46 |
| Up Capture | 34% | 32% | 34% | 37% | 22% | 14% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 22 | 35 | 66 | 131 | 401 |
| Down Capture | 118% | 31% | -9% | -1% | 4% | 52% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 21 | 29 | 59 | 121 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WTM | |
|---|---|---|---|---|
| WTM | 22.6% | 23.8% | 0.79 | - |
| Sector ETF (XLF) | 8.2% | 14.7% | 0.32 | 38.0% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 20.5% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | -4.5% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -9.5% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 32.3% |
| Bitcoin (BTCUSD) | -17.1% | 42.2% | -0.33 | 8.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WTM | |
|---|---|---|---|---|
| WTM | 12.4% | 23.4% | 0.47 | - |
| Sector ETF (XLF) | 9.8% | 18.7% | 0.40 | 37.3% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 25.0% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | -1.2% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 3.1% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 23.0% |
| Bitcoin (BTCUSD) | 7.7% | 56.2% | 0.35 | 4.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WTM | |
|---|---|---|---|---|
| WTM | 10.5% | 23.3% | 0.43 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 45.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 37.2% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | 3.8% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 11.3% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 35.3% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 9.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/6/2026 | 2.7% | 2.6% | 1.0% |
| 11/6/2025 | -0.3% | 2.0% | 6.1% |
| 8/7/2025 | -1.8% | 4.9% | 0.7% |
| 5/7/2025 | 0.4% | 0.3% | 1.0% |
| 2/7/2025 | 0.3% | -7.2% | -4.3% |
| 11/6/2024 | 6.0% | 6.9% | 11.6% |
| 8/7/2024 | -1.8% | -4.7% | 0.7% |
| 5/9/2024 | -1.0% | -6.9% | -7.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 15 |
| # Negative | 11 | 8 | 9 |
| Median Positive | 0.9% | 3.3% | 3.1% |
| Median Negative | -0.9% | -3.9% | -4.3% |
| Max Positive | 6.0% | 9.3% | 20.1% |
| Max Negative | -3.3% | -7.2% | -8.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Campbell, Reid Tarlton | Direct | Sell | 12222025 | 0.00 | 5,000 | Form | |||
| 2 | Rountree, George Manning | Chief Executive Officer | Direct | Sell | 12222025 | 2050.00 | 5,000 | 10,250,000 | 28,308,450 | Form |
| 3 | Gelston, Philip A | Direct | Sell | 12162025 | 2048.51 | 165 | 338,004 | 3,212,064 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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