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    White Mountains Insurance (WTM)

    Market Price (8/24/2026): $2109.0 | Market Cap: $5.1 BilSector: Financials | Industry: Property & Casualty Insurance

    White Mountains Insurance (WTM)

    Market Price (8/24/2026): $2109.0
    Market Cap: $5.1 Bil
    Sector: Financials
    Industry: Property & Casualty Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%, FCF Yield is 7.6%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%

    Low stock price volatility
    Vol 12M is 24%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital.

    Weak multi-year price returns
    2Y Excs Rtn is -19%, 3Y Excs Rtn is -37%

    Key risks
    WTM key risks include [1] market timing and volatility exposure from its strategy of managing capital through investments and exits, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%, FCF Yield is 7.6%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
    2 Low stock price volatility
    Vol 12M is 24%
    3 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital.
    4 Weak multi-year price returns
    2Y Excs Rtn is -19%, 3Y Excs Rtn is -37%
    5 Key risks
    WTM key risks include [1] market timing and volatility exposure from its strategy of managing capital through investments and exits, Show more.

    WTM in ETFs

    Weight = WTM's share of each fund

    VTI0.01%
    ITOT0.01%
    IWB0.01%
    VB0.06%
    AVUV0.21%
    FNDA0.15%
    SCHA0.11%
    VBR0.11%
    +8 more covered ETFs

    Valuation & Metrics

    FYE: 12/31WTM [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$3.0 Bil—
    FY 2026 Sales$4.1 Bil—
    FY 2027 Sales$6.1 Bil—
    FY 2026 Sales Growth36.1%—
    FY 2027 Sales Growth49.8%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$1.1 Bil—
    FY 2026 Net Income (Non-GAAP)$342.3 Mil—
    FY 2027 Net Income (Non-GAAP)$332.0 Mil—
    FY 2027 Net Income Growth-3.0%19.0%
    FY 2026 EPS (Non-GAAP)$134.00—
    FY 2027 EPS (Non-GAAP)$130.00—
    FY 2027 EPS Growth-3.0%—
    VALUATION
    FY 2026 P/S1.31.8
    FY 2027 P/S0.8—
    FY 2026 P/E14.88.5
    FY 2027 P/E15.3—

    [1] WTM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    null

    AI Analysis | Feedback

    MetricValueDateSource
    Book Value Per Share$1,8519302025Link
    Ark Combined Ratio76%9302025Link
    Ark Gross Written Premiums$366 million9302025Link
    HG Global Book Value Growth3%9302025Link
    Kudu Trailing 12 Months Return on Equity9%9302025Link
    Bamboo Managed Premiums$221 million9302025Link
    Bamboo MGA Adjusted EBITDA$28 million9302025Link
    Undeployed Capital$1.1 billion10022025Link
    Consolidated Investment Portfolio Return (excluding MediaAlpha)2.0%9302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/1/2026

    White Mountains Insurance (WTM) stock has lost about 5% since 4/30/2026 because of the following key factors:

    1. White Mountains Insurance Group reported a significant earnings miss for fiscal Q1 2026. The company announced a loss per share of ($12.59) on May 6, 2026, substantially missing the consensus estimate of ($4.00) by ($8.59).

    2. The fiscal Q1 2026 loss was primarily driven by unrealized investment losses. White Mountains experienced $65 million in unrealized investment losses from its investment in MediaAlpha in fiscal Q1 2026, compared to $37 million in the prior year, directly impacting the company's profitability.

    Show more
    Updated on 8/1/2026

    White Mountains Insurance (WTM) stock has lost about 5% since 4/30/2026 because of the following key factors:

    1. White Mountains Insurance Group reported a significant earnings miss for fiscal Q1 2026. The company announced a loss per share of ($12.59) on May 6, 2026, substantially missing the consensus estimate of ($4.00) by ($8.59).

    2. The fiscal Q1 2026 loss was primarily driven by unrealized investment losses. White Mountains experienced $65 million in unrealized investment losses from its investment in MediaAlpha in fiscal Q1 2026, compared to $37 million in the prior year, directly impacting the company's profitability.

    3. Insider selling activity above the $5 million threshold indicated potential hesitancy among company leadership. A non-independent director, Reid Campbell, sold $10 million worth of shares at $2,050 per share in the past year, as reported during this period. Additionally, multiple insiders collectively offloaded approximately $21 million in shares over the last year.

    4. A deteriorating outlook for the non-life insurance sector presented macroeconomic headwinds. Fitch Ratings noted at mid-2026 that some non-life insurance sectors were moving towards a "deteriorating" outlook due to increased exposure to inflation risks and slower economic growth. Similarly, the Swiss Re Institute projected a slowdown in global non-life real premium growth in 2026 due to competitive pricing and decelerating economic momentum.

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    Stock Movement Drivers

    Fundamental Drivers

    The -5.4% change in WTM stock from 4/30/2026 to 8/23/2026 was primarily driven by a -10.6% change in the company's P/E Multiple.
    (LTM values as of)43020268232026Change
    Stock Price ($)2231.992110.95-5.4%
    Change Contribution By: 
    Total Revenues ($ Mil)2,8862,9813.3%
    Net Income Margin (%)38.3%37.6%-1.8%
    P/E Multiple5.14.5-10.6%
    Shares Outstanding (Mil)324.4%
    Cumulative Contribution-5.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/23/2026
    ReturnCorrelation
    WTM-5.4% 
    Market (SPY)6.5%-21.9%
    Sector (XLF)10.3%16.2%

    Fundamental Drivers

    The 3.3% change in WTM stock from 1/31/2026 to 8/23/2026 was primarily driven by a 568.4% change in the company's Net Income Margin (%).
    (LTM values as of)13120268232026Change
    Stock Price ($)2044.002110.953.3%
    Change Contribution By: 
    Total Revenues ($ Mil)2,4902,98119.7%
    Net Income Margin (%)5.6%37.6%568.4%
    P/E Multiple37.14.5-87.8%
    Shares Outstanding (Mil)325.6%
    Cumulative Contribution3.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/23/2026
    ReturnCorrelation
    WTM3.3% 
    Market (SPY)11.0%1.1%
    Sector (XLF)8.1%25.4%

    Fundamental Drivers

    The 18.1% change in WTM stock from 7/31/2025 to 8/23/2026 was primarily driven by a 2982.8% change in the company's Net Income Margin (%).
    (LTM values as of)73120258232026Change
    Stock Price ($)1786.992110.9518.1%
    Change Contribution By: 
    Total Revenues ($ Mil)2,2852,98130.4%
    Net Income Margin (%)1.2%37.6%2982.8%
    P/E Multiple162.74.5-97.2%
    Shares Outstanding (Mil)325.5%
    Cumulative Contribution18.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/23/2026
    ReturnCorrelation
    WTM18.1% 
    Market (SPY)22.2%7.8%
    Sector (XLF)11.1%32.3%

    Fundamental Drivers

    The 36.7% change in WTM stock from 7/31/2023 to 8/23/2026 was primarily driven by a 108.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)73120238232026Change
    Stock Price ($)1544.622110.9536.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1,4292,981108.5%
    Net Income Margin (%)65.7%37.6%-42.7%
    P/E Multiple4.24.58.5%
    Shares Outstanding (Mil)325.4%
    Cumulative Contribution36.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/23/2026
    ReturnCorrelation
    WTM36.7% 
    Market (SPY)73.2%21.6%
    Sector (XLF)70.0%38.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    WTM Return1%40%6%29%7%2%112%
    Peers Return20%6%11%33%21%0%126%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    WTM Win Rate42%67%50%67%58%62% 
    Peers Win Rate58%50%57%57%67%50% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    WTM Max Drawdown-22%-16%-15%-11%-17%-14% 
    Peers Max Drawdown-15%-24%-17%-11%-15%-16% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [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 8/21/2026 (YTD)

    How Low Can It Go

    EventWTMS&P 500
    2025 US Tariff Shock
      % Loss-10.2%-18.8%
      % Gain to Breakeven11.3%23.1%
      Time to Breakeven169 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-10.9%-9.5%
      % Gain to Breakeven12.2%10.5%
      Time to Breakeven83 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-13.4%-6.7%
      % Gain to Breakeven15.5%7.1%
      Time to Breakeven54 days31 days
    2020 COVID-19 Crash
      % Loss-39.4%-33.7%
      % Gain to Breakeven64.9%50.9%
      Time to Breakeven329 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-10.2%-19.2%
      % Gain to Breakeven11.3%23.8%
      Time to Breakeven65 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-11.7%-17.9%
      % Gain to Breakeven13.2%21.8%
      Time to Breakeven80 days123 days

    Compare to MKL, AXS, RNR, ORI, CNA

    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.

    EventWTMS&P 500
    2020 COVID-19 Crash
      % Loss-39.4%-33.7%
      % Gain to Breakeven64.9%50.9%
      Time to Breakeven329 days140 days
    2008-2009 Global Financial Crisis
      % Loss-70.3%-53.4%
      % Gain to Breakeven236.4%114.4%
      Time to Breakeven1082 days1085 days

    Compare to MKL, AXS, RNR, ORI, CNA

    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)

    White Mountains Insurance Group (WTM) operates as a diversified financial services holding company with a strong emphasis on various insurance and reinsurance operations, complemented by capital solutions and investment management services. The company's core insurance activities are divided across several specialized areas. For example, its HG Global/BAM segment provides crucial insurance for municipal bonds, supporting public finance projects such as schools and transportation infrastructure, alongside offering essential reinsurance protection.

    WTM also underwrites a broad portfolio of reinsurance and direct insurance through its Ark segment, covering diverse areas like property, marine and energy, accident and health, casualty, and other specialty risks. Its NSM segment functions as a managing general agent, delivering specialized property and casualty insurance programs to niche sectors, including specialty transportation, real estate, social services, and pet owners. Beyond traditional insurance, WTM's Kudu segment offers capital solutions—such as funding for generational ownership transfers, management buyouts, acquisitions, and growth—to boutique asset and wealth management firms, often providing strategic assistance to its investees.

    Additionally, White Mountains extends its financial services to include offering travel insurance solutions to the travel industry via broker channels and directly to consumers. It also manages separate accounts and pooled investment vehicles focused on insurance-linked securities, such as catastrophe bonds and collateralized reinsurance, for third-party clients. Through these varied segments, WTM serves a diverse clientele, ranging from municipalities and other insurers to specialty businesses, asset managers, and individual travelers, by providing tailored risk transfer and financial solutions.

    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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    White Mountains Insurance Group, Ltd. (WTM) operates across several key segments, each addressing significant addressable markets:

    • 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.

    • 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.

    • 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.

    • 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.

    • 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.

    • 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.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for White Mountains Insurance (WTM) over the next 2-3 years:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Property & Casualty Insurance

    WTM has outperformed 59% of its 41 Property & Casualty Insurance peers over 5Y. Among the peers that beat it are PGR and ACGL. Property & Casualty Insurance ranks 6th of 18 industries in Financials by median 5Y return.
    Share of Property & Casualty Insurance constituents that WTM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    56%
    of 45 industry peers · 13.3% return
    3Y
    26%
    of 42 industry peers · 35.5% return
    5Y
    59%
    of 41 industry peers · 87.6% return
    Property & Casualty Insurance peers with revenue growth within 4pp of WTM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    WTM White Mountains Insurance 20.2% 4.5x 13.3%35.5%87.6% —
    PGR Progressive 17.8% 10.9x -6.3%81.9%153.6% +66pp
    ACGL Arch Capital 17.5% 7.3x 6.4%38.6%148.6% +61pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is WTM's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Investment Banking & Brokerage 13 5.7%134.1%133.9% IBKR 512% · SNEX 252% · GS 187%
    Reinsurance 6 19.3%80.7%117.8% SPNT 140% · MTG 130% · RGA 128%
    Diversified Banks 12 37.4%131.6%101.7% JPM 153% · CM 148% · RY 135%
    Life & Health Insurance 19 11.2%56.2%84.8% UNM 285% · FG 197% · MFC 172%
    Regional Banks 263 25.9%86.0%64.5% GCBC 395% · ESQ 364% · NBN 297%
    Property & Casualty Insurance ← 42 11.1%74.2%63.8% ASIC 2583900% · HRTG 433% · UVE 278%
    Multi-line Insurance 9 13.5%78.4%57.8% GNW 176% · L 101% · SLF 86%
    Consumer Finance 30 10.1%87.8%34.4% ENVA 660% · EZPW 391% · FCFS 185%
    Multi-Sector Holdings 6 1.4%16.7%33.9% JEF 78% · BRK-B 73% · VOYA 66%
    Insurance Brokers 15 -9.5%11.4%33.7% LIFE 571% · AJG 94% · ARX 87%
    Asset Management & Custody Banks 83 -8.7%23.5%25.5% SII 341% · WT 303% · VCTR 289%
    Financial Exchanges & Data 15 -1.6%14.2%13.9% VIRT 216% · CBOE 156% · CME 69%
    Commercial & Residential Mortgage Finance 12 -31.1%19.6%4.5% FNMA 474% · FMCC 460% · ESNT 60%
    Specialized Finance 3 18.7%53.6%3.7% EFC 36% · CACC 4% · HASI -14%
    Mortgage REITs 34 -7.2%13.6%-11.5% RITM 61% · NREF 53% · DX 41%
    Transaction & Payment Processing Services 15 1.4%8.4%-41.3% MA 65% · V 65% · CPAY 58%
    Diversified Capital Markets 21 -29.3%-4.7%-45.9% BTCS 584% · OPY 176% · LPLA 153%
    Diversified Financial Services 5 -6.3%63.2%-58.0% FRHC 166% · EQH 80% · TMS -58%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Would You Still Hold White Mountains Insurance Stock If It Fell 30%?10/17/2025
    2Why White Mountains Insurance Stock Moved: WTM Stock Has Gained 102% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues08/08/2025
    3White Mountains Insurance (WTM) Valuation Ratios Comparison08/08/2025
    4WTM Dip Buy Analysis07/10/2025
    5White Mountains Insurance Total Shareholder Return (TSR): 29.4% in 2024 and 24.4% 3-yr compounded annual returns (above peer average)03/07/2025
    6Time To Buy White Mountains Insurance Stock?02/28/2025
    7White Mountains Insurance (WTM) Operating Cash Flow Comparison02/17/2025
    8White Mountains Insurance (WTM) Net Income Comparison02/16/2025
    9Fundamental Metrics: ...06/19/2024
    10White Mountains Insurance Group (WTM) Stock Has 44% Chance Of Rise In The Next One Month02/13/2023
    11ARTICLES 
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    Peers to compare with:

    Financials

    WTMMKLAXSRNRORICNAMedian
    NameWhite Mo.Markel Axis Cap.Renaissa.Old Repu.CNA Fina. 
    Mkt Price2,110.951,795.6298.73323.4541.5848.98211.09
    Mkt Cap5.122.57.313.410.013.311.6
    Rev LTM2,98116,6696,85111,0639,71614,85810,390
    Op Inc LTM-------
    FCF LTM3882,1182,4553,6061,2802,2552,187
    FCF 3Y Avg4532,2821,1913,5611,1712,3971,736
    CFO LTM3882,3252,4553,6061,2802,3322,329
    CFO 3Y Avg4532,5261,1913,5611,1712,4841,837

    Growth & Margins

    WTMMKLAXSRNRORICNAMedian
    NameWhite Mo.Markel Axis Cap.Renaissa.Old Repu.CNA Fina. 
    Rev Chg LTM15.6%2.5%12.1%-14.1%12.1%3.4%7.7%
    Rev Chg 3Y Avg20.2%3.6%8.1%17.1%8.6%6.0%8.4%
    Rev Chg Q22.5%17.8%13.8%-13.7%13.4%2.6%13.6%
    QoQ Delta Rev Chg LTM5.5%4.9%3.2%-3.8%3.1%0.6%3.2%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM13.0%14.0%35.8%32.6%13.2%15.7%14.8%
    CFO/Rev 3Y Avg17.7%15.4%18.5%31.1%13.5%17.4%17.6%
    FCF/Rev LTM13.0%12.7%35.8%32.6%13.2%15.2%14.2%
    FCF/Rev 3Y Avg17.7%13.9%18.5%31.1%13.5%16.8%17.3%

    Valuation

    WTMMKLAXSRNRORICNAMedian
    NameWhite Mo.Markel Axis Cap.Renaissa.Old Repu.CNA Fina. 
    Mkt Cap5.122.57.313.410.013.311.6
    P/S1.71.41.11.21.00.91.1
    P/Op Inc-------
    P/EBIT3.77.15.23.06.67.85.9
    P/E4.59.96.65.18.810.77.7
    P/CFO13.19.73.03.77.85.76.7
    Total Yield22.1%10.1%17.1%20.2%20.6%17.3%18.8%
    Dividend Yield0.0%0.0%1.9%0.5%9.1%8.0%1.2%
    FCF Yield 3Y Avg9.7%9.9%17.2%29.7%12.9%18.8%15.0%
    D/E0.20.20.20.20.20.20.2
    Net D/E-0.0-0.3-0.6-0.8-0.2-0.0-0.2

    Returns

    WTMMKLAXSRNRORICNAMedian
    NameWhite Mo.Markel Axis Cap.Renaissa.Old Repu.CNA Fina. 
    1M Rtn-4.4%-10.0%-15.3%-1.7%-1.7%-7.9%-6.1%
    3M Rtn-1.7%-3.4%-0.8%9.6%6.6%12.2%2.9%
    6M Rtn-5.2%-13.8%-5.2%8.5%2.5%5.2%-1.3%
    12M Rtn13.3%-9.9%1.3%31.2%13.5%7.7%10.5%
    3Y Rtn35.5%22.4%91.5%78.8%88.3%60.0%69.4%
    1M Excs Rtn-6.6%-12.1%-17.5%-1.7%-3.0%-8.9%-7.8%
    3M Excs Rtn-4.4%-6.2%-4.6%4.7%2.7%8.5%-0.8%
    6M Excs Rtn-16.3%-24.8%-16.3%-2.6%-8.6%-5.8%-12.4%
    12M Excs Rtn-5.0%-28.9%-17.1%11.2%-4.7%-11.4%-8.2%
    3Y Excs Rtn-37.5%-54.9%15.0%5.4%12.8%-18.3%-6.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/6/20262/27/202611/6/20258/7/20255/7/20252/28/202511/6/20248/7/20245/9/20242/26/202411/6/2023
    Key Financials Quarterly            
    Total Revenue845518754864689578358954395647737520
    Net Income200-2783611412334-130179-5523628624
    EPS80.58-12.59327.2344.1847.7513.19-50.7869.68-21.2492.33111.879.19
    Key Financials TTM            
    Total Revenue TTM2,9812,8262,8862,4902,5792,2852,3552,7332,2992,2822,1671,868
    Net Income TTM1,1221,0451,10614020528230647492566509263
    Growth Rates Quarterly            
    Total Revenue Growth22.5%-10.4%110.4%-9.4%74.3%-10.7%-51.3%83.5%4.5%21.7%68.4%35.6%
    Net Income Growth62.3%-180.2%741.0%-36.4%325.1%-85.7%-145.5%658.5%-378.6%31.7%609.2%-97.3%
    Margins Quarterly            
    Net Income Margin23.6%-5.3%110.8%13.2%17.8%5.9%-36.4%18.8%-13.8%36.5%38.9%4.5%
    Cash & Debt            
    Total Cash1,0761,5711,9721,4171,4631,3171,1359091,2681,1971,6101,326
    Total Debt932835837766590676562545530532565565
    Net Debt / (Cash)-143-736-1,135-651-873-640-573-364-738-665-1,045-761
    Cash Flows Quarterly            
    FCF from Operations-563054359178-40642692173624223
    Cash Flows TTM            
    FCF from Operations TTM388621550561471510587547501355404588
    Returns to Shareholders Quarterly            
    Dividends020003000200
    Share Repurchases19126193-0-010-0-0-08-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC218.1%------459.9%----
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM278.3%------386.1%----

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Ark/White Mountains (WM) Outrigger1,9441,7511,5581,010668
    Other Operations1,23023533976-211
    Bamboo246180339  
    Kudu183119177118134
    HG Global74-4592-4623
    Distinguished58    
    Total3,7352,2402,5061,158614


    Operating Income by Segment
    $ Mil20152014201320122011
    Other Operations159-53158-103
    One Beacon254118110683
    HG Global18183814 
    BAM-47-40-79-36 
    Sirius Group 33618917181
    Total15530234526362


    Net Income by Segment
    $ Mil20152014201320122011
    One Beacon4642415471
    Other Operations915153323
    BAM4652 
    HG Global2110 
    Sirius Group 41496590
    Total61105111154184


    Assets by Segment
    $ Mil20252024202320222021
    Ark/White Mountains (WM) Outrigger6,3545,2994,3793,4863,027
    Other Operations2,5782,3391,8762,0191,208
    Kudu1,4021,108959826727
    HG Global1,2371,1791,1721,0581,045
    Distinguished7350   
    Held for Sale    16
    NSM Insurance HoldCo, LLC (NSM)    977
    Total12,3069,9268,3867,3897,001


    Price Behavior

    Price Behavior
    Market Price$2,110.95 
    Market Cap ($ Bil)5.2 
    First Trading Date05/09/1986 
    Distance from 52W High-9.0% 
       50 Days200 Days
    DMA Price$2,120.36$2,113.87
    DMA Trendupup
    Distance from DMA-0.4%-0.1%
     3M1YR
    Volatility20.8%23.6%
    Downside Capture-34.57-13.24
    Upside Capture-37.814.14
    Correlation (SPY)-17.8%7.7%
    WTM Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta-0.20-0.37-0.450.000.140.33
    Up Beta-0.88-0.26-0.340.260.420.38
    Down Beta1.77-0.01-0.260.150.340.41
    Up Capture-51%-44%-54%-8%5%8%
    Bmk +ve Days11223567138427
    Stock +ve Days7152559124389
    Down Capture-76%-62%-53%-22%-21%43%
    Bmk -ve Days11212859114326
    Stock -ve Days15283867128361

    [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
    WTM15.0%23.5%0.53-
    Sector ETF (XLF)10.1%14.6%0.4431.0%
    Equity (SPY)21.1%12.9%1.227.5%
    Gold (GLD)37.5%28.8%1.10-7.6%
    Commodities (DBC)43.2%20.2%1.66-12.0%
    Real Estate (VNQ)12.9%13.8%0.6431.9%
    Bitcoin (BTCUSD)-31.6%44.1%-0.735.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with WTM
    WTM13.5%23.6%0.50-
    Sector ETF (XLF)10.1%18.4%0.4136.1%
    Equity (SPY)12.9%17.2%0.5722.7%
    Gold (GLD)20.6%18.6%0.90-3.2%
    Commodities (DBC)10.4%19.6%0.411.1%
    Real Estate (VNQ)2.3%18.9%0.0223.3%
    Bitcoin (BTCUSD)10.4%52.8%0.385.4%

    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
    WTM10.0%23.4%0.40-
    Sector ETF (XLF)13.5%22.0%0.5644.5%
    Equity (SPY)15.2%17.9%0.7235.9%
    Gold (GLD)12.7%16.2%0.643.5%
    Commodities (DBC)8.0%18.0%0.3610.0%
    Real Estate (VNQ)5.0%20.7%0.2035.4%
    Bitcoin (BTCUSD)63.1%66.1%1.039.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7312026
    Short Interest: Shares Quantity0.1 Mil
    Short Interest: % Change Since 7152026-1.0%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest8.5 days
    Basic Shares Quantity2.4 Mil
    Short % of Basic Shares5.7%

    Returns Analyses

    Earnings Returns History

    Updated 8/17/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20261.4%0.4% 
    5/6/2026-3.3%-2.0%-6.3%
    2/6/20262.7%2.6%1.0%
    11/6/2025-0.3%2.0%6.1%
    8/7/2025-1.8%4.9%0.7%
    5/7/20250.4%0.3%1.0%
    2/7/20250.3%-7.2%-4.3%
    11/6/20246.0%6.9%11.6%
    ...
    SUMMARY STATS   
    # Positive141714
    # Negative11810
    Median Positive1.1%3.2%3.5%
    Median Negative-1.0%-3.9%-4.4%
    Max Positive6.0%9.3%20.1%
    Max Negative-3.3%-7.2%-8.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20261.4%0.4% 
    5/6/2026-3.3%-2.0%-6.3%
    2/6/20262.7%2.6%1.0%
    11/6/2025-0.3%2.0%6.1%
    8/7/2025-1.8%4.9%0.7%
    5/7/20250.4%0.3%1.0%
    2/7/20250.3%-7.2%-4.3%
    11/6/20246.0%6.9%11.6%
    8/7/2024-1.8%-4.7%0.7%
    5/9/2024-1.0%-6.9%-7.4%
    2/7/20240.4%7.9%12.8%
    11/6/2023-0.6%3.3%3.1%
    8/7/2023-0.9%0.1%0.4%
    5/9/20230.6%-2.8%-2.2%
    2/7/20232.2%4.2%-4.5%
    11/7/2022-0.4%-1.3%-1.9%
    8/8/2022-0.7%3.6%8.8%
    5/6/20220.3%9.3%20.1%
    2/8/20220.9%1.5%2.8%
    11/8/20212.3%2.7%-7.0%
    8/6/20210.8%0.6%-0.2%
    5/10/2021-1.1%-4.0%-8.2%
    2/5/20212.0%9.1%9.8%
    11/6/2020-3.3%-3.7%3.9%
    8/7/20203.9%3.2%-0.2%
    SUMMARY STATS   
    # Positive141714
    # Negative11810
    Median Positive1.1%3.2%3.5%
    Median Negative-1.0%-3.9%-4.4%
    Max Positive6.0%9.3%20.1%
    Max Negative-3.3%-7.2%-8.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/26/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/27/202310-K
    09/30/202211/07/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/26/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/27/202310-K
    09/30/202211/07/202210-Q
    06/30/202208/08/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/08/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/10/202110-Q
    12/31/202002/26/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/08/202010-Q
    12/31/201903/02/202010-K
    09/30/201911/06/201910-Q

    Insider Activity

    Updated 4/26/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Campbell, Reid Tarlton DirectSell122220250.005,000  Form
    2Rountree, George ManningChief Executive OfficerDirectSell122220252050.005,00010,250,00028,308,450Form
    3Gelston, Philip A DirectSell121620252048.51165338,0043,212,064Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Campbell, Reid Tarlton DirectSell122220250.005,000  Form
    2Rountree, George ManningChief Executive OfficerDirectSell122220252050.005,00010,250,00028,308,450Form
    3Gelston, Philip A DirectSell121620252048.51165338,0043,212,064Form

    Investor Activity (13F)

    Updated Aug 24, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Wallace Capital Management Inc.$173.1 Mil19.9%75Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Wallace Capital Management Inc.$173.1 Mil19.9%75Hold13F

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    Core Cache Last Updated: 8/23/2026