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Share Name | Share Symbol | Market | Type |
---|---|---|---|
White Moutains Insurance Group Ltd | NYSE:WTM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-22.43 | -1.23% | 1,802.57 | 1,825.50 | 1,800.00 | 1,824.34 | 13,316 | 01:00:00 |
Bermuda
(State or other jurisdiction of
incorporation or organization)
|
1-8993
(Commission file
number)
|
94-2708455
(I.R.S. Employer
Identification No.)
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Shares, par value $1.00 | WTM | New York Stock Exchange | ||||||||||||
per share | Bermuda Stock Exchange |
23.1 | |||||
99.1 | |||||
99.2 | |||||
99.3 |
WHITE MOUNTAINS INSURANCE GROUP, LTD. | ||||||||||||||
DATED: March 16, 2021 | By: |
/s/ J. BRIAN PALMER
J. Brian Palmer
Managing Director and Chief Accounting Officer
|
/s/ KPMG LLP | ||
London, United Kingdom | ||
16 March 2021 |
Millions, Except Share and Per Share Amounts | Historical White Mountains |
Adjusted Historical
Ark |
Transaction Related Adjustments | Pro Forma Consolidated | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Total Financial Guarantee (HG Global/BAM) assets | $ | 1,017.8 | $ | — | $ | — | $ | 1,017.8 | ||||||||||||||||||
P&C Insurance and Reinsurance (Ark): | ||||||||||||||||||||||||||
Fixed maturity investments, at fair value | — | 19.4 | — | 19.4 | ||||||||||||||||||||||
Common equity securities, at fair value | — | 48.8 | — | 48.8 | ||||||||||||||||||||||
Short-term investments, at fair value | — | 380.9 | — | 380.9 | ||||||||||||||||||||||
Other long-term investments | — | 145.2 | — | 145.2 | ||||||||||||||||||||||
Total investments | — | 594.3 | — | 594.3 | ||||||||||||||||||||||
Cash | — | 52.0 | 605.4 | (3a) | 657.4 | |||||||||||||||||||||
Reinsurance recoverables | — | 430.9 | 2.5 | (3b) | 433.4 | |||||||||||||||||||||
Insurance premiums receivable | — | 236.7 | — | 236.7 | ||||||||||||||||||||||
Ceded unearned premiums | 170.2 | (2a) | — | 170.2 | ||||||||||||||||||||||
Deferred acquisition costs | — | 71.7 | (2a,b) | (71.7) | (3c) | — | ||||||||||||||||||||
Value of in-force business acquired | — | 71.7 | (3d) | 71.7 | ||||||||||||||||||||||
Goodwill | — | 2.1 | 138.7 | (3e) | 140.8 | |||||||||||||||||||||
Other intangible assets | — | 146.1 | (3f) | 146.1 | ||||||||||||||||||||||
Other assets | — | 88.9 | (2c,d,e) | — | 88.9 | |||||||||||||||||||||
Total P&C Insurance and Reinsurance (Ark) assets | — | 1,646.8 | 892.7 | 2,539.5 | ||||||||||||||||||||||
Total Specialty Insurance Distribution (NSM) assets | 999.6 | — | — | 999.6 | ||||||||||||||||||||||
Total Asset Management (Kudu) assets | 430.2 | — | — | 430.2 | ||||||||||||||||||||||
Other Operations: | — | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | 347.7 | — | — | 347.7 | ||||||||||||||||||||||
Short-term investments, at fair value | 82.4 | — | — | 82.4 | ||||||||||||||||||||||
Investment in MediaAlpha, at fair value | 802.2 | — | — | 802.2 | ||||||||||||||||||||||
Common equity securities, at fair value | — | — | — | — | ||||||||||||||||||||||
Other long-term investments | 386.2 | — | — | 386.2 | ||||||||||||||||||||||
Total investments | 1,618.5 | — | — | 1,618.5 | ||||||||||||||||||||||
Cash | 34.1 | — | — | 34.1 | ||||||||||||||||||||||
Cash pre-funded/placed in escrow for the Transaction | 646.3 | — | (646.3) | (3a) | — | |||||||||||||||||||||
Accrued investment income | 2.4 | — | — | 2.4 | ||||||||||||||||||||||
Accounts receivable on unsettled investment sales | 3.4 | — | — | 3.4 | ||||||||||||||||||||||
Goodwill and other intangible assets | 36.4 | — | — | 36.4 | ||||||||||||||||||||||
Other assets | 40.4 | — | — | 40.4 | ||||||||||||||||||||||
Assets held for sale | 2.3 | — | — | 2.3 | ||||||||||||||||||||||
Total Other Operations assets | 2,383.8 | — | (646.3) | 1,737.5 | ||||||||||||||||||||||
Total assets | $ | 4,831.4 | $ | 1,646.8 | $ | 246.4 | $ | 6,724.6 |
Millions, Except Share and Per Share Amounts | Historical White Mountains |
Adjusted Historical
Ark |
Transaction Related Adjustments | Pro Forma Consolidated | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Total Financial Guarantee (HG Global/BAM) liabilities | $ | 291.5 | $ | — | $ | — | $ | 291.5 | ||||||||||||||||||
P&C Insurance and Reinsurance (Ark): | ||||||||||||||||||||||||||
Loss and loss adjustment expense reserves | — | 667.4 | 28.6 | (3g) | 696.0 | |||||||||||||||||||||
Unearned insurance premiums | — | 326.1 | (2a) | — | 326.1 | |||||||||||||||||||||
Debt | — | 46.4 | — | 46.4 | ||||||||||||||||||||||
Ceded reinsurance payable | — | 528.3 | (2f) | — | 528.3 | |||||||||||||||||||||
Contingent Consideration related to the Transaction | — | — | 22.5 | (3h) | 22.5 | |||||||||||||||||||||
Other liabilities | — | 25.9 | (2c) | 27.8 | (3i) | 53.7 | ||||||||||||||||||||
Total P&C Insurance and Reinsurance (Ark) liabilities | — | 1,594.1 | 78.9 | 1,673.0 | ||||||||||||||||||||||
Total Specialty Insurance Distribution (NSM) liabilities | 491.8 | — | — | 491.8 | ||||||||||||||||||||||
Total Asset Management (Kudu) liabilities | 96.3 | — | — | 96.3 | ||||||||||||||||||||||
Other Operations | ||||||||||||||||||||||||||
Debt | 17.5 | — | — | 17.5 | ||||||||||||||||||||||
Accrued incentive compensation | 70.1 | — | — | 70.1 | ||||||||||||||||||||||
Other liabilities | 46.3 | — | — | 46.3 | ||||||||||||||||||||||
Total Other Operations liabilities | 133.9 | — | — | 133.9 | ||||||||||||||||||||||
Total liabilities | 1,013.5 | 1,594.1 | 78.9 | 2,686.5 | ||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||
White Mountains’s common shareholders’ equity | ||||||||||||||||||||||||||
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 |
3.1 | — | 3.1 | |||||||||||||||||||||||
Paid-in surplus | 592.1 | 75.7 | (2e) | (75.7) | (3j) | 592.1 | ||||||||||||||||||||
Retained earnings | 3,311.2 | (20.1) | (2b,d,g) | 20.1 | (3j) | 3,311.2 | ||||||||||||||||||||
Accumulated other comprehensive loss, after-tax: | — | — | — | |||||||||||||||||||||||
Net unrealized (losses) gains from foreign currency translation and interest rate swap | (.4) | (2.9) | 2.9 | (3j) | (.4) | |||||||||||||||||||||
Total White Mountains’s common shareholders’
equity
|
3,906.0 | 52.7 | (52.7) | 3,906.0 | ||||||||||||||||||||||
Non-controlling interests | (88.1) | — | 220.2 | (3k) | 132.1 | |||||||||||||||||||||
Total equity | 3,817.9 | 52.7 | 167.5 | 4,038.1 | ||||||||||||||||||||||
Total liabilities and equity | $ | 4,831.4 | $ | 1,646.8 | $ | 246.4 | $ | 6,724.6 |
Millions, Except Share and Per Share Amounts | Historical White Mountains |
Adjusted Historical
Ark |
Transaction Related Adjustments | Pro Forma Consolidated | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Total Financial Guarantee (HG Global/BAM) revenues | $ | 68.5 | $ | — | $ | — | $ | 68.5 | ||||||||||||||||||
P&C Insurance and Reinsurance (Ark): | ||||||||||||||||||||||||||
Earned insurance premiums | — | 274.5 | — | 274.5 | ||||||||||||||||||||||
Net investment income | — | 4.8 | — | 4.8 | ||||||||||||||||||||||
Net realized and unrealized investment losses | — | (7.2) | — | (7.2) | ||||||||||||||||||||||
Other revenues | — | 12.4 | — | 12.4 | ||||||||||||||||||||||
Total P&C Insurance and Reinsurance (Ark) revenues | — | 284.5 | — | 284.5 | ||||||||||||||||||||||
Total Specialty Insurance Distribution (NSM) revenues | 285.1 | — | — | 285.1 | ||||||||||||||||||||||
Total Asset Management (Kudu) revenues | 45.7 | — | — | 45.7 | ||||||||||||||||||||||
Other Operations | ||||||||||||||||||||||||||
Net investment income | 82.0 | — | — | 82.0 | ||||||||||||||||||||||
Net realized and unrealized investment (losses) gains | (8.8) | — | — | (8.8) | ||||||||||||||||||||||
Net realized and unrealized investment gains
from MediaAlpha |
686.0 | — | — | 686.0 | ||||||||||||||||||||||
Advertising and commission revenues | 8.3 | — | — | 8.3 | ||||||||||||||||||||||
Other revenues | 13.9 | — | — | 13.9 | ||||||||||||||||||||||
Total Other Operations revenues | 781.4 | — | — | 781.4 | ||||||||||||||||||||||
Total revenues | $ | 1,180.7 | $ | 284.5 | $ | — | $ | 1,465.2 |
Millions, Except Share and Per Share Amounts | Historical White Mountains |
Adjusted Historical
Ark |
Transaction Related Adjustments | Pro Forma Consolidated | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Total Financial Guarantee (HG Global/BAM) expenses | $ | 63.8 | $ | — | $ | — | $ | 63.8 | ||||||||||||||||||
P&C Insurance and Reinsurance (Ark): | — | |||||||||||||||||||||||||
Loss and loss adjustment expenses | — | 116.8 | (1.2) | (3l) | 115.6 | |||||||||||||||||||||
Insurance and reinsurance acquisition expenses | — | 128.1 | — | 128.1 | ||||||||||||||||||||||
Interest expense on debt | — | 3.6 | — | 3.6 | ||||||||||||||||||||||
Other underwriting expenses, general and administrative expenses | — | 34.0 | (2a,h) | 19.8 | (3m) | 53.8 | ||||||||||||||||||||
Total P&C Insurance and Reinsurance (Ark) expenses | — | 282.5 | 18.6 | 301.1 | ||||||||||||||||||||||
Total Specialty Insurance Distribution (NSM) expenses | 297.7 | — | — | 297.7 | ||||||||||||||||||||||
Total Asset Management (Kudu) expenses | 18.1 | — | — | 18.1 | ||||||||||||||||||||||
Other Operations | ||||||||||||||||||||||||||
Cost of sales | 11.3 | — | — | 11.3 | ||||||||||||||||||||||
General and administrative expenses | 141.9 | — | — | 141.9 | ||||||||||||||||||||||
Amortization of other intangible assets | 1.3 | — | — | 1.3 | ||||||||||||||||||||||
Interest expense | 1.4 | — | — | 1.4 | ||||||||||||||||||||||
Total Other Operations expenses | 155.9 | — | — | 155.9 | ||||||||||||||||||||||
Total expenses | 535.5 | 282.5 | 18.6 | 836.6 | ||||||||||||||||||||||
Pre-tax income (loss) from continuing operations | 645.2 | 2.0 | (18.6) | 628.6 | ||||||||||||||||||||||
Income tax benefit | 20.5 | .7 | (2i) | 3.8 | (3n) | 25.0 | ||||||||||||||||||||
Net income (loss) from continuing operations | 665.7 | 2.7 | (14.8) | 653.6 | ||||||||||||||||||||||
(Loss) gain from sale of Sirius Group, net of tax | (2.3) | — | — | (2.3) | ||||||||||||||||||||||
Net income (loss) | 663.4 | 2.7 | (14.8) | 651.3 | ||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests | 45.3 | — | 3.4 | (3o) | 48.7 | |||||||||||||||||||||
Net income (loss) attributable to White Mountains’s common shareholders | $ | 708.7 | $ | 2.7 | $ | (11.4) | $ | 700.0 | ||||||||||||||||||
Earnings per share from continuing operations
attributable to White Mountains’s common shareholders: |
||||||||||||||||||||||||||
Basic | $ | 227.72 | $ | 224.92 | ||||||||||||||||||||||
Diluted | $ | 227.72 | $ | 224.92 | ||||||||||||||||||||||
Millions | As of December 31, 2020 | |||||||
Investments | $ | 594.3 | ||||||
Cash | 52.0 | |||||||
Reinsurance recoverables | 433.4 | |||||||
Insurance premiums receivable | 236.7 | |||||||
Ceded unearned premiums | 170.2 | |||||||
Value of in-force business acquired | 71.7 | |||||||
Other assets | 88.9 | |||||||
Loss and loss adjustment expense reserves | (696.0) | |||||||
Unearned insurance premiums | (326.1) | |||||||
Debt | (46.4) | |||||||
Ceded reinsurance payable | (528.3) | |||||||
Other liabilities | (25.9) | |||||||
Net tangible assets acquired | 24.5 | |||||||
Goodwill | 140.8 | |||||||
Other intangible assets | 146.1 | |||||||
Deferred tax liability on other intangible assets | (27.8) | |||||||
Net assets acquired | $ | 283.6 | ||||||
Millions | Balance per U.K. GAAP | Adjustment | Balance per U.S. GAAP | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
(2a) | Ceded unearned premiums - foreign currency | $ | 170.4 | $ | (.2) | $ | 170.2 | ||||||||||||||||
(2a) | Deferred acquisition costs - foreign currency | 79.3 | (1.2) | ||||||||||||||||||||
(2b) | Deferred acquisition costs | (6.4) | 71.7 | ||||||||||||||||||||
(2c) |
Other assets - lease assets
|
91.7 | 2.5 | ||||||||||||||||||||
(2d) |
Other assets - deferred tax assets
|
.1 | |||||||||||||||||||||
(2e) |
Other assets - receivable from management for equity based compensation
|
(5.4) | 88.9 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
(2a) | Unearned insurance premiums - foreign currency | 328.4 | (2.3) | 326.1 | |||||||||||||||||||
(2f) | Ceded reinsurance payable | 532.4 | (4.1) | 528.3 | |||||||||||||||||||
(2c) |
Other liabilities - lease liabilities
|
23.4 | 2.5 | 25.9 | |||||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||||||
(2e) | Paid in surplus - management shares | 81.1 | (5.4) | 75.7 | |||||||||||||||||||
(2g) | Retained earnings - foreign currency | (18.8) | 1.6 | ||||||||||||||||||||
(2b) | Retained earnings - deferred acquisition costs | (3.0) | |||||||||||||||||||||
(2d) | Retained earnings - deferred tax assets | .1 | (20.1) | ||||||||||||||||||||
Expenses | |||||||||||||||||||||||
(2a) | General and administrative expenses - foreign currency | 38.4 | (1.6) | ||||||||||||||||||||
(2h) | General and administrative expenses - goodwill amortization | (2.8) | 34.0 | ||||||||||||||||||||
(2i) | Income tax benefit | .6 | .1 | .7 |
Millions |
Increase/(Decrease)
as of December 31, 2020 |
|||||||||||||
Assets | ||||||||||||||
(3a) | i. Adjustment to reflect the contribution of $605.4 million of equity capital to Ark at a pre-money valuation of $300.0 million | $ | 605.4 | |||||||||||
ii. Adjustment to reflect the contribution of $605.4 million of equity capital to Ark, at a pre-money valuation of $300.0 million, and the purchase of $40.9 million of shares from the Ark Sellers upon the closing of the Transaction | (646.3) | |||||||||||||
(3b) | Adjustment to reverse purchase accounting on reinsurance recoverables from an acquisition made by Ark previous to the Transaction | 2.5 | ||||||||||||
(3c) | Adjustment to eliminate Ark's historical deferred acquisition costs | (71.7) | ||||||||||||
(3d) | Adjustment to record the fair value of in-force business acquired, which is equal to Ark’s historical deferred acquisition costs | 71.7 | ||||||||||||
(3e) | Adjustments to goodwill | |||||||||||||
i. Adjustment to eliminate Ark's historical goodwill | (2.1) | |||||||||||||
ii. Adjustment to record the goodwill related to White Mountains's acquisition of Ark | 140.8 | |||||||||||||
(3f) | Adjustment to record other intangible assets related to White Mountains’s acquisition of Ark | 146.1 | ||||||||||||
Liabilities | ||||||||||||||
(3g) | Adjustment to reverse purchase accounting on loss and loss adjustment reserves from an acquisition made by Ark previous to the Transaction | 28.6 | ||||||||||||
(3h) |
Contingent consideration, representing the acquisition date fair value of the B+ Shares
|
22.5 | ||||||||||||
(3i) | Adjustment to record deferred tax liability on other intangible assets related to White Mountains’s acquisition of Ark at the U.K. statutory rate of 19% | 27.8 | ||||||||||||
White Mountains’s Common Shareholders' Equity | ||||||||||||||
(3j) | Adjustments to White Mountains’s Common Shareholders Equity | |||||||||||||
i. Adjustment to remove Ark’s historical paid-in surplus | (75.7) | |||||||||||||
ii. Adjustment to remove Ark’s historical retained earnings | 20.1 | |||||||||||||
iii. Adjustment to remove Ark’s historical net unrealized gains (losses) from foreign
currency translation |
2.9 | |||||||||||||
Non-controlling interests | ||||||||||||||
(3k) | Net adjustment to establish opening non-controlling interest equity of Ark | |||||||||||||
i. Pre-money valuation of $300.0 million less purchase of $40.9 million of shares from Ark sellers | 259.1 | |||||||||||||
ii. Discount related to the inherent lack of marketability or control in the non-controlling interest | (38.9) |
Millions |
Increase/(Decrease)
for the year ended December 31, 2020 |
|||||||||||||
Expenses | ||||||||||||||
(3l) | Adjustment to reverse amortization of purchase accounting from an acquisition made by Ark previous to the Transaction | $ | (1.2) | |||||||||||
(3m) | Adjustment to record direct, non-recurring transaction expenses incurred by Ark in 2021 that would have been expensed in 2020 had the Transaction closed on January 1, 2020 | 19.8 | ||||||||||||
(3n) | Adjustment to record income tax benefit for direct, non-recurring transaction expenses incurred by Ark in 2021 that would have been expensed in 2020 had the Transaction closed on January 1, 2020 | 3.8 | ||||||||||||
(3o) | Adjustment for net income attributable to non-controlling interest on Ark’s adjusted historical results and transaction related adjustments | 3.4 | ||||||||||||
Millions | As of December 31, 2020 | |||||||
Pre-money valuation at acquisition date | $ | 300.0 | ||||||
Contingent consideration, representing the acquisition date fair value of the B+ Shares | 22.5 | |||||||
Total purchase consideration (1)
|
$ | 322.5 | ||||||
Millions | As of December 31, 2020 | |||||||
Total purchase consideration (1)
|
$ | 322.5 | ||||||
Less: Discount related to the inherent lack of marketability or control in the non-controlling interest | (38.9) | |||||||
Less: Acquisition date fair value of net tangible assets acquired | (24.5) | |||||||
Acquisition date fair value attributable to intangible assets | $ | 259.1 |
Millions | Amount |
Estimated
Useful Life |
||||||||||||||||||
Goodwill | $ | 140.8 | indefinite | |||||||||||||||||
Other intangible assets - Lloyd’s syndicate capacity | 146.1 | indefinite | ||||||||||||||||||
Total intangible assets | 286.9 | |||||||||||||||||||
Deferred tax liability on other intangible assets | (27.8) | |||||||||||||||||||
Acquisition date fair value attributable to intangible assets | $ | 259.1 |
Historical
White Mountains |
Pro Forma Consolidated | |||||||||||||
Basic and diluted earnings per share numerators (in millions):
|
||||||||||||||
Net income from continuing operations attributable to White
Mountains’s common shareholders
|
$ | 711.0 | $ | 702.3 | ||||||||||
Allocation of earnings to participating restricted common shares(1)
|
(9.3) | (9.2) | ||||||||||||
Basic and diluted earnings per share numerators
|
$ | 701.7 | $ | 693.1 | ||||||||||
Basic earnings per share denominators (in thousands):
|
||||||||||||||
Total average common shares outstanding during the period
|
3,122.2 | 3,122.2 | ||||||||||||
Average unvested restricted common shares(2)
|
(40.8) | (40.8) | ||||||||||||
Basic earnings per share denominator
|
3,081.4 | 3,081.4 | ||||||||||||
Diluted earnings per share denominator (in thousands):
|
||||||||||||||
Total average common shares outstanding during the period
|
3,122.2 | 3,122.2 | ||||||||||||
Average unvested restricted common shares(2)
|
(40.8) | (40.8) | ||||||||||||
Diluted earnings per share denominator
|
3,081.4 | 3,081.4 | ||||||||||||
Basic and diluted earnings per share (in dollars) - continuing operations:
|
||||||||||||||
Distributed earnings - dividends declared and paid
|
$ | 1.00 | $ | 1.00 | ||||||||||
Undistributed earnings
|
226.72 | 223.92 | ||||||||||||
Basic and diluted earnings per share
|
$ | 227.72 | $ | 224.92 |
1 Year White Moutains Insurance Chart |
1 Month White Moutains Insurance Chart |
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