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WTMWhite Mountains Insurance Group, Ltd.
$2165.85$5.4B
Overview & Verdict
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WTM logoWhite Mountains Insurance Group, Ltd.(WTM)Earnings, Financials & Key Ratios

WTM•NYSE•Insurance & Managed Care
$2165.85
5.0× P/E·Price updated Jul 7, 2026
SectorFinancial ServicesIndustryProperty & Casualty InsuranceSub-IndustryInsurance distributors and MGAs
AboutWhite Mountains Insurance Group, Ltd., through its subsidiaries, provides insurance and other financial services in the United States. The company operates through five segments: HG Global/BAM, Ark, NSM, Kudu, and Other Operations. The HG Global/BAM segment provides insurance on municipal bonds issued to finance public purposes, such as schools, utilities, and transportation facilities, as well as reinsurance protection services. The Ark segment writes a portfolio of reinsurance and insurance, including property, marine and energy, accident and health, casualty, and specialty products. The NSM segment operates as a managing general agent and program administrator for specialty property and casualty insurance to various sectors comprising specialty transportation, real estate, social services, and pet. The Kudu segment provides capital solutions to boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisitions and growth finances, and legacy partner liquidity, as well as strategic assistance to investees. The Other Operations segment offers insurance solutions to travel industry through broker channel and on a direct-to-consumer basis; and manages separate accounts and pooled investment vehicles for insurance-linked securities sectors, including catastrophe bonds, collateralized reinsurance investments, and industry loss warranties of third-party clients. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.Show more
  • Revenue$2.71B+15.0%
  • Combined Ratio50.92%-41.2%
  • Net Income$1.11B+380.2%
  • Return on Equity19.43%+308.8%
  • Medical Cost Ratio46.28%-15.0%
  • Operating Margin49.08%+264.8%
  • Net Margin40.87%+317.6%
  • ROA9.95%+295.5%
  • Equity / Assets50.83%-1.7%

WTM Price & Volume

White Mountains Insurance Group, Ltd. (WTM) stock price & volume — 10-year historical chart

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Volatile Underwriting Performance Masks Capital Strength

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Fortress
Cash Flow:Mixed
Primary Risk:Underwriting and Catastrophe Volatility

Key Thesis Takeaways

  • White Mountains Insurance Group maintains a fortress-like balance sheet with a 0.13% debt-to-equity ratio, yet its earnings trajectory remains highly sensitive to episodic catastrophe events within the Ark segment.
  • While the company demonstrates significant opportunistic capital deployment, such as the $192.7 million share repurchase in 2025Q4, the lack of consistent underwriting profitability—evidenced by combined ratios swinging from -56.4% to 133.7%—creates substantial valuation uncertainty.
  • Investors should monitor whether the firm can transition from sporadic, event-driven gains to sustainable, core operational growth.

Verdict Logic

while the stock trades at a P/B of 0.86, the inherent volatility in underwriting performance and the lack of a consistent dividend policy warrant caution until the firm demonstrates more stable earnings generation.

WTM Growth Metrics

White Mountains Insurance Group, Ltd. (WTM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years19.92%
5 Years24.76%
3 Years32.73%
TTM15.76%

Profit CAGR

10 Years14.12%
5 Years9.32%
3 Years11.75%
TTM3632.62%

EPS CAGR

10 Years23.86%
5 Years13.56%
3 Years15.81%
TTM3453.85%

Return on Capital

10 Years3.71%
5 Years3.58%
3 Years8.59%
Last Year15.04%

WTM Recent Earnings

White Mountains Insurance Group, Ltd. (WTM) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 0/12 qtrs (0%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$12.59+414.4%
$4.00
Rev
$515M+0.0%
$515M
Q1 2026
Feb 6, 2026
Metric
Actual
Est
EPS
$39.77-89.5%
$379.45
Rev
$576M+0.0%
$576M
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$72.21+26.7%
$57.00
Rev
$864M
—
Q3 2025
Aug 7, 2025
Metric
Actual
Est
EPS
$47.75-16.2%
$57.00
Rev
$689M
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$12.59vs $4.00+414.4%
$515Mvs $515M+0.0%
Q1 2026Feb 6, 2026
$39.77vs $379.45-89.5%
$576Mvs $576M+0.0%
Q4 2025Nov 6, 2025
$72.21vs $57.00+26.7%
$864M
Q3 2025Aug 7, 2025
$47.75vs $57.00-16.2%
$689M
Based on last 12 quarters of dataView full earnings history →

Latest WTM News

Recent stock market news and headlines for White Mountains Insurance Group, Ltd. (WTM)

GuruFocus·Jun 24, 2026
Australian Financial Planning Group Secures Minority Investment from Kudu Investment Management to Fund Growth Initiatives

Australian Financial Planning Group Secures Minority Investment from Kudu Investment Management to Fund Growth Initiatives PR N

PRNewsWire·Jun 24, 2026
Australian Financial Planning Group Secures Minority Investment from Kudu Investment Management to Fund Growth Initiatives

SYDNEY and NEW YORK, June 24, 2026 /PRNewswire/ -- Australian Financial Planning Group (AFPG), an established wealth management firm serving clients across Australia, and Kudu Investment Management, LLC (Kudu), a provider of permanent capital solutions to independent asset and wealth managers globally, today announced that AFPG has secured a minority investment from Kudu. Financial terms of the transaction were not disclosed.

PRNewsWire·Jun 22, 2026
Australia's Drummond Capital Partners Secures Investment from Kudu Investment Management

NEW YORK, June 22, 2026 /PRNewswire/ -- Kudu Investment Management, LLC (Kudu), a leading provider of permanent capital solutions to asset and wealth management firms globally, and Drummond Capital Partners (Drummond), an Australian boutique manager specializing in institutional quality, active managed accounts, today announced that Kudu has made a minority investment in Drummond. Drummond's founders, Tom Schubert and Nick Reddaway, will remain majority owners and Drummond will continue to operate under the same leadership team, investment framework and client service model.

Peers Comparison

Key metrics vs top competitors for White Mountains Insurance Group, Ltd. (WTM)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
WTM logoWTMWhite Mountains Insurance Group, Ltd.Current
$2165.85$5.36B5.0414.99%40.87%19.43%0.05%
MKL logoMKLMarkel Corporation
$1969.34$24.64B11.64-0.96%10.7%9.56%—
ACGL logoACGLArch Capital Group Ltd.
$102.85$35.93B8.8514.27%24.73%20.48%—
RNR logoRNRRenaissanceRe Holdings Ltd.
$323.69$13.97B5.729.45%26.93%16.59%—
ERIE logoERIEErie Indemnity Company
$256.37$11.84B24.147.17%13.2%25.03%—
HCI logoHCIHCI Group, Inc.
$180.41$2.34B7.2520.21%32.64%30.81%—

Compare WTM vs Peers

White Mountains Insurance Group, Ltd. (WTM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MKL

Most directly comparable listed peer for WTM.

Scale Benchmark

vs CB

Larger-name benchmark to compare WTM against a more recognizable public peer.

Peer Set

Compare Top 5

vs MKL, ACGL, RNR, ERIE

WTM SEC Filings & Documents

White Mountains Insurance Group, Ltd. (WTM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 15, 2026·SEC

Material company update

May 6, 2026·SEC

Material company update

Apr 1, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 6, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

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WTM Frequently Asked Questions

White Mountains Insurance Group, Ltd. (WTM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is White Mountains Insurance Group, Ltd. growing?

White Mountains Insurance Group, Ltd. (WTM) grew revenue by 15.0% over the past year. This is steady growth.

Is WTM profitable?

Yes, White Mountains Insurance Group, Ltd. (WTM) is profitable, generating $1.04B in net income for fiscal year 2025 (40.9% net margin).

Dividend & Returns
Does WTM pay dividends?

White Mountains Insurance Group, Ltd. (WTM) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

What is WTM's return on equity?

White Mountains Insurance Group, Ltd. (WTM) has a return on equity (ROE) of 19.4%. This is reasonable for most industries.

Industry Metrics
What is White Mountains Insurance Group, Ltd.'s combined ratio?

White Mountains Insurance Group, Ltd. (WTM) has a combined ratio of 50.9%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in WTM back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →