# White Mountains Insurance Group (WTM.US)

Canonical: https://gigainvestors.com/s/WTM

Analysis as of: 2026-10-16T07:33:13.979Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $2,143.73 per share; close as of 2026-10-15.

Estimated value: low $3,005.17 per share, central $3,756.46 per share, high $5,008.61 per share. Buy at or below the central value $3,756.46 per share. Valuation as of 2026-10-16T07:33:13.979Z; scenarios are not confidence intervals.

Expected annual return: 13.0% at the stated quote. About 13.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 7

- Required profitable years: 8

- Return on common equity variation (informational): 1.18×

Chart: Net income; fiscal year observations.

- FY2016: $402M

- FY2017: $627M

- FY2018: -$141M

- FY2019: $415M

- FY2020: $709M

- FY2021: -$269M

- FY2022: -$108M

- FY2023: $502M

- FY2024: $227M

- FY2025: $1.1B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 12.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -6.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 11.4%

- FY2017: 18.3%

- FY2018: -6.1%

- FY2019: 15.9%

- FY2020: 27.3%

- FY2021: -8.4%

- FY2022: -3.2%

- FY2023: 13.0%

- FY2024: 6.0%

- FY2025: 24.7%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 12.4%

- Book return interval: 10 years

- Starting book value per share: $673.39

- Ending book value per share: $2K

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 7.6%

- FY2017: 14.0%

- FY2018: 3.4%

- FY2019: 22.2%

- FY2020: 22.2%

- FY2021: -7.9%

- FY2022: 13.8%

- FY2023: 26.6%

- FY2024: 5.6%

- FY2025: 21.0%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -8.0%

- Diluted shares, 5-year annual growth: -3.8%

- Share growth excluding flagged crisis recapitalisations: -8.0%

- Five-year share growth excluding flagged crisis recapitalisations: -3.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 5.69×

- Book value created per share: $1K

- Earnings retained per share after dividends and buybacks: $258.08

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 85

- FY2017: 73

- FY2018: 58

- FY2019: 54

- FY2020: 53

- FY2021: 52

- FY2022: 49

- FY2023: 43

- FY2024: 44

- FY2025: 44

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 3% a year forever · net income +379.4%

Story as of 2026-10-16T09:59:53.541Z; price observation 2026-10-15.

The price assumes profits grow 3% a year forever

### Net income · FY2025

net income +379.4%; source https://www.sec.gov/Archives/edgar/data/776867/000162828026012603/wtm-20251231.htm; observed 2026-02-27.

- FY2016: $402M 

- FY2017: $627M 

- FY2018: -$141M 

- FY2019: $415M 

- FY2020: $709M 

- FY2021: -$269M 

- FY2022: -$108M 

- FY2023: $502M 

- FY2024: $227M 

- FY2025: $1.1B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/776867/000162828026012603/wtm-20251231.htm#000162828026012603 (filed 2026-02-27); FY2025: revenue 3735000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WTM.US: White Mountains Insurance Group, Ltd. provides insurance services in the United States, the United Kingdom, Bermuda, and internationally. It operates through Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations segments. The company offers property insurance and reinsurance; specialty insurance and reinsurance consisting of aviation, contingency, cyber, fine art and specie, mortgage, nuclear, political and credit, space, surety, and terrorism and political violence; marine and energy insurance and reinsurance; casualty insurance and reinsurance, such as medical malpractice, and professional and general liability; and accident and health insurance and reinsurance, which includes personal accident, sickness, disability, travel, short-term life, and medical products through brokers, managing general agents (MGA), and reinsurance intermediaries. It also provides municipal bond guarantee reinsurance, which focuses on single risk limits for small-to-medium sized, and public investment grade municipal bonds that are issued to finance public purpose projects, including schools, utilities, and transportation facilities. In addition, the company offers capital solutions for boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisition and growth finance, and legacy partner liquidity; strategic advice; investment management; and specialty electrical contracting services. Further, it operates as a full-service MGA and program administrator for specialty property and casualty insurance for the real estate and hospitality end markets, and start-up programs; and an MGA for leisure travel and global expatriate medical insurance in Israel, the European Union, and Australia. The company was formerly known as Fund American Enterprises Holdings, Inc. and changed its name to White Mountains Insurance Group, Ltd. in 1999. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.

### Why customers stay

It earns 12.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.11358303886925795],[2017,0.1828358208955224],[2018,-0.061242192921582235],[2019,0.1590072119073193],[2020,0.2727762595743043],[2021,-0.08395685247537099],[2022,-0.03231480101356387],[2023,0.12971911418899712],[2024,0.06042408460434713],[2025,0.2474575501679833]]; median 0.12165107652912754. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 202.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,5400000],[2017,4600000],[2018,3800000],[2019,3200000],[2020,3200000],[2021,3100000],[2022,3000000],[2023,2600000],[2024,2500000],[2025,2600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/776867/000162828026012603/wtm-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 202600000 USD.

### Are managers owners

Insiders own 3.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WTM.US SharesStats.PercentInsiders = 3.2239999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Price 2143.73; FX 1; original perpetual distributable cash 150.25833025095636; discount 0.1; growth 0.0299079966922344. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $829.72 per share

- 2016-11: $836.97 per share

- 2016-12: $836.05 per share

- 2017-01: $909.76 per share

- 2017-02: $936.26 per share

- 2017-03: $879.88 per share

- 2017-04: $858.94 per share

- 2017-05: $860.08 per share

- 2017-06: $868.63 per share

- 2017-07: $864.60 per share

- 2017-08: $871.07 per share

- 2017-09: $857.00 per share

- 2017-10: $889.15 per share

- 2017-11: $890.99 per share

- 2017-12: $851.28 per share

- 2018-01: $839.90 per share

- 2018-02: $806.85 per share

- 2018-03: $822.52 per share

- 2018-04: $865.29 per share

- 2018-05: $902.08 per share

- 2018-06: $906.61 per share

- 2018-07: $913.03 per share

- 2018-08: $927.95 per share

- 2018-09: $935.87 per share

- 2018-10: $886.67 per share

- 2018-11: $928.75 per share

- 2018-12: $857.69 per share

- 2019-01: $893.58 per share

- 2019-02: $939.39 per share

- 2019-03: $925.48 per share

- 2019-04: $939.04 per share

- 2019-05: $979.60 per share

- 2019-06: $1,021.46 per share

- 2019-07: $1,076.00 per share

- 2019-08: $1,060.70 per share

- 2019-09: $1,080.00 per share

- 2019-10: $1,071.00 per share

- 2019-11: $1,106.92 per share

- 2019-12: $1,115.51 per share

- 2020-01: $1,117.22 per share

- 2020-02: $990.10 per share

- 2020-03: $910.00 per share

- 2020-04: $973.00 per share

- 2020-05: $915.56 per share

- 2020-06: $887.97 per share

- 2020-07: $880.13 per share

- 2020-08: $891.40 per share

- 2020-09: $779.00 per share

- 2020-10: $908.33 per share

- 2020-11: $960.00 per share

- 2020-12: $1,000.66 per share

- 2021-01: $1,020.00 per share

- 2021-02: $1,195.06 per share

- 2021-03: $1,114.90 per share

- 2021-04: $1,165.43 per share

- 2021-05: $1,193.36 per share

- 2021-06: $1,148.03 per share

- 2021-07: $1,131.57 per share

- 2021-08: $1,120.81 per share

- 2021-09: $1,069.61 per share

- 2021-10: $1,054.99 per share

- 2021-11: $1,002.90 per share

- 2021-12: $1,013.90 per share

- 2022-01: $1,040.96 per share

- 2022-02: $1,050.20 per share

- 2022-03: $1,136.24 per share

- 2022-04: $1,048.02 per share

- 2022-05: $1,244.86 per share

- 2022-06: $1,246.13 per share

- 2022-07: $1,239.43 per share

- 2022-08: $1,370.00 per share

- 2022-09: $1,303.02 per share

- 2022-10: $1,416.15 per share

- 2022-11: $1,358.86 per share

- 2022-12: $1,414.33 per share

- 2023-01: $1,527.96 per share

- 2023-02: $1,443.57 per share

- 2023-03: $1,377.49 per share

- 2023-04: $1,432.14 per share

- 2023-05: $1,354.19 per share

- 2023-06: $1,388.91 per share

- 2023-07: $1,547.02 per share

- 2023-08: $1,588.69 per share

- 2023-09: $1,495.69 per share

- 2023-10: $1,430.75 per share

- 2023-11: $1,531.92 per share

- 2023-12: $1,505.01 per share

- 2024-01: $1,575.97 per share

- 2024-02: $1,765.44 per share

- 2024-03: $1,794.30 per share

- 2024-04: $1,778.14 per share

- 2024-05: $1,807.00 per share

- 2024-06: $1,817.45 per share

- 2024-07: $1,786.00 per share

- 2024-08: $1,844.24 per share

- 2024-09: $1,696.20 per share

- 2024-10: $1,797.14 per share

- 2024-11: $2,009.99 per share

- 2024-12: $1,945.06 per share

- 2025-01: $1,932.46 per share

- 2025-02: $1,849.50 per share

- 2025-03: $1,925.81 per share

- 2025-04: $1,767.45 per share

- 2025-05: $1,784.80 per share

- 2025-06: $1,795.72 per share

- 2025-07: $1,787.80 per share

- 2025-08: $1,830.18 per share

- 2025-09: $1,671.52 per share

- 2025-10: $1,904.56 per share

- 2025-11: $2,024.25 per share

- 2025-12: $2,078.03 per share

- 2026-01: $2,044.93 per share

- 2026-02: $2,220.51 per share

- 2026-03: $2,196.96 per share

- 2026-04: $2,231.99 per share

- 2026-05: $2,064.82 per share

- 2026-06: $2,073.39 per share

- 2026-07: $2,097.73 per share

- 2026-08: $2,102.01 per share

- 2026-09: $2,006.49 per share

- 2026-10: $2,143.73 per share

## Annual estimated value (USD per share)

- FY2016: low $525.33 per share, central $577.87 per share, high $642.07 per share

- FY2017: low $595.20 per share, central $654.72 per share, high $727.47 per share

- FY2018: low $507.41 per share, central $558.15 per share, high $620.17 per share

- FY2019: low $347.14 per share, central $433.92 per share, high $578.56 per share

- FY2020: low $641.10 per share, central $801.38 per share, high $1,068.50 per share

- FY2021: low $440.98 per share, central $551.23 per share, high $734.97 per share

- FY2022: low $902.50 per share, central $1,128.12 per share, high $1,504.16 per share

- FY2023: low $1,916.54 per share, central $2,395.67 per share, high $3,194.23 per share

- FY2024: low $1,860.19 per share, central $2,325.24 per share, high $3,100.32 per share

- FY2025: low $2,965.19 per share, central $3,706.49 per share, high $4,941.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/776867/000162828026012603/wtm-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.