White Mountains Insurance Group Ltd WTM
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 28, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
4 paragraphs in Risk Factors of the 10-K filed Feb 27, 2026 with nothing like them in the 10-K filed Feb 28, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Distinguished’s future commission revenues could also be materially adversely affected by other factors beyond its control, including (i) the increasing availability of capital markets-based products designed to replace traditional insurance and reinsurance products; (ii) growth in the direct-to-consumer sales channel at the expense of insurance intermediaries including agents and brokers; (iii) the percentage of premium insurance carriers will pay for placement services; (iv) the availability and cost of reinsurance; and (v) future trends in claim severity, emerging coverage issues, frequency, inflation, legislative and judicial changes, regulatory changes, adverse court rulings and other factors.
The property and casualty insurance industry is highly competitive and has historically been cyclical, experiencing periods of severe price competition and less selective underwriting standards (soft markets) followed by periods of relatively high prices and more selective underwriting standards (hard markets). The cyclicality of the property and casualty markets is beyond Distinguished’s control and could materially adversely affect our results of operations and financial condition by reducing the commissions it receives for property and casualty insurance placed during soft markets. We expect to continue to experience the effects of cyclicality. If Distinguished is unable to successfully manage the risks associated with soft markets, Distinguished’s business may be materially adversely affected, which could materially adversely affect our results of operations and financial condition.
A substantial portion of Distinguished’s business is placed with one insurance carrier, and most of Distinguished’s business is placed with a small number of carriers. Any deterioration in the arrangements with its carriers could adversely affect Distinguished’s business, which could materially adversely affect our results of operations and financial condition.
On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act (“OBBBA”). The OBBBA reinstated the pre-TCJA rules for determining status as a U.S. 10% shareholder and made certain changes to the subpart F and GILTI rules (including renaming GILTI “net CFC tested income”), effective for tax years beginning after December 31, 2025.
Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
New in the latest 10-Q
13 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
White Mountains’s fully-diluted/fully-converted ownership percentage understates its economic interest in Ark since the calculation treats management’s equity incentives, which are subject to a compounding return hurdle, as if they were full value shares. In the future, Ark may choose to convert vested management equity incentives to basic shares and repurchase certain other management owned shares, which would increase White Mountains’s fully-diluted/fully-converted ownership. White Mountains has the majority voting power of Ark’s Board of Directors. As a result, White Mountains will continue to control Ark even if its ownership percentage falls below 50.0 %.
Read in the 10-Q
$ in Millions September 30, 2026 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Description Valuation Technique(s) (1) Fair Value (2) Unobservable Inputs Discount Rate (5) Terminal Cash Flow Exit Multiple (x) or Terminal Revenue Growth Rate (%) (5) Kudu’s Participation Contracts (3) (4) Discounted cash flow $1,319.1 17% - 23% 7x - 22x Bamboo SPV Discounted cash flow $290.0 16% 4% PassportCard/DavidShield Discounted cash flow $170.0 24% 4% Bishop Street Discounted cash flow $134.0 20% N/A Private common shares and units Discounted cash flow $57.5 22% - 35% 3% - 4% Private preferred securities Discounted cash flow $38.1 16% N/A Private debt instruments Discounted cash flow $9.5 12% N/A
Read in the 10-Q
(1) Represents the outstanding balance of the Distinguished Credit Facility assumed in the Distinguished Transaction. See Note 2 - “Significant Transactions.”
Read in the 10-Q
(1) Distinguished’s results are from September 2, 2025, the date of acquisition, through September 30, 2025.
Read in the 10-Q
Ark/WM Outrigger Other Operations Millions Ark WM Outrigger Re Kudu HG Global Distinguished WTM Partners (1) Total Nine Months Ended September 30, 2026 Earned insurance premiums (2) $ 1,256.1 $ 2.7 $ — $ 24.0 $ — $ — $ 4.4 $ 1,287.2 Net investment income (3) 81.5 3.0 60.5 23.4 2.0 — 42.5 212.9 Net realized and unrealized (42.6) (.1) 66.0 (36.0) — — 104.7 92.0
Read in the 10-Q
Show the other 8
(1) WTM Partners includes the results of Basesix from April 1, 2026, the date of its acquisition, through September 30, 2026, and Hawkeye Electric from May 1, 2026, the date of its acquisition, through September 30, 2026.
Read in the 10-Q
(1) Distinguished’s results are from September 2, 2025, the date of acquisition, through September 30, 2025.
Read in the 10-Q
(2) WTM Partners includes the results of Enterprise Solutions from April 1, 2025, the date of acquisition, through September 30, 2025.
Read in the 10-Q
During the fourth quarter of 2025, Ark renewed Outrigger Re Ltd. for the 2026 underwriting year, but WM Outrigger Re did not participate. Accordingly, WM Outrigger Re’s results are not material to White Mountains’s consolidated financial statements for the third quarter and first nine months of 2026.
Read in the 10-Q
Distinguished Results - Period From September 2, 2025 through September 30, 2025
Read in the 10-Q
Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Millions Managed Premiums Commission and Managed Premiums Commission and
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(2) Net of unamortized issuance costs and original issue discount, where applicable.
Read in the 10-Q
• Software impairment - Represents expense related to Distinguished’s write-off of capitalized software that is no longer in use.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 27, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:There have been no material changes to any of the risk factors previously disclosed in the Registrant’s 2025 Annual Report on Form 10-K.
Read in the 10-Q
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 27, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 28, 2025
Where each one is used
- kudu’s managers: Kudu’s financial performance is dependent upon its clients’ asset and performance-based fees, which are subject to a variety of economic, market and other risks. Additionally, Kudu’s managers participate in a highly competitive, highly regulated industry. Kudu’s managers may not be able to compete effectively in...
- fcus shareholder: The OBBBA enacted a separate inclusion regime for a “foreign controlled U.S.” (“FCUS”) shareholder of a “foreign controlled foreign corporation” (“FCFC”). A FCUS shareholder of a FCFC must include in its taxable income each year its pro rata share of a FCFC’s subpart F income and CFC tested income for that year,...
- foreign corporation: The Tax Cuts and Jobs Act of 2017 (“TCJA”) modified certain U.S. tax rules that apply to controlled foreign corporations (“CFCs”). As a result of these changes, each of our non-U.S. subsidiaries is treated as a CFC. If any of our shareholders is a “U.S. 10% shareholder” (as described below) that directly or...
- commission revenues: Distinguished’s commission revenues are dependent on many factors, some of which are beyond its control, including the pricing and profitability of certain segments of the property and casualty insurance industry, which is highly competitive and cyclical. Distinguished may not be able to compete effectively in the...
- five years: On December 27, 2023, Bermuda enacted a 15% corporate income tax that became effective on January 1, 2025. The Bermuda legislation defers the effective date for five years for Bermuda companies in consolidated groups that meet certain requirements. To qualify for the deferral, generally the group must (i) have...
- million relates: As of December 31, 2025, we had total goodwill and other intangible assets of $1,020 million on our consolidated balance sheet, of which $578 million relates to Distinguished and $293 million relates to Ark.
- adequately alleviate: Ark may not adequately alleviate risk through reinsurance and retrocessional arrangements, which could materially adversely affect our results of operations and financial condition.
- ark’s reserves: Ark maintains reserves to cover its estimated ultimate liabilities for loss and LAE. Loss and LAE reserves are typically comprised of (i) case reserves for reported claims and (ii) incurred but not reported (“IBNR”) reserves for losses that have occurred but for which claims have not yet been reported and for...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
8 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/WTM/export.csv") into a cell.