White Mountains Insurance Group, Ltd. (WTM) Earnings Call Transcripts

White Mountains Insurance Group, Ltd.'s Latest Earnings Call - June 5, 2026

In Q1 2026, White Mountains Insurance Group reported a slight decline in book value per share, attributed to mark-to-market performance in the investment portfolio. Revenue and earnings specifics were not disclosed, but management highlighted a 25% growth in book value per share for 2025, reaching $21.88. The company deployed $430 million in new investments and returned $200 million to shareholders through buybacks. Management maintained guidance, emphasizing a focus on long-term value creation and disciplined capital deployment.

Reported metrics

Guidance from management

Management maintained guidance, emphasizing long-term value creation and disciplined capital deployment. They expect continued growth in book value per share and intrinsic value.

What management said

Could I just -- just sort of throw something additionally out there as well. So if you recall when White Mountains joined the Outrigger in 2023, that was driven by the hard market that temporarily happened in 2022, and that was driven by not the risk side of the balance sheet as such, but the asset side of the balance sheet. So I think what Ian has correctly described is the sort of the liability side, the asset side...

A question from a viewer which specialty lines are most attractive? And then a second part to that, given some of the recent losses, the Baltimore Bridge, other things that you've talked about, are there certain specialty markets that you see firming.

What analysts pressed on

Analysts expressed concerns about the rapid rate declines in property insurance and potential impacts on future profitability. Questions also focused on the sustainability of current growth rates and the impact of market softening.

Main topics on the call

• Capital Deployment Strategy — White Mountains continues its strategy of deploying capital through a mix of acquisitions and stock buybacks. In 2025, they deployed $430 million into new investments, including distinguished programs and Broad Street Pa...
• Bamboo Sale — The majority sale of Bamboo to CVC Capital valued the business at $1.75 billion, generating a 4x MOIC and a $320 net gain per share. White Mountains retains a 15% stake. Management called it 'the best combination of thos...
• Market Conditions and Rate Changes — ARC experienced a significant rate decline in property insurance, with rates down 11% in D&F and 14% in property treaty. Management noted, 'Rates are softening fast, very fast,' but expects profitability to remain adequa...
• Investment Portfolio Performance — The investment portfolio saw mixed results, with fixed income benefiting from short duration but equities underperforming the S&P 500. Management noted, 'Our total portfolio and fixed income results were ahead of benchma...

Read the full White Mountains Insurance Group, Ltd. transcript (June 5, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 6 White Mountains Insurance Group, Ltd. earnings call transcripts on record, spanning June 4, 2021 to June 5, 2026. Based on this history, White Mountains Insurance Group, Ltd. reports annually. The most recent call on file is dated June 5, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

WTM

Exchange

NYSE

Country

US

Sector

Financials

Industry

Insurance

Calls on record

6

First call

June 4, 2021

Most recent

June 5, 2026

Reporting cadence

annually