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White Mountains Insurance Group WTM Change in fair value of BAM Surplus Notes
Discontinued — last reported Q4 '25
Change in fair value of BAM Surplus Notes at other companies
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Where this comes from
Reported directly by White Mountains Insurance Group in its filing.
Tagged under the XBRL concept wtm:GainLossOnFairValueAdjustmentOfSurplusNotes.
The source filing: White Mountains Insurance Group’s 10-K, filed February 27, 2026.
- Filed
- Feb 27, 2026, 9:21 AM EST
- Fiscal year
- FY2025
- Accession
- 0001628280-26-012603
| Millions | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|---|---|---|
| Net gain on sale of the Bamboo Group | (849.3) | — | — |
| Change in fair value of Ark’s contingent consideration | 173.0 | 61.3 | 48.7 |
| Interest income from BAM Surplus Notes subsequent to deconsolidation, net of interest payments received of $10.8 and $5.8 | (19.0) | (10.0) | — |
| Change in fair value of BAM Surplus Notes | 37.5 | (.5) | — |
| Unrealized loss on deconsolidation of BAM | — | 114.5 | — |
| Deferred income tax expense (benefit) | 92.1 | 11.1 | (46.9) |
| Amortization of restricted share awards | 18.5 | 16.3 | 15.3 |
| Amortization (accretion) and depreciation | 9.0 | (6.4) | (17.8) |
Item 16. Form 10-K Summary.
FAQ
- What is White Mountains Insurance Group's change in fair value of BAM surplus notes?
- White Mountains Insurance Group (WTM) reported change in fair value of BAM surplus notes of -$37.5M in Q4 2025.
- What does change in fair value of BAM surplus notes mean?
- Reflects the periodic mark-to-market adjustments on specific financial instruments issued by entities within the company's portfolio. This metric captures volatility in the valuation of debt-like securities that impact the income statement.
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