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White Mountains Insurance Group WTM Financial Guarantee (HG Global) — Net unrestricted cash

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Other financials

Income statement

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Revenue$844.6M+22.5%
Gross profit$764.5M+18.2%
Net income$199.5M+62.3%

Balance sheet

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Total debt$932.5M+34.2%
Total equity$5.4B+16.0%
Total assets$13.8B+16.4%

Cash flow

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Operating cash flow-$55.5M-131%

Valuation

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Market cap$5.3B+15.6%
P/E4.7×
P/S1.4×-0.5×

Profitability

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Gross margin94.1%-3.2pp
Net margin29.3%

Returns & leverage

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Return on equity22.4%
Debt / equity0.2×0.0×

Where this comes from

Reported directly by White Mountains Insurance Group in its filing.

Tagged under the XBRL concept wtm:FundsExcludedFromReinsuranceAgreementsAssetsNetUnrestrictedCash.

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

HG Re is a special purpose insurer subject to regulation and supervision by the BMA. HG Re does not require regulatory approval to pay dividends; however, its dividend capacity is limited to amounts held outside of the Collateral Trusts pursuant to the FLRT with BAM. As of December 31, 2025, HG Re had $3.9 million of net unrestricted cash and short-term investments. As of December 31, 2025, HG Re had $178.5 million of accrued interest on the BAM Surplus Notes held outside the Collateral Trusts. As of December 31, 2025, HG Re had $731.7 million of statutory capital and surplus and $1,006.5 million of assets held in the Collateral Trusts.

Item 16. Form 10-K Summary.

FAQ

What is White Mountains Insurance Group's financial guarantee (HG global) — net unrestricted cash?
White Mountains Insurance Group (WTM) reported financial guarantee (HG global) — net unrestricted cash of $3.9M in Q4 2025.
What does financial guarantee (HG global) — net unrestricted cash mean?
The amount of cash and cash equivalents held by the segment that is not subject to legal, contractual, or regulatory restrictions. This represents the liquidity available for immediate operational needs, debt service, or strategic investments. It is a vital measure of the segment's short-term financial flexibility and liquidity position.

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