What does HG global — redeemable NCI mean?

This represents the portion of equity in the HG Global segment's subsidiaries that is held by third parties and is subject to redemption features outside the control of the company. These interests are classified as mezzanine equity because they may require a future cash outflow if the redemption conditions are met. Monitoring this is essential for assessing the company's potential future liquidity obligations and capital structure risks.

White Mountains Insurance Group (WTM) HG Global — Redeemable NCI

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Other segment segments

Specialty Insurance Distribution (Distinguished)

$131.5M—

Asset Management (Kudu)

$0—

WTM Partners

$0—

Similar metrics at other companies

SPBHPC — Redeemable noncontrolling interest

$56.5M—

STWDProperty Segment — Temporary Equity: Redeemable non-controlling interests

$356.38M-16.2%

STWDInfrastructure Lending Segment — Temporary Equity: Redeemable non-controlling interests

$0—

STWDInvesting and Servicing Segment — Temporary Equity: Redeemable non-controlling interests

$0—

STWDCommercial and Residential Lending Segment — Temporary Equity: Redeemable non-controlling interests

$0—

RITMAsset management — Redeemable Non-controlling Interests of Consolidated Subsidiaries (Note 22)

$120.48M+371%

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 us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount.

The source filing: White Mountains Insurance Group’s 10-Q, filed August 6, 2026.

Filed: Aug 6, 2026, 8:50 AM EDT
Fiscal quarter: Q2 FY2026
Calendar quarter: Q2 2026
Accession: 0001628280-26-053932

Millions Selected Balance Sheet Data / June 30, 2026	Ark/WM Outrigger	Kudu	HG Global	Distinguished	WTM Partners	Other Operations	Total
Total investments	$3,725.5	$1,459.0	$749.3	$79.4	$.6	$2,120.6	$8,134.4
Total assets	$7,570.2	$1,496.9	$1,216.6	$744.8	$434.9	$2,303.3	$13,766.7
Total liabilities	$5,864.0	$467.4	$549.3	$332.2	$183.3	$118.5	$7,514.7
Redeemable noncontrolling interests	—	—	—	$131.5	—	—	$131.5
Total White Mountains’s common shareholders’ equity	$1,234.7	$885.4	$687.3	$205.1	$195.8	$2,180.0	$5,388.3
Nonredeemable noncontrolling interests	$471.5	$144.1	$(20.0)	$76.0	$55.8	$4.8	$732.2
December 31, 2025
Total investments	$3,926.5	$1,313.3	$784.2	$94.0	$.5	$2,205.4	$8,323.9

Item 1. Financial Statements (Unaudited)

FAQ

What is White Mountains Insurance Group's HG global — redeemable NCI?: White Mountains Insurance Group (WTM) reported HG global — redeemable NCI of $0 in Q2 2026.
What does HG global — redeemable NCI mean?: This represents the portion of equity in the HG Global segment's subsidiaries that is held by third parties and is subject to redemption features outside the control of the company. These interests are classified as mezzanine equity because they may require a future cash outflow if the redemption conditions are met. Monitoring this is essential for assessing the company's potential future liquidity obligations and capital structure risks.