White Mountains Insurance Group (WTM) Marine & Energy — Incurred Loss and LAE, Net of Reinsurance

Screener

Other product segments

Property and Accident & Health

$1.52B+316%

Specialty

$918.1M+311%

Casualty-Active

$303.2M+360%

Casualty-Runoff

$137M+265%

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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

See full

Gross margin94.1%-3.2pp

Net margin29.3%—

Returns & leverage

See full

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:ShortdurationInsuranceContractsIncurredClaimsAndAllocatedClaimAdjustmentExpenseNet.

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

Marine & Energy / $ in Millions / Accident Year	Incurred Loss and LAE, Net of Reinsurance / For the Years Ended December 31, 2019	Incurred Loss and LAE, Net of Reinsurance / For the Years Ended December 31, 2020	Incurred Loss and LAE, Net of Reinsurance / For the Years Ended December 31, 2021	Incurred Loss and LAE, Net of Reinsurance / For the Years Ended December 31, 2022	Incurred Loss and LAE, Net of Reinsurance / For the Years Ended December 31, 2023	Incurred Loss and LAE, Net of Reinsurance / For the Years Ended December 31, 2024	Incurred Loss and LAE, Net of Reinsurance / For the Years Ended December 31, 2025	As of December 31, 2025 / Total IBNR plus expected development on reported claims	As of December 31, 2025 / Cumulative number of reported claims
2019	24.2	22.0	22.1	21.9	22.3	21.6	21.8	.4	2,413
2020		30.4	27.7	29.1	27.9	27.6	27.6	.8	1,594
2021			87.7	70.5	68.4	75.6	79.8	3.8	1,530
2022				150.8	154.9	157.5	218.6	56.8	2,083
2023					198.6	189.9	123.2	36.8	2,341
2024						243.3	248.1	138.4	2,195
2025							235.3	184.9	1,618
						Total	$1,001.6

Item 16. Form 10-K Summary.

FAQ

What is White Mountains Insurance Group's marine & energy — incurred loss and LAE, net of reinsurance?: White Mountains Insurance Group (WTM) reported marine & energy — incurred loss and LAE, net of reinsurance of $248.1M in Q4 2025.
How has White Mountains Insurance Group's marine & energy — incurred loss and LAE, net of reinsurance changed year-over-year?: White Mountains Insurance Group's marine & energy — incurred loss and LAE, net of reinsurance increased by 2.0% year-over-year, from $243.3M to $248.1M.
What does marine & energy — incurred loss and LAE, net of reinsurance mean?: This represents the total cost of claims and associated loss adjustment expenses incurred during the period for the Marine and Energy segment, net of any reinsurance recoveries. It is a primary measure of the segment's underwriting performance and claims experience.