What is White Mountains Insurance Group's specialty — 2?

White Mountains Insurance Group (WTM) reported specialty — 2 of 26.8% in Q4 2025.

How has White Mountains Insurance Group's specialty — 2 changed year-over-year?

White Mountains Insurance Group's specialty — 2 decreased by 13.0% year-over-year, from 30.8% to 26.8%.

What does specialty — 2 mean?

Represents the net impact of prior year reserve development for the specialty insurance segment. This metric reflects the adjustment in estimated liabilities for claims incurred in previous reporting periods, indicating the accuracy of initial underwriting and reserving assumptions.

White Mountains Insurance Group (WTM) Specialty — 2

Screener

Other product segments

Property and Accident & Health

31.9%-2.7%

Marine & Energy

27.1%-11.1%

Casualty-Runoff

13.9%-1.4%

Casualty-Active

7.5%-10.7%

Similar metrics at other companies

HGBermuda - Specialty — 2

20%-1.0pp

HGInternational - Specialty — 2

31%-1.0pp

FRHCCivil Liability — 2

36%+6.4pp

FRHCLife Insurance — 2

32.1%+23.6pp

FRHCMotor Vehicle — 2

24%-1.3pp

FRHCProperty Damage — 2

22%+12.3pp

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:ShortdurationInsuranceContractsHistoricalClaimsDurationYearTwo.

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

Specialty	Specialty / Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Specialty / Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Specialty / Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Specialty / Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance	Average Annual Percentage Payout of Incurred Loss and LAE by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
	18.2%	26.8%	13.2%	8.7%	6.3%	2.5%	2.1%	1.8%	(1.2)%	1.0%

Item 16. Form 10-K Summary.

FAQ

What is White Mountains Insurance Group's specialty — 2?: White Mountains Insurance Group (WTM) reported specialty — 2 of 26.8% in Q4 2025.
How has White Mountains Insurance Group's specialty — 2 changed year-over-year?: White Mountains Insurance Group's specialty — 2 decreased by 13.0% year-over-year, from 30.8% to 26.8%.
What does specialty — 2 mean?: Represents the net impact of prior year reserve development for the specialty insurance segment. This metric reflects the adjustment in estimated liabilities for claims incurred in previous reporting periods, indicating the accuracy of initial underwriting and reserving assumptions.