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

Screener

Other product segments

Property and Accident & Health

$1.52B+316%

Casualty-Active

$303.2M+360%

Marine & Energy

$248.1M+2.0%

Casualty-Runoff

$137M+265%

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111,127,700,000%+93,742,400,000pp

KGWorkers' Compensation — Incurred loss and LAE, net of reinsurance

359,392,200,000%+301,985,500,000pp

KGAll other lines — Incurred loss and LAE, net of reinsurance

48,915,900,000%+38,595,200,000pp

KGCommercial Auto Liability — Incurred loss and LAE, net of reinsurance

118,410,600,000%+94,957,900,000pp

KGEuropean Hospital Liability — Incurred loss and LAE, net of reinsurance

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Other financials

Income statement

See full

Revenue$844.6M+22.5%

Gross profit$764.5M+18.2%

Net income$199.5M+62.3%

Balance sheet

See full

Total debt$932.5M+34.2%

Total equity$5.4B+16.0%

Total assets$13.8B+16.4%

Cash flow

See full

Operating cash flow-$55.5M-131%

Valuation

See full

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

Specialty / $ 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	22.1	19.8	18.9	25.9	30.1	20.0	26.8	.7	2,396
2020		24.5	23.5	19.3	20.4	17.3	17.7	1.3	2,028
2021			71.8	63.0	51.8	44.0	41.7	6.6	1,735
2022				181.9	178.5	172.6	179.6	58.3	1,577
2023					216.6	199.4	153.4	41.3	1,734
2024						223.2	231.3	133.2	1,798
2025							226.8	169.4	1,831
						Total	$918.1

Item 16. Form 10-K Summary.

FAQ

What is White Mountains Insurance Group's specialty — incurred loss and LAE, net of reinsurance?: White Mountains Insurance Group (WTM) reported specialty — incurred loss and LAE, net of reinsurance of $918.1M in Q4 2025.
How has White Mountains Insurance Group's specialty — incurred loss and LAE, net of reinsurance changed year-over-year?: White Mountains Insurance Group's specialty — incurred loss and LAE, net of reinsurance increased by 311.3% year-over-year, from $223.2M to $918.1M.
What does specialty — incurred loss and LAE, net of reinsurance mean?: This represents the total cost of claims and associated adjustment expenses incurred by the Specialty segment, net of any reinsurance recoveries. It is a primary measure of underwriting performance and the direct cost of providing insurance coverage.