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White Mountains Insurance Group WTM Specialty Insurance Distribution (Distinguished) — Acquisition expenses

Other segment segments

Asset Management (Kudu)
$0
P&C Insurance Distribution (Bamboo)
$0+100%
WTM Partners
$0

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KMPRSpecialty Property & Casualty Insurance — Deferred Policy Acquisition Costs, Amortization Expense
$121.4M-11.5%

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:DeferredPolicyAcquisitionCostAmortizationExpense.

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 / Three Months Ended June 30, 2026Ark/WM Outrigger / ArkArk/WM Outrigger / WM Outrigger ReKuduHG GlobalDistinguishedWTM PartnersOther OperationsTotal
Other revenues (1) (2)4.9.2.25.3
Total revenues437.71.968.920.457.492.8165.5844.6
Loss and LAE (3)175.7(.1).1175.7
Insurance acquisition expenses (3)103.4.32.1.3106.1
Cost of sales72.67.580.1
Broker commission expenses23.323.3
Amortization of other intangible assets (4)6.41.3.98.6
General and administrative expenses (3) (4) (5)44.44.74.234.614.241.2143.3

Item 1. Financial Statements (Unaudited)

FAQ

What is White Mountains Insurance Group's specialty insurance distribution (distinguished) — acquisition expenses?
White Mountains Insurance Group (WTM) reported specialty insurance distribution (distinguished) — acquisition expenses of $0 in Q2 2026.
What does specialty insurance distribution (distinguished) — acquisition expenses mean?
Captures the costs directly associated with acquiring new insurance policies or distribution contracts, such as commissions paid to brokers and underwriting expenses. This metric is a key efficiency indicator for insurance distribution businesses, reflecting the cost of customer acquisition relative to revenue. High acquisition expenses relative to premiums can indicate competitive pressure or high growth investment.

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