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White Mountains Insurance Group WTM Specialty — Total Reinsurance recoverables on unpaid losses

Other product segments

Marine & Energy
$208.9M+16.0%
Property and Accident & Health
$142.4M+17.2%
Casualty-Active
$113M+40.0%
Casualty-Runoff
-$400K-150%

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$6.81M+25.5%
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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

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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:ReinsuranceRecoverablesOnUnpaidLossesGross.

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
MillionsYear Ended December 31, 2025Year Ended December 31, 2024
Plus: Reinsurance recoverables on unpaid losses
Property and Accident & Health (2)142.4121.5
Marine & Energy208.9180.1
Specialty44.451.3
Casualty-Active113.080.7
Casualty-Runoff(.4).8
Total Reinsurance recoverables on unpaid losses (2)508.3434.4
Total unpaid loss and LAE reserves$2,481.0$2,127.5

Item 16. Form 10-K Summary.

FAQ

What is White Mountains Insurance Group's specialty — total reinsurance recoverables on unpaid losses?
White Mountains Insurance Group (WTM) reported specialty — total reinsurance recoverables on unpaid losses of $44.4M in Q4 2025.
How has White Mountains Insurance Group's specialty — total reinsurance recoverables on unpaid losses changed year-over-year?
White Mountains Insurance Group's specialty — total reinsurance recoverables on unpaid losses decreased by 13.5% year-over-year, from $51.3M to $44.4M.
What does specialty — total reinsurance recoverables on unpaid losses mean?
This metric quantifies the total amount of unpaid losses and loss adjustment expenses that the company expects to recover from its reinsurers. It serves as an indicator of the company's reliance on reinsurance to mitigate risk exposure within the Specialty segment.

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