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Bermuda-based insurance holding company that owns and invests in specialty insurance and financial-services businesses.
Bermuda-based insurance holding company that owns and invests in specialty insurance and financial-services businesses.
Earns from underwriting and investing at Ark, its specialty and reinsurance arm, from fees and commissions at agency-type businesses such as NSM, and from minority stakes in smaller firms such as Kudu's asset managers. It sold its larger OneBeacon insurance arm in 2017 to refocus on smaller niches.
Moat: narrow (scale, process know-how). Disciplined, opportunistic capital allocation across insurance niches, a mini Berkshire-style model.
Headquarters: Hamilton, Bermuda · Founded: 1980 · Employees: 1,648
Size White Mountains Insurance (WTM) is a United States Financials company (Multi-Line Insurance) with a market value of $5.35B, the 1137th largest of 3,117 United States companies the cockpit tracks. Shares closed at $2,241 on 6 Nov 2026.
Performance Over six months the shares gained 5.3%, against +6.0% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 20.9% over the last twelve months (peer median +8.7%); the operating margin is 24.1% (peer median 14.0%).
Valuation It trades at 0.99× book value against a peer median of 1.14× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 6.3%; White Mountains Insurance delivers 21.9%, so the price asks less than the business earns today.
Short interest Short interest is 6.2% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.98B | $2.89B | $2.24B | $2.17B | $1.16B |
| Revenue growth | — | +29% | +3% | +87% | — |
| Net income | $1.10B | $1.09B | $227M | $502M | -$92.7M |
| Free cash flow | $572M | $668M | $782M | $521M | $434M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $932M | $920M | $591M | $587M | $1.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| White Mountains Insurance WTM | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% |
| Markel MKL | $23.7B | +7% | -1% | 10% | 1.28× | 9.2% |
| Berkshire Hathaway BRK-B | $1.22T | +20% | +4% | 12% | 1.64× | 10.8% |
| Fairfax Financial FFH.TO | $42.7B | +21% | -1% | 16% | 1.40× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WTM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.8% | +2.0% | 4th highest of 21 |
| 6-month return | +5.3% | +6.0% | 10th lowest of 21 |
| Return on equity | 21.9% | 14.6% | 5th highest of 21 |
| Price / book | 0.99× | 1.14× | 10th cheapest of 21 |
| Trailing P/E | 5.1× | 9.2× | 5th cheapest of 19 |
| ROE the price implies | 6.3% | 8.1% | 6th least demanding of 21 |
| ROE delivered | 21.9% | 14.6% | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| White Mountains Insurance WTM | United States | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% | 21.9% |
| Sunshine Insurance 6963.HK | Hong Kong | $5.35B | 0% | +8% | 14% | 0.66× | 5.4% | 13.7% |
| FWD 1828.HK | Hong Kong | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% | 4.1% |
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% | 16.9% |
| Sony Financial 8729.T | Japan | $6.06B | +1% | -10% | 14% | 1.08× | 5.1% | 14.4% |
| RLI RLI | United States | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% | 22.1% |
| Enact ACT | United States | $6.38B | +5% | +2% | 13% | 1.19× | 7.9% | 12.9% |
| China Reinsurance (Group) 1508.HK | Hong Kong | $6.64B | -5% | +11% | 10% | 0.40× | 5.5% | 9.7% |
| Db Insurance 005830.KS | South Korea | $6.90B | +2% | -14% | 17% | 0.85× | 5.1% | 17.0% |
| Great Eastern G07.SI | Singapore | $7.47B | +21% | +27% | 15% | 1.73× | 11.4% | 14.8% |
| Axis Capital AXS | United States | $7.60B | +7% | +10% | 16% | 1.33× | 8.1% | 16.0% |
| Lincoln National LNC | United States | $7.67B | +12% | +12% | 23% | 0.74× | 8.6% | 22.6% |
| Alm. Brand A/S ALMB.CO | Denmark | $3.70B | +16% | +3% | 9% | 2.19× | 7.3% | 8.8% |
| Hamilton Insurance HG | United States | $3.64B | +20% | +20% | 19% | 1.24× | 8.0% | 19.0% |
| Hiscox HSX.L | United Kingdom | $8.08B | +18% | +4% | 17% | 2.06× | 15.1% | 16.6% |
| China Taiping Insurance 0966.HK | Hong Kong | $8.28B | -24% | +19% | 36% | 0.63× | 8.1% | 36.2% |
| Kinsale Capital KNSL | United States | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% | 27.8% |
| Genworth Financial GNW | United States | $3.29B | -5% | -1% | 2% | 0.38× | 5.3% | 2.3% |
| F&G Annuities & Life FG | United States | $3.06B | -17% | +14% | 9% | 0.66× | 8.4% | 9.2% |
| Lemonade LMND | United States | $3.06B | -28% | +77% | -27% | 6.12× | 75.0% | -27.0% |
| New India Assurance NIACL.NS | India | $2.74B | -5% | +9% | -1% | 0.62× | 14.0% | -1.3% |