Demand and volumepositive · 4 filings
“The decline in secondary market par assumed was driven by tighter municipal bond spreads, leading to lower demand for municipal bond insurance.”10-Q · Aug 6, 2026 ↗
White Mountains Insurance Group, Ltd.
WTM
Market read
White Mountains Insurance Group, Ltd.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Company+1.3% todayVolume comparison unavailable
Market group0 of 1 activeProperty & Casualty Insurance · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- The latest report says tighter municipal-bond spreads reduced demand for municipal bond insurance.
- Watch reported primary-market pricing in basis points for insured issuances (BAM/White Mountains) versus prior periods.
Invalidation: The isolated read changes if WTM's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- The latest report says tighter municipal-bond spreads reduced demand for municipal bond insurance.
- Watch reported primary-market pricing in basis points for insured issuances (BAM/White Mountains) versus prior periods.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements225
Verified relationships11
Evidence supporting the case
- Latest annual revenue changed +66.8% year over year.
- Net margin changed +19.3 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Operating cash flow was only 0.50x net income in the latest annual period.
Questions before a position
- P/E is 63% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 27% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
2,077.176m-6.1%12m+15.7%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$614.4M-31.4%$-89.46-1.3%
2022-12-31$1.2B+88.5%$276.96-7.1%
2023-12-31$2.2B+87.1%$198.60-10.6%
2024-12-31$2.2B+3.4%$89.79+0.2%
2025-12-31$3.7B+66.8%$430.14+0.1%
What management says matters
Persistent and emerging business drivers
Foreign exchangemixed · 1 filings
“The decrease is due to movement of foreign currency exchange rate gains during the year, which reduced the Company’s net operating loss carryforward and related deferred tax asset.”10-K · Feb 27, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.4× · EV/sales 1.6×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
2,077.17+1.3% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for WTM. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for WTM. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind WTM
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MAXMediaAlpha, Inc.investeeMay 6, 2026 ▾
“Results in the first quarter 2026 also included $65 million of unrealized investment losses from White Mountains’s investment in MediaAlpha compared to $37 million in the first quarter of 2025.”
ACGLArch Capital Group Ltd.competitorFeb 27, 2026 ▾
“Ark competes with insurance and reinsurance companies who operate in the Bermuda and Lloyd’s markets such as: • Bermuda insurance and reinsurance market: American International Group, Inc., Arch Capital Group Ltd., Ascot Group Ltd., Aspen Insurance Holdings L…”
AGOAssured Guaranty Ltd.competitorFeb 27, 2026 ▾
“BAM’s primary competitor is Assured Guaranty Ltd.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
WTM is currently a Leader in the organic co-movement group Property & Casualty Insurance. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for WTM; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.