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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 0.57
WTM's Cash to Debt is ranked higher than
63% of the 190 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 2.30 vs. WTM: 0.57 )
WTM' s 10-Year Cash to Debt Range
Min: 0   Max: 1.04
Current: 0.57

0
1.04
Equity to Asset 0.32
WTM's Equity to Asset is ranked higher than
85% of the 189 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.24 vs. WTM: 0.32 )
WTM' s 10-Year Equity to Asset Range
Min: 0.08   Max: 0.37
Current: 0.32

0.08
0.37
Interest Coverage 8.12
WTM's Interest Coverage is ranked higher than
58% of the 161 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 20.94 vs. WTM: 8.12 )
WTM' s 10-Year Interest Coverage Range
Min: 0.92   Max: 22.24
Current: 8.12

0.92
22.24
F-Score: 5
Z-Score: 0.87
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating margin (%) 14.88
WTM's Operating margin (%) is ranked higher than
80% of the 187 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 10.91 vs. WTM: 14.88 )
WTM' s 10-Year Operating margin (%) Range
Min: -38.52   Max: 42.07
Current: 14.88

-38.52
42.07
Net-margin (%) 13.89
WTM's Net-margin (%) is ranked higher than
84% of the 187 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 8.52 vs. WTM: 13.89 )
WTM' s 10-Year Net-margin (%) Range
Min: -18.79   Max: 49.1
Current: 13.89

-18.79
49.1
ROE (%) 8.24
WTM's ROE (%) is ranked higher than
67% of the 189 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 9.70 vs. WTM: 8.24 )
WTM' s 10-Year ROE (%) Range
Min: -19.16   Max: 85.8
Current: 8.24

-19.16
85.8
ROA (%) 2.65
WTM's ROA (%) is ranked higher than
73% of the 189 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 2.65 vs. WTM: 2.65 )
WTM' s 10-Year ROA (%) Range
Min: -3.49   Max: 12.89
Current: 2.65

-3.49
12.89
Revenue Growth (%) 11.60
WTM's Revenue Growth (%) is ranked higher than
80% of the 166 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 9.10 vs. WTM: 11.60 )
WTM' s 10-Year Revenue Growth (%) Range
Min: -24.1   Max: 155.6
Current: 11.6

-24.1
155.6
EBITDA Growth (%) 30.00
WTM's EBITDA Growth (%) is ranked higher than
90% of the 154 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 9.80 vs. WTM: 30.00 )
WTM' s 10-Year EBITDA Growth (%) Range
Min: 0   Max: 69.1
Current: 30

0
69.1
EPS Growth (%) 55.40
WTM's EPS Growth (%) is ranked higher than
96% of the 161 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 10.10 vs. WTM: 55.40 )
WTM' s 10-Year EPS Growth (%) Range
Min: -28.9   Max: 213.9
Current: 55.4

-28.9
213.9
» WTM's 10-Y Financials

Financials


Revenue & Net Income
Equity & Asset
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2013

WTM Guru Trades in Q2 2013

Murray Stahl 15,899 sh (New)
Third Avenue Management 267,273 sh (+1.74%)
Martin Whitman 45,636 sh (unchged)
John Burbank Sold Out
Chuck Royce 3,534 sh (-6.01%)
Jim Simons 9,400 sh (-33.8%)
» More
Q3 2013

WTM Guru Trades in Q3 2013

Jim Simons 12,400 sh (+31.91%)
Third Avenue Management 270,824 sh (+1.33%)
Martin Whitman 47,838 sh (+4.83%)
Chuck Royce 3,534 sh (unchged)
Murray Stahl 14,827 sh (-6.74%)
» More
Q4 2013

WTM Guru Trades in Q4 2013

HOTCHKIS & WILEY 197,901 sh (New)
Jim Simons 14,400 sh (+16.13%)
Third Avenue Management 274,818 sh (+1.47%)
Martin Whitman 54,421 sh (+13.76%)
Chuck Royce 3,534 sh (unchged)
Murray Stahl 9,738 sh (-34.32%)
» More
2014

WTM Guru Trades in 2014

Martin Whitman 54,421 sh (unchged)
» More
» Details

Insider Trades

Latest Guru Trades with WTM

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Martin Whitman 2013-10-31 Add 13.76%0.17%$555.82 - $597 $ 602.15%54421
John Burbank 2013-06-30 Sold Out 0.01%$565.03 - $610.5 $ 602.13%0
John Burbank 2013-03-31 New Buy0.01%$515 - $579.31 $ 602.19%359
Martin Whitman 2012-10-31 Add 32.08%0.23%$509.6 - $534.63 $ 602.116%42953
Martin Whitman 2012-07-31 Add 50.36%0.22%$499 - $545.91 $ 602.115%32520
Martin Whitman 2012-04-30 New Buy0.44%$451.24 - $527.16 $ 602.121%21628
George Soros 2011-12-31 Sold Out 0.03%$398.21 - $453.46 $ 602.142%0
Tom Gayner 2011-09-30 Sold Out 1.6843%$377 - $431.32 $ 602.148%0
George Soros 2011-03-31 Reduce -34.13%0.01%$335.6 - $379.75 $ 602.168%3667
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on White Mountains Insurance Group Ltd

Third Avenue Management Comments on White Mountains Insurance Group - Jun 28, 2012

From Third Avenue Management's second-quarter letter:

We also initiated a position in the common stock of White Mountains Insurance Group Ltd. (WTM), a Bermuda-based holding company whose principal businesses are conducted through property and casualty insurance and reinsurance subsidiaries. White Mountains Common was recommended for investment last year by John Mauro, a research analyst on Third Avenue's international team, when the company announced the sale of its Esurance subsidiary at a terrific price (about 2.5 times tangible book value) to the Allstate Corporation. White Mountains Common was subsequently purchased in the Third Avenue International Value Fund and discussed in that fund's July 31, 2011 shareholder letter. Impressively, White Mountains' tangible book value has increased at about 15% per year since 1985, with much of the growth driven by timely resource conversion activity (e.g., buying and selling of businesses), such as the recent Esurance sale.

In recent years, White Mountains' management has also been engaged in precisely the type of resource conversion activity discussed in Martin Whitman's Chairman's letter this quarter, e.g., repurchasing White Mountains Common. Since 2007, White Mountains has repurchased 37% of its outstanding common shares in a combination of open market repurchases, privately negotiated transactions and tender offers. Most recently, the company repurchased about 11% of its outstanding shares in a tender offer at $500 per share in March 2012 (versus a price of $523 per share on April 30, 2012). White Mountains Common was purchased during the quarter in the Fund at a modest discount to the company's March 31, 2012 book value per share of $560.

Check out Martin Whitman latest stock trades

Ratios

vs
industry
vs
history
P/E(ttm) 11.60
WTM's P/E(ttm) is ranked higher than
64% of the 166 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 11.30 vs. WTM: 11.60 )
WTM' s 10-Year P/E(ttm) Range
Min: 4.18   Max: 89.6
Current: 11.6

4.18
89.6
P/B 0.95
WTM's P/B is ranked higher than
82% of the 190 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.25 vs. WTM: 0.95 )
WTM' s 10-Year P/B Range
Min: 0.51   Max: 1.87
Current: 0.95

0.51
1.87
P/S 1.59
WTM's P/S is ranked higher than
54% of the 188 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.14 vs. WTM: 1.59 )
WTM' s 10-Year P/S Range
Min: 0.54   Max: 1.82
Current: 1.59

0.54
1.82
EV-to-EBIT 12.70
WTM's EV-to-EBIT is ranked higher than
50% of the 168 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 9.51 vs. WTM: 12.70 )
WTM' s 10-Year EV-to-EBIT Range
Min: 4.5   Max: 67.6
Current: 12.7

4.5
67.6
Shiller P/E 18.63
WTM's Shiller P/E is ranked higher than
59% of the 133 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 17.24 vs. WTM: 18.63 )
WTM' s 10-Year Shiller P/E Range
Min: 6.29   Max: 24.49
Current: 18.63

6.29
24.49

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.17
WTM's Dividend Yield is ranked lower than
95% of the 150 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 2.50 vs. WTM: 0.17 )
WTM' s 10-Year Dividend Yield Range
Min: 0.16   Max: 1.92
Current: 0.17

0.16
1.92
Dividend Payout 0.02
WTM's Dividend Payout is ranked higher than
99% of the 126 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.26 vs. WTM: 0.02 )
WTM' s 10-Year Dividend Payout Range
Min: 0.01   Max: 1.33
Current: 0.02

0.01
1.33
Yield on cost (5-Year) 0.20
WTM's Yield on cost (5-Year) is ranked lower than
93% of the 152 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 3.12 vs. WTM: 0.20 )
WTM' s 10-Year Yield on cost (5-Year) Range
Min: 0.16   Max: 1.92
Current: 0.2

0.16
1.92
Share Buyback Rate 10.60
WTM's Share Buyback Rate is ranked higher than
96% of the 149 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: -0.30 vs. WTM: 10.60 )
WTM' s 10-Year Share Buyback Rate Range
Min: 24.2   Max: -59.8
Current: 10.6

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 0.95
WTM's Price/Tangible Book is ranked higher than
89% of the 178 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.44 vs. WTM: 0.95 )
WTM' s 10-Year Price/Tangible Book Range
Min: 0.75   Max: 1.97
Current: 0.95

0.75
1.97
Price/DCF (Projected) 1.47
WTM's Price/DCF (Projected) is ranked lower than
57% of the 137 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.52 vs. WTM: 1.47 )
WTM' s 10-Year Price/DCF (Projected) Range
Min: 0.31   Max: 393.9
Current: 1.47

0.31
393.9
Price/Median PS Value 1.20
WTM's Price/Median PS Value is ranked higher than
59% of the 179 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.05 vs. WTM: 1.20 )
WTM' s 10-Year Price/Median PS Value Range
Min: 0.5   Max: 2.44
Current: 1.2

0.5
2.44
Price/Graham Number 0.72
WTM's Price/Graham Number is ranked higher than
80% of the 158 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.81 vs. WTM: 0.72 )
WTM' s 10-Year Price/Graham Number Range
Min: 0.31   Max: 2.14
Current: 0.72

0.31
2.14
Earnings Yield (Greenblatt) 7.90
WTM's Earnings Yield (Greenblatt) is ranked higher than
55% of the 184 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 10.20 vs. WTM: 7.90 )
WTM' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.5   Max: 22
Current: 7.9

1.5
22
Forward Rate of Return (Yacktman) -1.05
WTM's Forward Rate of Return (Yacktman) is ranked higher than
52% of the 143 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 7.66 vs. WTM: -1.05 )
WTM' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -9.1   Max: 35
Current: -1.05

-9.1
35

Business Description

Industry: Insurance - Property & Casualty » Insurance - Property & Casualty
Compare:RLI, TRV, MBI, QBIEY, TKOMY » details
White Mountains Insurance Group Ltd., is an exempted Bermuda limited liability company whose main businesses are conducted through its property and casualty insurance and reinsurance subsidiaries and affiliates. White Mountains' reportable segments are OneBeacon, White Mountains Re, Esurance and Other Operations. The OneBeacon segment consists of OneBeacon Insurance Group, Ltd., an exempted Bermuda limited liability company that owns a family of U.S.-based property and casualty insurance companies, most of which operate in a multi-company pool. OneBeacon offers a range of specialty, commercial and personal products and services sold mainly through select independent agents and brokers. The White Mountains Re segment consists of White Mountains Re Ltd., an exempted Bermuda limited liability company, and its subsidiaries. White Mountains Re offers reinsurance capacity for property, casualty, accident & health, agriculture, aviation and space, and certain other exposures on a worldwide basis through its subsidiaries, Sirius International Insurance Corporation (WMRe Sirius) and White Mountains Reinsurance Company of America. The Esurance segment consists of Esurance Holdings, Inc., its subsidiaries and Answer Financial Inc. Esurance sells personal auto insurance directly to customers online and through select online agents. Answer Financial, which White Mountains acquired during 2008, is an independent personal insurance agency that sells insurance online and through call centers for many insurance companies, including Esurance, utilizing a comparison quoting platform. OneBeacon's business is managed through two underwriting units: specialty lines; and personal lines, nearly all of which is subject to the Personal Lines Transaction. OneBeacon's specialty lines businesses are national in scope, while its personal lines have been exclusively available in the eight Northeastern states (the New England states, New York and New Jersey). OneBeacon's specialty lines are a collection of niche businesses that focus on solving the unique needs of particular customer groups on a national scale. OneBeacon's specialty lines businesses provide distinct products and offer tailored coverages and services, managed by teams of market specialists. OneBeacon's specialty lines businesses include: OneBeacon Professional Insurance (OBPI); Collector Cars and Boats; International Marine Underwriters (IMU); Technology; Property and Inland Marine (PIM): A.W.G. Dewar (Dewar); Specialty Accident and Health (A&H); Entertainment Brokers International Insurance Services (EBI); Financial Services; OneBeacon Specialty Property (OBSP); OneBeacon Government Risks (OBGR); and OneBeacon Energy (OBEG). OneBeacon's traditional personal lines provided a comprehensive suite of personal insurance products sold through select independent agents with a focus on eight Northeastern states. OneBeacon's personal lines products include: Automobile; Homeowners; and Package. OneBeacon

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