GET DAILY SIGNALSWhite Mountains (WTM) Q3 2026 Results: Book Value Holds Steady Despite Rate-Driven Losses
Key Takeaways
- White Mountains reported third quarter 2026 revenue of $641.1 million, down from $864.2 million in the prior-year period.
- The company swung to a net loss of $39 million, compared with net income of $113.8 million a year earlier.
- Diluted loss per share from continuing operations was $17.71, versus diluted earnings per share of $44.18 in the third quarter of 2025.
- Book value per share stood at $2,243 as of September 30, 2026, a decline of roughly 1% for the quarter, largely reflecting unrealized investment losses tied to higher interest rates.
- For the first nine months of 2026, diluted earnings per share were $50.62, down from $105.18 in the same period a year ago.
- Get more information about the company's Major News, Today's Price Move, Price Targets, and Forecast on additional pages.
- Explore Trending AI Robots to see how AI-driven strategies are approaching the current market.
Why These Results Matter in Context
White Mountains Insurance Group is a Bermuda-based holding company that allocates capital across insurance operations, specialty distribution, and related businesses. A significant portion of its earnings comes from investment performance, which means quarterly results can fluctuate with interest rate movements and broader market conditions. The third quarter of 2026 highlighted this dynamic, with rising rates generating unrealized losses on fixed-income holdings at HG Global. From what I see, the report is less about one period's net income and more about the implications for book value trends, capital allocation, and the core operating businesses.
The Quarter's Reported Figures
Revenue for the three months ended September 30, 2026, came in at $641.1 million, compared with $864.2 million in the same quarter a year earlier. The company recorded a net loss of $39 million, reversing the $113.8 million net income posted in the third quarter of 2025. Diluted loss per share from continuing operations was $17.71 versus diluted earnings per share of $44.18 in the prior-year period.
For the first nine months of 2026, revenue totaled $2,003.5 million against $2,131.2 million a year ago, while net income reached $133.3 million, down from $270.6 million. Diluted earnings per share from continuing operations were $50.62 for the nine-month stretch, compared with $105.18 in the corresponding period of 2025.
Book value per share finished at $2,243 on September 30, 2026, reflecting an approximate 1% decline during the quarter. The drop was driven primarily by unrealized investment losses at HG Global, where rising rates produced $29 million in net realized and unrealized investment losses. Management indicated that the underlying fundamentals of those fixed-income assets remain solid. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
How Investors Are Likely to View the Update
White Mountains shares have long been sensitive to book value changes, so the modest quarterly decline tied to mark-to-market effects will probably draw the most attention. The swing to a net loss is notable on the surface, yet much of it stemmed from unrealized losses rather than any weakening in operating performance. Management highlighted record third-quarter production at HG Global, with gross written premiums rising 21% year over year, which points to resilient business momentum even as rates weighed on the investment book. Investors will need to balance these elements when assessing the results.
Key Areas to Monitor Ahead
Looking forward, the path of interest rates will remain central, as it influences the valuation of fixed-income holdings and surplus notes. Unrealized losses could reverse if rates stabilize or ease, making monetary policy an important variable for book value direction.
On the operating side, several platforms merit watching. Distinguished posted trailing twelve-month managed premiums of $625 million, a fresh high, alongside adjusted EBITDA of $30 million, although one umbrella program continues to encounter challenges. WTM Partners showed solid year-over-year gains in revenue and adjusted EBITDA, supported by earlier acquisitions.
Capital deployment stays a focal point. Management continues to stress disciplined allocation and careful portfolio oversight, positioning the company to pursue opportunities as they arise. Further acquisitions, potential buybacks, and shifts in pricing or premium growth across the insurance and distribution businesses could serve as upcoming drivers of book value expansion.
AI Screener for Portfolio Insights
I turned to Tickeron’s AI Screener when reviewing these results to quickly compare White Mountains with peers on key metrics like valuation, volatility, and recent performance patterns. It helped surface a few comparable names and confirmed the broader sector context without hours of manual work.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
WTM in upward trend: 10-day moving average crossed above 50-day moving average on October 19, 2026
The 10-day moving average for WTM crossed bullishly above the 50-day moving average on October 19, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 16 of 22 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 73%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 08, 2026. You may want to consider a long position or call options on WTM as a result. In 45 of 90 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 50%.
The Moving Average Convergence Divergence (MACD) for WTM just turned positive on October 06, 2026. Looking at past instances where WTM's MACD turned positive, the stock continued to rise in 25 of 48 cases over the following month. The odds of a continued upward trend are 52%.
WTM moved above its 50-day moving average on October 12, 2026 date and that indicates a change from a downward trend to an upward trend.
Following a +3.21% 3-day Advance, the price is estimated to grow further. Considering data from situations where WTM advanced for three days, in 156 of 312 cases, the price rose further within the following month. The odds of a continued upward trend are 50%.
The Aroon Indicator entered an Uptrend today. In 101 of 229 cases where WTM Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 44%.
Bearish Trend Analysis
The RSI Indicator demonstrates that the ticker has stayed in the overbought zone for 4 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 18 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where WTM declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 39%.
WTM broke above its upper Bollinger Band on November 04, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Fundamental Analysis (Ratings)
The Tickeron Profit vs. Risk Rating rating for this company is 5 (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 51, placing this stock better than average.
The Tickeron Price Growth Rating for this company is 41 (best 1 - 100 worst), indicating steady price growth. WTM’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of 48 (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (1.053) is normal, around the industry mean (-2.448). P/E Ratio (5.444) is within average values for comparable stocks, (9.472). Projected Growth (PEG Ratio) (0.010) is also within normal values, averaging (3.303). Dividend Yield (0.002) settles around the average of (0.026) among similar stocks. P/S Ratio (1.715) is also within normal values, averaging (1.594).
The Tickeron SMR rating for this company is 64 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron PE Growth Rating for this company is 96 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
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Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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General Information
a provider pf property and casualty insurance services
Industry PropertyCasualtyInsurance
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