Waratah Minerals Limited (WTM)
CXA 
Summary
White Mountains: With Two Catalysts, I Am Upgrading It To A Buy
I previously rated White Mountains Insurance (WTM) as a hold, waiting for the price to fall below book value before buying. Recent market volatility and tariff announcements caused WTM to drop below book value, triggering my interest. WTM made two strategic investments: $150m in Broad Street, a commercial P&C insurance broker, and an undisclosed sum in Enterprise Solutions, an electrical contractor.
White Mountains: A High-Quality Insurer At A Fair Price
White Mountains avoids competitive insurance sectors like auto and homeowners insurance, instead focusing on specialized, high-margin businesses where underwriting expertise is a key advantage. The company reported 7.9% growth in book value per share, a 12.35% free cash flow yield, and maintains a conservative balance sheet, reinforcing its ability. Trading at a 1.01x book value, significantly below peers like Markel (1.49x) and Chubb (1.8x), White Mountains presents a compelling long-term investment for those prioritizing steady returns over short-term momentum.
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Waratah Minerals Limited Profile
| Insurance Industry | Financials Sector | George Manning Rountree CEO | CXA Exchange | BMG9618E1075 ISIN |
| BM Country | 893 Employees | 17 Mar 2025 Last Dividend | - Last Split | 9 May 1986 IPO Date |
Overview
White Mountains Insurance Group, Ltd is an expansive financial services provider that offers a broad spectrum of insurance products and financial services across the United States. Since its incorporation in 1980, this Bermuda-headquartered company has developed its operations through five distinct segments: HG Global/BAM, Ark, NSM, Kudu, and Other Operations. Each segment serves specific financial and insurance needs, ranging from municipal bond insurance and reinsurance services to specialty property and casualty insurance programs, capital solutions for asset managers, and insurance-linked securities management. White Mountains Insurance Group's strategic focus on diversification and specialized services positions it as a comprehensive source of financial solutions in its market.
Products and Services
- HG Global/BAM:
- Ark:
- NSM:
- Kudu:
- Other Operations:
Offers insurance for municipal bonds used for public projects like schools and utilities, and provides reinsurance protection services. This segment ensures the security of public finance projects through comprehensive insurance coverage.
Concentrates on writing a mixed portfolio of reinsurance and insurance covering areas such as property, marine and energy, accident and health, casualty, and specialty products. Ark's expertise lies in its ability to offer diverse insurance solutions tailored to meet the unique risks of its clients.
Functions as a managing general agent and program administrator delivering specialty property and casualty insurance to sectors like specialty transportation, real estate, social services, and pet businesses. NSM leverages its specialization to provide tailored insurance programs that address the specific needs of niche markets.
Provides capital solutions to boutique asset and wealth managers, supporting generational ownership transfers, management buyouts, acquisitions and growth financing, and liquidity for legacy partners. Kudu also offers strategic assistance to investees, highlighting its role in supporting the growth and sustainability of financial management firms.
Delivers insurance solutions to the travel industry through brokers and directly to consumers. This segment also manages separate accounts and pooled investment vehicles for insurance-linked securities sectors, including catastrophe bonds, collateralized reinsurance investments, and industry loss warranties of third-party clients. The versatility in services underscores White Mountains Insurance Group's adaptability and innovative approach in catering to evolving insurance and financial needs.
Contact Information
