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WTMWhite Mountains Insurance GroupSell4.6·$2022.41-0.06%
WTM · Concentration risk · 10-K extracted

White Mountains Insurance (WTM) concentration risks

Updated

The most significant concentration White Mountains Insurance discloses is top-3 carriers (Distinguished) at 61%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.

Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.

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Methodology · Editorial policy & full disclaimer

Source: White Mountains Insurance’s SEC Form 10-K filed view the filing on SEC EDGAR ↗

At a glance

Disclosed-size breakdown · 3 disclosed concentrations

HIGH2
MEDIUM0
LOW1
Disclosed concentrations

Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).

HIGHOutside partyCustomer
61%

top-3 carriers (Distinguished)

10-K Item 1A: 'Distinguished placed approximately 61% of its business with its three largest carriers during the year ended December 31, 2025.'
SEC 10-K · filed Feb 2026
HIGHOutside partyCounterparty

BAM

10-K Item 1A: 'HG Re is only licensed to provide reinsurance to BAM ... is dependent on BAM's ability to write municipal bond insurance policies.'
SEC 10-K · filed Feb 2026
LOWOutside partyCustomer
22%

single largest carrier (Distinguished)

10-K Item 1A: 'Distinguished placed approximately 22% of its business with its single largest carrier during the year ended December 31, 2025.'
SEC 10-K · filed Feb 2026
TrendMatrix Research · concentration synthesis

What these concentrations mean together

updated 2026-06-24

The company's concentration profile is centered on two high-share dependency exposures within its operating subsidiaries, with a third, more limited single-name relationship disclosed at a lower level. Within the Distinguished business, the three largest carriers during the year ended December 31, 2025 accounted for approximately 61% of placed business, a large share by disclosed size and a dependency character. Carrier concentration of this magnitude means that the withdrawal, capacity reduction, or ratings downgrade of any of those three relationships could materially impair Distinguished's ability to place risk on behalf of its clients. Separately, HG Re is dependent on BAM's ability to write municipal bond insurance policies, a high-share dependency by disclosed size. This is a structural constraint on HG Re's business: since HG Re is only licensed to provide reinsurance to BAM, its revenue and loss experience are entirely a function of BAM's underwriting activity and financial condition. Any regulatory, credit, or strategic development at BAM flows directly through to HG Re. Within Distinguished, the single largest carrier accounted for approximately 22% of placed business during the same period, a limited share by disclosed size at the individual-name level within that subsidiary. That single name is the most immediately visible point of counterparty dependency within the broader group of carriers. Taken together, the carrier concentration at Distinguished and the exclusive BAM relationship at HG Re are the two most material disclosed exposures in the profile.

For the engine’s reasoning on WTM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Industry peers · Insurance - Property & Casualty

Peer concentration profile

SymbolNameHIGHMEDIUMLOWTotal
WTMWhite Mountains Insurance Group2013
CNACNA Financial Corporation2002
AIZAssurant, Inc.1203
ALLAllstate Corporation (The)1001
CBChubb Limited0101
AFGAmerican Financial Group, Inc.0022

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.

Concentration disclosures are extracted verbatim from SEC 10-K filings; the disclosed-size classification and the synthesis above are engine-derived. Size reflects how large each exposure is against fixed share thresholds (HIGH >50%, MEDIUM 25–50%, LOW <25% or an explicit diversification statement), not a judgment of how dangerous it is, and is not a buy/sell rating, a price target, or a view on the stock. Not a complete list of risk factors — see the full filing.

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