{
  "url": "https://struct.news/briefs/white-mountains-profit-surged-as-municipal-bond-insurance-demand-shrank",
  "title": "White Mountains’ profit surged as municipal-bond insurance demand shrank",
  "summary": "Net income rose 62.3% to $199.5 million in the three months ended June 30, helped by lower discount rates on Kudu contracts.",
  "published_at": "2026-08-06T13:05:11.207621+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "White Mountains Insurance Group",
    "ticker": "WTM",
    "cik": "1628280",
    "sector": "Financial Services",
    "industry": "Insurance - Property & Casualty"
  },
  "source_filing": {
    "form": "10-Q",
    "filed": "2026-08-06",
    "accession": "0001628280-26-053932",
    "url": "https://www.sec.gov/Archives/edgar/data/776867/000162828026053932/wtm-20260630.htm"
  },
  "comparison_filing": {
    "form": "10-Q",
    "filed": "2025-08-07",
    "url": "https://www.sec.gov/Archives/edgar/data/776867/000077686725000014/wtm-20250630.htm"
  },
  "reported_figures": [
    {
      "group": "The filing in three numbers",
      "label": "Revenue",
      "value": 3735000000,
      "display": "$3.7B",
      "unit": "usd",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "sec_filing",
        "label": "Filed company results",
        "form": "10-Q",
        "accession": "0001628280-26-053932",
        "filing_date": "2026-08-06"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Revenue YoY",
      "value": 66.755960353603,
      "display": "+66.8%",
      "unit": "percent",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001628280-26-053932",
        "filing_date": "2026-08-06"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Net margin",
      "value": 29.62248995983936,
      "display": "+29.6%",
      "unit": "percent",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001628280-26-053932",
        "filing_date": "2026-08-06"
      }
    }
  ],
  "watch_next": [
    {
      "type": "demand",
      "statement": "The latest report says tighter municipal-bond spreads reduced demand for municipal bond insurance.",
      "importance": "medium",
      "evidence": "The decline in secondary market par assumed was driven by tighter municipal bond spreads, leading to lower demand for municipal bond insurance.",
      "source_date": "2026-08-06"
    }
  ],
  "related_tickers": [
    "WTM"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}