Is White Mountains Insurance Group Ltd. overvalued or undervalued?

As of 28 November 2025, the valuation grade for White Mountains Insurance Group Ltd. has moved from very expensive to expensive, indicating a slight improvement in perceived value. The company is currently considered overvalued, supported by a P/E ratio of 49, an EV to EBITDA ratio of 85.01, and a price to book value of 1.04. In comparison, CNA Financial Corp. has a P/E of 14.82 and Unum Group has a P/E of 13.25, both of which suggest that White Mountains is trading at a significant premium relative to its peers.
Despite its recent performance, where it returned 4.07% year-to-date compared to the S&P 500's 16.45%, the high valuation ratios indicate that the stock may not be justified at its current price level. Overall, the combination of elevated valuation metrics and the company's relative performance suggests that White Mountains Insurance Group Ltd. is overvalued in the current market context.