The tiger moth, also known as an arctiid and one of the 11,000 species of moths, can be recognized by its dark wings featuring red or orange spots and white stripes.
Emerging in spring, the larva (banded woolly bear) is brown in the middle and tapered with black at the ends. Local folklore predicted that depending on the amount of black shown on the woolly bear, it would indicate how harsh winter would be; the more black equates to a harsher winter.
Source: Encyclopaedia Britannica.