WTM

HAMILTON, Bermuda, Aug. 6, 2026 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $2,258 as of June 30, 2026, an increase of 4% for the second quarter of 2026 and 3% for the first six months of 2026, including dividends. Liam Caffrey, CEO, commented, "Book value per share was up 4% in the quarter, driven by strong operating company results and solid investment returns. Ark produced an 84% combined ratio and strong growth in tangible book value. Kudu generated a 15% return on equity on a trailing 12 months basis, driven by strong growth on a same store basis coupled with sale transactions. HG Global grew its book value by 1%, including a $90 million dividend to White Mountains from its recent debt refinancing. Distinguished had a solid quarter, growing both managed premiums and ScaleCo adjusted EBITDA. MediaAlpha's share price increased 35% in the quarter, producing $58 million of mark-to-market gains. Excluding MediaAlpha, the investment portfolio was up 2.8%. We repurchased $191 million of shares in the quarter and deployed $132 million into two WTM Partners acquisitions. Factoring in other recent operating company distributions, undeployed capital now stands at roughly $0.8 billion." Comprehensive income (loss) attributable to common shareholders was $199 million and $173 million in the second quarter and first six months of 2026 compared to $124 million and $159 million in the second quarter and first six months of 2025. Results in the second quarter and first six months of 2026 included $151 million and $161 million of net realized and unrealized investment gains compared to $87 million and $173 million in the second quarter and first six months of 2025. Results in the second quarter and first six months of 2026 also included $58 million and $(7) million of unrealized investment gains (losses) from White Mountains's investment in MediaAlpha compared to $31 million and $(6) million in the second quarter and first six months of 2025. Ark/WM Outrigger The Ark/WM Outrigger segment's combined ratio was 84% and 88% in the second quarter and first six months of 2026 compared to 84% and 90% in the second quarter and first six months of 2025. Ark/WM Outrigger reported gross written premiums of $778 million and $1,868 million, net written premiums of $537 million and $1,128 million and net earned premiums of $376 million and $750 million in the second quarter and first six months of 2026 compared to gross written premiums of $815 million and $1,923 million, net written premiums of $579 million and $1,306 million and net earned premiums of $364 million and $722 million in the second quarter and first six months of 2025. Ark's combined ratio was 84% and 88% in the second quarter and first six months of 2026 compared to 85% and 90% in the second quarter and first six months of 2025. Ark's combined ratio in the second quarter and first six months of 2026 included three points and five points of catastrophe losses, driven primarily by losses related to the war in Iran. This compares to minimal catastrophe losses in the second quarter of 2025 and thirteen points of catastrophe losses in the first six months of 2025, driven by losses related to the California wildfires. Ark's combined ratio included eight points and six points of net favorable prior year development in the second quarter and first six months of 2026, driven by the property and specialty lines of business. This compares to five points and nine points of net favorable prior year development in the second quarter and first six months of 2025, driven primarily by the property, marine & energy and specialty lines of business. Ark has ongoing exposure to the war in Iran, primarily through the specialty and marine & energy lines of business. In the second quarter and first six months of 2026, Ark recorded estimated losses of $17 million and $42 million (net of reinsurance and reinstatement premiums) related to the war. Ark reported gross written premiums of $778 million and $1,868 million, net written premiums of $538 million and $1,128 million and net earned premiums of $375 million and $747 million in the second quarter and first six months of 2026 compared to gross written premiums of $815 million and $1,923 million, net written premiums of $536 million and $1,226 million and net earned premiums of $357 million and $703 million in the second quarter and first six months of 2025. The decline in gross written premiums in the second quarter of 2026 was driven primarily by softening market conditions in property lines, which was partially offset by growth in specialty lines. The decline in gross written premiums in the first six months of 2026 was driven primarily by a change in the timing of recognition of certain delegated authority business, which had no impact on the timing of recognition of Ark's earned premiums. Ark reported pre-tax income of $78 million and $85 million in the second quarter and first six months of 2026 compared to $91 million and $144 million in the second quarter and first six months of 2025. Ark's results included net realized and unrealized investment gains (losses) of $31 million and $(2) million in the second quarter and first six months of 2026 compared to $51 million and $81 million in the second quarter and first six months of 2025. Ark reported book value of $1,615 million as of June 30, 2026, an increase of 4% in the second quarter of 2026 and 5% in the first six months of 2026, including dividends. Ark reported tangible book value of $1,736 million as of June 30, 2026, an increase of 6% in the second quarter of 2026 and 7% in the first six months of 2026, including dividends. Ark's book value includes goodwill and other intangible assets, net of tax, and White Mountains's contingent consideration liability, which are excluded from Ark's tangible book value. Ian Beaton, CEO of Ark, said, "Our results for the first half of the year have been good. Ark's combined ratio was 84% for the second quarter and 88% year to date, and we grew tangible book value by 7% year to date. Gross premiums were down 5% in the quarter driven by rate softening in property lines, which offset solid growth in specialty lines. The Iran war losses to date have been manageable but uncertainty remains." WM Outrigger Re's combined ratio was 25% and 40% in the second quarter and first six months of 2026 compared to 44% and 120% in the second quarter and first six months of 2025. Catastrophe losses in the first six months of 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums). Kudu Kudu reported total revenues of $69 million, pre-tax income of $57 million and adjusted EBITDA of $16 million in the second quarter of 2026 compared to total revenues of $20 million, pre-tax income of $11 million and adjusted EBITDA of $16 million in the second quarter of 2025. Total revenues, pre-tax income and adjusted EBITDA included $19 million of net investment income in both the second quarter of 2026 and 2025. Total revenues and pre-tax income also included $50 million of net realized and unrealized investment gains in the second quarter of 2026 compared to $1 million in the second quarter of 2025. The increase in net realized and unrealized investment gains was driven by an increase in the fair value of Kudu's participation contracts, primarily due to lower discount rates across the portfolio and step-ups in valuation related to certain sale transactions. On a trailing 12 months basis, return on equity was 15% as of June 30, 2026, up from 12% as of March 31, 2026, primarily due to higher net realized and unrealized investment gains. Kudu reported total revenues of $132 million, pre-tax income of $109 million and adjusted EBITDA of $33 million in the first six months of 2026 compared to total revenues of $84 million, pre-tax income of $64 million and adjusted EBITDA of $32 million in the first six months of 2025. Total revenues, pre-tax income and adjusted EBITDA included $40 million of net investment income in the first six months of 2026 compared to $39 million in the first six months of 2025. Total revenues and pre-tax income also included $92 million of net realized and unrealized investment gains in the first six months of 2026 compared to $45 million in the first six months of 2025. The increase in net realized and unrealized investment gains was driven by an increase in the fair value of Kudu's participation contracts, primarily due to growth in assets under management at several managers, lower discount rates across the portfolio and step-ups in valuation related to certain sale transactions. Rob Jakacki, CEO of Kudu, said, "We delivered a strong second quarter and start to the year, generating a 4% return in the quarter and a 15% return on a trailing 12 months basis. Second quarter results were buoyed by a $20 million gain from a sale transaction. We also closed on two new investments in Australia during the first half of the year, further diversifying our portfolio. Our pipeline remains robust." HG Global HG Global reported gross written premiums of $11 million and $19 million and earned premiums of $8 million and $15 million in the second quarter and first six months of 2026 compared to gross written premiums of $19 million and $26 million and earned premiums of $7 million and $15 million in the second quarter and first six months of 2025. HG Global's total par value of policies assumed was $818 million and $1,335 million in the second quarter and first six months of 2026 compared to $931 million and $1,358 million in the second quarter and first six months of 2025. HG Global's total gross pricing was 135 and 145 basis points in the second quarter and first six months of 2026 compared to 206 and 191 basis points in the second quarter and first six months of 2025. HG Global reported pre-tax income of $10 million and $21 million in the second quarter and first six months of 2026 compared to $17 million and $42 million in the second quarter and first six months of 2025. HG Global's results included net realized and unrealized investment gains (losses) of $(2) million and $(7) million in the second quarter and first six months of 2026 compared to $3 million and $13 million in the second quarter and first six months of 2025, driven by movements in interest rates. The fair value of the BAM surplus notes increased to $353 million as of June 30, 2026 compared to $346 million as of March 31, 2026, resulting from $7 million of accrued interest. On July 28, 2026, HG Global received a cash payment of principal and interest on the BAM Surplus Notes of $8 million. On May 14, 2026, HG Global refinanced its senior debt facility, upsizing the facility to $200 million and lowering the interest rate to a fixed rate of 7.4%. In turn, on May 26, 2026, HG Global paid a $93 million cash dividend to shareholders, of which $90 million was paid to White Mountains. Kevin Pearson, President of HG Global, said, "HG Global had a slower second quarter, with a decline in gross written premiums, primarily due to continued tightening of municipal bond spreads and weaker primary market pricing. In the quarter, we refinanced our senior notes at improved terms and returned $93 million of capital to shareholders, enhancing our go-forward return profile." We encourage you to read BAM's second quarter statutory financial statements and operating supplement, which will be available on BAM's website at https://bambonds.com/about-bam/credit-rating-and-financial-information/. Distinguished Distinguished reported managed premiums of $189 million and $321 million, commission and fee revenues of $57 million and $96 million, pre-tax loss of $11 million and $28 million and ScaleCo adjusted EBITDA of $12 million and $17 million for the second quarter and first six months of 2026. On a trailing 12 months basis, Distinguished reported managed premiums of $598 million and ScaleCo adjusted EBITDA of $28 million. These figures include periods prior to White Mountains's ownership of Distinguished, which White Mountains believes is useful in understanding Distinguished's performance. Jason Rotman, President of Distinguished, said "We had a solid second quarter. Trailing 12 months managed premiums and ScaleCo adjusted EBITDA were up 4% and 8% quarter-over-quarter. During the quarter, we enjoyed particularly strong growth in the environmental and urban real estate programs, partially offset by a decline in the umbrella program. Our newer growth programs are performing well, and we continue to add new teams and product lines to our GrowthCo vertical." MediaAlpha As of June 30, 2026, White Mountains owned 17.9 million shares of MediaAlpha, representing a 29% basic ownership interest based on the total class A and class B common shares outstanding. As of June 30, 2026, MediaAlpha's share price was $12.57 per share, which increased from $9.30 per share as of March 31, 2026. The carrying value of White Mountains's investment in MediaAlpha was $225 million as of June 30, 2026 compared to $166 million as of March 31, 2026. At our June 30, 2026 level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.50 per share increase or decrease in White Mountains's book value per share. We encourage you to read MediaAlpha's second quarter earnings release and related shareholder letter, which is available on MediaAlpha's investor relations website at https://investors.mediaalpha.com. WTM Partners Beginning in the second quarter of 2026, in conjunction with the acquisitions of Basesix and Hawkeye Electric, WTM Partners has been presented as a separate reportable segment. Prior period amounts have been reclassified to conform to the current period presentation. WTM Partners reported total revenues of $93 million and $137 million, pre-tax income of $4 million and $2 million and adjusted EBITDA of $9 million and $11 million in the second quarter and first six months of 2026 compared to total revenues of $43 million and $43 million, pre-tax income (loss) of $1 million and $(2) million and adjusted EBITDA of $3 million and $2 million in the second quarter and first six months of 2025. The increases were driven by solid organic growth at Enterprise Solutions and the acquisitions of Basesix and Hawkeye Electric in the second quarter of 2026. John Daly, CEO and Managing Partner of WTM Partners, said "Enterprise Solutions had a solid quarter, generating the bulk of our $9 million of adjusted EBITDA. We closed two new deals in the quarter, including Basesix, a low voltage contracting platform, and Hawkeye Electric, a bolt-on to Enterprise Solutions, further diversifying our portfolio and footprint in the essential services sector. We have deployed roughly $200 million of equity capital and are working an active pipeline of new opportunities." Other Operations White Mountains's Other Operations reported pre-tax income (loss) of $115 million and $38 million in the second quarter and first six months of 2026 compared to $35 million and $(21) million in the second quarter and first six months of 2025. Net realized and unrealized investment gains were $72 million and $79 million in the second quarter and first six months of 2026 compared to $32 million and $35 million in the second quarter and first six months of 2025. Unrealized investment gains (losses) from White Mountains's investment in MediaAlpha were $58 million and $(7) million in the second quarter and first six months of 2026 compared to $31 million and $(6) million in the second quarter and first six months of 2025. Net investment income was $16 million and $29 million in the second quarter and first six months of 2026 compared to $9 million and $18 million in the second quarter and first six months of 2025. White Mountains's Other Operations reported general and administrative expenses of $43 million and $90 million in the second quarter and first six months of 2026 compared to $49 million and $104 million in the second quarter and first six months of 2025. The decrease in general and administrative expenses in the first six months of 2026 was driven primarily by lower loss and loss adjustment expenses in 2026 compared to 2025, which included losses related to the California wildfires, partially offset by higher incentive compensation costs due to an increase in White Mountains's share price. Share Repurchases In the second quarter of 2026, White Mountains repurchased and retired 91,194 of its common shares for $191 million at an average share price of $2,092.72, or 93% of White Mountains's June 30, 2026 book value per share. In the first six months of 2026, White Mountains repurchased and retired 103,816 of its common shares for $217 million at an average share price of $2,088.40, or 93% of White Mountains's June 30, 2026 book value per share. Investments The total consolidated portfolio return was 3.5% in the second quarter of 2026. Excluding MediaAlpha, the total consolidated portfolio return was 2.8% in the second quarter of 2026. The total consolidated portfolio return was 2.7% in the second quarter of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 2.3% in the second quarter of 2025. The total consolidated portfolio return was 3.7% in the first six months of 2026. Excluding MediaAlpha, the total consolidated portfolio return was 3.8% in the first six months of 2026. The total consolidated portfolio return was 4.5% in the first six months of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 4.7% in the first six months of 2025. Mark Plourde, President of White Mountains Advisors, said, "Excluding MediaAlpha, the total portfolio returned 2.8% in the quarter. Our short duration fixed income portfolio returned 0.9%, ahead of the Bloomberg Intermediate Aggregate Index return of 0.5%. Excluding MediaAlpha, the equity portfolio returned 4.9%, behind the S&P 500 Index return of 15.2% in a strong up market for common stocks. Our equity results were impacted by lower relative returns from our market neutral positions and other long-term investments." Additional Information White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. White Mountains expects to file its Form 10-Q today with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results. Regulation G This earnings release includes non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures. Ark's tangible book value and growth in tangible book value are non-GAAP financial measures. Tangible book value is a non-GAAP financial measure derived by adjusting GAAP book value to exclude (i) goodwill and other intangible assets, (ii) the deferred tax liability on other intangible assets and (iii) the contingent consideration liability. The contingent consideration liability represents the estimated fair value of the additional shares that could be earned by management rollover shareholders if and to the extent that White Mountains achieves certain multiple of invested capital return thresholds. If earned, these additional shares would result in a reallocation of economics among Ark's shareholders, which is reflected in the fair value of the contingent consideration liability recorded by White Mountains, but would have no impact on Ark's stand-alone book value or tangible book value. Growth in tangible book value equals the change in tangible book value plus dividends for the period divided by beginning tangible book value. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Ark's enterprise value.The following table presents the reconciliation of Ark's GAAP equity to tangible book value. Kudu's EBITDA, adjusted EBITDA, annualized adjusted EBITDA, annualized revenue and cash revenue yield are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to GAAP net income (loss). Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate EBITDA. The items relate to (i) net realized and unrealized investment gains (losses) on Kudu's revenue and earnings participation contracts, (ii) non-cash equity-based compensation expense and (iii) transaction expenses. A description of each item follows: Annualized adjusted EBITDA is a non-GAAP financial measure that (i) annualizes partial year revenues related to Kudu's revenue and earnings participation contracts acquired during the previous 12-month period and (ii) removes partial year revenues related to revenue and earnings participation contracts sold during the previous 12-month period. Annualized revenue is a non-GAAP financial measure that adds the adjustments for annualized adjusted EBITDA to GAAP net investment income. Cash revenue yield is a non-GAAP financial measure that is derived using annualized revenue as a percentage of total net capital drawn and invested. The most directly comparable GAAP financial measure is net investment income revenue yield, which is derived using GAAP net investment income as a percentage of total net capital drawn and invested. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu's underlying performance. White Mountains also believes that annualized adjusted EBITDA is useful to management and investors in understanding the full earnings profile of Kudu's business as of the end of any 12-month period. See page 18 for the reconciliation of Kudu's GAAP net income (loss) to EBITDA, adjusted EBITDA and annualized adjusted EBITDA, and the reconciliation of Kudu's GAAP net investment income to annualized revenue. Distinguished's ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA are non-GAAP financial measures. ScaleCo net income (loss) is a non-GAAP financial measure that excludes the results of the GrowthCo vertical, which is consolidated under GAAP, from Distinguished's consolidated GAAP net income (loss). ScaleCo EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to ScaleCo net income (loss). ScaleCo adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those items added back to calculate ScaleCo EBITDA. The items relate to (i) non-cash equity-based compensation expense, (ii) restructuring expenses and (iii) legal settlement expenses. A description of each item follows: White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Distinguished's underlying performance. White Mountains also believes that excluding the results of the GrowthCo vertical, which Distinguished views as an investment in start-up programs, is useful to understanding the underlying performance of Distinguished's established programs. See page 21 for the reconciliation of Distinguished's consolidated GAAP net income (loss) to ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA. WTM Partners's EBITDA and adjusted EBITDA are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to GAAP net income (loss). Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate EBITDA. The items relate to (i) transaction expenses and (ii) restructuring and integration expenses. A description of each item follows: White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating WTM Partners's underlying performance. See page 22 for the reconciliation of WTM Partners's GAAP net income (loss) to EBITDA and adjusted EBITDA. Total consolidated portfolio return excluding MediaAlpha and total equity portfolio return excluding MediaAlpha are non-GAAP financial measures that remove the net investment income and net realized and unrealized investment gains (losses) from White Mountains's investment in MediaAlpha. White Mountains believes these measures to be useful to management and investors by showing the underlying performance of White Mountains's investment portfolio and equity portfolio without regard to White Mountains's investment in MediaAlpha. The following tables present reconciliations from GAAP to the reported percentages: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "may," "could," "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains's: change in book value per share or return on equity; business strategy; financial and operating targets or plans; incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses; expansion and growth of its business and operations; and future capital expenditures. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's 2025 Annual Report on Form 10-K; claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures or cyber attacks; recorded loss reserves subsequently proving to have been inadequate; the market value of White Mountains's investment in MediaAlpha; business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; the continued availability of fronting and reinsurance capacity; deterioration of general economic, market or business conditions, including due to war and war-like actions and outbreaks of contagious disease and corresponding mitigation efforts; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and other factors, most of which are beyond White Mountains's control. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Rob Seelig (603) 640-2212 View original content:https://www.prnewswire.com/news-releases/white-mountains-reports-second-quarter-results-302844875.html

HAMILTON, Bermuda, May 6, 2026 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $2,170 as of March 31, 2026, a decrease of 1% for the first quarter of 2026, including dividends. Liam Caffrey, CEO, commented, "Book value per share ended the quarter at $2,170, down roughly 1% from year-end. Solid operating results were more than offset by a mark-to-market decline in our investment in MediaAlpha. Ark posted a 91% combined ratio and generated $1.1 billion of gross written premiums. Kudu grew adjusted EBITDA and produced a 12% return on equity on a trailing 12 months basis. HG Global assumed $8 million of gross written premiums and grew book value by 2%. Distinguished grew managed premiums by 7% year-over-year and has now launched four new programs since our acquisition. Excluding MediaAlpha, the investment portfolio returned 1.0%, ahead of benchmarks, with modest gains in both equities and fixed income. In February, we deployed $125 million of capital into Bishop Street Underwriters and more recently announced two acquisitions by WTM Partners. Including these deployments, undeployed capital is roughly $0.8 billion." Comprehensive income (loss) attributable to common shareholders was $(27) million in the first quarter of 2026 compared to $35 million in the first quarter of 2025. Results in the first quarter of 2026 included $11 million of net realized and unrealized investment gains compared to $87 million in the first quarter of 2025. Results in the first quarter of 2026 also included $65 million of unrealized investment losses from White Mountains's investment in MediaAlpha compared to $37 million in the first quarter of 2025. Ark/WM Outrigger The Ark/WM Outrigger segment's combined ratio was 91% in the first quarter of 2026 compared to 97% in the first quarter of 2025. Ark/WM Outrigger reported gross written premiums of $1,091 million, net written premiums of $590 million and net earned premiums of $374 million in the first quarter of 2026 compared to gross written premiums of $1,108 million, net written premiums of $728 million and net earned premiums of $358 million in the first quarter of 2025. Ark's combined ratio was 91% in the first quarter of 2026 compared to 94% in the first quarter of 2025. Ark's combined ratio in the first quarter of 2026 included seven points of catastrophe losses, driven by losses related to the war in Iran. This compares to 25 points of catastrophe losses in the first quarter of 2025, driven by losses related to the California wildfires. Ark's combined ratio included five points of net favorable prior year development in the first quarter of 2026, driven primarily by the specialty and property lines of business. This compares to 14 points of net favorable prior year development in the first quarter of 2025, driven primarily by the marine & energy and property lines of business. Ark has exposure to the war in Iran, primarily through the specialty and marine & energy lines of business. In the first quarter of 2026, Ark recorded estimated losses of $25 million (net of reinsurance and reinstatement premiums). However, losses could increase as the war is ongoing. Ark reported gross written premiums of $1,091 million, net written premiums of $590 million and net earned premiums of $371 million in the first quarter of 2026 compared to gross written premiums of $1,108 million, net written premiums of $690 million and net earned premiums of $346 million in the first quarter of 2025. The decline in Ark's written premiums was driven primarily by a change in the timing of recognition of certain delegated authority business. This change had no impact on the timing of recognition of Ark's earned premiums, which increased 7% in the first quarter of 2026 compared to the first quarter of 2025, driven primarily by continued growth in the specialty and property lines of business. Net written premiums were also impacted by Ark's greater use of quota share reinsurance in the current period. As a result, ceded written premiums increased to $501 million in the first quarter of 2026 from $417 million in the first quarter of 2025. Ark reported pre-tax income of $7 million in the first quarter of 2026 compared to $52 million in the first quarter of 2025. Ark's results included net realized and unrealized investment gains (losses) of $(33) million in the first quarter of 2026 compared to $30 million in the first quarter of 2025. Ian Beaton, CEO of Ark, said, "We are off to a good start in 2026, producing a combined ratio of 91% and gross written premiums of $1.1 billion. Market conditions continue to soften, but we still see opportunities to drive profitable growth, including through the addition of new teams and classes of business." WM Outrigger Re's combined ratio was 44% in the first quarter of 2026 compared to 166% in the first quarter of 2025. Catastrophe losses in the first quarter of 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums). Ark renewed Outrigger Re Ltd. for the 2026 underwriting year with $70 million of unaffiliated third-party capital. Through March 31, 2026, WM Outrigger Re has generated pre-tax income of $57 million from the 2025 underwriting year, $29 million from the 2024 underwriting year and $76 million from the 2023 underwriting year. Kudu Kudu reported total revenues of $63 million, pre-tax income of $52 million and adjusted EBITDA of $17 million in the first quarter of 2026 compared to total revenues of $64 million, pre-tax income of $53 million and adjusted EBITDA of $16 million in the first quarter of 2025. Total revenues, pre-tax income and adjusted EBITDA included $21 million of net investment income in the first quarter of 2026 compared to $19 million in the first quarter of 2025. Total revenues and pre-tax income also included $42 million of net realized and unrealized investment gains (losses) in the first quarter of 2026 compared to $44 million in the first quarter of 2025. On a trailing 12 months basis, return on equity was 12% as of March 31, 2026, down from 13% for the year ended December 31, 2025 due to lower net realized and unrealized investment gains. Rob Jakacki, CEO of Kudu, said, "Despite heightened volatility in global financial markets, Kudu delivered a solid first quarter that reflects both the resilience of our portfolio and investment discipline. We closed one new deal in the quarter and continue to pursue an active pipeline." HG Global HG Global reported gross written premiums of $8 million and earned premiums of $8 million in the first quarter of 2026 compared to gross written premiums of $7 million and earned premiums of $8 million in the first quarter of 2025. HG Global's total par value of policies assumed was $518 million in the first quarter of 2026 compared to $427 million in the first quarter of 2025. HG Global's total gross pricing was 160 basis points in the first quarter of 2026 compared to 157 basis points in the first quarter of 2025. HG Global reported pre-tax income of $11 million in the first quarter of 2026 compared to $25 million in the first quarter of 2025. HG Global's results included net realized and unrealized investment gains (losses) of $(5) million in the first quarter of 2026 compared to $10 million in the first quarter of 2025, driven by movements in interest rates. The fair value of the BAM surplus notes increased to $346 million as of March 31, 2026 compared to $339 million as of December 31, 2025, resulting from $7 million of accrued interest. Kevin Pearson, President of HG Global, said, "HG Global had a strong start to the year, with gross written premiums increasing 24% during the first quarter. The growth in written premiums was driven primarily by an increase in primary market activity and secondary market pricing." We encourage you to read BAM's first quarter statutory financial statements and operating supplement, which will be available on BAM's website at https://bambonds.com/about-bam/credit-rating-and-financial-information/. Distinguished Distinguished reported managed premiums of $132 million, commission and fee revenues of $40 million, pre-tax loss of $18 million and ScaleCo adjusted EBITDA of $4 million for the first quarter of 2026. On a trailing 12 months basis, Distinguished reported managed premiums of $576 million and ScaleCo adjusted EBITDA of $26 million. This includes periods prior to White Mountains's ownership of Distinguished, which White Mountains believes is useful in understanding Distinguished's performance. Jason Rotman, President of Distinguished, said "Distinguished had a flattish quarter. Overall ScaleCo growth was muted, with strong premium growth in the environmental program offset by a decline in the umbrella program amid continued market pressure. During the quarter, we continued to execute well on our inorganic de novo build strategy, launching one new program. We also continue to invest in technology and talent across the platform to drive organic growth over the medium-term." MediaAlpha As of March 31, 2026, White Mountains owned 17.9 million shares of MediaAlpha, representing a 28% basic ownership interest based on the total class A and class B common shares outstanding. As of March 31, 2026, MediaAlpha's share price was $9.30 per share, which decreased from $12.95 per share as of December 31, 2025. The carrying value of White Mountains's investment in MediaAlpha was $166 million as of March 31, 2026 compared to $231 million as of December 31, 2025. At our current level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.00 per share increase or decrease in White Mountains's book value per share. We encourage you to read MediaAlpha's first quarter earnings release and related shareholder letter, which is available on MediaAlpha's investor relations website at https://investors.mediaalpha.com. Other Operations White Mountains's Other Operations reported pre-tax loss of $80 million in the first quarter of 2026 compared to $59 million in the first quarter of 2025. Unrealized investment losses from White Mountains's investment in MediaAlpha were $65 million in the first quarter of 2026 compared to $37 million in the first quarter of 2025. Excluding MediaAlpha, net realized and unrealized investment gains were $7 million in the first quarter of 2026 compared to $3 million in the first quarter of 2025. Net investment income was $14 million in the first quarter of 2026 compared to $10 million in the first quarter of 2025. White Mountains's Other Operations reported other revenues of $56 million in the first quarter of 2026 compared to $14 million in the first quarter of 2025. White Mountains's Other Operations reported cost of sales of $43 million in the first quarter of 2026 compared to $8 million in the first quarter of 2025. The increases in other revenues and cost of sales were driven primarily by the consolidation of WTM Partners's investment in Enterprise Solutions in the second quarter of 2025. White Mountains's Other Operations reported general and administrative expenses of $55 million in the first quarter of 2026 compared to $36 million in the first quarter of 2025. The increase in general and administrative expenses was driven primarily by higher incentive compensation costs and the consolidation of Enterprise Solutions. In the second quarter of 2026, WTM Partners closed two new acquisitions. The acquisition of BaseSix Systems LLC, a low voltage electrical systems integrator, closed on April 1, 2026 and represented an equity investment of approximately $97 million. The acquisition of Hawkeye Electric, LLC, a provider of specialty electrical contracting services, closed on May 1, 2026 and represented an equity investment of approximately $35 million. Investments The total consolidated portfolio return was 0.2% in the first quarter of 2026. Excluding MediaAlpha, the total consolidated portfolio return was 1.0% in the first quarter of 2026. The total consolidated portfolio return was 1.7% in the first quarter of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 2.3% in the first quarter of 2025. Mark Plourde, President of White Mountains Advisors, said, "Excluding MediaAlpha, the total portfolio returned 1.0% in the quarter. Absolute and relative results were solid amid challenging financial markets. The fixed income portfolio returned 0.5%, ahead of the longer-duration Bloomberg Intermediate Aggregate Index return of 0.1%. Excluding MediaAlpha, the equity portfolio returned 1.6%, ahead of the S&P 500 Index return of -4.3%. Relative results were driven by gains from our portfolio of other long-term investments." Additional Information White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. White Mountains expects to file its Form 10-Q today with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results. Regulation G This earnings release includes non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures. Kudu's EBITDA, adjusted EBITDA, annualized adjusted EBITDA, annualized revenue and cash revenue yield are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to GAAP net income (loss). Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate EBITDA. The items relate to (i) net realized and unrealized investment gains (losses) on Kudu's revenue and earnings participation contracts, (ii) non-cash equity-based compensation expense and (iii) transaction expenses. A description of each item follows: Net realized and unrealized investment gains (losses) - Represents net unrealized investment gains and losses recorded on Kudu's revenue and earnings participation contracts, which are recorded at fair value under GAAP, and realized investment gains and losses from participation contracts sold during the period. Non-cash equity-based compensation expense - Represents non-cash expenses related to Kudu's management compensation that are settled with equity units in Kudu. Transaction expenses - Represents costs directly related to Kudu's mergers and acquisitions activity, such as external lawyer, banker, consulting and placement agent fees, which are not capitalized and are expensed under GAAP. Annualized adjusted EBITDA is a non-GAAP financial measure that (i) annualizes partial year revenues related to Kudu's revenue and earnings participation contracts acquired during the previous 12-month period and (ii) removes partial year revenues related to revenue and earnings participation contracts sold during the previous 12-month period. Annualized revenue is a non-GAAP financial measure that adds the adjustments for annualized adjusted EBITDA to GAAP net investment income. Cash revenue yield is a non-GAAP financial measure that is derived using annualized revenue as a percentage of total net capital drawn and invested. The most directly comparable GAAP financial measure is net investment income revenue yield, which is derived using GAAP net investment income as a percentage of total net capital drawn and invested. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu's performance. White Mountains also believes that annualized adjusted EBITDA is useful to management and investors in understanding the full earnings profile of Kudu's business as of the end of any 12-month period. See page 14 for the reconciliation of Kudu's GAAP net income (loss) to EBITDA, adjusted EBITDA and annualized adjusted EBITDA, and the reconciliation of Kudu's GAAP net investment income to annualized revenue. Distinguished's ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA are non-GAAP financial measures. ScaleCo net income (loss) is a non-GAAP financial measure that excludes the results of the GrowthCo vertical, which is consolidated under GAAP, from Distinguished's consolidated GAAP net income (loss). ScaleCo EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to ScaleCo net income (loss). ScaleCo adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those items added back to calculate ScaleCo EBITDA. The items relate to (i) non-cash equity-based compensation expense and (ii) restructuring expenses. A description of each item follows: Non-cash equity-based compensation expense - Represents non-cash expenses related to Distinguished's management compensation that are settled with equity units in Distinguished. Restructuring expenses - Represents costs directly related to Distinguished's corporate restructuring and capital planning activities. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Distinguished's performance. White Mountains also believes that excluding the results of the GrowthCo vertical, which Distinguished views as an investment in start-up programs, is useful to understanding the performance of Distinguished's established programs. See page 17 for the reconciliation of Distinguished's consolidated GAAP net income (loss) to ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA. Total consolidated portfolio return excluding MediaAlpha and total equity portfolio return excluding MediaAlpha are non-GAAP financial measures that remove the net investment income and net realized and unrealized investment gains (losses) from White Mountains's investment in MediaAlpha. White Mountains believes these measures to be useful to management and investors by showing the underlying performance of White Mountains's investment portfolio and equity portfolio without regard to White Mountains's investment in MediaAlpha. The following tables present reconciliations from GAAP to the reported percentages: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "may," "could," "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains's: change in book value per share or return on equity; business strategy; financial and operating targets or plans; incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses; expansion and growth of its business and operations; and future capital expenditures. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's 2025 Annual Report on Form 10-K; claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures or cyber attacks; recorded loss reserves subsequently proving to have been inadequate; the market value of White Mountains's investment in MediaAlpha; business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; the continued availability of fronting and reinsurance capacity; deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and other factors, most of which are beyond White Mountains's control. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Rob Seelig (603) 640-2212 View original content:https://www.prnewswire.com/news-releases/white-mountains-reports-first-quarter-results-302764064.html

HAMILTON, Bermuda, Feb. 6, 2026 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $2,188 as of December 31, 2025, an increase of 18% for the fourth quarter of 2025 and 25% for the year ended December 31, 2025, including dividends. Liam Caffrey, CEO, commented, "We had an excellent year, with BVPS growth of 18% in the quarter and 25% for the year. The largest contributor in both periods was the net gain from our sale of Bamboo, which added roughly $320 to BVPS in 2025. We also benefitted from solid results at our operating companies and good investment returns. For the year, Ark produced an 83% combined ratio and $2.6 billion of gross written premiums, up 16%. HG Global generated $61 million of gross written premiums, driven by a record year at BAM. Kudu produced a 13% return on equity and grew the fair value of its portfolio of participation contracts by 8% on a same store basis. Distinguished is off to a solid start under our ownership, generating managed premiums of $145 million in the quarter across both its scaled and growth programs. MediaAlpha's share price was up 14% in the quarter and 15% for the year. Excluding MediaAlpha, our investment portfolio returned 2.0% in the quarter and 8.9% for the year. During the quarter, we repurchased roughly $190 million of shares, inclusive of our self-tender offer. Including the distribution from WM Outrigger Re received in January, undeployed capital stands at roughly $1.0 billion." Comprehensive income (loss) attributable to common shareholders was $837 million and $1,109 million in the fourth quarter and year ended December 31, 2025 compared to $(131) million and $230 million in the fourth quarter and year ended December 31, 2024. For the year ended December 31, 2025, White Mountains recognized a net gain of $816 million from the Bamboo transaction, which includes the impact of parent company compensation costs recorded in general and administrative expenses. White Mountains also recognized a net deferred tax expense of $73 million in the fourth quarter of 2025 from the reversal of the deferred tax asset related to the Bermuda economic transition adjustment, of which $51 million was recorded at Ark and $22 million was recorded at HG Global. Due to the enactment of Pillar II legislation by Luxembourg in December 2025, White Mountains no longer expects to utilize the benefit of the economic transition adjustment. Results in the fourth quarter and year ended December 31, 2025 also included $28 million and $30 million of unrealized investment gains from White Mountains's investment in MediaAlpha compared to $(122) million and $38 million of net realized and unrealized investment gains (losses) in the fourth quarter and year ended December 31, 2024. Ark/WM Outrigger The Ark/WM Outrigger segment's combined ratio was 77% and 81% in the fourth quarter and year ended December 31, 2025 compared to 77% and 82% in the fourth quarter and year ended December 31, 2024. Ark/WM Outrigger reported gross written premiums of $268 million and $2,557 million, net written premiums of $218 million and $1,812 million and net earned premiums of $433 million and $1,697 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $264 million and $2,207 million, net written premiums of $239 million and $1,679 million and net earned premiums of $415 million and $1,588 million in the fourth quarter and year ended December 31, 2024. Ark's combined ratio was 79% and 83% in the fourth quarter and year ended December 31, 2025 compared to 77% and 83% in the fourth quarter and year ended December 31, 2024. Ark's combined ratio in the fourth quarter of 2025 included 10 points of catastrophe losses, driven primarily by Hurricane Melissa. Ark's combined ratio in the year ended December 31, 2025 included eight points of catastrophe losses, driven primarily by Hurricane Melissa and losses related to the January 2025 California wildfires. This compares to 27 points of catastrophe losses in the fourth quarter of 2024, driven primarily by Hurricanes Milton and Helene, and 13 points of catastrophe losses in the year ended December 31, 2024, driven primarily by Hurricanes Milton, Helene, Debby and Beryl. Ark's combined ratio included 10 points and seven points of net favorable prior year development in the fourth quarter and year ended December 31, 2025, driven primarily by property and specialty lines of business. This included 11 points and six points of unfavorable development in the fourth quarter and year ended December 31, 2025 related to aviation losses from the conflict in Ukraine and Russia. This compares to seven points and four points of net favorable prior year development in the fourth quarter and year ended December 31, 2024, driven primarily by property and specialty lines of business. Ark reported gross written premiums of $268 million and $2,557 million, net written premiums of $218 million and $1,727 million and net earned premiums of $411 million and $1,613 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $264 million and $2,207 million, net written premiums of $234 million and $1,593 million and net earned premiums of $389 million and $1,500 million in the fourth quarter and year ended December 31, 2024. Ark reported pre-tax income of $25 million and $265 million in the fourth quarter and year ended December 31, 2025 compared to $51 million and $253 million in the fourth quarter and year ended December 31, 2024. Ark's results included net realized and unrealized investment gains of $26 million and $125 million in the fourth quarter and year ended December 31, 2025 compared to $(34) million and $50 million in the fourth quarter and year ended December 31, 2024. Ark's results also included $99 million and $173 million of expense related to the increase in fair value of White Mountains's contingent consideration liability in the fourth quarter and year ended December 31, 2025 compared to $14 million and $61 million in the fourth quarter and year ended December 31, 2024. The increase in the contingent consideration liability was driven primarily by strong growth in Ark's tangible book value in the year. Ark's results in the fourth quarter and year ended December 31, 2025 also included the reversal of the $51 million deferred tax asset associated with the Bermuda economic transition adjustment. Ian Beaton, CEO of Ark, said, "Ark had a good quarter and year, producing combined ratios of 79% and 83%, respectively. Full year gross written premiums reached $2.6 billion, up 16% year-over-year, aided by new underwriting teams and products. In November, A.M. Best affirmed Ark's 'A/stable' financial strength rating and upgraded its issuer credit rating to "a+/stable". Although the overall rate environment is softening, we continue to see opportunities to generate strong returns in 2026." WM Outrigger Re's combined ratio was 41% and 57% in the fourth quarter and year ended December 31, 2025 compared to 86% and 60% in the fourth quarter and year ended December 31, 2024. Catastrophe losses in the year ended December 31, 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums). WM Outrigger Re reported gross written premiums of $1 million and $84 million and net earned premiums of $22 million and $85 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $5 million and $87 million and net earned premiums of $25 million and $88 million in the fourth quarter and year ended December 31, 2024. WM Outrigger Re reported pre-tax income of $15 million in the fourth quarter of 2025, all of which was attributable to the 2025 underwriting year. WM Outrigger Re reported pre-tax income of $6 million in the fourth quarter of 2024, of which $2 million was attributable to the 2024 underwriting year and $4 million was attributable to the 2023 underwriting year. WM Outrigger Re reported pre-tax income (loss) of $45 million in the year ended December 31, 2025, of which $55 million was attributable to the 2025 underwriting year and $(10) million was attributable to the 2024 underwriting year. WM Outrigger Re reported pre-tax income of $46 million in the year ended December 31, 2024, of which pre-tax income of $38 million was attributable to the 2024 underwriting year and $8 million was attributable to the 2023 underwriting year During the fourth quarter of 2025, Ark renewed Outrigger Re Ltd. for the 2026 underwriting year with $70 million of capital. The capital was provided entirely by third-party investors excluding White Mountains. Through December 31, 2025, WM Outrigger Re has generated pre-tax income of $55 million from the 2025 underwriting year, $29 million from the 2024 underwriting year and $76 million from the 2023 underwriting year. HG Global HG Global reported gross written premiums of $20 million and $61 million and earned premiums of $8 million and $31 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $18 million and $52 million and earned premiums of $7 million and $29 million in the fourth quarter and year ended December 31, 2024. HG Global's total par value of policies assumed was $962 million and $3,170 million in the fourth quarter and year ended December 31, 2025 compared to $940 million and $2,952 million in the fourth quarter and year ended December 31, 2024. HG Global's total gross pricing was 204 and 194 basis points in the fourth quarter and year ended December 31, 2025 compared to 190 and 177 basis points in the fourth quarter and year ended December 31, 2024. HG Global reported pre-tax income (loss) of $(19) million and $45 million in the fourth quarter and year ended December 31, 2025 compared to $(20) million and $(66) million in the fourth quarter and year ended December 31, 2024. HG Global's results included net realized and unrealized investment gains (losses) of $3 million and $23 million in the fourth quarter and year ended December 31, 2025 compared to $(20) million and $(6) million in the fourth quarter and year ended December 31, 2024, driven by movements in interest rates. HG Global's results in the fourth quarter and year ended December 31, 2025 included a $38 million decline in the fair value of the BAM surplus notes, which was driven by changes in key inputs used in the discounted cash flow analysis. HG Global's results in the fourth quarter and year ended December 31, 2024 included an increase (decrease) of $(15) million and $1 million in the fair value of the BAM surplus notes, which was driven by the movement in market interest rates. In addition, HG Global's results in the year ended December 31, 2024 included the $115 million unrealized loss on deconsolidation of BAM. The fair value of the BAM surplus notes was $339 million as of December 31, 2025 compared to $396 million as of September 30, 2025. The decline was driven by the $38 million decrease in fair value and a $27 million cash payment of principal and interest, partially offset by approximately $7 million of accrued interest. HG Global's results in the fourth quarter and year ended December 31, 2025 also included the reversal of the $22 million deferred tax asset associated with the Bermuda economic transition adjustment. Kevin Pearson, President of HG Global, said, "HG Global recorded a strong quarter to close out the year, with gross written premiums increasing 10% during the quarter. For the year, par assumed grew 7% to $3,170 million, while gross written premium assumed grew 17% to $61 million, both record levels driven by strong activity in the primary and secondary markets. Municipal market issuance is expected to remain strong in 2026." We encourage you to read BAM's fourth quarter statutory financial statements and operating supplement, which will be available on BAM's website at https://bambonds.com/about-bam/credit-rating-and-financial-information/. Kudu Kudu reported total revenues of $45 million, pre-tax income of $32 million and adjusted EBITDA of $18 million in the fourth quarter of 2025 compared to total revenues of $(9) million, pre-tax loss of $(20) million and adjusted EBITDA of $14 million in the fourth quarter of 2024. Total revenues, pre-tax income (loss) and adjusted EBITDA included $22 million of net investment income in the fourth quarter of 2025 compared to $17 million in the fourth quarter of 2024. Total revenues and pre-tax income (loss) also included $23 million of net realized and unrealized investment gains (losses) in the fourth quarter of 2025 compared to $(26) million in the fourth quarter of 2024. Return on equity was 13% for the year ended December 31, 2025, up from 9% for the trailing 12 months ended September 30, 2025 due to higher net realized and unrealized investment gains. Kudu reported total revenues of $183 million, pre-tax income of $140 million and adjusted EBITDA of $65 million in the year ended December 31, 2025 compared to total revenues of $119 million, pre-tax income of $81 million and adjusted EBITDA of $55 million in the year ended December 31, 2024. Total revenues, pre-tax income and adjusted EBITDA included $79 million of net investment income in the year ended December 31, 2025 compared to $67 million in the year ended December 31, 2024. Total revenues and pre-tax income also included $104 million of net realized and unrealized investment gains in the year ended December 31, 2025 compared to $51 million in the year ended December 31, 2024. The increase in net realized and unrealized investment gains was driven primarily by growth in assets under management across several participation contracts. Rob Jakacki, CEO of Kudu, said, "Kudu had a good fourth quarter. Our investment in Apera was monetized at an attractive valuation, and we deployed capital into one new participation contract. Our portfolio grew to $1.3 billion and produced annualized adjusted EBITDA of $70 million. As we look ahead to 2026, we remain focused on pursuing high–quality opportunities and positioning the portfolio for sustained, disciplined growth in the years to come." Bamboo On December 5, 2025, White Mountains completed the sale of Bamboo to CVC Capital Partners for net cash proceeds at closing of $848 million. White Mountains retained a 15% fully-diluted/fully-converted equity interest valued at $250 million as of December 31, 2025, which is reported in other long-term investments within Other Operations. Bamboo reported commission and fee revenues of $44 million and pre-tax income of $3 million in the period from October 1, 2025 through December 5, 2025, the date of sale, while Bamboo reported commission and fee revenues of $37 million and pre-tax income of $10 million in the fourth quarter of 2024. Bamboo reported MGA pre-tax income of $1 million and MGA adjusted EBITDA of $18 million in the period from October 1, 2025 through December 5, 2025, while Bamboo reported MGA pre-tax income of $11 million and MGA adjusted EBITDA of $16 million in the fourth quarter of 2024. Managed premiums, which represent the total premiums placed by Bamboo, were $147 million in the period from October 1, 2025 through December 5, 2025 and $127 million in the fourth quarter of 2024. The increase in managed premiums was driven by growth in the renewal book as well as new business volume. Bamboo reported commission and fee revenues of $211 million and pre-tax income of $40 million in the period from January 1, 2025 through December 5, 2025, while Bamboo reported commission and fee revenues of $135 million and pre-tax income of $33 million in the year ended December 31, 2024. Bamboo reported MGA pre-tax income of $41 million and MGA adjusted EBITDA of $91 million in the period from January 1, 2025 through December 5, 2025, while Bamboo reported MGA pre-tax income of $32 million and MGA adjusted EBITDA of $53 million in the year ended December 31, 2024. Managed premiums were $705 million in the period from January 1, 2025 through December 5, 2025 and $484 million in the year ended December 31, 2024. The increase in managed premiums was driven by growth in the renewal book as well as new business volume. John Chu, CEO of Bamboo, said, "Bamboo delivered a strong quarter, achieving new highs for premiums and profitability. For the full year, managed premiums were $766 million, up 58%, and MGA adjusted EBITDA was $106 million, up 2x year-over-year. We are proud of the value we delivered to owners through our sale, and we look forward to our continued partnership with White Mountains alongside CVC as we embark on the next phase of Bamboo's growth journey." Distinguished For the fourth quarter of 2025 and the period from September 2, 2025, the date of acquisition, to December 31, 2025, Distinguished reported managed premiums of $145 million and $188 million, commission and fee revenues of $43 million and $57 million, pre-tax loss of $14 million and $17 million, and ScaleCo adjusted EBITDA of $9 million in both periods. Jason Rotman, President of Distinguished, said "Distinguished had a productive fourth quarter. Our market-leading Umbrella program is well-positioned to support clients in a challenging market, our newer programs are performing well, and we have launched or are set to launch four additional growth programs backed by strong carrier partners." MediaAlpha As of December 31, 2025, White Mountains owned 17.9 million shares of MediaAlpha, representing a 27% basic ownership interest based on the number of shares outstanding in MediaAlpha's Report on Form 10-Q dated October 29, 2025. As of December 31, 2025, MediaAlpha's share price was $12.95 per share, which increased from $11.38 per share as of September 30, 2025. The carrying value of White Mountains's investment in MediaAlpha was $231 million as of December 31, 2025 compared to $203 million as of September 30, 2025. At our current level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.00 per share increase or decrease in White Mountains's book value per share. We encourage you to read MediaAlpha's fourth quarter earnings release and related shareholder letter, which will be available on MediaAlpha's investor relations website at https://investors.mediaalpha.com. Other Operations White Mountains's Other Operations reported pre-tax income (loss) of $858 million and $810 million in the fourth quarter and year ended December 31, 2025 compared to $(148) million and $9 million in the fourth quarter and year ended December 31, 2024. Results in the fourth quarter and year ended December 31, 2025 were driven primarily by the sale of Bamboo. For the year ended December 31, 2025, White Mountains recognized a net gain of $816 million from the Bamboo transaction, which includes the impact of parent company compensation costs recorded in general and administrative expenses. Unrealized investment gains from White Mountains's investment in MediaAlpha were $28 million and $30 million in the fourth quarter and year ended December 31, 2025 compared to net realized and unrealized investment gains of $(122) million and $38 million in the fourth quarter and year ended December 31, 2024. Excluding MediaAlpha, net realized and unrealized investment gains (losses) were $31 million and $80 million in the fourth quarter and year ended December 31, 2025 compared to $(3) million and $57 million in the fourth quarter and year ended December 31, 2024. Net investment income was $8 million and $32 million in the fourth quarter and year ended December 31, 2025 compared to $8 million and $36 million in the fourth quarter and year ended December 31, 2024. White Mountains's Other Operations reported other revenues of $61 million and $201 million in the fourth quarter and year ended December 31, 2025 compared to $13 million and $57 million in the fourth quarter and year ended December 31, 2024. White Mountains's Other Operations reported cost of sales of $47 million and $152 million in the fourth quarter and year ended December 31, 2025 compared to $7 million and $30 million in the fourth quarter and year ended December 31, 2024. The increases in other revenues and cost of sales were driven primarily by the consolidation of Enterprise Solutions by WTM Partners in the second quarter of 2025. White Mountains's Other Operations reported general and administrative expenses of $75 million and $237 million in the fourth quarter and year ended December 31, 2025 compared to $43 million and $170 million in the fourth quarter and year ended December 31, 2024. The increases in general and administrative expenses were driven primarily by higher incentive compensation, largely in connection with the Bamboo sale, and the consolidation of Enterprise Solutions. For the year ended December 31, 2025, the increase in general and administrative expenses also included higher transaction costs. In the fourth quarter and year ended December 31, 2025, White Mountains's Other Operations reported pre-tax income (loss) of $1 million and $(5) million related to the Bamboo CRV. The results of the Bamboo CRV for the year ended December 31, 2025 included $12 million of losses related to the January 2025 California wildfires. In the fourth quarter and year ended December 31, 2024, White Mountains's Other Operations reported pre-tax income of $4 million and $9 million related to the Bamboo CRV. Share Repurchases In the fourth quarter of 2025, White Mountains repurchased and retired 95,484 of its common shares for $193 million at an average share price of $2,017.34, or 92% of White Mountains's December 31, 2025 book value per share. This included 64,064 shares repurchased under the self-tender offer in December. In the year ended December 31, 2025, White Mountains repurchased and retired 100,581 of its common shares for $203 million at an average share price of $2,013.67, or 92% of White Mountains's December 31, 2025 book value per share. Investments The total consolidated portfolio return was 2.3% in the fourth quarter of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 2.0% in the fourth quarter of 2025. The total consolidated portfolio return was -2.3% in the fourth quarter of 2024. Excluding MediaAlpha, the total consolidated portfolio return was -0.4% in the fourth quarter of 2024. The total consolidated portfolio return was 9.1% in the year ended December 31, 2025. Excluding MediaAlpha, the total consolidated portfolio return was 8.9% in the year ended December 31, 2025. The total consolidated portfolio return was 6.9% in the year ended December 31, 2024. Excluding MediaAlpha, the total consolidated portfolio return was 6.5% in the year ended December 31, 2024. Mark Plourde, President of White Mountains Advisors, said, "Excluding MediaAlpha, the total portfolio was up 2.0% in the quarter and 8.9% for the year. Absolute returns were solid in both periods but mixed versus benchmarks. Our short duration fixed income portfolio returned 1.1% in the quarter and 5.9% for the year, behind the Bloomberg Intermediate Aggregate Index returns of 1.4% and 7.5%. Excluding MediaAlpha, the equity portfolio returned 3.2% in the quarter and 13.0% for the year, compared to the S&P 500 Index returns of 2.7% and 17.9%. Equity results in both periods were driven primarily by our other long-term investments and the sale of our parent company common stock portfolio in the first half of 2025 to fund anticipated capital deployments." Additional Information White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. White Mountains expects to file its Form 10-K on or before February 27, 2026 with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results. CONTACT: Rob Seelig (603) 640-2212 $ 1,603.8 $ 358.0 $ 3,735.0 $ 2,239.8 Regulation G This earnings release includes non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures. Kudu's EBITDA, adjusted EBITDA, annualized adjusted EBITDA, annualized revenue and cash revenue yield are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to GAAP net income (loss). Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate EBITDA. The items relate to (i) net realized and unrealized investment gains (losses) on Kudu's revenue and earnings participation contracts, (ii) non-cash equity-based compensation expense and (iii) transaction expenses. A description of each item follows: Net realized and unrealized investment gains (losses) - Represents net unrealized investment gains and losses recorded on Kudu's revenue and earnings participation contracts, which are recorded at fair value under GAAP, and realized investment gains and losses from participation contracts sold during the period. Non-cash equity-based compensation expense - Represents non-cash expenses related to Kudu's management compensation that are settled with equity units in Kudu. Transaction expenses - Represents costs directly related to Kudu's mergers and acquisitions activity, such as external lawyer, banker, consulting and placement agent fees, which are not capitalized and are expensed under GAAP. Annualized adjusted EBITDA is a non-GAAP financial measure that (i) annualizes partial year revenues related to Kudu's revenue and earnings participation contracts acquired during the previous 12-month period and (ii) removes partial year revenues related to revenue and earnings participation contracts sold during the previous 12-month period. Annualized revenue is a non-GAAP financial measure that adds the adjustments for annualized adjusted EBITDA to GAAP net investment income. Cash revenue yield is a non-GAAP financial measure that is derived using annualized revenue as a percentage of total net capital drawn and invested. The most directly comparable GAAP financial measure is net investment income revenue yield, which is derived using GAAP net investment income as a percentage of total net capital drawn and invested. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu's performance. White Mountains also believes that annualized adjusted EBITDA is useful to management and investors in understanding the full earnings profile of Kudu's business as of the end of any 12-month period. See page 20 for the reconciliation of Kudu's GAAP net income (loss) to EBITDA, adjusted EBITDA and annualized adjusted EBITDA, and the reconciliation of Kudu's GAAP net investment income to annualized revenue. Bamboo's MGA pre-tax income (loss), MGA net income (loss), MGA EBITDA and MGA adjusted EBITDA are non-GAAP financial measures. MGA pre-tax income (loss) and MGA net income (loss) are non-GAAP financial measures that exclude the results of the Bamboo captive, which is consolidated under GAAP, from Bamboo's consolidated GAAP pre-tax income (loss) and net income (loss). The following table presents the reconciliation from Bamboo's consolidated GAAP pre-tax income (loss) to MGA pre-tax income (loss): MGA EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to MGA net income (loss). MGA adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate MGA EBITDA. The items relate to (i) non-cash equity-based compensation expense, (ii) software implementation expenses, (iii) restructuring expenses and (iv) transaction expenses. A description of each item follows: Non-cash equity-based compensation expense - Represents non-cash expenses related to Bamboo's management compensation that are settled with equity units in Bamboo. Software implementation expenses - Represents costs directly related to Bamboo's implementation of new software. Restructuring expenses - Represents costs directly related to Bamboo's corporate restructuring and capital planning activities. Transaction expenses - Represents costs directly related to transaction activities at Bamboo, which are not capitalized and are expensed under GAAP. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Bamboo's performance. See page 22 for the reconciliation of Bamboo's consolidated GAAP net income (loss) to MGA net income (loss), MGA EBITDA and MGA adjusted EBITDA. Distinguished's ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA are non-GAAP financial measures. ScaleCo net income (loss) is a non-GAAP financial measure that excludes the results of the GrowthCo vertical, which is consolidated under GAAP, from Distinguished's consolidated GAAP net income (loss). ScaleCo EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to ScaleCo net income (loss). ScaleCo adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those items added back to calculate ScaleCo EBITDA. The items relate to (i) non-cash equity-based compensation expense and (ii) transaction expenses. A description of each item follows: Non-cash equity-based compensation expense - Represents non-cash expenses related to Distinguished's management compensation that are settled with equity units in Distinguished. Transaction expenses - Represents costs directly related to transaction activities at Distinguished, which are not capitalized and are expensed under GAAP. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Distinguished's performance. White Mountains also believes that excluding the results of the GrowthCo vertical, which Distinguished views as an investment in start-up programs, is useful to understanding the performance of Distinguished's established programs. See page 23 for the reconciliation of Distinguished's consolidated GAAP net income (loss) to ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA. Total consolidated portfolio return excluding MediaAlpha and total equity portfolio return excluding MediaAlpha are non-GAAP financial measures that remove the net investment income and net realized and unrealized investment gains (losses) from White Mountains's investment in MediaAlpha. White Mountains believes these measures to be useful to management and investors by showing the underlying performance of White Mountains's investment portfolio and equity portfolio without regard to White Mountains's investment in MediaAlpha. The following tables present reconciliations from GAAP to the reported percentages: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "could", "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains's: change in book value per share or return on equity; business strategy; financial and operating targets or plans; incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses; expansion and growth of its business and operations; and future capital expenditures. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's 2024 Annual Report on Form 10-K; claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures or cyber attacks; recorded loss reserves subsequently proving to have been inadequate; the market value of White Mountains's investment in MediaAlpha; business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; the continued availability of fronting and reinsurance capacity; deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and other factors, most of which are beyond White Mountains's control. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. View original content:https://www.prnewswire.com/news-releases/white-mountains-reports-fourth-quarter-results-302681253.html

HAMILTON, Bermuda, Dec. 24, 2025 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today the final results of its "modified Dutch auction" tender offer. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 19, 2025. Based on the final count by the depositary for the tender offer, 64,064 shares were properly tendered and not properly withdrawn at or below the final purchase price of $2,050.00 per share. The Company is purchasing all validly tendered shares for approximately $131.3 million. The shares purchased in the tender offer represent approximately 2.5% of White Mountains's shares outstanding as of November 19, 2025. Payment for the shares purchased under the tender offer will be made promptly. The Company expects to have approximately 2,479,677 common shares outstanding as of the time immediately following payment for the accepted shares. Shareholders who have questions or would like additional information about the tender offer may contact the information agent for the tender offer, D.F. King & Co., at (800) 821-2712 (toll free) or by email at [email protected]. The dealer managers for the tender offer were BofA Securities, Inc. and Barclays Capital Inc. White Mountains is traded on the New York Stock Exchange under the symbol "WTM" and the Bermuda Stock Exchange under the symbol "WTM-BH". FORWARD-LOOKING STATEMENTS This press release may contain "forward-looking statements". All statements, other than statements of historical facts, included or referenced in this press release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "could", "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's Annual Report on Form 10-K for the fiscal year ended December 31, 2024; claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures, or cyber-attacks; recorded loss reserves subsequently proving to have been inadequate; the market value of White Mountains's investment in MediaAlpha; business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; the continued availability of fronting and reinsurance capacity; deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and other factors, most of which are beyond White Mountains's control. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. Except for our obligations under Rule 13e-4(c)(3) and Rule 13e-4(e)(3) of the Exchange Act to disclose any material changes in the information previously disclosed to shareholders or as otherwise required by law, the Company assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Rob Seelig (603) 640-2212 View original content:https://www.prnewswire.com/news-releases/white-mountains-announces-final-results-of-its-tender-offer-302649059.html

HAMILTON, Bermuda, Dec. 22, 2025 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today the preliminary results of its "modified Dutch auction" tender offer to purchase up to $300 million in value of its common shares. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 19, 2025. Based on a preliminary count by the depositary for the tender offer, 67,186 shares were properly tendered and not properly withdrawn at or below the purchase price of $2,050 per share, including 16,589 shares that were tendered by notice of guaranteed delivery. The Company expects to purchase all validly tendered shares for approximately $137.7 million. The shares expected to be purchased in the tender offer represent approximately 2.6% of White Mountains's shares outstanding as of November 19, 2025. The number of shares expected to be purchased in the tender offer and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares tendered by notice of guaranteed delivery will be delivered within the one trading day settlement period. The final number of shares to be purchased and the final purchase price will be announced promptly following the expiration of the guaranteed delivery period and completion by the depositary of the confirmation process. Payments for shares accepted for purchase under the tender offer will be made promptly after the final results of the tender offer are announced. The Company expects to have approximately 2,476,555 common shares outstanding as of the time immediately following payment for the accepted shares. Shareholders who have questions or would like additional information about the tender offer may contact the information agent for the tender offer, D.F. King & Co., at (800) 821-2712 (toll free) or by email at [email protected]. The dealer managers for the tender offer were BofA Securities, Inc. and Barclays Capital Inc. White Mountains is traded on the New York Stock Exchange under the symbol "WTM" and the Bermuda Stock Exchange under the symbol "WTM-BH". FORWARD-LOOKING STATEMENTS This press release may contain "forward-looking statements". All statements, other than statements of historical facts, included or referenced in this press release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "could", "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to the number of shares expected to be purchased in the tender offer and the purchase price. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's Annual Report on Form 10-K for the fiscal year ended December 31, 2024; claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures, or cyber-attacks; recorded loss reserves subsequently proving to have been inadequate; the market value of White Mountains's investment in MediaAlpha; business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; the continued availability of fronting and reinsurance capacity; deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and other factors, most of which are beyond White Mountains's control. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. Except for our obligations under Rule 13e-4(c)(3) and Rule 13e-4(e)(3) of the Exchange Act to disclose any material changes in the information previously disclosed to shareholders or as otherwise required by law, the Company assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Rob Seelig (603) 640-2212 View original content:https://www.prnewswire.com/news-releases/white-mountains-announces-preliminary-results-of-its-tender-offer-302647681.html

HAMILTON, Bermuda, Nov. 6, 2025 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,851 as of September 30, 2025, an increase of 3% for the third quarter of 2025 and 6% for the first nine months of 2025, including dividends. On October 2, 2025, White Mountains entered into an agreement to sell approximately 77% of its equity interest in Bamboo for cash to CVC Capital Partners and will retain the remainder. Including the expected fourth quarter impact from the closing of the transaction of approximately $325 per share, White Mountains's book value per share would be $2,176 as of September 30, 2025. Bamboo's assets and liabilities have been presented as held for sale in White Mountains's consolidated balance sheets as of September 30, 2025 and December 31, 2024. Manning Rountree, CEO, commented, "BVPS was up 3% in the quarter. We had good operating results and investment returns. Ark produced a 76% combined ratio and $366 million of gross written premiums in the quarter. HG Global generated $16 million of gross written premiums in the quarter and grew book value by 3%. Kudu produced a 9% return on equity on a trailing 12 months basis, growing both the fair value of its portfolio of participation contracts and EBITDA. Bamboo had another record quarter with continued strong growth in managed premiums and adjusted EBITDA. Our consolidated investment portfolio, excluding MediaAlpha, was up 2.0% with gains in both fixed income and equities. During the quarter, we closed our previously announced deployments at BroadStreet Partners and Distinguished Programs." Rountree continued, "In early October, we announced the sale of a control stake in Bamboo. Upon closing, the transaction will increase our book value per share by $325 and our undeployed capital position from roughly $0.3 billion to $1.1 billion." Comprehensive income (loss) attributable to common shareholders was $114 million and $272 million in the third quarter and first nine months of 2025 compared to $180 million and $361 million in the third quarter and first nine months of 2024. Results in the third quarter and first nine months of 2025 included $8 million and $2 million of unrealized investment gains from White Mountains's investment in MediaAlpha compared to $88 million and $160 million of net realized and unrealized investment gains in the third quarter and first nine months of 2024. Ark/WM Outrigger The Ark/WM Outrigger segment's combined ratio was 73% and 83% in the third quarter and first nine months of 2025 compared to 77% and 84% in the third quarter and first nine months of 2024. Ark/WM Outrigger reported gross written premiums of $366 million and $2,289 million, net written premiums of $287 million and $1,593 million and net earned premiums of $542 million and $1,264 million in the third quarter and first nine months of 2025 compared to gross written premiums of $374 million and $1,943 million, net written premiums of $339 million and $1,440 million and net earned premiums of $552 million and $1,173 million in the third quarter and first nine months of 2024. Ark's combined ratio was 76% and 84% in the third quarter and first nine months of 2025 compared to 79% and 85% in the third quarter and first nine months of 2024. Ark's combined ratio in the third quarter of 2025 included minimal catastrophe losses. Ark's combined ratio in the first nine months of 2025 included seven points of catastrophe losses, driven primarily by losses related to the January 2025 California wildfires. This compares to 17 points and eight points of catastrophe losses in the third quarter and first nine months of 2024, driven primarily by Hurricanes Helene, Debby and Beryl as well as Calgary hailstorms. Non-catastrophe losses in the third quarter and first nine months of 2025 included $30 million on a net basis related to a refinery fire in California. Ark's combined ratio included zero points and five points of net favorable prior year development in the third quarter and first nine months of 2025, driven primarily by the property and specialty lines of business. This included four points of unfavorable development in the first nine months of 2025 related to aviation losses from the conflict in Ukraine and Russia. This compares to five points and three points of net favorable prior year development in the third quarter and first nine months of 2024, driven primarily by the property line of business. Ark reported gross written premiums of $366 million and $2,289 million, net written premiums of $283 million and $1,510 million and net earned premiums of $499 million and $1,202 million in the third quarter and first nine months of 2025 compared to gross written premiums of $374 million and $1,943 million, net written premiums of $331 million and $1,358 million and net earned premiums of $507 million and $1,111 million in the third quarter and first nine months of 2024. Premium growth in the first nine months of 2025 was driven primarily by the property and specialty lines of business. Ark reported pre-tax income of $97 million and $240 million in the third quarter and first nine months of 2025 compared to $119 million and $202 million in the third quarter and first nine months of 2024. Ark's results included net realized and unrealized investment gains of $18 million and $99 million in the third quarter and first nine months of 2025 compared to $53 million and $84 million in the third quarter and first nine months of 2024. Ian Beaton, CEO of Ark, said, "We have enjoyed good results for the first three quarters of 2025. Ark's combined ratio was 76% for the third quarter and 84% year-to-date, both better than prior year. Gross written premiums were $2.3 billion year-to-date, up 18%, aided by the addition of new underwriting teams and classes of business." WM Outrigger Re's combined ratio was 38% and 63% in the third quarter and first nine months of 2025 compared to 58% and 50% in the third quarter and first nine months of 2024. Catastrophe losses in the first nine months of 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums). WM Outrigger Re reported gross written premiums of $4 million and $84 million and net earned premiums of $44 million and $63 million in the third quarter and first nine months of 2025 compared to gross written premiums of $9 million and $82 million and net earned premiums of $45 million and $63 million in the third quarter and first nine months of 2024. WM Outrigger Re reported pre-tax income of $29 million in the third quarter of 2025, all of which was attributable to the 2025 underwriting year. WM Outrigger Re reported pre-tax income of $22 million in the third quarter of 2024, all of which was attributable to the 2024 underwriting year. WM Outrigger Re reported pre-tax income of $30 million in the first nine months of 2025. Results in the first nine months of 2025 included pre-tax income (loss) of $40 million for the 2025 underwriting year and $(10) million for the 2024 underwriting year. WM Outrigger Re reported pre-tax income of $40 million in the first nine months of 2024. Results in the first nine months of 2024 included pre-tax income of $36 million for the 2024 underwriting year and $4 million for the 2023 underwriting year. Through September 30, 2025, WM Outrigger Re has generated pre-tax income of $40 million from the 2025 underwriting year, $28 million from the 2024 underwriting year and $76 million from the 2023 underwriting year. HG Global HG Global reported gross written premiums of $16 million and $42 million and earned premiums of $8 million and $23 million in the third quarter and first nine months of 2025 compared to gross written premiums of $14 million and $35 million and earned premiums of $8 million and $22 million in the third quarter and first nine months of 2024. HG Global's total par value of policies assumed was $850 million and $2,208 million in the third quarter and first nine months of 2025 compared to $688 million and $2,012 million in the third quarter and first nine months of 2024. HG Global's total gross pricing was 187 and 189 basis points in the third quarter and first nine months of 2025 compared to 203 and 171 basis points in the third quarter and first nine months of 2024. HG Global reported pre-tax income (loss) of $22 million and $64 million in the third quarter and first nine months of 2025 compared to $(63) million and $(46) million in the third quarter and first nine months of 2024. HG Global's results included net realized and unrealized investment gains of $7 million and $20 million in the third quarter and first nine months of 2025 compared to $23 million and $13 million in the third quarter and first nine months of 2024, driven by a decrease in interest rates. HG Global's results in the third quarter and first nine months of 2024 also included the loss on deconsolidation of $115 million, partially offset by an increase in fair value of the BAM surplus notes of $16 million during the quarter. The fair value of the BAM surplus notes was $396 million as of September 30, 2025 compared to $397 million as of June 30, 2025. The decline was driven by $8 million of principal and interest payments, largely offset by approximately $8 million of accrued interest. Kevin Pearson, President of HG Global, said, "HG Global had a good quarter, growing book value by 3%. Par value assumed increased 24% year-over-year, driven by increased activity in both the primary and secondary markets. Pricing was down marginally quarter-over-quarter but was more than offset by higher volumes." We encourage you to read BAM's third quarter statutory financial statements and operating supplement, which will be available on BAM's website at https://bambonds.com/about-bam/credit-rating-and-finanical-information/. Kudu Kudu reported total revenues of $54 million, pre-tax income of $44 million and adjusted EBITDA of $15 million in the third quarter of 2025 compared to total revenues of $47 million, pre-tax income of $38 million and adjusted EBITDA of $14 million in the third quarter of 2024. Total revenues, pre-tax income and adjusted EBITDA included $18 million of net investment income in the third quarter of 2025 compared to $17 million in the third quarter of 2024. Total revenues and pre-tax income also included $36 million of net realized and unrealized investment gains in the third quarter of 2025 compared to $30 million in the third quarter of 2024. On a trailing 12 months basis, return on equity was 9% as of September 30, 2025, up from 8% as of June 30, 2025 due to higher net realized and unrealized investment gains. Kudu reported total revenues of $139 million, pre-tax income of $108 million and adjusted EBITDA of $47 million in the first nine months of 2025 compared to total revenues of $128 million, pre-tax income of $101 million and adjusted EBITDA of $41 million in the first nine months of 2024. Total revenues, pre-tax income and adjusted EBITDA included $57 million of net investment income in the first nine months of 2025 compared to $50 million in the first nine months of 2024. Total revenues and pre-tax income also included $81 million of net realized and unrealized investment gains in the first nine months of 2025 compared to $78 million in the first nine months of 2024. Rob Jakacki, CEO of Kudu, said, "Kudu's portfolio delivered solid performance again in the quarter, reflecting our sound investment framework and our diversified portfolio. During the quarter, we successfully deployed capital into one new manager, and our pipeline of new deals remains robust." Bamboo Bamboo reported commission and fee revenues of $64 million and pre-tax income of $15 million in the third quarter of 2025 compared to commission and fee revenues of $43 million and pre-tax income of $16 million in the third quarter of 2024. Bamboo reported MGA pre-tax income of $15 million and MGA adjusted EBITDA of $28 million in the third quarter of 2025 compared to MGA pre-tax income of $14 million and MGA adjusted EBITDA of $19 million in the third quarter of 2024. Managed premiums, which represent the total premiums placed by Bamboo, were $221 million in the third quarter of 2025 compared to $148 million in the third quarter of 2024. The increase in managed premiums was driven by growth in the renewal book as well as new business volume. Bamboo reported commission and fee revenues of $167 million and pre-tax income of $37 million in the first nine months of 2025 compared to commission and fee revenues of $97 million and pre-tax income of $23 million in the first nine months of 2024. Bamboo reported MGA pre-tax income of $40 million and MGA adjusted EBITDA of $74 million in the first nine months of 2025 compared to MGA pre-tax income of $21 million and MGA adjusted EBITDA of $37 million in the first nine months of 2024. Managed premiums were $558 million in the first nine months of 2025 compared to $358 million in the first nine months of 2024. The increase in managed premiums was driven by growth in the renewal book as well as new business volume. John Chu, CEO of Bamboo, said, "We again produced excellent operating results during the quarter. On a trailing 12 months basis, managed premiums increased to $685 million, up 58% year-over-year, while MGA adjusted EBITDA increased to $90 million, up over 2x year-over-year. We officially launched in Texas during the quarter. Given this expansion and our continued success in California, the stage is set for profitable growth for the remainder of 2025 and beyond. We're excited to partner with CVC and White Mountains for this next chapter." Distinguished On September 2, 2025, White Mountains acquired a controlling interest in Distinguished Programs, a full-service MGA and program administrator for specialty property & casualty insurance. Distinguished places insurance across a diversified portfolio of programs broadly grouped into two verticals. The ScaleCo vertical consists of established programs, primarily focused on real estate and hospitality end markets. The GrowthCo vertical consists of start-up programs, focused on a diversified set of specialty property and casualty insurance products across multiple industries. In the transaction, White Mountains paid $224 million of cash consideration, while Distinguished borrowed $50 million of incremental debt. Including its 2% previously-held interest, at closing White Mountains owned 56% of Distinguished on a basic units outstanding basis (44% on a fully-diluted/fully-converted basis, taking account of management's equity incentives). For the period from September 2, 2025 through September 30, 2025, Distinguished reported managed premiums of $43 million, commission and fee revenues of $14 million, pre-tax loss of $3 million, and ScaleCo adjusted EBITDA of $1 million. Jason Rotman, President of Distinguished, said "My partners and I are very excited to be the newest members of the White Mountains family. We remain focused on driving profitable growth in our ScaleCo businesses. At the same time, we are growing and diversifying our portfolio of managed programs through the addition of new teams, with one launched this quarter and several more expected by early 2026." MediaAlpha As of September 30, 2025, White Mountains owned 17.9 million shares of MediaAlpha, representing a 27% basic ownership interest (25% on a fully-diluted/fully-converted basis). As of September 30, 2025, MediaAlpha's share price was $11.38 per share, which increased from $10.95 per share as of June 30, 2025. The carrying value of White Mountains's investment in MediaAlpha was $203 million as of September 30, 2025 compared to $196 million as of June 30, 2025. At our current level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.00 per share increase or decrease in White Mountains's book value per share. We encourage you to read MediaAlpha's third quarter earnings release and related shareholder letter, which is available on MediaAlpha's investor relations website at https://investors.mediaalpha.com. Other Operations White Mountains's Other Operations reported pre-tax income (loss) of $(25) million and $(48) million in the third quarter and first nine months of 2025 compared to $108 million and $157 million in the third quarter and first nine months of 2024. Unrealized investment gains from White Mountains's investment in MediaAlpha were $8 million and $2 million in the third quarter and first nine months of 2025 compared to net realized and unrealized investment gains of $88 million and $160 million in the third quarter and first nine months of 2024. Excluding MediaAlpha, net realized and unrealized investment gains were $15 million and $50 million in the third quarter and first nine months of 2025 compared to $30 million and $60 million in the third quarter and first nine months of 2024. Net investment income was $6 million and $25 million in the third quarter and first nine months of 2025 compared to $10 million and $28 million in the third quarter and first nine months of 2024. White Mountains's Other Operations reported other revenues of $69 million and $140 million in the third quarter and first nine months of 2025 compared to $15 million and $44 million in the third quarter and first nine months of 2024. White Mountains's Other Operations reported cost of sales of $55 million and $105 million in the third quarter and first nine months of 2025 compared to $8 million and $22 million in the third quarter and first nine months of 2024. The increases in other revenues and cost of sales were driven primarily by the acquisition of Enterprise Solutions by WTM Partners in the second quarter of 2025. White Mountains's Other Operations reported general and administrative expenses of $72 million and $162 million in the third quarter and first nine months of 2025 compared to $33 million and $126 million in the third quarter and first nine months of 2024. The increases in general and administrative expenses were driven primarily by deal-related costs, largely in connection with the Bamboo transaction, as well as the acquisition of Enterprise Solutions. In the third quarter and first nine months of 2025, White Mountains's Other Operations reported pre-tax income (loss) of $2 million and $(6) million related to the Bamboo CRV. The results of the Bamboo CRV for the first nine months of 2025 included $12 million of losses related to the January 2025 California wildfires. In the third quarter and first nine months of 2024, White Mountains's Other Operations reported pre-tax income of $3 million and $5 million related to the Bamboo CRV. Investments The total consolidated portfolio return was 2.1% in the third quarter of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 2.0% in the third quarter of 2025. The total consolidated portfolio return was 4.6% in the third quarter of 2024. Excluding MediaAlpha, the total consolidated portfolio return was 3.3% in the third quarter of 2024. The total consolidated portfolio return was 6.6% in the first nine months of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 6.8% in the first nine months of 2025. The total consolidated portfolio return was 9.4% in the first nine months of 2024. Excluding MediaAlpha, the total consolidated portfolio return was 6.9% in the first nine months of 2024. Mark Plourde, President of White Mountains Advisors, said, "Excluding MediaAlpha, the total portfolio was up 2.0% in the quarter. Absolute returns were good, but relative returns lagged our benchmarks. The fixed income portfolio returned 1.5%, behind the longer-duration Bloomberg Intermediate Aggregate Index return of 1.8%. The equity portfolio, excluding MediaAlpha, returned 2.7%, behind the S&P 500 Index return of 8.1%. Equity results were impacted by lower relative returns from our market neutral investments and the liquidation of most of our parent company common stock portfolio in the first half of 2025 in anticipation of deployments at BroadStreet and Distinguished." Additional Information White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. White Mountains expects to file its Form 10-Q today with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results. CONTACT: Rob Seelig (603) 640-2212 Regulation G This earnings release includes non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures. Kudu's EBITDA, adjusted EBITDA, annualized adjusted EBITDA, annualized revenue and cash revenue yield are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to GAAP net income (loss). Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate EBITDA. The items relate to (i) net realized and unrealized investment gains (losses) on Kudu's revenue and earnings participation contracts, (ii) non-cash equity-based compensation expense and (iii) transaction expenses. A description of each item follows: Net realized and unrealized investment gains (losses) - Represents net unrealized investment gains and losses recorded on Kudu's revenue and earnings participation contracts, which are recorded at fair value under GAAP, and realized investment gains and losses from participation contracts sold during the period. Non-cash equity-based compensation expense - Represents non-cash expenses related to Kudu's management compensation that are settled with equity units in Kudu. Transaction expenses - Represents costs directly related to Kudu's mergers and acquisitions activity, such as external lawyer, banker, consulting and placement agent fees, which are not capitalized and are expensed under GAAP. Annualized adjusted EBITDA is a non-GAAP financial measure that (i) annualizes partial year revenues related to Kudu's revenue and earnings participation contracts acquired during the previous 12-month period and (ii) removes partial year revenues related to revenue and earnings participation contracts sold during the previous 12-month period. Annualized revenue is a non-GAAP financial measure that adds the adjustments for annualized adjusted EBITDA to GAAP net investment income. Cash revenue yield is a non-GAAP financial measure that is derived using annualized revenue as a percentage of total net capital drawn and invested. The most directly comparable GAAP financial measure is net investment income revenue yield, which is derived using GAAP net investment income as a percentage of total net capital drawn and invested. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu's performance. White Mountains also believes that annualized adjusted EBITDA is useful to management and investors in understanding the full earnings profile of Kudu's business as of the end of any 12-month period. See page 20 for the reconciliation of Kudu's GAAP net income (loss) to EBITDA, adjusted EBITDA and annualized adjusted EBITDA, and the reconciliation of Kudu's GAAP net investment income to annualized revenue. Bamboo's MGA pre-tax income (loss), MGA net income (loss), MGA EBITDA and MGA adjusted EBITDA are non-GAAP financial measures. MGA pre-tax income (loss) and MGA net income (loss) are non-GAAP financial measures that exclude the results of the Bamboo captive, which is consolidated under GAAP, from Bamboo's consolidated GAAP pre-tax income (loss) and net income (loss). The following table presents the reconciliation from Bamboo's consolidated GAAP pre-tax income (loss) to MGA pre-tax income (loss) for the three and nine months ended September 30, 2025 and 2024: MGA EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to MGA net income (loss). MGA adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate MGA EBITDA. The items relate to (i) non-cash equity-based compensation expense, (ii) software implementation expenses, (iii) restructuring expenses and (iv) transaction expenses. A description of each item follows: Non-cash equity-based compensation expense - Represents non-cash expenses related to Bamboo's management compensation that are settled with equity units in Bamboo. Software implementation expenses - Represents costs directly related to Bamboo's implementation of new software. Restructuring expenses - Represents costs directly related to Bamboo's corporate restructuring and capital planning activities. Transaction expenses - Represents costs directly related to the Bamboo transaction, including legal and consulting fees, which are not capitalized and are expensed under GAAP. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Bamboo's performance. See page 22 for the reconciliation of Bamboo's consolidated GAAP net income (loss) to MGA net income (loss), MGA EBITDA and MGA adjusted EBITDA. Distinguished's ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA are non-GAAP financial measures. ScaleCo net income (loss) is a non-GAAP financial measure that excludes the results of the GrowthCo vertical, which is consolidated under GAAP, from Distinguished's consolidated GAAP net income (loss). ScaleCo EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to ScaleCo net income (loss). ScaleCo adjusted EBITDA is a non-GAAP financial measure that excludes the non-cash equity-based compensation expense in ScaleCo GAAP net income (loss) in addition to those items added back to calculate ScaleCo EBITDA. The non-cash equity-based compensation expense represents management compensation that is settled with equity units in Distinguished. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Distinguished's performance. White Mountains also believes that excluding the results of the GrowthCo vertical, which Distinguished views as an investment in start-up programs, is useful to understanding the performance of Distinguished's established programs. See page 23 for the reconciliation of Distinguished's consolidated GAAP net income (loss) to ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA. Total consolidated portfolio return excluding MediaAlpha and total equity portfolio return excluding MediaAlpha are non-GAAP financial measures that remove the net investment income and net realized and unrealized investment gains (losses) from White Mountains's investment in MediaAlpha. White Mountains believes these measures to be useful to management and investors by showing the underlying performance of White Mountains's investment portfolio and equity portfolio without regard to White Mountains's investment in MediaAlpha. The following tables present reconciliations from GAAP to the reported percentages: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "could", "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains's: change in book value per share or return on equity; business strategy; financial and operating targets or plans; incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses; expansion and growth of its business and operations; and future capital expenditures. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including: the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's 2024 Annual Report on Form 10-K; claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures or cyber attacks; recorded loss reserves subsequently proving to have been inadequate; the market value of White Mountains's investment in MediaAlpha; business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; the continued availability of fronting and reinsurance capacity; deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and other factors, most of which are beyond White Mountains's control. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. View original content:https://www.prnewswire.com/news-releases/white-mountains-reports-third-quarter-results-302607117.html

White Mountains Insurance Group reported second quarter 2025 earnings, showing revenue of US$689.2 million and net income of US$122.9 million, reversing a net loss a year earlier. This turnaround in profitability came alongside revenue growth of nearly US$294 million, signaling substantial operational momentum for the company. We'll explore how this significant improvement in quarterly earnings shapes White Mountains Insurance Group's investment narrative going forward. These 13 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. For those considering White Mountains Insurance Group, the core question is whether you see value in its ability to drive consistent operational recoveries following periods of volatility. The Q2 2025 results, with revenue rebounding to US$689.2 million and a swing to a US$122.9 million profit, bring renewed optimism after weaker recent quarters and a challenging year-to-date stock return. This turnaround may provide short-term lift to sentiment and ease concerns about last year's margin declines and nonrecurring losses. However, valuation remains elevated compared to peers, and White Mountains' future trajectory depends on its capacity to maintain this profit momentum without one-off items clouding visibility. While recent results shift short-term catalysts toward further earnings improvement, risk factors such as ongoing volatility and underperformance versus broader insurance peers persist and cannot be ignored. But a recent index exclusion could signal risks beyond the recent profit recovery. White Mountains Insurance Group's share price has been on the slide but might be up to 32% below fair value. Find out if it's a bargain. Only one Simply Wall St Community fair value estimate is available, at US$1,387.79 per share, differing from the latest market price and historical performance. Given this single viewpoint, you might find a variety of opinions elsewhere as investors weigh ongoing volatility and how it could shape White Mountains Insurance Group’s prospects. Explore another fair value estimate on White Mountains Insurance Group - why the stock might be worth 24% less than the current price! Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd. A great starting point for your White Mountains Insurance Group research is our analysis highlighting 2 important warning signs that could impact your investment decision. Our free White Mountains Insurance Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate White Mountains Insurance Group's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: AI is about to change healthcare. These 27 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Rare earth metals are the new gold rush. Find out which 27 stocks are leading the charge. The end of cancer? These 26 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WTM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]