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Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Economy, Business and Finance

White Mountains Insurance Group Ltd.

05/06/2026 | Press release | Distributed by Public on 05/06/2026 06:32

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion contains "forward-looking statements." White Mountains intends statements that are not historical in nature, which are hereby identified as forward-looking statements, to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. White Mountains cannot promise that its expectations in such forward-looking statements will turn out to be correct. White Mountains's actual results could be materially different from and worse than its expectations. See "FORWARD-LOOKING STATEMENTS" on page 72 for specific important factors that could cause actual results to differ materially from those contained in forward-looking statements.

The following discussion also includes eight non-GAAP financial measures: (i) Ark's tangible book value, (ii) Ark's tangible capital, (iii) Kudu's earnings before interest, taxes, depreciation and amortization ("EBITDA"), (iv) Kudu's adjusted EBITDA, (v) Distinguished's ScaleCo net income (loss), (vi) Distinguished's ScaleCo EBITDA (vii) Distinguished's ScaleCo adjusted EBITDA and (viii) total consolidated portfolio return excluding MediaAlpha. These non-GAAP financial measures have been reconciled from their most comparable GAAP financial measures on page 70. White Mountains believes these measures to be useful in evaluating White Mountains's financial performance and condition.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 and 2025

Overview

White Mountains 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. Results in the first quarter of 2026 were driven primarily by solid results from White Mountains's

operating businesses that were more than offset by a decline in the MediaAlpha share price.

White Mountains reported book value per share of $1,752 as of March 31, 2025, an increase of 0.4% in the first quarter of 2025, including dividends. Results in the first quarter of 2025 were driven primarily by solid results from White Mountains's

operating businesses and good investment returns, mostly offset by a decline in the MediaAlpha share price.

Comprehensive income (loss) attributable to common shareholders was $(27) million in the first quarter 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 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.

On February 26, 2026, White Mountains deployed $125 million into Bishop Street, a diversified platform of MGAs and niche underwriting teams focused on the property and casualty insurance sector.

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.

Including these deployments, undeployed capital stands at roughly $0.8 billion.

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. The Ark/WM Outrigger segment 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. The Ark/WM Outrigger segment reported pre-tax income of $9 million in the first quarter of 2026 compared to $46 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.

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 deployed a total of $21 million, including transaction costs, into one new asset management firm in the first quarter of 2026. As of March 31, 2026, Kudu has deployed $1.2 billion, including transaction costs, into 31 asset and wealth management firms globally, including three that have been exited. As of March 31, 2026, the asset and wealth management firms have combined assets under management ("AUM") of approximately $155 billion, spanning a range of asset classes.

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 was $346 million as of March 31, 2026 compared to $339 million as of December 31, 2025. The increase was driven by $7 million of accrued interest.

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. Distinguished's managed premiums increased by 7% in the first quarter of 2026 compared to the first quarter of 2025. This includes periods prior to White Mountains's ownership of Distinguished, which White Mountains believe is useful in understanding Distinguished's performance.

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 White Mountains's 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.

White Mountains's total consolidated portfolio return on invested assets was 0.2% in the first quarter of 2026, which included $65 million of unrealized investment losses from White Mountains's investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 1.0% in the first quarter of 2026. Excluding MediaAlpha, investment results in the first quarter of 2026 were driven primarily by net investment income, net unrealized investment gains from other long-term investments and net unrealized investment losses from the fixed income and common equity portfolios.

White Mountains's total consolidated portfolio return on invested assets was 1.7% in the first quarter of 2025, which included $37 million of unrealized investment losses from White Mountains's investment in MediaAlpha. Excluding MediaAlpha, the total consolidated portfolio return on invested assets was 2.3% in the first quarter of 2025. Excluding MediaAlpha, investment results in the first quarter of 2025 were driven primarily by net investment income and net unrealized investment gains from the other long-term investments and fixed income portfolios.

Book Value Per Share

The following table presents White Mountains's book value per share as of March 31, 2026, December 31, 2025 and March 31, 2025:


	March 31, 2026		December 31, 2025		March 31, 2025
Book value per share numerator (in millions):
White Mountains's common shareholders' equity	$	5,373.5	$	5,425.4	$	4,509.6
Book value per share denominator (in thousands):
Common shares outstanding	2,476.7		2,479.7		2,573.7

Book value per share	$	2,169.66	$	2,187.97	$	1,752.17

Year-to-date dividends paid per share	$	1.00	$	1.00	$	1.00

Goodwill and Other Intangible Assets

The following table presents goodwill and other intangible assets that are included in White Mountains's book value as of March 31, 2026, December 31, 2025 and March 31, 2025:


Millions	March 31, 2026		December 31, 2025		March 31, 2025
Goodwill:
Ark	$	116.8	$	116.8	$	116.8
Kudu	7.6		7.6		7.6
Distinguished (1)	397.9		396.7		-
Bamboo	-		-		270.4
Other Operations	93.0		93.0		44.4
Total goodwill	615.3		614.1		439.2
Other intangible assets:
Ark	175.7		175.7		175.7
Kudu	-		.1		.3
Distinguished (1)	173.6		181.0		-
Bamboo	-		-		80.6
Other Operations	47.1		49.3		19.3
Total other intangible assets	396.4		406.1		275.9
Total goodwill and other intangible assets (2)	1,011.7		1,020.2		715.1
Goodwill and other intangible assets attributed to noncontrolling interests (3)	(374.5)		(378.6)		(189.2)
Goodwill and other intangible assets included in White Mountains's common shareholders' equity	$	637.2	$	641.6	$	525.9

(1) The relative fair values of goodwill and other intangible assets recognized in connection with the Distinguished Transaction have not yet been finalized. See Note 2 - "Significant Transactions."

(2) See Note 4 - "Goodwill and Other Intangible Assets" on page 24 for details of other intangible assets.

(3) Amounts reflect the basic ownership percentage of the noncontrolling shareholders.

Summary of Consolidated Results

The following table presents White Mountains's consolidated financial results by industry for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Millions	2026		2025
Revenues:
P&C Insurance and Reinsurance revenues	$	376.3	$	413.2
Asset Management revenues	63.0		63.8
Financial Guarantee revenues	17.2		32.1
Specialty Insurance Distribution	40.3		-
P&C Insurance Distribution revenues	-		61.4
Other Operations revenues	21.0		7.3
Total revenues	517.8		577.8
Expenses:
P&C Insurance and Reinsurance expenses	367.1		366.8
Asset Management expenses	11.3		10.4
Financial Guarantee expenses	6.4		7.1
Specialty Insurance Distribution	57.9		-
P&C Insurance Distribution expenses	-		55.1
Other Operations expenses	100.6		66.0
Total expenses	543.3		505.4
Pre-tax income (loss):
P&C Insurance and Reinsurance pre-tax income (loss)	9.2		46.4
Asset Management pre-tax income (loss)	51.7		53.4
Financial Guarantee pre-tax income (loss)	10.8		25.0
Specialty Insurance Distribution	(17.6)		-
P&C Insurance Distribution pre-tax income (loss)	-		6.3
Other Operations pre-tax income (loss)	(79.6)		(58.7)
Total pre-tax income (loss)	(25.5)		72.4

Net income (loss):
Income tax (expense) benefit	(.8)		(9.6)
Net income (loss)	(26.3)		62.8
Net (income) loss attributable to noncontrolling interests	(.9)		(28.9)
Net income (loss) attributable to White Mountains's common shareholders	(27.2)		33.9
Comprehensive income (loss):
Other comprehensive income (loss), net of tax	1.0		2.0
Comprehensive income (loss)	(26.2)		35.9
Other comprehensive (income) loss attributable to noncontrolling interests	(.4)		(.8)
Comprehensive income (loss) attributable to White Mountains's common shareholders	$	(26.6)	$	35.1

I. SUMMARY OF OPERATIONS BY SEGMENT

As of March 31, 2026, White Mountains conducted its operations through four reportable segments: (1) Ark/WM Outrigger, (2) Kudu, (3) HG Global and (4) Distinguished, with our remaining operating businesses, holding companies and other assets included in Other Operations. White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company's subsidiaries and affiliates; (ii) the manner in which the Company's subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the Company's chief operating decision maker and its Board of Directors. Significant intercompany transactions among White Mountains's segments have been eliminated herein. White Mountains's segment information is presented in Note 14 - "Segment Information" on page 41.

A discussion of White Mountains's consolidated investment operations is included after the discussion of operations by segment.

Ark/WM Outrigger

Ark is a specialty property and casualty insurance and reinsurance company that offers a wide range of niche insurance and reinsurance products, including property, specialty, marine & energy, casualty and accident & health. Ark underwrites select coverages through its two major subsidiaries in the United Kingdom and Bermuda.

Ark sponsored the formation of Outrigger Re Ltd., a Bermuda company registered as a special purpose insurer and segregated accounts company, to provide collateralized reinsurance protection on Ark's Bermuda global property catastrophe excess of loss portfolio. White Mountains consolidates its segregated account of Outrigger Re Ltd., WM Outrigger Re, in its financial statements.

The following tables present the components of pre-tax income (loss) included in the Ark/WM Outrigger segment for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
Millions	Ark		WM Outrigger Re		Eliminations		Total
Direct written premiums	$	357.3	$	-	$	-	$	357.3
Assumed written premiums	733.6		-		-		733.6
Gross written premiums	1,090.9		-		-		1,090.9
Ceded written premiums	(500.8)		-		-		(500.8)
Net written premiums	$	590.1	$	-	$	-	$	590.1

Earned insurance premiums	$	371.1	$	2.7	$	-	$	373.8
Net investment income	27.4		1.3		-		28.7
Net realized and unrealized investment gains (losses)	(32.8)		(.1)		-		(32.9)
Other revenues	6.7		-		-		6.7
Total revenues	372.4		3.9		-		376.3
Loss and LAE	206.4		.3		-		206.7
Acquisition expenses	97.9		.9		-		98.8
General and administrative expenses - other underwriting	34.9		-		-		34.9
General and administrative expenses - all other	12.6		-		-		12.6
Change in fair value of contingent consideration	10.0		-		-		10.0
Interest expense	4.1		-		-		4.1
Total expenses	365.9		1.2		-		367.1
Pre-tax income (loss)	$	6.5	$	2.7	$	-	$	9.2


	Three Months Ended March 31, 2025
Millions	Ark		WM Outrigger Re		Eliminations		Total
Direct written premiums	$	416.8	$	-	$	-	$	416.8
Assumed written premiums	690.8		37.5		(37.5)		690.8
Gross written premiums	1,107.6		37.5		(37.5)		1,107.6
Ceded written premiums	(417.4)		-		37.5		(379.9)
Net written premiums	$	690.2	$	37.5	$	-	$	727.7

Earned insurance premiums	$	346.0	$	12.0	$	-	$	358.0
Net investment income	21.3		2.2		-		23.5
Net realized and unrealized investment gains (losses)	29.6		(.1)		-		29.5
Other revenues	2.2		-		-		2.2
Total revenues	399.1		14.1		-		413.2
Loss and LAE	213.3		20.2		-		233.5
Acquisition expenses	83.8		(.3)		-		83.5
General and administrative expenses - other underwriting	28.5		-		-		28.5
General and administrative expenses - all other	7.3		.1		-		7.4
Change in fair value of contingent consideration	9.7		-		-		9.7
Interest expense	4.2		-		-		4.2
Total expenses	346.8		20.0		-		366.8
Pre-tax income (loss)	$	52.3	$	(5.9)	$	-	$	46.4

Combined Ratio

The following tables present the Ark/WM Outrigger segment's insurance premiums, insurance expenses and insurance ratios for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
$ in Millions	Ark			WM Outrigger Re			Eliminations			Total
Insurance premiums:
Gross written premiums	$	1,090.9		$	-		$	-		$	1,090.9
Net written premiums	$	590.1		$	-		$	-		$	590.1
Net earned premiums	$	371.1		$	2.7		$	-		$	373.8

Insurance expenses:
Loss and LAE	$	206.4		$	.3		$	-		$	206.7
Acquisition expenses	97.9			.9			-			98.8
Other underwriting expenses (1)	34.9			-			-			34.9
Total insurance expenses	$	339.2		$	1.2		$	-		$	340.4

Insurance ratios:
Loss and LAE	55.6		%	11.1		%	-		%	55.3		%
Acquisition expense	26.4			33.3			-			26.4
Other underwriting expense	9.4			-			-			9.4
Combined Ratio	91.4		%	44.4		%	-		%	91.1		%

(1) Included within general and administrative expenses in the consolidated statement of operations.


	Three Months Ended March 31, 2025
$ in Millions	Ark			WM Outrigger Re			Eliminations			Total
Insurance premiums:
Gross written premiums	$	1,107.6		$	37.5		$	(37.5)		$	1,107.6
Net written premiums	$	690.2		$	37.5		$	-		$	727.7
Net earned premiums	$	346.0		$	12.0		$	-		$	358.0

Insurance expenses:
Loss and LAE	$	213.3		$	20.2		$	-		$	233.5
Acquisition expenses	83.8			(.3)			-			83.5
Other underwriting expenses (1)	28.5			-			-			28.5
Total insurance expenses	$	325.6		$	19.9		$	-		$	345.5

Insurance ratios:
Loss and LAE	61.7		%	168.3		%	-		%	65.2		%
Acquisition expense	24.2			(2.5)			-			23.3
Other underwriting expense	8.2			-			-			8.0
Combined Ratio	94.1		%	165.8		%	-		%	96.5		%

(1) Included within general and administrative expenses in the consolidated statement of operations.

The following table presents WM Outrigger Re's insurance premiums, combined ratio and pre-tax income by underwriting year for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
$ in Millions	2025 Underwriting Year			2025 Underwriting Year			2024 Underwriting Year			Total
Insurance premiums:
Gross written premiums	$	-		$	34.7		$	2.8		$	37.5
Net written premiums	$	-		$	34.7		$	2.8		$	37.5
Net earned premiums	$	2.7		$	5.9		$	6.1		$	12.0

Combined Ratio	44.4		%	71.8		%	256.1		%	165.8		%

Pre-tax income	$	2.7		$	3.7		$	(9.6)		$	(5.9)

White Mountains's capital commitment to WM Outrigger Re was $150 million for the 2025 underwriting year, $130 million for the 2024 underwriting year and $205 million for the 2023 underwriting year. Ark renewed Outrigger Re Ltd. for the 2026 underwriting year with $70 million of unaffiliated third-party capital. Ark increased its use of traditional quota share reinsurance for 2026, reducing the need for capacity from Outrigger Re Ltd.

Ark/WM Outrigger Results-Three Months Ended March 31, 2026 versus Three Months Ended March 31, 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, compared to 25 points of catastrophe losses in the first quarter of 2025, driven by losses related to the California wildfires. Ark's combined ratio in the first quarter of 2026 included five points of net favorable prior year loss reserve development, driven primarily by the specialty and property lines of business. This compares to fourteen points of net favorable prior year loss reserve development in the first quarter of 2025, driven 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 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, driven primarily by net unrealized investment losses from common equity securities and fixed maturity securities due to an increase in interest rates, compared to $30 million in the first quarter of 2025, driven primarily by net unrealized investment gains from common equity securities and fixed maturity securities due to foreign currency gains and a decrease in interest rates. Ark's results also included a $10 million expense related to the increase in fair value of White Mountains's contingent consideration liability in both the first quarter of 2026 and 2025.

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 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums). In the first quarter of 2026, WM Outrigger Re's combined ratio was 44% for the 2025 underwriting year compared to 72% for the 2025 underwriting year and 256% for the 2024 underwriting year in the first quarter of 2025.

WM Outrigger Re reported gross written premiums of $0 million and net earned premiums of $3 million in the first quarter of 2026 compared to gross written premiums of $38 million and net earned premiums of $12 million in the first quarter of 2025. WM Outrigger Re reported pre-tax income of $3 million in the first quarter of 2026, all related to the 2025 underwriting year. WM Outrigger Re reported pre-tax income (loss) of $(6) million in the first quarter of 2025, of which $4 million related to the 2024 underwriting year and $(10) million related to the 2024 underwriting year.

Gross Written Premiums

Ark's gross written premiums decreased 2% to $1,091 million in the first quarter of 2026 compared to $1,108 million in the first quarter of 2025, with risk adjusted rate change of -6%. The decline in Ark's gross 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.

The following table presents the Ark/WM Outrigger segment's gross written premiums by line of business for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Millions	2026		2025
Property	$	461.5	$	441.7
Specialty	291.7		315.7
Marine & Energy	223.1		243.8
Casualty	58.1		41.2
Accident & Health	56.5		65.2
Total Gross Written Premium	$	1,090.9	$	1,107.6

Ark/WM Outrigger Balance Sheets

The following tables present amounts from Ark and WM Outrigger Re that are contained within White Mountains's consolidated balance sheets as of March 31, 2026 and December 31, 2025:


	March 31, 2026
Millions	Ark		WM Outrigger Re		Eliminations and Segment Adjustments		Total
Assets
Fixed maturity investments, at fair value	$	1,870.0	$	-	$	-	$	1,870.0
Common equity securities, at fair value	399.2		-		-		399.2
Short-term investments, at fair value	782.8		117.7		-		900.5
Other long-term investments	737.7		-		-		737.7
Total investments	3,789.7		117.7		-		3,907.4
Cash	97.3		-		-		97.3
Reinsurance recoverables	1,210.2		-		(30.9)		1,179.3
Insurance premiums receivable	1,307.4		8.8		(8.8)		1,307.4
Deferred acquisition costs	300.0		.2		-		300.2
Goodwill and other intangible assets	292.5		-		-		292.5
Other assets	136.6		-		-		136.6
Total assets	$	7,133.7	$	126.7	$	(39.7)	$	7,220.7
Liabilities
Loss and LAE	$	2,585.6	$	29.8	$	(29.8)	$	2,585.6
Unearned insurance premiums	1,613.5		1.1		(1.1)		1,613.5
Debt	159.3		-		-		159.3
Reinsurance payable	619.1		-		(8.8)		610.3
Contingent consideration	338.3		-		-		338.3
Other liabilities (1)	270.8		.1		-		270.9
Total liabilities	5,586.6		31.0		(39.7)		5,577.9
Equity
White Mountains's common shareholders' equity	1,099.3		95.7		-		1,195.0
Noncontrolling interests	447.8		-		-		447.8
Total equity	1,547.1		95.7		-		1,642.8
Total liabilities and equity	$	7,133.7	$	126.7	$	(39.7)	$	7,220.7

Tangible book value and tangible capital:
Total equity	$	1,547.1	$	95.7	$	-	$	1,642.8
Less: goodwill and other intangible assets, net (2)	(248.6)		-		-		(248.6)
Plus: contingent consideration	338.3		-		-		338.3
Total tangible book value (3)	1,636.8		95.7		-		1,732.5
Plus: debt	159.3		-		-		159.3
Total tangible capital (3)	$	1,796.1	$	95.7	$	-	$	1,891.8

(1) Amount includes $36.5 of dividends payable that are eliminated in White Mountains's consolidated financial statements. For segment reporting, Ark's dividends payable included within other liabilities in the Ark/WM Outrigger segment are eliminated against the offsetting dividends receivable included within other assets in Other Operations.

(2) Amount is net of $43.9 in deferred tax liabilities related to the intangible assets.

(3) See "NON-GAAP FINANCIAL MEASURES" on page 70.


	December 31, 2025
Millions	Ark		WM Outrigger Re		Eliminations and Segment Adjustments		Total
Assets
Fixed maturity investments, at fair value	$	1,917.9	$	-	$	-	$	1,917.9
Common equity securities, at fair value	452.3		-		-		452.3
Short-term investments, at fair value	620.9		245.7		-		866.6
Other long-term investments	689.7		-		-		689.7
Total investments	3,680.8		245.7		-		3,926.5
Cash	104.7		.1		-		104.8
Reinsurance recoverables	874.7		-		(38.6)		836.1
Insurance premiums receivable	848.4		23.9		(23.9)		848.4
Deferred acquisition costs	210.4		.7		-		211.1
Goodwill and other intangible assets	292.5		-		-		292.5
Other assets	134.7		-		-		134.7
Total assets	$	6,146.2	$	270.4	$	(62.5)	$	6,354.1
Liabilities
Loss and LAE	$	2,481.0	$	34.7	$	(34.7)	$	2,481.0
Unearned insurance premiums	1,026.1		3.9		(3.9)		1,026.1
Debt	159.7		-		-		159.7
Reinsurance payable	310.1		-		(23.9)		286.2
Contingent consideration	328.3		-		-		328.3
Other liabilities	247.1		.1		-		247.2
Total liabilities	4,552.3		38.7		(62.5)		4,528.5
Equity
White Mountains's common shareholders' equity	1,128.7		231.7		-		1,360.4
Noncontrolling interests	465.2		-		-		465.2
Total equity	1,593.9		231.7		-		1,825.6
Total liabilities and equity	$	6,146.2	$	270.4	$	(62.5)	$	6,354.1

Tangible book value and tangible capital:
Total equity	$	1,593.9	$	231.7	$	-	$	1,825.6
Less: goodwill and other intangible assets, net (1)	(248.6)		-		-		(248.6)
Plus: contingent consideration	328.3		-		-		328.3
Total tangible book value (2)	1,673.6		231.7		-		1,905.3
Plus: debt	159.7		-		-		159.7
Total tangible capital (2)	$	1,833.3	$	231.7	$	-	$	2,065.0

(1) Amount is net of $43.9 in deferred tax liabilities related to the intangible assets.

(2) See "NON-GAAP FINANCIAL MEASURES" on page 70.

Kudu

Kudu provides capital solutions for boutique asset and wealth managers for a variety of purposes including generational ownership transfers, management buyouts, acquisition and growth finance and legacy partner liquidity. Kudu also provides strategic advice to managers from time to time.

Kudu deployed a total of $21 million, including transaction costs, into one new asset management firm in the first quarter of 2026. As of March 31, 2026, Kudu had deployed a total of $1.2 billion, including transaction costs, into 31 asset and wealth management firms globally, including three that have been exited. As of March 31, 2026, the asset and wealth management firms have combined AUM of approximately $155 billion, spanning a range of asset classes, including real estate, real assets, wealth management, hedge funds, private equity and alternative credit strategies. Since inception, Kudu's capital was deployed at an initial average gross cash yield at inception of approximately 9.3% based on expected cash flows in the first year following deployment.

The following table presents the components of GAAP net income (loss), EBITDA and adjusted EBITDA included in the Kudu segment for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Millions	2026		2025
Net investment income (1)	$	20.8	$	19.4
Net realized and unrealized investment gains (losses)	42.0		44.0
Other revenues	.2		.4
Total revenues	63.0		63.8
General and administrative expenses	4.2		4.0
Interest expense	7.1		6.4
Total expenses	11.3		10.4
GAAP pre-tax income (loss)	51.7		53.4
Income tax (expense) benefit	(13.8)		(11.6)
GAAP net income (loss)	37.9		41.8
Add back:
Interest expense	7.1		6.4
Income tax expense (benefit)	13.8		11.6
General and administrative expenses - depreciation	-		-
Amortization of other intangible assets	.1		.1
EBITDA (2)	58.9		59.9
Exclude:
Net realized and unrealized investment (gains) losses	(42.0)		(44.0)
Transaction expenses	-		(.1)
Adjusted EBITDA (2)	$	16.9	$	15.8

(1) Net investment income includes revenues from Participation Contracts and income from short-term and other long-term investments.

(2) See "NON-GAAP FINANCIAL MEASURES" on page 70.

The following table presents the changes to the fair value of Kudu's Participation Contracts for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Millions	2026		2025
Beginning balance of Kudu's Participation Contracts (1)	$	1,285.0	$	1,008.4
Contributions to Participation Contracts (2)	25.4		68.0
Proceeds from Participation Contracts sold	-		-
Net realized and unrealized investment gains (losses) on Participation Contracts sold and pending sale (3)	.3		-
Net unrealized investment gains (losses) on Participation Contracts - all other (4)	41.5		44.0
Ending balance of Kudu's Participation Contracts (5)	$	1,352.2	$	1,120.4

(1) As of December 31, 2025 and 2024, Kudu's other long-term investments also include $6.4 and $5.6 related to a private debt instrument.

(2) Includes contributions to new and existing Participation Contracts.

(3) Includes net realized and unrealized investment gains (losses) recognized from Participation Contracts beginning in the quarter a contract is classified as pending sale.

(4) Includes net unrealized investment gains (losses) recognized from (i) ongoing Participation Contracts and (ii) Participation Contracts prior to classification as pending sale.

(5) As of March 31, 2026 and 2025, Kudu's other long-term investments also include $6.6 and $5.8 related to a private debt instrument.

Kudu Results-Three Months Ended March 31, 2026 versus Three Months Ended March 31, 2025

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. The increase in net investment income was driven primarily by amounts earned from new deployments that Kudu made subsequent to March 31, 2025, partially offset by a decline in revenue from certain Participation Contracts. Total revenues and pre-tax income also included $42 million of net realized and unrealized investment gains in the first quarter of 2026 compared to $44 million in the first quarter of 2025. Net realized and unrealized investment gains in both periods were driven by an increase in the fair value of Kudu's Participation Contracts, primarily due to growth in assets under management at several managers and lower discount rates across the portfolio.

HG Global

HG Global was established to fund the startup of BAM and, through its reinsurance subsidiary HG Re, to provide up to 15%-of-par, first-loss reinsurance protection for policies underwritten by BAM.

The following table presents the components of pre-tax income (loss) included in the HG Global segment for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Millions	2026		2025
Direct written premiums	$	-	$	-
Assumed written premiums	8.3		6.7
Gross written premiums	8.3		6.7
Ceded written premiums	-		-
Net written premiums	$	8.3	$	6.7

Earned insurance premiums	$	7.7	$	8.2
Net investment income	7.7		6.3
Net realized and unrealized investment gains (losses)	(5.2)		10.0
Interest income from BAM Surplus Notes	6.9		7.5
Other revenues	.1		.1
Total revenues	17.2		32.1
Acquisition expenses	2.1		1.9
General and administrative expenses	.7		.6
Interest expense	3.6		4.6
Total expenses	6.4		7.1
Pre-tax income (loss)	$	10.8	$	25.0

HG Global Results-Three Months Ended March 31, 2026 versus Three Months Ended March 31, 2025

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. Earned premiums included $1 million recognized as a result of refundings in the first quarter of 2026 compared to $2 million in the first quarter of 2025. HG Global reported gross written premiums net of ceding commission paid of $6 million in the first quarter of 2026 compared to $5 million in the first quarter of 2025. HG Global's total par value of policies assumed, which represents its first-loss exposure on policies assumed from BAM, was $518 million in the first quarter of 2026, of which $418 million was in the primary market and $99 million was in the secondary market. This compares to $427 million in the first quarter of 2025, of which $327 million was in the primary market and $100 million was in the secondary market. The increase in primary market par assumed was driven by higher issuance in the municipal primary market and a higher market share for BAM.

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. Pricing in the primary market decreased to 98 basis points in the first quarter of 2026 compared to 116 basis points in the first quarter of 2025, due to a lower proportion of high-priced issuances insured by BAM in the first quarter of 2026. Pricing in the secondary market, which is more transaction specific than pricing in the primary market, increased to 423 basis points in the first quarter of 2026 compared to 289 basis points in the first quarter of 2025. Total pricing net of ceding commission paid increased to 112 basis points in the first quarter of 2026 compared to 110 basis points in the first quarter of 2025.

The following table presents HG Global's par value assumed, reinsurance premiums and pricing for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
$ in Millions	2026			2025
Par value assumed:
Par value of primary market policies assumed (1)	$	418.4		$	327.0
Par value of secondary market policies assumed (1)	99.2			100.3
Total par value of policies assumed	$	517.6		$	427.3

Reinsurance premiums:
Gross written premiums from primary market	$	4.1		$	3.8
Gross written premiums from secondary market	4.2			2.9
Total gross written premiums	8.3			6.7
Ceding commission paid	2.5			2.0
Total gross written premiums net of ceding commission paid	$	5.8		$	4.7

Earned premiums	$	7.7		$	8.2

Pricing:
Gross pricing from primary market	98		bps	116		bps
Gross pricing from secondary market	423		bps	289		bps
Total gross pricing	160		bps	157		bps

Total pricing net of ceding commission paid	112		bps	110		bps

(1) For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds.

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 in the first quarter of 2026 included net realized and unrealized investment gains (losses) on its fixed income portfolio of $(5) million compared to $10 million in the first quarter of 2025, driven by movements in interest rates in each period. HG Global's results in the first quarter of 2026 included interest income on the BAM Surplus Notes of $7 million compared to $8 million in the first quarter of 2025.

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. During both the first quarter of 2026 and 2025, HG Global did not receive any payments of principal or interest on the BAM Surplus Notes.

During the first quarter of 2026, HG Re received a distribution from the Supplemental Trust of $15 million, which consisted of an assignment of accrued interest on the BAM Surplus Notes of $7 million and a cash distribution of $8 million. During the first quarter of 2025, HG Re did not receive any distributions from the Supplemental Trust.

HG Global Balance Sheets

The following table presents amounts for the HG Global segment that are presented within White Mountains's consolidated balance sheets as of March 31, 2026 and December 31, 2025:


Millions	March 31, 2026		December 31, 2025
Assets
Fixed maturity investments, at fair value	$	705.2	$	693.4
Short-term investments, at fair value	85.6		90.8
Total investments	790.8		784.2
Cash	.2		.1
BAM Surplus Notes, at fair value (1)	345.9		339.0
Insurance premiums receivable	7.8		11.4
Deferred acquisition costs	97.3		96.9
Other assets	5.6		5.2
Total assets	$	1,247.6	$	1,236.8
Liabilities
Preferred dividends payable to White Mountains (2)	$	544.1	$	527.2
Preferred dividends payable to noncontrolling interests	16.8		16.3
Unearned insurance premiums	328.5		327.9
Debt	147.9		147.8
Accrued incentive compensation	.9		1.8
Other liabilities (3)	5.9		5.7
Total liabilities	1,044.1		1,026.7
Equity
White Mountains's common shareholders' equity	222.7		228.5
Noncontrolling interests	(19.2)		(18.4)
Total equity	203.5		210.1
Total liabilities and equity	$	1,247.6	$	1,236.8

HG Global total equity after intercompany eliminations:
White Mountains's common shareholders' equity	$	222.7	$	228.5
Preferred dividends payable to White Mountains elimination (2)	544.1		527.2
Intercompany payable elimination (3)	.2		-
HG Global total equity attributable to White Mountains's common shareholders after intercompany eliminations	$	767.0	$	755.7

(1) The fair value of the BAM Surplus Notes includes accrued interest receivable.

(2) HG Global's preferred dividends payable to White Mountains are eliminated in White Mountains's consolidated financial statements. For segment reporting, these amounts are included within the HG Global segment and are eliminated against the offsetting receivables included within Other Operations.

(3) Amount as of March 31, 2026 includes $0.2 for an intercompany payable that is eliminated in White Mountains's consolidated financial statements. For segment reporting, HG Global's intercompany payable included within the HG Global segment is eliminated against the offsetting intercompany receivable included within Other Operations.

Distinguished

On September 2, 2025, White Mountains acquired a controlling financial interest in Distinguished. See Note 2 - "Significant Transactions" on page 10. Distinguished is a full-service MGA and program administrator for specialty property and 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. On behalf of its insurance carrier partners, Distinguished manages various aspects of the placement process, including product development, marketing, underwriting and policy issuance. Distinguished earns commissions based on the volume and profitability of the insurance that it places. Distinguished does not retain insurance risk.

The following table presents the components of GAAP net income (loss), ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA included in White Mountains's Distinguished segment for the three months ended March 31, 2026:


Millions	Three Months Ended March 31, 2026
Commission and fee revenues	$	39.6
Other revenues	.7
Total revenues	40.3
Broker commission expenses	17.2
General and administrative expenses	37.2
Interest expense	3.5
Total expenses	57.9
GAAP pre-tax income (loss)	(17.6)
Income tax (expense) benefit	3.2
GAAP net income (loss)	(14.4)
Exclude:
Net (income) loss, GrowthCo	7.8
ScaleCo net income (loss) (1)	(6.6)
Add back:
Interest expense	3.5
Income tax expense (benefit)	(3.2)
Depreciation expense	.1
Amortization of other intangible assets	7.4
ScaleCo EBITDA (1)	1.2
Exclude:
Non-cash equity-based compensation expense	2.4
Restructuring expenses	.8
ScaleCo adjusted EBITDA (1)	$	4.4

(1) See "NON-GAAP FINANCIAL MEASURES" on page 70.

Distinguished Results - Three Months Ended March 31, 2026

Distinguished reported 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.

Managed Premiums and Commission and Fee Revenues

The following table presents the managed premiums, which represent the total premiums placed by Distinguished, and commission and fee revenues by vertical for the first quarter of 2026:


Millions	Managed Premiums		Commission and Fee Revenues
ScaleCo	$	106.5	$	30.5
GrowthCo	25.1		9.1
Total	$	131.6	$	39.6

Distinguished's managed premiums increased by 7% in the first quarter of 2026 compared to the first quarter of 2025. As of March 31, 2026, on a trailing 12 months basis, Distinguished reported total managed premiums of $576 million, which increased 1% quarter-over-quarter. These include periods prior to White Mountains's ownership of Distinguished, which White Mountains believes is useful in understanding Distinguished's performance.

Other Operations

The following table presents the components of pre-tax income (loss) included in White Mountains's Other Operations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Millions	2026		2025
Earned insurance premiums	$	3.4	$	13.9
Net investment income	13.5		9.7
Net realized and unrealized investment gains (losses)	6.9		2.8
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	(65.2)		(36.6)
Commission and fee revenues	3.6		3.9
Net gain on sale of the Bamboo Group	2.4		-
Other revenues	56.4		13.6
Total revenues	21.0		7.3
Loss and LAE	.3		17.4
Acquisition expenses	1.3		5.1
Cost of sales	42.7		7.5
General and administrative expenses	55.3		35.5
Interest expense	1.0		.5
Total expenses	100.6		66.0
Pre-tax income (loss)	$	(79.6)	$	(58.7)

Other Operations Results-Three Months Ended March 31, 2026 versus Three Months Ended March 31, 2025

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. White Mountains's Other Operations reported unrealized investment losses from its investment in MediaAlpha of $65 million in the first quarter of 2026 compared to $37 million in the first quarter of 2025. Excluding MediaAlpha, White Mountains's Other Operations reported net realized and unrealized investment gains of $7 million in the first quarter of 2026 compared to $3 million in the first quarter of 2025. White Mountains's Other Operations reported net investment income of $14 million in the first quarter of 2026 compared to $10 million in the first quarter of 2025. See Summary of Investment Results on page 64.

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 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, mainly due to an increase in White Mountains's share price, as well as the consolidation of Enterprise Solutions. Other Operations general and administrative expenses in the first quarter of 2026 included $27 million for parent company compensation and benefits compared to $15 million in the first quarter of 2025.

II. Summary of Investment Results

White Mountains's total investment results include results from all segments. For purposes of discussing rates of return, percentages are presented gross of management fees and trading expenses.

Effective December 5, 2025, White Mountains no longer consolidates Bamboo. Through December 5, 2025, White Mountains's consolidated financial statements included Bamboo's investment results. See Note 2 - "Significant Transactions."

Gross Investment Returns and Benchmark Returns

The following table presents the pre-tax time-weighted investment returns for White Mountains's consolidated portfolio, for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025

Fixed income investments	0.5	%	1.7	%
Bloomberg Intermediate U.S. Aggregate Index	0.1	%	2.6	%

Common equity securities	(4.4)	%	1.8	%
Investment in MediaAlpha	(28.2)	%	(18.2)	%
Other long-term investments	2.6	%	3.3	%
Total common equity securities, investment in MediaAlpha and other long-term investments	(0.3)	%	1.6	%
Total common equity securities and other long-term investments	1.6	%	3.1	%
S&P 500 Index (total return)	(4.3)	%	(4.3)	%

Total consolidated portfolio	0.2	%	1.7	%
Total consolidated portfolio - excluding MediaAlpha (1)	1.0	%	2.3	%

(1) See "NON-GAAP FINANCIAL MEASURES" on page 70.

Investment Returns-Three Months Ended March 31, 2026 versus Three Months Ended March 31, 2025

Fixed Income Results

White Mountains's fixed income portfolio, including short-term investments, totaled $4.4 billion and $4.7 billion as of March 31, 2026 and December 31, 2025, which represented 53% and 56% of total invested assets for each period. The duration of White Mountains's fixed income portfolio, including short-term investments, was 1.7 years and 1.5 years as of March 31, 2026 and December 31, 2025. The change in the fair value and duration of the fixed income portfolio was driven primarily by the sale of short-term investments to fund new capital deployments and purchase ETFs. White Mountains's fixed income portfolio includes fixed maturity and short-term investments held on deposit or as collateral. See Note 3 - "Investment Securities."

White Mountains's fixed income portfolio returned 0.5% in the first quarter of 2026 compared to 1.7% in the first quarter of 2025, outperforming and underperforming the Bloomberg Intermediate U.S. Aggregate Index returns of 0.1% and 2.6% for the comparable periods. Results in the first quarter of 2026 were driven primarily by net investment income, partially offset by net unrealized investment losses due to the impact of an increase in interest rates on White Mountains's short duration fixed income portfolio. Results in the first quarter of 2025 were driven primarily by net investment income and net unrealized investment gains due to the impact of a decline in interest rates on White Mountains's short duration fixed income portfolio.

Common Equity Securities, Investment in MediaAlpha and Other Long-Term Investments Results

White Mountains's portfolio of common equity securities, its investment in MediaAlpha and other long-term investments totaled $4.0 billion and $3.7 billion as of March 31, 2026 and December 31, 2025, which represented 47% and 44% of total invested assets for each period. The change was driven primarily by increased exposure to other long-term investments, principally due to new unconsolidated entities and an increase in the fair value of Kudu's Participation Contracts. See Note 3 - "Investment Securities."

White Mountains's portfolio of common equity securities, its investment in MediaAlpha and other long-term investments returned -0.3% in the first quarter of 2026, which included $65 million of unrealized investment losses from White Mountains's investment in MediaAlpha. White Mountains's portfolio of common equity securities and other long-term investments returned 1.6% in the first quarter of 2026. White Mountains's portfolio of common equity securities, its investment in MediaAlpha and other long-term investments returned 1.6% in the first quarter of 2025, which included $37 million of unrealized investment losses from White Mountains's investment in MediaAlpha. White Mountains's portfolio of common equity securities and other long-term investments returned 3.1% in the first quarter of 2025.

White Mountains's portfolio of common equity securities generally consists of international listed equity funds, primarily held at Ark, and passive ETFs. White Mountains's ETFs seek to provide investment results generally corresponding to the performance of the S&P 500 Index. White Mountains's portfolio of common equity securities was $547 million and $483 million as of March 31, 2026 and December 31, 2025. The increase was driven in part by the redeployment of sale proceeds from the Bamboo Transaction to purchase ETFs.

White Mountains's portfolio of common equity securities returned -4.4% in the first quarter of 2026 compared to 1.8% in the first quarter of 2025, underperforming and outperforming the S&P 500 Index returns of -4.3% for both comparable periods. Investment returns in the first quarter of 2026 were essentially in-line with the benchmark. The outperformance in the first quarter of 2025 was driven primarily by certain international listed equity funds that employ a market neutral strategy.

White Mountains maintains a portfolio of other long-term investments that consists primarily of unconsolidated entities, including Kudu's Participation Contracts, the Bamboo SPV, PassportCard/DavidShield, the BroadStreet SPV, and Bishop Street, as well as, private equity funds and hedge funds, a bank loan fund and Lloyd's trust deposits. White Mountains's portfolio of other long-term investments totaled $3.3 billion and $3.0 billion as of March 31, 2026 and December 31, 2025.

White Mountains's portfolio of other long-term investments returned 2.6% in the first quarter of 2026 compared to 3.3% in the first quarter of 2025. Investment returns for the first quarter of 2026 were driven primarily by net investment income and net unrealized investment gains from Kudu's Participation Contracts, as well as net unrealized investment gains from certain unconsolidated entities. Investment returns for the first quarter of 2025 were driven primarily by net investment income and net unrealized investment gains from Kudu's Participation Contracts.

Foreign Currency Exposure

As of March 31, 2026, White Mountains had foreign currency exposure on $392 million of net assets, primarily related to Ark/WM Outrigger's non-U.S. contracts, Kudu's non-U.S. Participation Contracts and a private debt instrument, as well as certain other foreign consolidated and unconsolidated entities.

The following table presents the fair value of White Mountains's foreign denominated net assets (liabilities) by segment as of March 31, 2026:


$ in Millions Currency	Ark/ WM Outrigger		Kudu		Other Operations		Total Fair Value		% of Total Shareholders' Equity
AUD	$	60.0	$	102.5	$	-	$	162.5	2.7	%
CAD	111.2		47.7		-		158.9		2.6
EUR	(1.7)		66.5		-		64.8		1.1
GBP	3.7		-		-		3.7		0.1
All other	-		-		1.6		1.6		-
Total	$	173.2	$	216.7	$	1.6	$	391.5	6.5	%

III. Income Taxes

As of March 31, 2026, the primary jurisdictions in which the Company's subsidiaries and branches operated and were subject to tax include the United States, the United Kingdom, Luxembourg and Israel.

On December 15, 2022, European Union Member States voted to adopt the EU Minimum Tax Directive in conformity with the OECD Pillar Two initiative. The Pillar Two initiative includes a set of model rules that are generally designed to impose a top-up tax on a large multinational enterprise group to the extent that the group is not subject to an effective tax rate of at least 15% in each jurisdiction in which the group has a consolidated affiliate or permanent establishment. The EU Minimum Tax Directive required European Union Member States to enact conforming law by December 31, 2023. The main rule of the EU Minimum Tax Directive, the Income Inclusion Rule ("IIR"), was to become effective for fiscal years beginning on or after December 31, 2023, while the UTPR was to become effective for fiscal years beginning on or after December 31, 2024. The EU Minimum Tax Directive also permits European Union Member States to elect to apply a Qualified Domestic Minimum Top-up Tax ("QDMTT") for fiscal years beginning on or after December 31, 2023. As of March 31, 2026, White Mountains does not expect that it will be subject to a top-up tax for the year ending December 31, 2026.

On July 11, 2023, the United Kingdom enacted conforming Pillar Two legislation including the IIR and QDMTT, which became effective for fiscal years beginning on or after December 31, 2023. On March 20, 2025, the United Kingdom enacted legislation adopting the Pillar Two UTPR effective for fiscal years beginning on or after December 31, 2024. Under the legislation, the effective date of the UTPR is deferred until fiscal years beginning on or after December 31, 2029 for U.K. companies in consolidated groups that meet certain requirements. To qualify for the deferral, generally the group must (i) have consolidated affiliates and permanent establishments in six or fewer countries and (ii) have no more than €50 million of net tangible assets outside of the country where the group has the largest amount of net tangible assets. White Mountains expects to meet the requirements to be exempt from the U.K. UTPR until January 1, 2030.

On December 20, 2023, Luxembourg enacted conforming Pillar Two legislation including the IIR and QDMTT, which became effective for fiscal years beginning on or after December 31, 2023, and the UTPR, which became effective for fiscal years beginning on or after December 31, 2024. The Luxembourg Pillar Two legislation defers the effective date of the QDMTT and UTPR until fiscal years beginning on or after December 31, 2028 and 2029, respectively, for Luxembourg companies in consolidated groups that meet certain requirements. To qualify for the deferral, generally the group must (i) have consolidated affiliates and permanent establishments in six or fewer countries and (ii) have no more than €50 million of net tangible assets outside of the country where the group has the largest amount of net tangible assets. White Mountains expects to meet the requirements to be exempt from the Luxembourg QDMTT and UTPR until January 1, 2029 and 2030, respectively.

On December 30, 2025, Israel enacted conforming Pillar Two legislation that adopts a QDMTT, which became effective for fiscal years beginning on or after January 1, 2026.

On December 27, 2023, Bermuda enacted a 15% corporate income tax that became effective on January 1, 2025. The Bermuda tax legislation defers the effective date for five years, for Bermuda companies in consolidated groups that meet certain requirements. To qualify for the deferral, generally the group must (i) have consolidated affiliates and permanent establishments in six or fewer countries, (ii) have no more than €50 million of net tangible assets outside of the country where the group has the largest amount of net tangible assets and (iii) not have a consolidated Bermuda affiliate or Bermuda permanent establishment directly or indirectly owned by a parent entity that is subject to the Pillar Two IIR in any jurisdiction. White Mountains expects to meet the requirements to be exempt from the Bermuda corporate income tax until January 1, 2030.

The Bermuda tax legislation also provides for an optional economic transition adjustment that can decrease or increase future years' taxable income. Under GAAP, this economic transition adjustment was required to be recorded as a deferred tax asset or liability as of December 31, 2023 if a company intended to apply the adjustment to compute its taxable income. Accordingly, White Mountains recognized a net deferred tax benefit of $68 million in 2023, of which $51 million was recognized at Ark and $17 million was recognized at HG Global. As of July 1, 2024, White Mountains no longer consolidates BAM. As a result of the deconsolidation, the BAM Surplus Notes are recorded at fair value, which resulted in the reversal of a $5 million deferred tax liability related to the economic transition adjustment, generating a $5 million deferred tax benefit in 2024. On December 11, 2025, Bermuda enacted legislation that changed the scope of assets and liabilities subject to the economic transition adjustment. This legislation resulted in the reversal of a $5 million deferred tax liability related to the economic transition adjustment, generating a $5 million deferred tax benefit in 2025.

On January 15, 2025, the OECD released administrative guidance on its Pillar Two model rules (the "January 2025 OECD Administrative Guidance"). The January 2025 OECD Administrative Guidance provides that, subject to limited exceptions, deferred tax expense attributable to deferred tax assets resulting from the introduction of a new corporate income tax after November 30, 2021 is to be excluded when assessing whether a multinational enterprise group has an effective tax rate of at least 15% in the jurisdiction that adopted the corporate income tax. Deferred tax assets associated with the economic transition adjustment recorded under the Bermuda corporate income tax are expected to be within the scope of the January 2025 OECD Administrative Guidance.

On December 17, 2025, Luxembourg enacted legislation that adopts the January 2025 OECD Administrative Guidance. On March 18, 2026, the United Kingdom enacted legislation that adopts the January OECD Administrative Guidance. Accordingly, in any future year in which the economic transition adjustment deferred tax asset is utilized, White Mountains expects to incur a top-up tax under the Luxembourg and United Kingdom UTPR equal to the amount of the deferred tax expense for that year associated with the economic transition adjustment. Consequently, White Mountains expects to derive no economic benefit from the Bermuda economic transition adjustment and intends to opt out of the economic transition adjustment upon becoming subject to Bermuda corporate income tax. Accordingly, White Mountains recognized a deferred tax expense of $78 million in 2025 to reverse the net deferred tax asset related to the Bermuda economic transition adjustment.

On December 11, 2025, the Bermuda government enacted legislation providing certain incentives for Bermuda-based employment, training, local expenditure and community development. The incentives are based on qualifying expenditures of eligible Bermuda entities and are provided in the form of a refundable tax credit. A Bermuda entity may be eligible for the incentives regardless of whether it is subject to the Bermuda corporate income tax. For the three months ended March 31, 2026, White Mountains recognized a $3 million benefit for the incentives as a reduction to general and administrative expenses.

On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act ("OBBBA"). White Mountains does not expect the OBBBA to have a material impact on its financial statements.

White Mountains's income tax expense related to pre-tax loss from continuing operations for the three months ended March 31, 2026 represented an effective tax rate of (3)%. The effective tax rate was different from the U.S. statutory rate of 21%, driven primarily by full year forecasted income in jurisdictions with lower tax rates than the United States and full valuation allowances on deferred tax assets at certain U.S. operations.

White Mountains's income tax expense related to pre-tax income from continuing operations for the three months ended March 31, 2025 represented an effective tax rate of 13%. The effective tax rate was different from the U.S. statutory rate of 21%, driven primarily by full year forecasted income in jurisdictions with lower tax rates than the United States.

LIQUIDITY AND CAPITAL RESOURCES

Operating Cash and Short-term Investments

Holding Company Level

The primary sources of cash for the Company and certain of its intermediate holding companies are expected to be distributions from its insurance, reinsurance and other operating subsidiaries, net investment income, proceeds from sales, repayments and maturities of investments, borrowings from credit facilities, capital raising activities and, from time to time, proceeds from sales of operating subsidiaries. The primary uses of cash are expected to be general and administrative expenses, purchases of investments, payments to tax authorities, payments on and repurchases/retirements of debt obligations, dividend payments to holders of the Company's common shares, distributions to noncontrolling interest holders of consolidated subsidiaries, contributions to operating subsidiaries and, from time to time, purchases of operating subsidiaries and repurchases of the Company's common shares.

Operating Subsidiary Level

The primary sources of cash for White Mountains's insurance, reinsurance and other operating subsidiaries are expected to be premium and fee collections, commissions, net investment income, proceeds from sales, repayments and maturities of investments, contributions from holding companies, borrowings from credit facilities and capital raising activities. The primary uses of cash are expected to be claim payments, policy acquisition costs, general and administrative expenses, broker commission expenses, cost of sales, purchases of investments, payments to tax authorities, payments on and repurchases/retirements of debt obligations, distributions to holding companies, distributions to noncontrolling interest holders and, from time to time, purchases of operating subsidiaries.

Both internal and external forces influence White Mountains's financial condition, results of operations and cash flows. Premium and fee collections, investment returns, claim payments and cost of sales may be impacted by changing rates of inflation and other economic conditions. Some time may lapse between the occurrence of an insured loss, the reporting of the loss to White Mountains's insurance and reinsurance operating subsidiaries and the settlement of the liability for that loss. The exact timing of the payment of losses cannot be predicted with certainty. White Mountains's insurance and reinsurance operating subsidiaries maintain portfolios of invested assets with varying maturities and a substantial amount of cash and short-term investments to provide adequate liquidity for the payment of claims.

Management believes that White Mountains's cash balances, cash flows from operations and routine sales and maturities of investments are adequate to meet expected cash requirements for the foreseeable future at both a holding company and insurance, reinsurance and other operating subsidiary level.

Dividend Capacity

Following is a description of the dividend capacity of White Mountains's insurance and reinsurance and other operating subsidiaries:

Ark/WM Outrigger

During any 12-month period, GAIL, a class 4 licensed Bermuda insurer, has the ability to (i) make capital distributions of up to 15% of its total statutory capital per the previous year's statutory financial statements or (ii) make dividend payments of up to 25% of its total statutory capital and surplus per the previous year's statutory financial statements, without prior approval of Bermuda regulatory authorities. Accordingly, GAIL will have the ability to pay a dividend of up to $425 million during 2026, which is equal to 25% of its statutory capital and surplus of $1,700 million as of December 31, 2025, subject to meeting all appropriate liquidity and solvency requirements. During the three months ended March 31, 2026, GAIL did not pay any dividends to its immediate parent.

During the three months ended March 31, 2026, Ark declared a $51 million dividend to shareholders, including $36 million that was paid to White Mountains in April 2026. As of March 31, 2026, Ark and its intermediate holding companies had $9 million of net unrestricted cash and short-term investments outside of its regulated and unregulated insurance and reinsurance operating subsidiaries.

WM Outrigger Re is a special purpose insurer subject to regulation and supervision by the BMA. WM Outrigger Re does not require regulatory approval to pay dividends; however, its dividend capacity is limited to amounts held outside of the collateral trust pursuant to its reinsurance agreement with GAIL. As of March 31, 2026, WM Outrigger Re had less than $1 million of net unrestricted cash held outside the collateral trust. As of March 31, 2026, WM Outrigger Re had $96 million of statutory capital and surplus and $118 million of assets held in the collateral trusts pursuant to the reinsurance agreement with GAIL. During the three months ended March 31, 2026, White Mountains received distributions totaling $139 million from WM Outrigger Re.

Kudu

During the three months ended March 31, 2026, Kudu distributed $4 million to unitholders, substantially all of which was paid to White Mountains. As of March 31, 2026, Kudu had $25 million of net unrestricted cash and short-term investments.

HG Global

As of March 31, 2026, HG Global had $619 million face value of preferred shares outstanding, of which White Mountains owned 96.9%. Holders of the HG Global preferred shares are entitled to receive cumulative dividends at a fixed annual rate of 6.0% on a quarterly basis, payable when and if declared by HG Global. As of March 31, 2026, HG Global has accrued $561 million of dividends payable to holders of its preferred shares, $544 million of which is payable to White Mountains and is eliminated in consolidation. As of March 31, 2026, HG Global and its subsidiaries had $29 million of net unrestricted cash and short-term investments outside of HG Re.

HG Re is a special purpose insurer subject to regulation and supervision by the BMA. HG Re does not require regulatory approval to pay dividends; however, its dividend capacity is limited to amounts held outside of the Collateral Trusts. As of March 31, 2026, HG Re had $10 million of net unrestricted cash and short-term investments. As of March 31, 2026, HG Re had $186 million of accrued interest on the BAM Surplus Notes held outside the Collateral Trusts. As of March 31, 2026, HG Re had $745 million of statutory capital and surplus and $1,009 million of assets held in the Collateral Trusts.

HG Global has two primary sources of cash flows: (i) interest payments on the BAM Surplus Notes that are made outside the Collateral Trusts and (ii) releases of excess balances from the Collateral Trusts. During the three months ended March 31, 2026, HG Global did not receive any payments of principal and interest on the BAM Surplus Notes. During the three months ended March 31, 2026, HG Re received a distribution from the Supplemental Trust of $15 million, which consisted of an assignment of accrued interest on the BAM Surplus Notes of $7 million and a cash distribution of $8 million. See Note 10 - "Municipal Bond Guarantee Reinsurance."

Distinguished

During the three months ended March 31, 2026, Distinguished did not make any distributions to its unitholders. As of March 31, 2026, Distinguished had $10 million of net unrestricted cash and short-term investments.

Other Operations

During the three months ended March 31, 2026, White Mountains paid a $2 million common share dividend. As of March 31, 2026, the Company and its intermediate holding companies had $724 million of net unrestricted cash, short-term investments and fixed maturity investments, $166 million of MediaAlpha common stock, $147 million of common equity securities and $329 million of private equity and hedge funds, ILS funds and certain unconsolidated entities.

Financing

The following table presents White Mountains's capital structure as of March 31, 2026 and December 31, 2025:


$ in Millions	March 31, 2026			December 31, 2025
Ark 2021 Subordinated Notes (1) (2)	$	159.3		$	159.7
Kudu Credit Facility (1) (2)	350.6			350.4
HG Global Senior Notes (1) (2)	147.9			147.8
Distinguished Credit Facility (1) (2)	129.6			129.9
Distinguished other debt	11.2			10.9
Other Operations debt (1) (2)	36.2			38.3
Total debt	834.8			837.0
Redeemable noncontrolling interests	131.5			131.5
Nonredeemable noncontrolling interests	671.0			698.2
Total White Mountains's common shareholders' equity	5,373.5			5,425.4
Total capital	$	7,010.8		$	7,092.1
Total debt to total capital	11.9		%	11.8		%

(1) See Note 7 - "Debt" for details of debt arrangements.

(2) Net of unamortized issuance costs and original issue discount.

The Company has a senior unsecured revolving credit facility of up to $250 million that matures on July 16, 2028 (the "WTM Credit Facility"). As of March 31, 2026, the WTM Credit Facility is undrawn.

Management believes that White Mountains has the flexibility and capacity to obtain funds externally through debt or equity financing on both a short-term and long-term basis. However, White Mountains can provide no assurance that, if needed, it would be able to obtain additional debt or equity financing on satisfactory terms, if at all.

It is possible that the existing ratings for one or more of White Mountains's subsidiaries may be lowered in the future, which could result in higher borrowing costs and impact White Mountains's ability to access the capital markets.

Covenant Compliance

As of March 31, 2026, White Mountains was in compliance in all material respects with all of the covenants under its debt instruments.

Share Repurchase Programs

The Company's Board of Directors has authorized the Company to repurchase its common shares from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated transactions. The repurchase authorizations do not have a stated expiration date. As of March 31, 2026, White Mountains may repurchase an additional 261,201 shares under these Board authorizations. In addition, from time to time, White Mountains has also repurchased its common shares through self-tender offers that were separately authorized by its Board of Directors.

During the three months ended March 31, 2026, White Mountains repurchased and retired 12,622 of its common shares for $26 million at an average share price of $2,057, which was approximately 95% of White Mountains's book value per share as of March 31, 2026. Of the shares White Mountains repurchased in the three months ended March 31, 2026, 4,229 were to satisfy employee income tax withholding pursuant to employee benefit plans, which do not reduce the amount available under the Board repurchase authorizations.

During the three months ended March 31, 2025, White Mountains repurchased and retired 5,097 of its common shares for $10 million at an average share price of $1,945, which was approximately 111% of White Mountains's book value per share as of March 31, 2025. All of the shares White Mountains repurchased in the first three months of 2025 were to satisfy employee income tax withholding pursuant to employee benefit plans, which do not reduce the amount available under the Board repurchase authorizations.

Cash Flows

Detailed information concerning White Mountains's cash flows from continuing operations during the three months ended March 31, 2026 and 2025 follows:

Cash flows from operations for the three months ended March 31, 2026 and March 31, 2025

Net cash provided from operations was $31 million for the three months ended March 31, 2026 compared to net cash used for operations of $40 million for the three months ended March 31, 2025. The increase in cash provided from operations was driven primarily by an increase in cash provided from operations at Ark/WM Outrigger Re and lower deployments at Kudu, partially offset by cash used for operations at Distinguished. As of March 31, 2026, the Company and its intermediate holding companies had $724 million of net unrestricted cash, short-term investments and fixed maturity investments, $166 million of MediaAlpha common stock, $147 million of common equity securities and $329 million of private equity funds, hedge funds, ILS funds and certain unconsolidated entities.

Cash flows from investing and financing activities for the three months ended March 31, 2026

Financing and Other Capital Activities

During the three months ended March 31, 2026, the Company declared and paid a $2 million cash dividend to its common shareholders.

During the three months ended March 31, 2026, White Mountains repurchased and retired 12,622 of its common shares for $26 million, of which 4,229 were to satisfy employee income tax withholding pursuant to employee benefit plans.

During the three months ended March 31, 2026, Kudu repurchased $19 million of management equity incentives.

Cash flows from investing and financing activities for the three months ended March 31, 2025

Financing and Other Capital Activities

During the three months ended March 31, 2025, the Company declared and paid a $3 million cash dividend to its common shareholders.

During the three months ended March 31, 2025, White Mountains repurchased and retired 5,097 of its common shares for $10 million, all of which were to satisfy employee income tax withholding pursuant to employee benefit plans.

During the three months ended March 31, 2025, Kudu borrowed $8 million in term loans under the Kudu Credit Facility.

During three months ended March 31, 2025, Kudu repurchased $15 million of management equity incentives.

During three months ended March 31, 2025, Bamboo borrowed $110 million in term loans under the Bamboo Credit Facility.

NON-GAAP FINANCIAL MEASURES

This report includes eight non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures.

Ark's tangible book value and tangible capital

Ark's tangible book value is a non-GAAP financial measure derived by adjusting GAAP book value to exclude goodwill, other intangible assets, the related deferred tax liability and 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 MOIC 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. Ark's tangible capital is a non-GAAP financial measure derived by adding debt to tangible book value. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Ark's enterprise value. See page 55 for the reconciliation of Ark's GAAP equity to tangible book value and tangible capital.

Kudu's EBITDA and adjusted EBITDA

Kudu'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) net realized and unrealized investment gains (losses) on Kudu's Participation Contracts and (ii) transaction expenses. A description of each item follows:

•Net realized and unrealized investment gains (losses) - Represents net unrealized investment gains and losses on Kudu's Participation Contracts, which are recorded at fair value under GAAP, and realized investment gains and losses recorded on Kudu's Participation Contracts sold during the period.

•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.

White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu's performance. See page 57 for the reconciliation of Kudu's GAAP net income (loss) to EBITDA and adjusted EBITDA.

Distinguished's ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo 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 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 62 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

Total consolidated portfolio return excluding MediaAlpha is a non-GAAP financial measure that removes the net investment income and net realized and unrealized investment gains (losses) from White Mountains's investment in MediaAlpha. White Mountains believes this measure to be useful to management and investors by showing the underlying performance of White Mountains's investment portfolio without regard to White Mountains's investment in MediaAlpha.

The following table presents return reconciliations from GAAP to the reported percentages for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Total consolidated portfolio return	0.2	%	1.7	%
Remove MediaAlpha	0.8		0.6
Total consolidated portfolio return excluding MediaAlpha	1.0	%	2.3	%

CRITICAL ACCOUNTING ESTIMATES

Refer to the Company's 2025 Annual Report on Form 10-K for a complete discussion regarding White Mountains's critical accounting estimates.

FORWARD-LOOKING STATEMENTS

This report 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 report 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 LAE and the adequacy of its loss and LAE 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 report 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.

White Mountains Insurance Group Ltd. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 06, 2026 at 12:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]