White Mountains to Commence Self-Tender Offer to Purchase Up To $300 Million In Value of Its Common Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2025
0mins
Source: PRnewswire
Tender Offer Announcement: White Mountains Insurance Group has initiated a "modified Dutch auction" self-tender offer to buy back up to $300 million of its common shares, with prices ranging from $1,850 to $2,050 per share, starting November 21, 2025, and expiring on December 19, 2025.
Shareholder Participation: Shareholders can indicate how many shares they wish to tender and at what price within the specified range, with the final purchase price determined based on the lowest price that allows the company to buy the desired amount of shares.
Conditions and Limitations: The tender offer is not contingent on financing or a minimum number of shares being tendered, but it is subject to certain conditions outlined in the offer materials that will be sent to shareholders.
Forward-Looking Statements: The announcement includes forward-looking statements regarding the tender offer, emphasizing that actual results may differ due to various risks and uncertainties, including market conditions and regulatory changes.
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Analyst Views on WTM
About WTM
White Mountains Insurance Group, Ltd. is a diversified insurance and related financial services holding company that owns and manages businesses seeking a stable, sophisticated partner to drive value creation. Its segments include Ark/WM Outrigger, HG Global, and Kudu. Ark/WM Outrigger segment includes Ark Insurance Holdings Limited and its subsidiaries (Ark) and Outrigger Re Ltd. 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. HG Global segment is engaged in the municipal bond reinsurance business. The Kudu segment consists of Kudu Investment Management, LLC and its subsidiaries. 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.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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White Mountains Insurance Buys 64,064 Shares at $2,050 Each in Tender Offer
- Tender Offer Completion: White Mountains Insurance Group successfully completed its modified Dutch auction tender offer, purchasing 64,064 shares at $2,050 each for a total of approximately $131.3 million, reflecting the company's confidence in its stock value.
- Significant Share Impact: The repurchased shares represent about 2.5% of the company's outstanding shares as of November 19, 2025, which not only optimizes the capital structure but may also enhance earnings per share and shareholder returns.
- Clear Payment Arrangement: The company has committed to promptly pay for the accepted shares, expecting to have approximately 2,479,677 common shares outstanding post-payment, ensuring effective liquidity management.
- Market Reaction Anticipation: The tender offer was managed by BofA Securities and Barclays Capital, and it is expected to have a positive impact on the market, boosting investor confidence in the company's future prospects.
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