WTM Overview

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.

Financial Performance: White Mountains Insurance Group reported a book value per share of $1,851 as of September 30, 2025, reflecting a 3% increase for Q3 2025 and a 6% increase for the first nine months of the year, with comprehensive income of $114 million for Q3.

Bamboo Transaction: The company agreed to sell approximately 77% of its equity interest in Bamboo to CVC Capital Partners, which is expected to increase its book value per share by $325 upon closing, raising the total to $2,176.

Segment Results: The Ark/WM Outrigger segment achieved a combined ratio of 76% in Q3 2025, with gross written premiums of $366 million, while HG Global reported a significant increase in gross written premiums and a return to profitability.

Investment Portfolio: White Mountains's consolidated investment portfolio saw a 2.1% return in Q3 2025, with notable gains in both fixed income and equities, although overall returns lagged behind benchmarks.