WTM News & Events

Reports Q1 revenue $517.8M vs. $577.8M last year. CEO Liam Caffrey commented, "Book value per share ended the quarter at $2,170, down roughly 1% from year-end. Solid operating results were more than offset by a mark-to-market decline in our investment in MediaAlpha. Ark posted a 91% combined ratio and generated $1.1B of gross written premiums. Kudu grew adjusted EBITDA and produced a 12% return on equity on a trailing 12 months basis. HG Global assumed $8 million of gross written premiums and grew book value by 2%. Distinguished grew managed premiums by 7% year-over-year and has now launched four new programs since our acquisition. Excluding MediaAlpha, the investment portfolio returned 1.0%, ahead of benchmarks, with modest gains in both equities and fixed income. In February, we deployed $125M of capital into Bishop Street Underwriters and more recently announced two acquisitions by WTM Partners. Including these deployments, undeployed capital is roughly $0.8B."

White Mountains operating company White Mountains Partners has acquired a majority interest in BaseSix Systems, a provider of building systems integration and aftermarket service. Founded in 2018 and headquartered in Marietta, Georgia, Basesix provides the design, installation, retrofit, maintenance, and repair of mission critical, low voltage building systems for commercial and institutional customers across the fire & life safety, network & wireless, security & access control, and audio-visual disciplines.

White Mountains announced the final results of its "modified Dutch auction" tender offer. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 19, 2025. Based on the final count by the depositary for the tender offer, 64,064 shares were properly tendered and not properly withdrawn at or below the final purchase price of $2,050.00 per share. The company is purchasing all validly tendered shares for approximately $131.3M. The shares purchased in the tender offer represent approximately 2.5% of White Mountains's shares outstanding as of November 19, 2025. Payment for the shares purchased under the tender offer will be made promptly.The company expects to have approximately 2,479,677 common shares outstanding as of the time immediately following payment for the accepted shares.

White Mountains Insurance Group announced the preliminary results of its "modified Dutch auction" tender offer to purchase up to $300M in value of its common shares. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 19, 2025. Based on a preliminary count by the depositary for the tender offer, 67,186 shares were properly tendered and not properly withdrawn at or below the purchase price of $2,050 per share, including 16,589 shares that were tendered by notice of guaranteed delivery. The company expects to purchase all validly tendered shares for approximately $137.7M. The shares expected to be purchased in the tender offer represent approximately 2.6% of White Mountains's shares outstanding as of November 19, 2025.