White Mountains Insurance Group Ltd. (WTM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.8B

Revenue growth

55.4%

Net income, last twelve months

$1.1B

Earnings per share

$439.40

Gross margin

94.1%

Operating margin

34.2%

Net margin

29.3%

Return on equity

20.8%

Market value

$5.3B

Price to earnings

5.0x

Dividend yield

0.0%

Cash

$127.8M

Debt

$932.5M

Debt to equity

0.17

Shares outstanding

2.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Book value per share reached $2,258. Book value per share was $2,258 at June 30, 2026, up 4% in the quarter and 3% year to date, including dividends, from $2,188 at December 31, 2025.
• Comprehensive income rose to $199 million. Comprehensive income attributable to common shareholders was $199 million in the second quarter, against $124 million a year earlier, and $173 million for the first six months, against $159 million. Diluted EPS was $80.58.
• Investment gains were $151 million. Net realized and unrealized investment gains were $151 million in the second quarter and $161 million year to date, against $87 million and $173 million a year earlier.
• MediaAlpha stake added $58 million. Unrealized gains on the MediaAlpha stake were $58 million in the second quarter and a $7 million loss in the first six months, against $31 million and a $6 million loss a year earlier.
• Ark combined ratio held at 84%. Ark/WM Outrigger's combined ratio was 84% in the second quarter, the same as a year earlier, and 88% for the first six months, against 90%.
• Ark pre-tax income fell. Ark pre-tax income was $78 million in the second quarter, against $91 million, and $85 million for the first six months, against $144 million.
• Kudu return on equity rose to 15%. Kudu's trailing 12-month return on equity was 15% at June 30, up from 12% at March 31. Kudu's second-quarter pre-tax income was $57 million.
• HG Global pricing fell. HG Global's total gross pricing was 135 basis points in the second quarter, against 206 a year earlier. Its gross written premiums were $11 million, against $19 million.
• Distinguished managed premiums grew. Distinguished reported second-quarter managed premiums of $189 million and ScaleCo adjusted EBITDA of $12 million. On a trailing 12-month basis, managed premiums rose 4% and ScaleCo adjusted EBITDA rose 8%.
• WTM Partners revenue more than doubled. WTM Partners reported second-quarter total revenues of $93 million, against $43 million, with pre-tax income of $4 million and adjusted EBITDA of $9 million.
• Iran war losses hit Ark. Ark estimated war-related losses of $17 million in the second quarter and $42 million year to date, net of reinsurance and reinstatement premiums.
• Year-to-date catastrophe points lower. Catastrophe losses were three points of Ark's combined ratio in the second quarter and five points year to date. The 2025 comparison was minimal in the second quarter and thirteen points in the first half.
• Favorable prior-year reserve development. Net favorable prior-year reserve development reduced Ark's combined ratio by eight points in the second quarter and six points year to date, driven by property and specialty lines.
• WM Outrigger Re combined ratio improved. WM Outrigger Re's combined ratio was 25% in the second quarter and 40% year to date, against 44% and 120% a year earlier, when California wildfire losses were included.

Company events

The newest 8-K filings of 281 held.

Every filing

The newest filings with the SEC of 705 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

402 funds held it at 30 Jun 2026: 124 added and 143 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Berkshire Hathaway Inc. (BRK.B): revenue $384.7B, market value $1.17T
• Chubb Ltd. (CB): revenue $61.8B, market value $136.0B
• Progressive Corp. (PGR): revenue $91.1B, market value $131.2B
• Travelers Companies, Inc. (TRV): revenue $48.9B, market value $80.7B
• Allstate Corp. (ALL): revenue $70.1B, market value $63.6B
• American International Group, Inc. (AIG): revenue $26.6B, market value $41.9B
• Arch Capital Group Ltd. (ACGL): revenue $19.2B, market value $35.0B
• Hartford Insurance Group, Inc. (HIG): revenue $29.0B, market value $34.8B
• Everest Group, Ltd. (EG): revenue $16.8B, market value $28.8B
• Cincinnati Financial Corp. (CINF): revenue $13.3B, market value $27.5B

What the company does

White Mountains Insurance Group is an exempted Bermuda limited liability company, with its headquarters in Hamilton, Bermuda and its principal executive office in Hanover, New Hampshire. It makes opportunistic and value-oriented acquisitions of businesses and assets in insurance, financial services and related sectors. It operates them through subsidiaries and disposes of them if attractive exit valuations become available. The group works mainly in five areas: property and casualty insurance and reinsurance, municipal bond guarantee reinsurance, capital solutions for asset and wealth management firms, specialty insurance distribution and other operations. It employed 1,648 people as of 31 December 2025.

How the business is organised

White Mountains has four reportable segments: Ark/WM Outrigger, HG Global, Kudu and Distinguished. Bamboo was a segment until 5 December 2025, when White Mountains sold a controlling interest and deconsolidated it. White Mountains sold approximately 77.3% of its equity interest and kept an indirect stake.

Ark and WM Outrigger Re

Ark is a specialty property and casualty insurance and reinsurance company, and White Mountains owned 72.1% of it on a basic shares basis. The rest is held by current and former Ark employees. Ark writes five lines of business: property, specialty, marine & energy, casualty and accident & health. Specialty covers areas such as aviation, cyber, space, surety, mortgage and political risk. Ark also leads Lloyd's market consortia that target renewable energy clients.

Ark underwrites in two places. In the United Kingdom it provides capacity to Lloyd's Syndicates 4020 and 3902 through Ark Corporate Member Limited. In Bermuda it writes through Group Ark Insurance Limited, a Class 4 insurer. It sells through brokers, wholesalers and managing general agents. The top five intermediaries produced 64.7% of its gross written premiums in 2025, and Marsh & McLennan Companies alone produced 24.3%.

WM Outrigger Re is White Mountains's segregated account of Outrigger Re Ltd., which gives Ark collateralized reinsurance on its Bermuda property catastrophe excess of loss portfolio. White Mountains is not taking part in the 2026 underwriting year, and third-party investors supply the capital for it.

Municipal bond reinsurance

HG Re, part of HG Global, reinsures only Build America Mutual Assurance Company ("BAM"), a mutual municipal bond insurer regulated by the New York State Department of Financial Services. Under a first-loss reinsurance treaty, HG Re covers up to 15%-of-par outstanding on each policy it takes from BAM. About 55% of BAM's premium has historically been a member surplus contribution, and HG Re receives approximately 60% of the risk premium.

The portfolio covers 6,517 risks, mostly small to medium public investment grade bonds. The weighted average credit rating is A. BAM's main competitor is Assured Guaranty Ltd. HG Global's cash comes from interest on BAM surplus notes and from releases out of two collateral trusts.

Kudu and Distinguished

Kudu provides capital to boutique asset and wealth managers, for example for ownership transfers, management buyouts and growth finance. It does this mainly through noncontrolling revenue and earnings participation contracts, structured to produce immediate cash yields. It has put capital into 30 firms around the world, three of which it has exited. By manager type, its portfolio is 35% alternatives, 44% private capital, 14% wealth management and 7% traditional asset management. White Mountains owned 91.2% of Kudu's basic units.

Distinguished, acquired on 2 September 2025, is a managing general agent and program administrator for specialty property and casualty insurance. White Mountains owned 55.5% of its basic units. It has two verticals: ScaleCo, made up of established programs in real estate and hospitality, and GrowthCo, made up of start-up programs. It earns commissions on the volume and profitability of what it places and keeps no insurance risk. Its programs are backed by 17 carrier partners, and the top three carry 61% of managed premiums. More than 2,000 agents and brokers sell its products, and the top three firms account for 10%.

Other holdings and investments

- MediaAlpha, a marketing technology platform for consumer referrals, in which White Mountains held 27.4%. - PassportCard/DavidShield, an international managing general agent for travel and expatriate medical insurance, in which it held 53.8%. It serves over two million insured members in over 180 countries. - BroadStreet, an insurance brokerage in all 50 U.S. states and ten Canadian provinces, held through a special purpose vehicle. - Elementum, an investment adviser focused on insurance-linked securities. - Enterprise Solutions, a specialty electrical contractor. It was the first acquisition by White Mountains Partners LLC, the unit set up to buy businesses outside insurance and financial services.

White Mountains Advisors manages substantially all of the group's fixed maturity, short-term, common equity and other long-term investments. The fixed income portfolio is mainly short-duration, high-quality securities, with a duration of 1.5 years.

Regulation and people

Ark is dual-regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, and Lloyd's oversees its syndicates. The Bermuda Monetary Authority regulates its Bermuda insurers. Distinguished is licensed as an insurance producer in all 50 states. The Lloyd's syndicates carry the Lloyd's ratings of A+/stable from A.M. Best and AA-/stable from Standard & Poor's, and Group Ark Insurance Limited is rated A/stable by A.M. Best.

Of the 1,648 employees, 85 work at the holding companies, White Mountains Advisors, White Mountains Partners LLC and HG Global. Ark has 300, Kudu 17, Distinguished 288 and the consolidated other operating businesses 958.

*From White Mountains's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/776867/000162828026012603/wtm-20251231.htm)*

From the company's 10-K.