White Mountains Insurance Group Ltd – 2025 Financials – Form 10K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the period ended March 31, 2025

OR

• TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to Commission file number 1-8993

WHITE MOUNTAINS INSURANCE GROUP, LTD.

(Exact name of Registrant as specified in its charter)

Bermuda

(State or other jurisdiction of incorporation or organization) 94-2708455

23 South Main Street, Suite 3B (I.R.S. Employer Identification No.)

Hanover, 03755-2053

New Hampshire (Zip Code)

(Address of principal executive offices)

Registrant's telephone number, including area code: (603) 640-2200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Shares, par value $1.00 per share WTM New York Stock Exchange

WTM.BH Bermuda Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 2, 2025, 2,573,726 common shares with a par value of $1.00 per share were outstanding (which includes 32,885 restricted common shares that were not vested at such date).

‌WHITE MOUNTAINS INSURANCE GROUP, LTD.

Table of Contents

		Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets, March 31, 2025 and December 31, 2024		1
	Consolidated Statements of Operations and Comprehensive Income, Three Months Ended March 31, 2025 and 2024		3
	Consolidated Statements of Changes in Equity, Three Months Ended March 31, 2025 and 2024		6
	Consolidated Statements of Cash Flows, Three Months Ended March 31, 2025 and 2024		7
	Notes to Consolidated Financial Statements		8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		47
	Results of Operations for the Three Months Ended March 31, 2025 and 2024		47
	Liquidity and Capital Resources		67
	Non-GAAP Financial Measures		70
	Critical Accounting Estimates		72
	Forward-Looking Statements		72
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		73
Item 4.	Controls and Procedures		73
PART II.	OTHER INFORMATION		73
Items 1 through 6.			73
SIGNATURES			74

Part I. FINANCIAL INFORMATION. ‌Item 1. Financial Statements
	‌WHITE MOUNTAINS INSURANCE GROUP, LTD. CONSOLIDATED BALANCE SHEETS (Unaudited)
Millions, except share and per share amounts				March 31, 2025				December 31, 2024
Assets
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments, at fair value			$		1,582.1		$	1,565.1
Common equity securities, at fair value					420.9			425.4
Short-term investments, at fair value					625.2			601.4
Other long-term investments					586.8			547.8
Total investments					3,215.0			3,139.7
Cash (restricted $0.0 and $14.1)					160.5			141.2
Reinsurance recoverables					920.4			589.0
Insurance premiums receivable					1,272.6			768.6
Deferred acquisition costs					279.7			165.2
Goodwill and other intangible assets					292.5			292.5
Other assets					184.8			202.8
Total P&C Insurance and Reinsurance assets					6,325.5			5,299.0
Financial Guarantee (HG Global)
Fixed maturity investments, at fair value			631.9				612.1
Short-term investments, at fair value			54.1				55.5
Total investments			686.0				667.6
Cash			6.8				11.5
BAM Surplus Notes, at fair value			389.2				381.7
Insurance premiums receivable			7.6				4.4
Deferred acquisition costs			86.6				86.6
Other assets			26.9				27.6
Total Financial Guarantee assets			1,203.1				1,179.4
Asset Management (Kudu)
Short-term investments, at fair value			11.9				27.9
Other long-term investments			1,126.2				1,014.0
Total investments			1,138.1				1,041.9
Cash			15.1				.6
Accrued investment income			23.5				18.0
Goodwill and other intangible assets			7.9				8.0
Other assets			38.7				39.9
Total Asset Management assets			1,223.3				1,108.4
P&C Insurance Distribution (Bamboo)
Fixed maturity investments, at fair value			44.9				40.7
Short-term investments, at fair value			20.1				17.3
Total investments			65.0				58.0
Cash (restricted $77.0 and $59.5)			99.8				74.5
Premiums, commissions and fees receivable			67.4				70.0
Goodwill and other intangible assets			351.0				355.0
Other assets			31.8				27.1
Total P&C Insurance Distribution assets			615.0				584.6
Other Operations
Fixed maturity investments, at fair value				293.1				293.7
Common equity securities, at fair value				120.9				224.6
Investment in MediaAlpha, at fair value				165.0				201.6
Short-term investments, at fair value				293.3				262.1
Other long-term investments				574.9				588.4
Total investments				1,447.2				1,570.4
Cash				29.8				38.6
Insurance premiums receivable				14.9				15.3
Goodwill and other intangible assets				63.7				64.8
Other assets				82.4				65.1
Total Other Operations assets				1,638.0				1,754.2
Total assets			$	11,004.9			$	9,925.6

See Notes to Consolidated Financial Statements

1

‌WHITE MOUNTAINS INSURANCE GROUP, LTD.

	CONSOLIDATED BALANCE SHEETS (CONTINUED)
	(Unaudited)
Millions, except share and per share amounts				March 31, 2025				December 31, 2024
Liabilities
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves			$		2,253.9		$	2,127.5
Unearned insurance premiums					1,500.6			853.3
Debt					156.1			154.5
Reinsurance payable					385.8			149.5
Contingent consideration					165.0			155.3
Other liabilities					196.7			224.7
Total P&C Insurance and Reinsurance liabilities					4,658.1			3,664.8
Financial Guarantee (HG Global)
Unearned insurance premiums					295.8			297.3
Debt					147.5			147.4
Other liabilities					20.0			19.4
Total Financial Guarantee liabilities					463.3			464.1
Asset Management (Kudu)
Debt			246.6				238.6
Other liabilities			84.0				78.1
Total Asset Management liabilities			330.6				316.7
P&C Insurance Distribution (Bamboo)
Loss and loss adjustment expense reserves			23.2				17.8
Unearned insurance premiums			34.2				31.5
Premiums and commissions payable			86.2				88.1
Debt			104.7				-
Other liabilities			34.4				30.3
Total P&C Insurance Distribution liabilities			282.7				167.7
Other Operations
Loss and loss adjustment expense reserves			13.4				12.1
Unearned insurance premiums			30.8				29.0
Debt			21.2				22.0
Accrued incentive compensation			28.2				79.3
Other liabilities			36.9				38.9
Total Other Operations liabilities			130.5				181.3
Total liabilities			5,865.2				4,794.6

Equity

White Mountains's common shareholders' equity

White Mountains's common shares at $1 par value per share-authorized 50,000,000

shares; issued and outstanding 2,573,726 and 2,568,148 shares			2.6			2.6
Paid-in surplus			564.5			563.8
Retained earnings			3,943.0			3,919.0
Accumulated other comprehensive income (loss), after-tax:
Net unrealized gains (losses) from foreign currency translation			(.5)			(1.7)
Total White Mountains's common shareholders' equity			4,509.6			4,483.7
Noncontrolling interests			630.1			647.3
Total equity			5,139.7			5,131.0
Total liabilities and equity		$	11,004.9		$	9,925.6
See Notes to Consolidated Financial Statements	2

WHITE MOUNTAINS INSURANCE GROUP, LTD. CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended March 31,

Millions			2025				2024
Revenues: P&C Insurance and Reinsurance (Ark/WM Outrigger) Earned insurance premiums		$		358.0		$		302.8
Net investment income				23.5				19.9
Net realized and unrealized investment gains (losses)				29.5				10.6
Other revenues				2.2				3.5
Total P&C Insurance and Reinsurance revenues				413.2				336.8
Financial Guarantee (HG Global)
Earned insurance premiums		8.2				7.8
Net investment income		6.3				9.7
Net realized and unrealized investment gains (losses)		10.0				(10.1)
Interest income from BAM Surplus Notes		7.5				-
Other revenues		.1				.5
Total Financial Guarantee revenues		32.1				7.9
Asset Management (Kudu) Net investment income		19.4				17.2
Net realized and unrealized investment gains (losses)		44.0				(6.5)
Other revenues		.4				-
Total Asset Management revenues		63.8				10.7
P&C Insurance Distribution (Bamboo) Commission and fee revenues		44.2				21.9
Earned insurance premiums		14.9				8.4
Other revenues		2.3				.8
Total P&C Insurance Distribution revenues		61.4				31.1
Other Operations
Earned insurance premiums			13.9				-
Net investment income			9.7				9.9
Net realized and unrealized investment gains (losses)			2.8				22.2
Net realized and unrealized investment gains (losses) from investment in MediaAlpha			(36.6)				210.7
Commission and fees revenues			3.9				3.6
Other revenues			13.6				14.4
Total Other Operations revenues			7.3				260.8
Total revenues		$	577.8			$	647.3
See Notes to Consolidated Financial Statements
	3

WHITE MOUNTAINS INSURANCE GROUP, LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(Unaudited)

Three Months Ended March 31,

Millions			2025				2024
Expenses:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses		$		233.5		$		180.0
Acquisition expenses				83.5				66.3
General and administrative expenses				35.9				42.2
Change in fair value of contingent consideration				9.7				-
Interest expense				4.2				5.4
Total P&C Insurance and Reinsurance expenses				366.8				293.9
Financial Guarantee (HG Global)
Acquisition expenses		1.9				2.2
General and administrative expenses		.6				17.3
Interest expense		4.6				3.5
Total Financial Guarantee expenses		7.1				23.0
Asset Management (Kudu)
General and administrative expenses		4.0				3.4
Interest expense		6.4				5.6
Total Asset Management expenses		10.4				9.0
P&C Insurance Distribution (Bamboo)
Broker commission expenses		15.5				9.3
Loss and loss adjustment expenses		10.9				5.8
Acquisition expenses		6.6				3.1
General and administrative expenses		20.0				12.0
Interest expense		2.1				-
Total P&C Insurance Distribution expenses		55.1				30.2
Other Operations
Loss and loss adjustment expenses			17.4				-
Acquisition expenses			5.1				-
Cost of sales			7.5				7.6
General and administrative expenses			35.5				50.3
Interest expense			.5				.7
Total Other Operations expenses			66.0				58.6
Total expenses			505.4				414.7
Pre-tax income (loss)			72.4				232.6
Income tax (expense) benefit			(9.6)				(10.8)
Net income (loss)			62.8				221.8
Net (income) loss attributable to noncontrolling interests			(28.9)				14.6
Net income (loss) attributable to White Mountains's common shareholders		$	33.9			$	236.4
See Notes to Consolidated Financial Statements

4

‌WHITE MOUNTAINS INSURANCE GROUP, LTD. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended March 31,

Millions, except for per share amounts	2025			2024
Net income (loss) attributable to White Mountains's common shareholders	$	33.9		$	236.4
Other comprehensive income (loss), net of tax		2.0			(.3)
Comprehensive income (loss)		35.9			236.1
Other comprehensive (income) loss attributable to noncontrolling interests		(.8)			.1
Comprehensive income (loss) attributable to White Mountains's common shareholders	$	35.1		$	236.2

Three Months Ended March 31,

	2025			2024
Earnings (loss) per share attributable to White Mountains's common shareholders: Basic earnings (loss) per share	$	13.19		$	92.33
Diluted earnings (loss) per share	$	13.19		$	92.33
Dividends declared and paid per White Mountains's common share	$	1.00		$	1.00

See Notes to Consolidated Financial Statements.

5

‌WHITE MOUNTAINS INSURANCE GROUP, LTD. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

White Mountains's Common Shareholders' Equity

Millions		Common shares and paid-in surplus		Retained earnings		AOCI, after tax		Total		Non-controlling interest		Total Equity
Balances as of January 1, 2025		$ 566.4		$ 3,919.0		$ (1.7)		$ 4,483.7		$ 647.3		$ 5,131.0
Net income (loss)		-		33.9		-		33.9		28.9		62.8
Other comprehensive income (loss), net of tax		-		-		1.2		1.2		.8		2.0
Total comprehensive income (loss)		-		33.9		1.2		35.1		29.7		64.8
Dividends declared on common shares		-		(2.6)		-		(2.6)		-		(2.6)
Dividends to noncontrolling interests		-		-		-		-		(13.9)		(13.9)
Repurchases and retirements of common shares		(1.1)		(8.8)		-		(9.9)		-		(9.9)
Amortization of restricted share awards		3.8		-		-		3.8		-		3.8
Recognition of equity-based compensation expense of subsidiaries		1.1		-		-		1.1		.4		1.5
Net contributions (distributions) and dilution from
other noncontrolling interests		(3.1)		1.5		-		(1.6)		(33.4)		(35.0)
Balances as of March 31, 2025		$ 567.1		$ 3,943.0		$ (.5)		$ 4,509.6		$ 630.1		$ 5,139.7

White Mountains's Common Shareholders' Equity

Millions		Common shares and paid-in surplus		Retained earnings		AOCI, after tax		Total		Non-controlling interest		Total Equity
Balances as of January 1, 2024		$ 551.3		$ 3,690.8		$ (1.6)		$ 4,240.5		$ 321.1		$ 4,561.6
Net income (loss)		-		236.4		-		236.4		(14.6)		221.8
Other comprehensive income (loss), net of tax		-		-		(.2)		(.2)		(.1)		(.3)
Total comprehensive income (loss)		-		236.4		(.2)		236.2		(14.7)		221.5
Dividends declared on common shares		-		(2.5)		-		(2.5)		-		(2.5)
Dividends to noncontrolling interests		-		-		-		-		(9.8)		(9.8)
Issuances of common shares		.3		-		-		.3		-		.3
Repurchases and retirements of common shares		(1.1)		(7.0)		-		(8.1)		-		(8.1)
BAM member surplus contributions, net of tax		-		-		-		-		11.4		11.4
Amortization of restricted share awards		3.2		-		-		3.2		-		3.2
Recognition of equity-based compensation expense of subsidiaries		.6		-		-		.6		.2		.8
Net contributions (distributions) and dilution from other noncontrolling interests		.2		-		-		.2		.9		1.1
Acquisition of noncontrolling interests - Bamboo		-		-		-		-		111.1		111.1
Balances as of March 31, 2024		$ 554.5		$ 3,917.7		$ (1.8)		$ 4,470.4		$ 420.2		$ 4,890.6
See Notes to Consolidated Financial Statements.

6

‌WHITE MOUNTAINS INSURANCE GROUP, LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31,

Millions				2025			2024
Cash flows from operations:
Net income (loss)				$	62.8		$	221.8
Adjustments to reconcile net income to net cash provided from (used for) operations:
Net realized and unrealized investment (gains) losses					(86.6)			(16.2)
Net realized and unrealized investment (gains) losses from investment in MediaAlpha					36.6			(210.7)
Change in fair value of contingent consideration - Ark					9.7			-
Interest income from BAM Surplus Notes subsequent to deconsolidation					(7.5)			-
Deferred income tax expense (benefit)					1.7			(9.8)
Amortization of restricted share awards					3.8			3.2
Amortization (accretion) and depreciation					1.1			(2.1)
Other operating items:
Net change in reinsurance recoverables				(331.4)			(253.0)
Net change in insurance premiums, commissions and fees receivable				(504.2)			(394.9)
Net change in deferred acquisition costs				(114.5)			(68.8)
Net change in loss and loss adjustment expense reserves				133.1			142.4
Net change in unearned insurance premiums				650.3			499.4
Net change in reinsurance payable				236.3			181.4
Net change in premiums and commissions payable				(1.9)			12.5
Net change in accrued incentive compensation from Other Operations				(51.1)			(40.1)
Contributions to Kudu's Participation Contracts				(68.0)			-
Net other operating activities				(10.4)			(28.6)
Net cash provided from (used for) operations				(40.2)			36.5
Cash flows from investing activities:
Net change in short-term investments				(52.2)			441.3
Sales of fixed maturity investments				96.7			185.8
Maturities, calls and paydowns of fixed maturity investments				109.7			81.8
Sales of common equity securities and investment in MediaAlpha				120.7			-
Distributions and redemptions of other long-term investments				21.9			91.5
Purchases of consolidated subsidiaries, net of cash acquired of $0.0 and $44.9				-			(231.8)
Purchases of fixed maturity investments				(222.5)			(417.3)
Purchases of other long-term investments				(39.7)			(79.9)
Net other investing activities				(27.3)			29.2
Net cash provided from (used for) investing activities				7.3			100.6
Cash flows from financing activities:
	Draw down of debt and revolving lines of credit				116.3			-
	Repayment of debt and revolving lines of credit				(1.0)			(32.6)
	Cash dividends paid to common shareholders				(2.6)			(2.5)
	Repurchases and retirements of common shares				(9.9)			(8.1)
	BAM member surplus contributions prior to deconsolidation				-			11.4
	Contributions from other noncontrolling interests				.6			1.1
	Distributions to other noncontrolling interests				(41.1)			-
	Net other financing activities				16.2			(3.5)
	Net cash provided from (used for) financing activities				78.5			(34.2)
	Net change in cash during the period				45.6			102.9
	Cash balance at beginning of period (includes restricted cash balances of $73.6 and $0.7)				266.4			122.4
	Cash balance at end of period (includes restricted cash balances of $77.0 and $83.0)			$	312.0		$	225.3
	Supplemental cash flows information:
	Interest paid			$	(15.9)		$	(16.7)
	Net income tax payments			$	(3.5)		$	(5.3)
	See Notes to Consolidated Financial Statements
		7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1. Basis of Presentation and Significant AccountingPolicies Basis of Presentation

White Mountains Insurance Group, Ltd. (the "Company" or the "Registrant") is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and other affiliates. The Company's headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The Company's website is https://www.whitemountains.com. The information contained on White Mountains's website is not incorporated by reference into, and is not a part of, this report.

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the accounts of the Company, its subsidiaries (collectively with the Company, "White Mountains") and other entities required to be consolidated under GAAP. Intercompany transactions have been eliminated in consolidation. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

These interim financial statements include all adjustments considered necessary by management to fairly state the financial position, results of operations and cash flows of White Mountains.

These interim financial statements may not be indicative of financial results for the full year and should be read in conjunction with the Company's 2024 Annual Report on Form 10-K.

Reportable Segments

As of March 31, 2025, White Mountains conducted its operations through four reportable segments: (1) Ark/WM Outrigger, (2) HG Global, (3) Kudu and (4) Bamboo, 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 makers and its Board of Directors. See Note 14 - "Segment Information."

The Ark/WM Outrigger segment consists of Ark Insurance Holdings Limited and its subsidiaries (collectively, "Ark") and Outrigger Re Ltd. Segregated Account 2023-1 ("WM Outrigger Re") (collectively with Ark, "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, accident & health and casualty. Ark underwrites select coverages through Lloyd's Syndicates 4020 and 3902 and Additional Central Settlement Number ("ACSN") 3832 (collectively, the "Syndicates") and its wholly-owned subsidiary Group Ark Insurance Limited ("GAIL"). White Mountains acquired a controlling ownership interest in Ark on January 1, 2021 (the "Ark Transaction"). As of March 31, 2025 and December 31, 2024, White Mountains owned 72.1% of Ark on a basic shares outstanding basis (61.9% after taking account of management's equity incentives). The remaining shares are owned by current and former employees of Ark. In the future, management rollover shareholders could eaadditional shares in Ark if and to the extent that White Mountains achieves certain thresholds for its multiple of invested capital ("MOIC") return. If fully earned, these shares would represent an additional 12.3% of the shares outstanding as of March 31, 2025. The liability related to these additional shares is recorded as contingent consideration. During the fourth quarter of 2022, 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 for the 2023 underwriting year. Ark renewed its quota share reinsurance agreement with Outrigger Re Ltd. for the 2024 and 2025 underwriting years. White Mountains consolidates the results of its segregated account, WM Outrigger Re, in its financial statements. See Note 2 - "Significant Transactions." As of March 31, 2025 and December 31, 2024, White Mountains owned 100.0% of WM Outrigger Re's preferred equity.

The HG Global segment consists of HG Global Ltd. and its wholly-owned subsidiaries (collectively, "HG Global") and, prior to its deconsolidation on July 1, 2024, the consolidated results of Build America Mutual Assurance Company ("BAM"). See Note 2 - "Significant Transactions." HG Global was established to fund the startup of BAM and, through its reinsurance subsidiary, HG Re Ltd. ("HG Re"), to provide first-loss reinsurance protection of up to 15%-of-par outstanding for each policy assumed from BAM. HG Global, together with its subsidiaries, funded the initial capitalization of BAM through the purchase of $503.0 million of surplus notes issued by BAM (the "BAM Surplus Notes"). As of March 31, 2025 and December 31, 2024, White Mountains owned 96.9% of HG Global's preferred equity and 88.4% of its common equity.

8

White Mountains does not have an ownership interest in BAM. However, through June 30, 2024, White Mountains was required to consolidate BAM's results in its financial statements because BAM is a variable interest entity ("VIE") for which White Mountains was the primary beneficiary. BAM's results were all attributed to noncontrolling interests. On July 1, 2024, HG Re and BAM amended the terms of the first-loss reinsurance treaty ("FLRT") with respect to certain governance rights held by HG Re. As a result, and in combination with other governance changes at BAM, White Mountains concluded that it no longer has the power to direct BAM's activities that most significantly impact its economic performance and is no longer BAM's primary beneficiary.

Accordingly, effective July 1, 2024, White Mountains no longer consolidates BAM. Through June 30, 2024, BAM's results of operations were presented within the HG Global segment. See Note 2

- "Significant Transactions."

The Kudu segment consists of Kudu Investment Management, LLC and its subsidiaries (collectively "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's capital solutions generally are structured as minority preferred equity stakes with distribution rights, typically tied to gross revenues and designed to generate immediate cash yields. As of March 31, 2025 and December 31, 2024, White Mountains owned 91.2% and 90.4% of Kudu's basic units outstanding (77.9% and 77.0% on a fully-diluted/fully-converted basis, taking account of management's equity incentives).

The Bamboo segment consists of PM Holdings LLC ("Bamboo Holdings"), Bamboo Ide8 Insurance Services LLC ("Bamboo MGA") and Ide8 Re Inc. (the "Bamboo Captive") (collectively with Bamboo Holdings and Bamboo MGA, "Bamboo"). Bamboo is a capital-light, tech- and data-enabled insurance distribution platform providing homeowners' insurance and related products to the residential property market in California. Bamboo operates primarily through Bamboo MGA, its full-service managing general agent ("MGA") business, where the company manages all aspects of the placement process on behalf of its fronting and reinsurance carrier partners ("Capacity Providers"), including product development, marketing, underwriting, policy issuance and claims oversight, and it earns commissions based on the volume and profitability of the insurance that it places. Bamboo MGA offers both admitted and non-admitted products. Under its capacity agreements, Bamboo MGA's commission levels are based on a sliding scale tied primarily to its attritional loss ratio. Bamboo also operates two separate but integrated businesses: (i) a retail agency, within Bamboo MGA, offering ancillary products (e.g., flood, earthquake) on behalf of third parties and (ii) the Bamboo Captive, a U.S.-domiciled captive reinsurer that participates in the underwriting risk of Bamboo's MGA programs to align interests with Capacity Providers. During the fourth quarter of 2024, the Bamboo Captive redomiciled from Bermuda to Arizona and changed its name from Ide8 Limited to Ide8 Re Inc. On January 2, 2024, White Mountains acquired a controlling interest in Bamboo. See Note 2 - "Significant Transactions." As of March 31, 2025 and December 31, 2024, White Mountains owned 72.8% of the basic units outstanding of Bamboo (63.7% on a fully-diluted/fully-converted basis, taking account of management's equity incentives).

White Mountains's other operations consist of the Company and its wholly-owned subsidiary, White Mountains Capital, LLC ("WM Capital"), its other intermediate holding companies, its wholly-owned investment management subsidiary, White Mountains Advisors LLC ("WM Advisors"), investment assets managed by WM Advisors, its interests in MediaAlpha, Inc. ("MediaAlpha"), DavidShield PassportCard Ltd. and its subsidiaries (collectively, "PassportCard/DavidShield"), Elementum Holdings LP ("Elementum"), White Mountains Partners LLC ("WTM Partners"), a Bermuda special purpose collateralized reinsurance vehicle that provides reinsurance capacity to Bamboo (the "Bamboo CRV"), certain other consolidated and unconsolidated entities ("Other Operating Businesses") and certain other assets (collectively, "Other Operations").

Significant Accounting Policies

Refer to the Notes to Consolidated Financial Statements in the Company's 2024 Annual Report on Form 10-K for White Mountains's significant accounting policies.

9

Note 2. Significant Transactions Bamboo Transaction

On October 19, 2023, White Mountains entered into an agreement and plan of merger (the "Bamboo Merger Agreement") with Bamboo MGA and John Chu, as the unitholders' representative. Under the terms of the Bamboo Merger Agreement, White Mountains's wholly-owned subsidiary, WM Pierce Merger Sub LLC, agreed to merge with and into Bamboo MGA, with Bamboo MGA continuing as the surviving company (the "Bamboo Merger"). Concurrently with the execution of the Bamboo Merger Agreement, certain Bamboo management unitholders agreed to roll over the majority of their existing equity in Bamboo MGA into Bamboo Holdings. White Mountains also agreed to make an equity contribution to Bamboo immediately following the Bamboo Merger (together with the Bamboo Merger and the rollover transactions, the "Bamboo Transaction").

On January 2, 2024, White Mountains closed the Bamboo Transaction in accordance with the terms of the Bamboo Merger Agreement, investing $296.7 million of equity into Bamboo, which included the contribution of $36.0 million to retire Bamboo's legacy credit facility and the contribution of $20.0 million of primary capital. At closing, White Mountains owned 72.8% of Bamboo on a basic shares outstanding basis (63.7% on a fully-diluted/fully-converted basis, taking account of management's equity incentives), while Bamboo management owned 16.1% of basic shares outstanding (26.6% on a fully-diluted/fully-converted basis, taking account of management's equity incentives).

White Mountains recognized total assets acquired related to the Bamboo Transaction of $479.5 million, total liabilities assumed of $91.7 million and noncontrolling interest of $111.1 million reflecting acquisition date fair values. Total assets acquired included $371.4 million of goodwill and other intangible assets. In connection with the acquisition, White Mountains incurred transaction costs of $4.0 million in Other Operations, of which $0.3 million were expensed in the first quarter of 2024.

The following presents additional details of the assets acquired and liabilities assumed as of the January 2, 2024 acquisition date:

Millions			As of January 2, 2024
Fixed maturity investments, at fair value		$	8.2
Short-term investments, at fair value			9.3
Cash (restricted $37.0)			44.9	(1)
Premiums and commissions receivable			38.0
Other assets			7.7
Total tangible assets			108.1
Loss and loss adjustment expense reserves			(9.3)
Unearned insurance premiums			(20.1)
Premiums and commissions payable			(49.2)
Other liabilities			(13.1)
Total tangible liabilities			(91.7)
Net tangible assets acquired			16.4
Goodwill			270.4
Other intangible assets			101.0
Total goodwill and other intangible assets			371.4
Net assets acquired		$	387.8

(1)Cash excludes the White Mountains cash contribution of $20.0 as part of the Bamboo Transaction, which was not part of the purchase consideration.

Net tangible assets acquired and the resulting goodwill and other intangible assets were recorded at fair value using Level 3 inputs. The majority of the tangible assets acquired and liabilities assumed were recorded at their carrying values, as their carrying values approximated their fair values due to their short-term nature. The fair values of other intangible assets were internally estimated based primarily on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future. White Mountains developed internal estimates for the expected future cash flows and discount rates used in the present value calculations. See Note 4 - "Goodwill and Other Intangible Assets."

The value of the noncontrolling interest is recorded at the acquisition date fair value, based on the valuation implied in the Bamboo Transaction. Bamboo's segment income and expenses since acquisition are presented in Note 14 - "Segment Information."

10

BAM

On July 1, 2024, HG Re and BAM amended the terms of the FLRT with respect to certain governance rights held by HG Re. As a result, and in combination with other governance changes at BAM, White Mountains concluded that it no longer has the power to direct BAM's activities that most significantly impact its economic performance and is no longer BAM's primary beneficiary. Accordingly, effective July 1, 2024, White Mountains no longer consolidates BAM. See Note 15 - "Variable Interest Entities." Through June 30, 2024, BAM's results of operations were presented within the HG Global segment.

Upon deconsolidation, the BAM Surplus Notes met the criteria to be accounted for under the fair value option, which White Mountains elected. Accordingly, the BAM Surplus Notes, including accrued interest receivable, were carried at fair value of $387.4 million as of July 1, 2024, which resulted in an unrealized loss on deconsolidation of $114.5 million. This fair value included the impact of a discount for the time value of money, which was previously included in adjusted book value per share as a non-GAAP adjustment to book value per share. See Note 10 - "Municipal Bond Guarantee Reinsurance" for the valuation techniques and inputs utilized to determine the fair value of the BAM Surplus Notes.

WM Outrigger Re

During the fourth quarter of 2022, Ark sponsored the formation of Outrigger Re Ltd., a Bermuda company registered as a special purpose insurer and segregated accounts company, to provide reinsurance capacity to Ark. Outrigger Re Ltd. was initially capitalized with $250.0 million of preference shares for business written in the 2023 underwriting year, of which White Mountains contributed $205.0 million. The remaining capital was provided by third-party investors. Outrigger Re Ltd. entered into collateralized quota share agreements with GAIL to provide reinsurance protection on Ark's Bermuda global property catastrophe excess of loss portfolio written for the 2023 underwriting year. The proceeds from the issuance of the preference shares were deposited into collateral trust accounts to fund any potential obligations under the reinsurance agreements with GAIL. Outrigger Re Ltd.'s obligations under the reinsurance agreements with GAIL are subject to an aggregate limit equal to the assets in the collateral trusts at any point in time. The terms of the reinsurance agreements are renewable upon the mutual agreement of Ark and the applicable preference shareholder of Outrigger Re Ltd.

During the fourth quarter of 2023, Ark renewed Outrigger Re Ltd. for the 2024 underwriting year with $250.0 million of capital. White Mountains rolled over $130.0 million from its commitment to the 2023 underwriting year and received a retuof capital of $75.0 million during 2024 as a result of its reduced capital commitment. The remaining capital was provided by third-party investors.

During the fourth quarter of 2024, Ark renewed Outrigger Re Ltd. for the 2025 underwriting year with $230.0 million of capital. White Mountains's total commitment was $150.0 million, of which $130.0 million was rolled over from its commitment to the 2024 underwriting year. The remaining capital was provided by third-party investors. The reduced capacity at Outrigger Re Ltd. was replaced by Ark through traditional quota share reinsurance agreements.

White Mountains owns 100% of the preference shares linked to its segregated account, WM Outrigger Re. White Mountains consolidates WM Outrigger Re's results in its financial statements.

WM Outrigger Re's quota share reinsurance agreement with GAIL eliminates in White Mountains's consolidated financial statements.

During the three months ended March 31, 2025, no distributions were received from WM Outrigger Re. During the three months ended March 31, 2024, White Mountains received a retuof capital of $68.1 million from WM Outrigger Re as a result of its reduced capital commitment relating to the 2024 underwriting year. During 2024, WM Outrigger Re commuted its reinsurance agreement with GAIL for the 2023 underwriting year.

As of March 31, 2025 and December 31, 2024, WM Outrigger Re held investments of $208.7 million and $203.7 million in a collateral trust.

11

Note 3. Investment Securities

White Mountains's portfolio of investment securities held for general investment purposes consists of fixed maturity investments, short-term investments, common equity securities, its investment in MediaAlpha and other long-term investments. White Mountains's portfolio of fixed maturity investments, including those within short-term investments, is classified as trading securities. Trading securities are reported at fair value as of the balance sheet date. Short-term investments also include interest-bearing money market funds and certificates of deposit that are carried

at fair value. White Mountains's portfolio of common equity securities, its investment in MediaAlpha and other long-term investments are measured at fair value. Other long-term investments consist primarily of unconsolidated entities, Kudu's Participation Contracts, private equity funds and hedge funds, a bank loan fund, Lloyd's trust deposits, insurance-linked securities ("ILS") funds and private debt instruments. White Mountains has taken the fair value option for its equity method eligible investments. See Note 16 - "Equity Method Eligible Investments." Net realized and

unrealized investment gains (losses) are reported in pre-tax revenues.

Effective July 1, 2024, White Mountains no longer consolidates BAM. Through June 30, 2024, White Mountains's consolidated financial statements included BAM's investment results. See

Note 2 - "Significant Transactions." Net Investment Income

White Mountains's net investment income is comprised primarily of interest income associated with White Mountains's fixed maturity investments and short-term investments, dividend income from common equity securities and distributions from other long-term investments.

The following table presents pre-tax net investment income for the three months ended March 31, 2025 and 2024:

		Thre	e Months	En	ded March 31,
Millions		2025			2024
Fixed maturity investments		$	27.0		$	20.9
Short-term investments			10.6			15.7
Common equity securities			.4			.5
Other long-term investments			22.2			20.6
Total investment income			60.2			57.7
Third-party investment expenses			(.6)			(.7)
Net investment income, pre-tax		$	59.6		$	57.0

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Net Realized and Unrealized Investment Gains (Losses)

The following table presents net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

Millions		2025			2024
Realized investment gains (losses)
Fixed maturity investments		$	(.1)		$	(5.8)
Short-term investments			.2			(.2)
Common equity securities			34.6			-
Other long-term investments			5.6			.3
Net realized investment gains (losses)			40.3			(5.7)
Unrealized investment gains (losses)
Fixed maturity investments			22.2			(7.4)
Short-term investments			-			(1.0)
Common equity securities			(22.1)			23.1
Investment in MediaAlpha			(36.6)			210.7
Other long-term investments			46.2			7.1
Net unrealized investment gains (losses)			9.7			232.5
Net realized and unrealized investment gains (losses) (1)		$	50.0		$	226.8
Fixed maturity and short-term investments Net realized and unrealized investment gains (losses)	$		22.3	$ (14.4)
Less: net realized and unrealized gains (losses) on investment securities sold during the period			.5	(.7)
Net unrealized investment gains (losses) recognized during the period on investment securities held at the end of the period		$	21.8		$	(13.7)
Common equity securities and investment in MediaAlpha
Net realized and unrealized investment gains (losses) on common equity securities		$	12.5		$	23.1
Net realized and unrealized investment gains (losses) from
investment in MediaAlpha			(36.6)			210.7
Total net realized and unrealized investment gains (losses)			(24.1)			233.8
Less: net realized and unrealized gains (losses) on investment securities sold during the period			3.0			-
Net unrealized investment gains (losses) recognized during the period on investment securities held at the end of the period		$	(27.1)		$	233.8

(1) For the three months ended March 31, 2025 and 2024, includes $7.2 and $(11.5) of net realized and unrealized investment gains (losses) related to foreign currency exchange.

The following table presents total net unrealized gains (losses) attributable to Level 3 investments for the three months ended March 31, 2025 and 2024 for investments still held at the end of the period:

Three Months Ended March 31,

Millions		2025		2024
Total net unrealized investment gains on other long-term investments held at the end of period, pre-tax		$	45.0 $		(6.2)

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Investment Holdings

The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses) and carrying value of White Mountains's fixed maturity investments as of March 31, 2025 and December 31, 2024:

								March 31, 2025
		Cost or Amortized			Gross Unrealized			Gross Unrealized			Net Foreign Currency Gains		Carrying
Millions		Cost			Gains			Losses			(Losses)		Value
U.S. Government and agency obligations		$ 489.0		$		2.3		$ (.4)		$	-		$ 490.9
Debt securities issued by corporations		1,415.5				8.2		(22.3)			(2.9)		1,398.5
Municipal obligations		3.2				-		-			-		3.2
Mortgage and asset-backed securities		399.6				1.3		(21.0)			-		379.9
Collateralized loan obligations		256.7				.4		(.6)			(.5)		256.0
Foreign government and agency obligations		23.4				-		-			.1		23.5
Total fixed maturity investments	$		2,587.4	$	12.2		$		(44.3)	$	(3.3)	$		2,552.0

								December 31, 2024
		Cost or Amortized			Gross Unrealized			Gross Unrealized			Net Foreign Currency		Carrying
Millions		Cost			Gains			Losses			Gains (Losses)		Value
U.S. Government and agency obligations		$ 461.8		$		1.1		$ (.8)		$	-		$ 462.1
Debt securities issued by corporations		1,444.5				4.6		(31.4)			(3.5)		1,414.2
Municipal obligations		3.2				-		-			-		3.2
Mortgage and asset-backed securities		400.2				.2		(26.5)			-		373.9
Collateralized loan obligations		237.3				1.2		(.2)			(1.6)		236.7
Foreign government and agency obligations		22.2				-		(.1)			(.6)		21.5
Total fixed maturity investments		$ 2,569.2		$		7.1		$ (59.0)		$	(5.7)		$ 2,511.6

The following table presents the cost or amortized cost and carrying value of White Mountains's fixed maturity investments by contractual maturity as of March 31, 2025 and December 31, 2024. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without penalties.

March 31, 2025 December 31, 2024

Millions			Cost or Amortized Cost			Carrying Value			Cost or Amortized Cost			Carrying Value
Due in one year or less		$	318.7		$	316.4		$	205.8		$		203.9
Due after one year through five years			1,374.7			1,370.2			1,494.5				1,478.7
Due after five years through ten years			219.8			211.4			206.1				193.2
Due after ten years			17.9			18.1			25.3				25.2
Mortgage and asset-backed securities and collateralized loan obligations			656.3			635.9			637.5				610.6
Total fixed maturity investments		$	2,587.4		$	2,552.0		$	2,569.2		$		2,511.6

14

The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses) and carrying value of common equity securities, White Mountains's investment in MediaAlpha and other long-term investments as of March 31, 2025 and December 31, 2024:

					March 31, 2025
		Cost or Amortized		Gross Unrealized	Gross Unrealized	Net Foreign Currency		Carrying
Millions		Cost		Gains	Losses	Gains (Losses)		Value
Common equity securities		$ 450.9		$ 95.8	$ -	$ (4.9)		$ 541.8
Investment in MediaAlpha		$ 59.2		$ 105.8	$ -	$ -		$ 165.0
Other long-term investments		$ 1,840.3		$ 596.5	$ (122.8)	$ (26.1)		$ 2,287.9
					December 31, 2024
		Cost or Amortized		Gross Unrealized	Gross Unrealized	Net Foreign Currency		Carrying
Millions		Cost		Gains	Losses	Gains (Losses)		Value
Common equity securities		$ 537.0		$ 120.4	$ -	$ (7.4)		$ 650.0
Investment in MediaAlpha		$ 59.2		$ 142.4	$ -	$ -		$ 201.6
Other long-term investments		$ 1,748.7		$ 546.4	$ (116.7)	$ (28.2)		$ 2,150.2
Fair Value Measurements

Fair value measurements are categorized into a hierarchy that distinguishes between inputs based on market data from independent sources (observable inputs) and a reporting entity's internal assumptions based upon the best information available when external market data is limited or unavailable (unobservable inputs). Quoted prices in active markets for identical assets or liabilities have the highest priority (Level 1), followed by observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities (Level 2) and unobservable inputs, including the reporting entity's estimates of the assumptions that market participants would use, having the lowest priority (Level 3). See Note 17 - "Fair Value of Financial Instruments."

Fair Value Measurements By Level

The following tables present White Mountains's fair value measurements for investments as of March 31, 2025 and December 31, 2024 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments and agencies, municipalities, entities issuing mortgage and asset-backed securities or entities issuing collateralized loan obligations vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated this asset class into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg U.S. Intermediate Aggregate Index.

15

March 31, 2025

Millions		Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations		$ 490.9		$ 490.1		$ .8		$ -
Debt securities issued by corporations:
Financials		474.4		-		474.4		-
Consumer		263.1		-		263.1		-
Industrial		150.2		-		150.2		-
Healthcare		144.2		-		144.2		-
Technology		119.3		-		119.3		-
Communications		64.5		-		64.5		-
Materials		63.8		-		63.8		-
Utilities		60.7		-		60.7		-
Energy		58.3		-		58.3		-
Total debt securities issued by corporations		1,398.5		-		1,398.5		-
Municipal obligations		3.2		-		3.2		-
Mortgage and asset-backed securities		379.9		-		379.9		-
Collateralized loan obligations		256.0		-		256.0		-
Foreign government and agency obligations		23.5		-		23.5		-
Total fixed maturity investments		2,552.0		490.1		2,061.9		-
Short-term investments		1,004.6		1,001.0		3.6		-
Common equity securities:
Exchange-traded funds		120.9		120.9		-		-
Other (1)		420.9		-		420.9		-
Total common equity securities		541.8		120.9		420.9		-
Investment in MediaAlpha		165.0		165.0		-		-
Other long-term investments		1,401.4		-		25.5		1,375.9
Other long-term investments - net asset value (2)		886.5		-		-		-
Total other long-term investments		2,287.9		-		25.5		1,375.9
Total investments		$ 6,551.3		$ 1,777.0		$ 2,511.9		$ 1,375.9

(1) Consists of investments in listed funds that predominantly invest in international equities.

(2)Consists of private equity funds and hedge funds, a bank loan fund, Lloyd's trust deposits and ILS funds for which fair value is measured using net asset value ("NAV") as a practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.

16

December 31, 2024

Millions		Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations		$ 462.1		$ 461.3		$ .8		$ -
Debt securities issued by corporations:
Financials		466.7		-		466.7		-
Consumer		255.2		-		255.2		-
Industrial		164.4		-		164.4		-
Healthcare		153.1		-		153.1		-
Technology		113.8		-		113.8		-
Communications		71.6		-		71.6		-
Materials		65.7		-		65.7		-
Utilities		60.9		-		60.9		-
Energy		62.8		-		62.8		-
Total debt securities issued by corporations		1,414.2		-		1,414.2		-
Municipal obligations		3.2		-		3.2		-
Mortgage and asset-backed securities		373.9		-		373.9		-
Collateralized loan obligations		236.7		-		236.7		-
Foreign government and agency obligations		21.5		-		21.5		-
Total fixed maturity investments		2,511.6		461.3		2,050.3		-
Short-term investments		964.2		951.1		13.1		-
Common equity securities:
Exchange-traded funds		224.6		224.6		-		-
Other (1)		425.4		-		425.4		-
Total common equity securities		650.0		224.6		425.4		-
Investment in MediaAlpha		201.6		201.6		-		-
Other long-term investments		1,286.2		-		23.5		1,262.7
Other long-term investments - NAV (2)		864.0		-		-		-
Total other long-term investments		2,150.2		-		23.5		1,262.7
Total investments		$ 6,477.6		$ 1,838.6		$ 2,512.3		$ 1,262.7

(1) Consists of investments in listed funds that predominantly invest in international equities.

(2)Consists of private equity funds and hedge funds, a bank loan fund, Lloyd's trust deposits and ILS funds for which fair value is measured using NAV as a practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.

17

Investments Held on Deposit or as Collateral

Lloyd's trust deposits are generally required of Lloyd's syndicates to protect policyholders in non-U.K. markets and are pledged into Lloyd's trust accounts to provide a portion of the capital needed to support obligations at Lloyd's. As of March 31, 2025 and December 31, 2024, Ark held Lloyd's trust deposits with a fair value of $155.9 million and $149.9 million.

The underwriting capacity of a member of Lloyd's must be supported by providing a deposit ("Funds at Lloyd's") in the form of cash, securities or letters of credit in an amount determined by Lloyd's. The amount of such deposit is calculated for each member through an annual capital adequacy determination by Lloyd's. As of March 31, 2025 and December 31, 2024, the fair value of Ark's Funds at Lloyd's cash and investment deposits totaled $348.2 million and $361.5 million.

As of March 31, 2025 and December 31, 2024, Ark held additional investments on deposit or as collateral for insurance regulators and reinsurance counterparties of $250.3 million and

$226.5 million.

As of March 31, 2025 and December 31, 2024, investments of $208.7 million and $203.7 million were held in a collateral trust account required to be maintained in relation to WM Outrigger Re's reinsurance agreement with GAIL.

Ark is required to pledge collateral under its standby letters of credit. See Note 7 - "Debt."

HG Re is required to maintain assets, including investments, in collateral trusts under the FLRT with BAM. See Note 10 - "Municipal Bond Guarantee Reinsurance - Collateral Trusts."

HG Global is required to maintain an interest reserve account in connection with its senior notes issued in 2022. See Note 7 - "Debt."

Kudu is required to maintain an interest reserve account in connection with its credit facility. See Note 7 - "Debt."

As of March 31, 2025 and December 31, 2024, investments of $41.3 million and $32.2 million were held as collateral required to be maintained in relation to the Bamboo Captive's reinsurance agreements.

As of March 31, 2025 and December 31, 2024, investments of $42.7 million and $46.7 million were held as collateral required to be maintained in relation to the Bamboo CRV's reinsurance agreements.

Debt Securities Issued by Corporations

The following table presents the fair values for credit ratings of debt securities issued by corporations held in White Mountains's investment portfolio as of March 31, 2025 and December 31, 2024:

				Fair	Value at
Millions			March 31, 2025			December 31, 2024
AAA		$		11.9	$		14.6
AA				89.5			91.2
A				623.7			607.2
BBB				659.1			688.7
BB				6.8			5.4
Other				7.5			7.1
Debt securities issued by corporations (1)	$		1,398.5		$	1,414.2

(1)Credit ratings are based upon issuer credit ratings provided by Standard & Poor's Financial Services LLC ("Standard & Poor's"), or if unrated by Standard & Poor's, long-term obligation ratings provided by Moody's Investor Service, Inc.

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White Mountains Insurance Group Ltd. published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 12:34 UTC.