WHITE MOUNTAINS INSURANCE GROUP LTD

For the period ended Mar 31, 2026. Filed May 6, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 6, 2026

WTM$2,256.20+0.7%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations,

	Three Months Ended March 31,
Millions	2026	2025
Revenues:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums	$373.8	$358.0
Net investment income	28.7	23.5
Net realized and unrealized investment gains (losses)	(32.9)	29.5
Other revenues	6.7	2.2
Total P&C Insurance and Reinsurance revenues	376.3	413.2
Asset Management (Kudu)
Net investment income	20.8	19.4
Net realized and unrealized investment gains (losses)	42.0	44.0
Other revenues	.2	.4
Total Asset Management revenues	63.0	63.8
Financial Guarantee (HG Global)
Earned insurance premiums	7.7	8.2
Net investment income	7.7	6.3
Net realized and unrealized investment gains (losses)	(5.2)	10.0
Interest income from BAM Surplus Notes	6.9	7.5
Other revenues	.1	.1
Total Financial Guarantee revenues	17.2	32.1
Specialty Insurance Distribution (Distinguished)
Commission and fee revenues	39.6	—
Other revenues	.7	—
Total Specialty Insurance Distribution revenues	40.3	—
P&C Insurance Distribution (Bamboo)
Commission and fee revenues	—	44.2
Earned insurance premiums	—	14.9
Other revenues	—	2.3
Total P&C Insurance Distribution revenues	—	61.4
Other Operations
Earned insurance premiums	3.4	13.9
Net investment income	13.5	9.7
Net realized and unrealized investment gains (losses)	6.9	2.8
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	(65.2)	(36.6)
Commission and fee revenues	3.6	3.9
Net gain on sale of the Bamboo Group	2.4	—
Other revenues	56.4	13.6
Total Other Operations revenues	21.0	7.3
Total revenues	$517.8	$577.8

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

	Three Months Ended March 31,
Millions	2026	2025
Expenses:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses	$206.7	$233.5
Acquisition expenses	98.8	83.5
General and administrative expenses	47.5	35.9
Change in fair value of contingent consideration	10.0	9.7
Interest expense	4.1	4.2
Total P&C Insurance and Reinsurance expenses	367.1	366.8
Asset Management (Kudu)
General and administrative expenses	4.2	4.0
Interest expense	7.1	6.4
Total Asset Management expenses	11.3	10.4
Financial Guarantee (HG Global)
Acquisition expenses	2.1	1.9
General and administrative expenses	.7	.6
Interest expense	3.6	4.6
Total Financial Guarantee expenses	6.4	7.1
Specialty Insurance Distribution (Distinguished)
Broker commission expenses	17.2	—
General and administrative expenses	37.2	—
Interest expense	3.5	—
Total Specialty Insurance Distribution expenses	57.9	—
P&C Insurance Distribution (Bamboo)
Broker commission expenses	—	15.5
Loss and loss adjustment expenses	—	10.9
Acquisition expenses	—	6.6
General and administrative expenses	—	20.0
Interest expense	—	2.1
Total P&C Insurance Distribution expenses	—	55.1
Other Operations
Loss and loss adjustment expenses	.3	17.4
Acquisition expenses	1.3	5.1
Cost of sales	42.7	7.5
General and administrative expenses	55.3	35.5
Interest expense	1.0	.5
Total Other Operations expenses	100.6	66.0
Total expenses	543.3	505.4
Pre-tax income (loss)	(25.5)	72.4
Income tax (expense) benefit	(.8)	(9.6)
Net income (loss)	(26.3)	62.8
Net (income) loss attributable to noncontrolling interests	(.9)	(28.9)
Net income (loss) attributable to White Mountains’s common shareholders	$(27.2)	$33.9

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.