Subsequent events	6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]
Subsequent events	Subsequent events Distinguished Programs On July 4, 2025, White Mountains entered into a Unit Purchase Agreement (the “Distinguished Purchase Agreement”) with AQ Phoenix Parent, L.P. (“Distinguished Programs”) and certain other parties thereto. Under the Distinguished Purchase Agreement, White Mountains will acquire, inclusive of its existing 1.4% basic ownership interest, a 51.0% controlling interest in Distinguished Programs on a basic units outstanding basis for approximately $230.0 million in cash at closing (the “Distinguished Transactions”). Distinguished Programs is a full-service MGA and program administrator for specialty property & casualty insurance. On behalf of its insurance carrier partners, Distinguished Programs typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance and claims. Distinguished Programs earns commissions based on the volume and profitability of the insurance that it places. Distinguished Programs does not assume or retain and insurance risk. The Distinguished Transactions are expected to close in the third quarter of 2025. Completion of the Distinguished Transactions is subject to the receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the Distinguished Transactions. On the third anniversary of the closing of the Distinguished Transactions, certain sellers will have the right to sell additional units (representing 28.9% of the total units at closing on a basic units outstanding basis) to White Mountains at the same unit price paid in the Distinguished Transactions, the total price for which, if exercised in full, is expected to be approximately $130.0 million. White Mountains will have a parallel right to purchase such units at 1.35 times the unit price paid in the Distinguished Transactions.

On July 4, 2025, White Mountains entered into a Unit Purchase Agreement (the “Distinguished Purchase Agreement”) with AQ Phoenix Parent, L.P. (“Distinguished Programs”) and certain other parties thereto. Under the Distinguished Purchase Agreement, White Mountains will acquire, inclusive of its existing 1.4% basic ownership interest, a 51.0% controlling interest in Distinguished Programs on a basic units outstanding basis for approximately $230.0 million in cash at closing (the “Distinguished Transactions”). Distinguished Programs is a full-service MGA and program administrator for specialty property & casualty insurance. On behalf of its insurance carrier partners, Distinguished Programs typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance and claims. Distinguished Programs earns commissions based on the volume and profitability of the insurance that it places. Distinguished Programs does not assume or retain and insurance risk.

The Distinguished Transactions are expected to close in the third quarter of 2025. Completion of the Distinguished Transactions is subject to the receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the Distinguished Transactions.

On the third anniversary of the closing of the Distinguished Transactions, certain sellers will have the right to sell additional units (representing 28.9% of the total units at closing on a basic units outstanding basis) to White Mountains at the same unit price paid in the Distinguished Transactions, the total price for which, if exercised in full, is expected to be approximately $130.0 million. White Mountains will have a parallel right to purchase such units at 1.35 times the unit price paid in the Distinguished Transactions.