v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
 
As of March 31, 2026, White Mountains conducted its operations through four reportable segments: (1) Ark/WM Outrigger, (2) Kudu, (3) HG Global and (4) Distinguished, with its 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 CODM and the Board of Directors. The Company’s CODM is its Chief Executive Officer. The CODM utilizes each segment’s pre-tax income (loss) in assessing each segment’s performance and allocating resources. Other measures of segment profitability are also reviewed by the CODM. Significant intercompany transactions among White Mountains’s segments have been eliminated herein.
On December 5, 2025, White Mountains completed the Bamboo Sale Transaction. As a result, White Mountains deconsolidated the Bamboo Group on December 5, 2025, and Bamboo is no longer a reportable segment. Through December 5, 2025, Bamboo’s results of operations are presented within the Bamboo segment. White Mountains’s noncontrolling equity interest in the Bamboo SPV is accounted for at fair value in other long-term investments within Other Operations. See Note 2 — “Significant Transactions.”
On September 2, 2025, White Mountains completed the Distinguished Transaction. As a result, White Mountains began consolidating Distinguished in its financial statements on September 2, 2025. See Note 2 — “Significant Transactions.”
The following tables present White Mountains’s pre-tax financial results by segment for the three months ended March 31, 2026 and 2025:

Ark/WM OutriggerOther Operations
MillionsArkWM Outrigger Re
Kudu
HG Global
Distinguished
Total
Three Months Ended March 31, 2026
Earned insurance premiums$371.1 $2.7 $— $7.7 $— $3.4 $384.9 
Net investment income (1)
27.4 1.3 20.8 7.7 .7 13.5 71.4 
Net realized and unrealized investment gains (losses)
(32.8)(.1)42.0 (5.2)— 6.9 10.8 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — (65.2)(65.2)
Interest income from BAM Surplus Notes— — — 6.9 — — 6.9 
Commission and fee revenues — — — — 39.6 3.6 43.2 
Net gain on sale of the Bamboo Group
— — — — — 2.4 2.4 
Other revenues6.7 — .2 .1 — 56.4 63.4 
     Total revenues372.4 3.9 63.0 17.2 40.3 21.0 517.8 
Loss and LAE206.4 .3 — — — .3 207.0 
Acquisition expenses97.9 .9 — 2.1 — 1.3 102.2 
Cost of sales— — — — — 42.7 42.7 
Broker commission expenses— — — — 17.2 — 17.2 
General and administrative expenses (2) (3)
47.5 — 4.2 .7 37.2 55.3 144.9 
Change in fair value of contingent
   consideration
10.0 — — — — — 10.0 
Interest expense4.1 — 7.1 3.6 3.5 1.0 19.3 
     Total expenses365.9 1.2 11.3 6.4 57.9 100.6 543.3 
Pre-tax income (loss)$6.5 $2.7 $51.7 $10.8 $(17.6)$(79.6)$(25.5)
(1) Distinguished’s net investment income is included in other revenues in the consolidated statement of operations.
(2) Ark’s general and administrative expenses include $34.9 of other underwriting expenses.
(3) Distinguished’s general and administrative expenses include $7.4 of amortization of other intangible assets.
Ark/WM OutriggerOther Operations
MillionsArkWM Outrigger Re
Kudu
HG GlobalBambooTotal
Three Months Ended March 31, 2025
Earned insurance premiums$346.0 $12.0 $— $8.2 $14.9 $13.9 $395.0 
Net investment income (1)
21.3 2.2 19.4 6.3 .7 9.7 59.6 
Net realized and unrealized investment
   gains (losses) (1)
29.6 (.1)44.0 10.0 .3 2.8 86.6 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — (36.6)(36.6)
Interest income from BAM Surplus Notes
— — — 7.5 — — 7.5 
Commission and fee revenues— — — — 44.2 3.9 48.1 
Other revenues2.2 — .4 .1 1.3 13.6 17.6 
     Total revenues399.1 14.1 63.8 32.1 61.4 7.3 577.8 
Loss and LAE213.3 20.2 — — 10.9 17.4 261.8 
Acquisition expenses83.8 (.3)— 1.9 6.6 5.1 97.1 
Cost of sales— — — — — 7.5 7.5 
Broker commission expenses— — — — 15.5 — 15.5 
General and administrative expenses (2) (3)
35.8 .1 4.0 .6 20.0 35.5 96.0 
Change in fair value of contingent
   consideration		9.7 — — — — — 9.7 
Interest expense4.2 — 6.4 4.6 2.1 .5 17.8 
     Total expenses346.8 20.0 10.4 7.1 55.1 66.0 505.4 
Pre-tax income (loss)$52.3 $(5.9)$53.4 $25.0 $6.3 $(58.7)$72.4 
(1) Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.
(2) Ark’s general and administrative expenses include $28.5 of other underwriting expenses.
(3) Bamboo’s general and administrative expenses include $4.0 of amortization of other intangible assets.

The following tables present White Mountains’s revenues from external customers by country for three months ended March 31, 2026 and 2025:
Three Months Ended March 31, 2026
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$.2 $231.2 $153.5 $— $384.9 
Commission and fee revenues39.6 — — 3.6 43.2 
Other revenues (1)
56.4 — — — 56.4 
Total$96.2 $231.2 $153.5 $3.6 $484.5 
(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.
Three Months Ended March 31, 2025
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$14.9 $215.5 $164.6 $— $395.0 
Commission and fee revenues44.2 — — 3.9 48.1 
Other revenues (1)
13.6 — — — 13.6 
Total$72.7 $215.5 $164.6 $3.9 $456.7 
(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.
The following table presents White Mountains’s balance sheet information by segment as of March 31, 2026 and December 31, 2025:
Millions
Selected Balance Sheet Data		Ark/WM OutriggerKuduHG Global
Distinguished
Other
Operations		Total
March 31, 2026
  
Total investments$3,907.4 $1,379.7 $790.8 $66.1 $2,209.4 
(1)
$8,353.4 
Total assets$7,220.7 $1,447.1 $1,247.6 $701.1 $2,552.4 
(2) (3)
$13,168.9 
Total liabilities$5,541.4 $456.0 $499.8 
(2)
$284.6 $211.1 
(2) (3)
$6,992.9 
Redeemable noncontrolling interests
$— $— $— $131.5 $— $131.5 
Total White Mountains’s
   common shareholders’ equity
$1,231.5 $855.7 $767.0 
(2)
$214.4 $2,304.9 
(2)
$5,373.5 
Nonredeemable noncontrolling interests
$447.8 $135.4 $(19.2)$70.6 $36.4 $671.0 
December 31, 2025
  
Total investments$3,926.5 $1,313.3 $784.2 $94.0 $2,205.9 
(1)
$8,323.9 
Total assets$6,354.1 $1,402.3 $1,236.8 $735.4 $2,577.9 
(2) (3)
$12,306.5 
Total liabilities$4,528.5 $446.9 $499.5 
(2)
$307.1 $269.4 
(2) (3)
$6,051.4 
Redeemable noncontrolling interests$— $— $— $131.5 $— $131.5 
Total White Mountains’s
   common shareholders’ equity
$1,360.4 $814.2 $755.7 
(2)
$223.1 $2,272.0 
(2)
$5,425.4 
Nonredeemable noncontrolling interests
$465.2 $141.2 $(18.4)$73.7 $36.5 $698.2 
(1) Total investments as of March 31, 2026 and December 31, 2025 exclude $0.6 and $1.0 related to an Other Operating Business that was reclassified to assets held for sale. See Note 19 — “Held for Sale.”
(2) HG Global preferred dividends payable to White Mountains’s subsidiaries is eliminated in White Mountains’s consolidated financial statements. For segment reporting, the HG Global preferred dividends payable to White Mountains’s subsidiaries included within the HG Global segment are eliminated against the offsetting receivable included within Other Operations and therefore added back to White Mountains’s common shareholders’ equity within the HG Global segment. As of March 31, 2026 and December 31, 2025, the HG Global preferred dividends payable to White Mountains’s subsidiaries were $544.1 and $527.2.
(3) Amounts include held for sale balances. See Note 19 — “Held for Sale.”