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 Outrigger | | | | | | | | Other Operations | | | | Millions | | Ark | | WM 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 revenues | | 6.7 | | | — | | | .2 | | | .1 | | | — | | | 56.4 | | | 63.4 | | | Total revenues | | 372.4 | | | 3.9 | | | 63.0 | | | 17.2 | | | 40.3 | | | 21.0 | | | 517.8 | | | Loss and LAE | | 206.4 | | | .3 | | | — | | | — | | | — | | | .3 | | | 207.0 | | | Acquisition expenses | | 97.9 | | | .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 expense | | 4.1 | | | — | | | 7.1 | | | 3.6 | | | 3.5 | | | 1.0 | | | 19.3 | | | Total expenses | | 365.9 | | | 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 Outrigger | | | | | | | | Other Operations | | | | Millions | | Ark | | WM Outrigger Re | | Kudu | | HG Global | | Bamboo | | | Total | | 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 revenues | | 2.2 | | | — | | | .4 | | | .1 | | | 1.3 | | | 13.6 | | | 17.6 | | | Total revenues | | 399.1 | | | 14.1 | | | 63.8 | | | 32.1 | | | 61.4 | | | 7.3 | | | 577.8 | | | Loss and LAE | | 213.3 | | | 20.2 | | | — | | | — | | | 10.9 | | | 17.4 | | | 261.8 | | | Acquisition expenses | | 83.8 | | | (.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 expense | | 4.2 | | | — | | | 6.4 | | | 4.6 | | | 2.1 | | | .5 | | | 17.8 | | | Total expenses | | 346.8 | | | 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 | | Millions | | United States | | United Kingdom | | Bermuda | | Other | | Total | | Earned insurance premiums | | $ | .2 | | | $ | 231.2 | | | $ | 153.5 | | | $ | — | | | $ | 384.9 | | | Commission and fee revenues | | 39.6 | | | — | | | — | | | 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 | | Millions | | United States | | United Kingdom | | Bermuda | | Other | | Total | | Earned insurance premiums | | $ | 14.9 | | | $ | 215.5 | | | $ | 164.6 | | | $ | — | | | $ | 395.0 | | | Commission and fee revenues | | 44.2 | | | — | | | — | | | 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 Outrigger | | Kudu | | HG 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.”
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