v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of financial information for segments
The following tables present White Mountains’s pre-tax financial results by segment for the three and six months ended June 30, 2026 and 2025:
Ark/WM OutriggerOther OperationsTotal
MillionsArkWM Outrigger Re
Kudu
HG GlobalDistinguishedWTM Partners
Three Months Ended June 30, 2026
Earned insurance premiums (1)
$375.4 $.8 $— $7.7 $— $— $.7 $384.6 
Net investment income (2)
26.9 1.1 19.0 7.8 .6 — 15.5 70.9 
Net realized and unrealized
   investment gains (losses) (2)
30.5 — 49.7 (2.0)— — 72.4 150.6 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha		— — — — — — 58.4 58.4 
Interest income from BAM Surplus Notes— — — 6.9 — — — 6.9 
Commission and fee revenues (1)
— — — — 56.6 — 3.8 60.4 
Product and services revenues— — — — — 92.8 14.7 107.5 
Other revenues (1) (2)
4.9 — .2 — .2 — — 5.3 
     Total revenues437.7 1.9 68.9 20.4 57.4 92.8 165.5 844.6 
Loss and LAE (3)
175.7 (.1)— — — — .1 175.7 
Insurance acquisition expenses (3)
103.4 .3 — 2.1 — — .3 106.1 
Cost of sales— — — — — 72.6 7.5 80.1 
Broker commission expenses— — — — 23.3 — — 23.3 
Amortization of other intangible assets (4)
— — — — 6.4 1.3 .9 8.6 
General and administrative expenses (3) (4) (5)
44.4 — 4.7 4.2 34.6 14.2 41.2 143.3 
Change in fair value of contingent consideration31.7 — — — — — — 31.7 
Interest expense4.1 — 7.2 3.7 3.6 .6 .6 19.8 
     Total expenses359.3 .2 11.9 10.0 67.9 88.7 50.6 588.6 
Pre-tax income (loss)$78.4 $1.7 $57.0 $10.4 $(10.5)$4.1 $114.9 $256.0 
(1) Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.
(2) Distinguished’s net investment income is included in other revenues in the consolidated statement of operations.
(3) Other Operations’s loss and LAE and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations.
(4) Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.
(5) Ark’s general and administrative expenses include $36.3 of other underwriting expenses.
Ark/WM Outrigger
MillionsArkWM Outrigger ReKuduHG GlobalWTM Partners
Bamboo
Other OperationsTotal
Three Months Ended June 30, 2025
Earned insurance premiums (1)
$357.1 $7.1 $— $7.1 $— $1.6 $2.3 $375.2 
Net investment income (2)
24.1 2.2 19.3 6.5 — .7 8.6 61.4 
Net realized and unrealized
   investment gains (losses) (2)
51.1 — .8 3.1 — — 31.8 86.8 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — — 30.5 30.5 
Interest income from BAM Surplus Notes— — — 7.5 — — — 7.5 
Commission and fee revenues (1)
— — — — — 59.1 4.2 63.3 
Product and services revenues— — — — 42.8 — 13.5 56.3 
Other revenues (1) (2)
6.3 — .3 — — 1.1 .5 8.2 
     Total revenues438.6 9.3 20.4 24.2 42.8 62.5 91.4 689.2 
Loss and LAE (3)
162.3 1.7 — — — 1.7 .8 166.5 
Insurance acquisition expenses (3)
95.8 1.4 — 2.0 — (.6).9 99.5 
Cost of sales— — — — 35.2 — 7.2 42.4 
Broker commission expenses
— — — — — 19.8 — 19.8 
Amortization of other intangible assets (4)
— — .1 — — 4.0 1.0 5.1 
General and administrative expenses (3) (4) (5)
56.5 — 3.5 1.0 6.4 18.6 46.4 132.4 
Change in fair value of contingent
   consideration		28.4 — — — — — — 28.4 
Interest expense4.3 — 6.1 4.5 .3 2.9 .5 18.6 
     Total expenses347.3 3.1 9.7 7.5 41.9 46.4 56.8 512.7 
Pre-tax income (loss)$91.3 $6.2 $10.7 $16.7 $.9 $16.1 $34.6 $176.5 
(1) Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.
(2) Bamboo’s net investment income is included in other revenues in the consolidated statement of operations.
(3) Other Operations’s loss and LAE and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations.
(4) Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.
(5) Ark’s general and administrative expenses include $46.3 of other underwriting expenses.
Ark/WM OutriggerOther Operations
MillionsArkWM Outrigger Re
Kudu
HG Global
Distinguished
WTM PartnersTotal
Six Months Ended June 30, 2026
Earned insurance premiums (1)
$746.5 $3.5 $— $15.4 $— $— $4.1 $769.5 
Net investment income (2)
54.3 2.4 39.8 15.5 1.3 — 29.0 142.3 
Net realized and unrealized
   investment gains (losses) (2)
(2.3)(.1)91.7 (7.2)— — 79.3 161.4 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — — (6.8)(6.8)
Interest income from BAM Surplus Notes— — — 13.8 — — — 13.8 
Commission and fee revenues (1)
— — — — 96.2 — 7.4 103.6 
Product and services revenues— — — — — 136.5 27.5 164.0 
Net gain on sale of the Bamboo Group
— — — — — — 2.4 2.4 
Other revenues (1) (2)
11.6 — .4 .1 .2 — (.1)12.2 
     Total revenues810.1 5.8 131.9 37.6 97.7 136.5 142.8 1,362.4 
Loss and LAE (3)
382.1 .2 — — — — .4 382.7 
Insurance acquisition expenses (3)
201.3 1.2 — 4.2 — — 1.6 208.3 
Cost of sales— — — — — 108.7 14.1 122.8 
Broker commission expenses— — — — 40.5 — — 40.5 
Amortization of other intangible assets (4)
— — .1 — 13.8 2.5 1.9 18.3 
General and administrative expenses (3) (4) (5)
91.9 — 8.8 4.9 64.4 22.8 85.7 278.5 
Change in fair value of contingent
   consideration
41.7 — — — — — — 41.7 
Interest expense8.2 — 14.3 7.3 7.1 .9 1.3 39.1 
     Total expenses725.2 1.4 23.2 16.4 125.8 134.9 105.0 1,131.9 
Pre-tax income (loss)$84.9 $4.4 $108.7 $21.2 $(28.1)$1.6 $37.8 $230.5 
(1) Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.
(2) Distinguished’s net investment income is included in other revenues in the consolidated statement of operations.
(3) Other Operations’s loss and LAE and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations. (4) Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.
(5) Ark’s general and administrative expenses include $71.2 of other underwriting expenses.
Ark/WM OutriggerOther Operations
MillionsArkWM Outrigger Re
Kudu
HG GlobalWTM PartnersBambooTotal
Six Months Ended June 30, 2025
Earned insurance premiums (1)
$703.1 $19.1 $— $15.3 $— $16.5 $16.2 $770.2 
Net investment income (2)
45.4 4.4 38.7 12.8 — 1.4 18.3 121.0 
Net realized and unrealized
   investment gains (losses) (2)
80.7 (.1)44.8 13.1 — .3 34.6 173.4 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — — (6.1)(6.1)
Interest income from BAM Surplus Notes
— — — 15.0 — — — 15.0 
Commission and fee revenues (1)
— — — — — 103.3 8.1 111.4 
Product and services revenues— — — — 42.8 — 27.1 69.9 
Other revenues (1) (2)
8.5 — .7 .1 — 2.4 .5 12.2 
     Total revenues837.7 23.4 84.2 56.3 42.8 123.9 98.7 1,267.0 
Loss and LAE (3)
375.6 21.9 — — — 12.6 18.2 428.3 
Insurance acquisition expenses (3)
179.6 1.1 — 3.9 — 6.0 6.0 196.6 
Cost of sales— — — — 35.2 — 14.7 49.9 
Broker commission expenses— — — — — 35.3 — 35.3 
Amortization of other intangible assets (4)
— — .2 — — 8.0 2.1 10.3 
General and administrative expenses (3) (4) (5)
92.3 .1 7.4 1.6 9.4 34.6 77.8 223.2 
Change in fair value of contingent
   consideration		38.1 — — — — — — 38.1 
Interest expense8.5 — 12.5 9.1 .3 5.0 1.0 36.4 
     Total expenses694.1 23.1 20.1 14.6 44.9 101.5 119.8 1,018.1 
Pre-tax income (loss)$143.6 $.3 $64.1 $41.7 $(2.1)$22.4 $(21.1)$248.9 
(1) Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.
(2) Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.
(3) Other Operations’s loss and LAE and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations.
(4) Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.
(5) Ark’s general and administrative expenses include $74.8 of other underwriting expenses.

The following tables present White Mountains’s revenues from external customers by country for three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$.2 $237.6 $146.8 $— $384.6 
Commission and fee revenues56.6 — — 3.8 60.4 
Product and service revenues107.5 — — — 107.5 
Total$164.3 $237.6 $146.8 $3.8 $552.5 

Three Months Ended June 30, 2025
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$1.6 $229.0 $144.6 $— $375.2 
Commission and fee revenues59.1 — — 4.2 63.3 
Product and service revenues56.3 — — — 56.3 
Total$117.0 $229.0 $144.6 $4.2 $494.8 
Six Months Ended June 30, 2026
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$.4 $468.8 $300.3 $— $769.5 
Commission and fee revenues96.2 — — 7.4 103.6 
Product and service revenues164.0 — — — 164.0 
Total$260.6 $468.8 $300.3 $7.4 $1,037.1 

Six Months Ended June 30, 2025
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$16.5 $444.5 $309.2 $— $770.2 
Commission and fee revenues103.3 — — 8.1 111.4 
Product and service revenues69.9 — — — 69.9 
Total$189.7 $444.5 $309.2 $8.1 $951.5 

The following table presents White Mountains’s balance sheet information by segment as of June 30, 2026 and December 31, 2025:
Millions
Selected Balance Sheet Data		Ark/WM OutriggerKuduHG Global
Distinguished
WTM PartnersOther
Operations		Total
June 30, 2026
Total investments$3,725.5 $1,459.0 $749.3 $79.4 $.6 $2,120.6 
(1)
$8,134.4 
Total assets$7,570.2 $1,496.9 $1,216.6 $744.8 $434.9 $2,303.3 
(2) (3)
$13,766.7 
Total liabilities$5,864.0 $467.4 $549.3 
(2)
$332.2 $183.3 $118.5 
(2) (3)
$7,514.7 
Redeemable noncontrolling interests
$— $— $— $131.5 $— $— $131.5 
Total White Mountains’s
   common shareholders’ equity
$1,234.7 $885.4 $687.3 
(2)
$205.1 $195.8 $2,180.0 
(2)
$5,388.3 
Nonredeemable noncontrolling interests
$471.5 $144.1 $(20.0)$76.0 $55.8 $4.8 $732.2 
December 31, 2025
Total investments$3,926.5 $1,313.3 $784.2 $94.0 $.5 $2,205.4 
(1)
$8,323.9 
Total assets$6,354.1 $1,402.3 $1,236.8 $735.4 $182.4 $2,395.5 
(2) (3)
$12,306.5 
Total liabilities$4,528.5 $446.9 $499.5 
(2)
$307.1 $91.4 $178.0 
(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 $60.1 $2,211.9 
(2)
$5,425.4 
Nonredeemable noncontrolling interests
$465.2 $141.2 $(18.4)$73.7 $31.0 $5.5 $698.2 
(1) Total investments as of June 30, 2026 and December 31, 2025 exclude $1.6 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 are 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 June 30, 2026 and December 31, 2025, the HG Global preferred dividends payable to White Mountains’s subsidiaries were $470.7 and $527.2.
(3) Amounts include held for sale balances. See Note 19 — “Held for Sale.”