The following tables present White Mountains’s pre-tax financial results by segment for the three and nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ark/WM Outrigger | | | | | | | | | | Other Operations | | Total | | Millions | | Ark | | WM Outrigger Re | | Kudu | | HG Global | | Distinguished | | WTM Partners | | | | Three Months Ended September 30, 2026 | | | | | | | | | | | | | | | | | Earned insurance premiums (1) | | $ | 509.6 | | | $ | (.8) | | | $ | — | | | $ | 8.6 | | | $ | — | | | $ | — | | | $ | .3 | | | $ | 517.7 | | Net investment income (2) | | 27.2 | | | .6 | | | 20.7 | | | 7.9 | | | .7 | | | — | | | 13.5 | | | 70.6 | | | Net realized and unrealized investment gains (losses) | (40.3) | | | — | | | (25.7) | | | (28.8) | | | — | | | — | | | 25.4 | | | (69.4) | | Net realized and unrealized investment
gains (losses) from investment in
MediaAlpha | | — | | | — | | | — | | | — | | | — | | | — | | | (53.6) | | | (53.6) | | | Interest income from BAM Surplus Notes | — | | | — | | | — | | | 6.8 | | | — | | | — | | | — | | | 6.8 | | | Change in fair value of BAM Surplus Notes | | — | | | — | | | — | | | (16.1) | | | — | | | — | | | — | | | (16.1) | | | | | | | | | | | | | | | | | | | Commission and fee revenues (1) | | — | | | — | | | — | | | — | | | 55.2 | | | — | | | 4.1 | | | 59.3 | | | Product and services revenues | | — | | | — | | | — | | | — | | | — | | | 106.8 | | | 14.3 | | | 121.1 | | Other revenues (1) (2) | | 4.5 | | | — | | | — | | | .1 | | | .1 | | | — | | | — | | | 4.7 | | | Total revenues | | 501.0 | | | (.2) | | | (5.0) | | | (21.5) | | | 56.0 | | | 106.8 | | | 4.0 | | | 641.1 | | Loss and LAE (3) | | 230.1 | | | — | | | — | | | — | | | — | | | — | | | .3 | | | 230.4 | | Insurance acquisition expenses (3) | | 113.4 | | | (.3) | | | — | | | 2.1 | | | — | | | — | | | .1 | | | 115.3 | | | Cost of sales | | — | | | — | | | — | | | — | | | — | | | 84.1 | | | 7.7 | | | 91.8 | | | Broker commission expenses | | — | | | — | | | — | | | — | | | 22.0 | | | — | | | — | | | 22.0 | | Amortization of other intangible assets (4) | | — | | | — | | | — | | | — | | | 6.4 | | | 5.1 | | | 1.0 | | | 12.5 | | General and administrative expenses (3) (4) (5) | | 59.5 | | | — | | | 2.9 | | | .4 | | | 36.9 | | | 15.0 | | | 26.9 | | | 141.6 | | | Change in fair value of contingent consideration | | 30.0 | | | — | | | — | | | — | | | — | | | — | | | — | | | 30.0 | | | Interest expense | | 4.2 | | | — | | | 7.4 | | | 3.8 | | | 3.4 | | | 1.2 | | | .7 | | | 20.7 | | | Total expenses | | 437.2 | | | (.3) | | | 10.3 | | | 6.3 | | | 68.7 | | | 105.4 | | | 36.7 | | | 664.3 | | | Pre-tax income (loss) | $ | 63.8 | | | $ | .1 | | | $ | (15.3) | | | $ | (27.8) | | | $ | (12.7) | | | $ | 1.4 | | | $ | (32.7) | | | $ | (23.2) | |
(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 $40.4 of other underwriting expenses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ark/WM Outrigger | | | | | | | | | | | | | | | | Millions | | Ark | | WM Outrigger Re | | Kudu | | HG Global | | Distinguished (1) | | WTM Partners | | Bamboo | | Other Operations | | Total | | Three Months Ended September 30, 2025 | | | | | | | | | | | | | | | | | | | Earned insurance premiums (2) | | $ | 498.6 | | | $ | 43.6 | | | $ | — | | | $ | 7.5 | | | $ | — | | | $ | — | | | $ | 5.2 | | | $ | 2.9 | | | $ | 557.8 | | Net investment income (3) | | 24.8 | | | 2.4 | | | 18.0 | | | 7.0 | | | .2 | | | — | | | .6 | | | 6.2 | | | 59.2 | | Net realized and unrealized investment gains (losses) (3) | 17.8 | | | — | | | 36.1 | | | 7.2 | | | — | | | — | | | .2 | | | 14.9 | | | 76.2 | | Net realized and unrealized investment gains (losses) from investment in MediaAlpha | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7.7 | | | 7.7 | | | Interest income from BAM Surplus Notes | | — | | | — | | | — | | | 7.5 | | | — | | | — | | | — | | | — | | | 7.5 | | Commission and fee revenues (2) | | — | | | — | | | — | | | — | | | 14.1 | | | — | | | 63.9 | | | 4.3 | | | 82.3 | | | Product and services revenues | | — | | | — | | | — | | | — | | | — | | | 54.0 | | | — | | | 14.8 | | | 68.8 | | Other revenues (2) (3) | | 2.3 | | | — | | | .3 | | | .1 | | | — | | | — | | | 1.5 | | | .5 | | | 4.7 | | | Total revenues | | 543.5 | | | 46.0 | | | 54.4 | | | 29.3 | | | 14.3 | | | 54.0 | | | 71.4 | | | 51.3 | | | 864.2 | | Loss and LAE (4) | | 252.4 | | | 2.2 | | | — | | | — | | | — | | | — | | | 3.3 | | | .6 | | | 258.5 | | Insurance acquisition expenses (4) | | 92.4 | | | 14.4 | | | — | | | 2.0 | | | — | | | — | | | 2.0 | | | 1.0 | | | 111.8 | | | Cost of sales | | — | | | — | | | — | | | — | | | — | | | 47.1 | | | — | | | 8.2 | | | 55.3 | | Broker commission expenses | | — | | | — | | | — | | | — | | | 5.5 | | | — | | | 21.5 | | | — | | | 27.0 | | Amortization of other intangible assets (5) | — | | | — | | | — | | | — | | | — | | | 2.5 | | | 4.0 | | | 1.3 | | | 7.8 | | General and administrative expenses (4) (5) (6) | | 61.7 | | | — | | | 4.7 | | | 1.0 | | | 10.2 | | | 5.3 | | | 22.8 | | | 63.3 | | | 169.0 | | Change in fair value of contingent
consideration | | 36.1 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 36.1 | | | Interest expense | | 4.4 | | | — | | | 6.1 | | | 4.3 | | | 1.3 | | | .3 | | | 2.8 | | | .7 | | | 19.9 | | | Total expenses | | 447.0 | | | 16.6 | | | 10.8 | | | 7.3 | | | 17.0 | | | 55.2 | | | 56.4 | | | 75.1 | | | 685.4 | | | Pre-tax income (loss) | | $ | 96.5 | | | $ | 29.4 | | | $ | 43.6 | | | $ | 22.0 | | | $ | (2.7) | | | $ | (1.2) | | | $ | 15.0 | | | $ | (23.8) | | | $ | 178.8 | |
(1) Distinguished’s results are from September 2, 2025, the date of acquisition, through September 30, 2025. (2) Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations. (3) Net investment income and net realized and unrealized investment gains (losses) for both Bamboo and Distinguished are included in other revenues in the consolidated statement of operations. (4) Other Operations’s loss and LAE and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations. (5) Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations. (6) Ark’s general and administrative expenses include $33.6 of other underwriting expenses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ark/WM Outrigger | | | | | | | | | | Other Operations | | | | Millions | | Ark | | WM Outrigger Re | | Kudu | | HG Global | | Distinguished | | WTM Partners (1) | | | Total | | Nine Months Ended September 30, 2026 | | | | | | | | | | | | Earned insurance premiums (2) | | $ | 1,256.1 | | | $ | 2.7 | | | $ | — | | | $ | 24.0 | | | $ | — | | | $ | — | | | $ | 4.4 | | | $ | 1,287.2 | | Net investment income (3) | | 81.5 | | | 3.0 | | | 60.5 | | | 23.4 | | | 2.0 | | | — | | | 42.5 | | | 212.9 | | | Net realized and unrealized investment gains (losses) | (42.6) | | | (.1) | | | 66.0 | | | (36.0) | | | — | | | — | | | 104.7 | | | 92.0 | | Net realized and unrealized investment gains (losses) from investment in MediaAlpha | — | | | — | | | — | | | — | | | — | | | — | | | (60.4) | | | (60.4) | | | Interest income from BAM Surplus Notes | | — | | | — | | | — | | | 20.6 | | | — | | | — | | | — | | | 20.6 | | | Change in fair value of BAM Surplus Notes | | — | | | — | | | — | | | (16.1) | | | — | | | — | | | — | | | (16.1) | | Commission and fee revenues (2) | | — | | | — | | | — | | | — | | | 151.4 | | | — | | | 11.5 | | | 162.9 | | | Product and services revenues | | — | | | — | | | — | | | — | | | — | | | 243.3 | | | 41.8 | | | 285.1 | | Net gain on sale of the Bamboo Group | | — | | | — | | | — | | | — | | | — | | | — | | | 2.4 | | | 2.4 | | Other revenues (2) (3) | | 16.1 | | | — | | | .4 | | | .2 | | | .3 | | | — | | | (.1) | | | 16.9 | | | Total revenues | | 1,311.1 | | | 5.6 | | | 126.9 | | | 16.1 | | | 153.7 | | | 243.3 | | | 146.8 | | | 2,003.5 | | Loss and LAE (4) | | 612.2 | | | .2 | | | — | | | — | | | — | | | — | | | .7 | | | 613.1 | | Insurance acquisition expenses (4) | | 314.7 | | | .9 | | | — | | | 6.3 | | | — | | | — | | | 1.7 | | | 323.6 | | | | | | | | | | | | | | | | | | | | Cost of sales | | — | | | — | | | — | | | — | | | — | | | 192.8 | | | 21.8 | | | 214.6 | | | Broker commission expenses | | — | | | — | | | — | | | — | | | 62.5 | | | — | | | — | | | 62.5 | | Amortization of other intangible assets (5) | — | | | — | | | .1 | | | — | | | 20.2 | | | 7.6 | | | 2.9 | | | 30.8 | | General and administrative expenses (4) (5) (6) | 151.4 | | | — | | | 11.7 | | | 5.3 | | | 101.3 | | | 37.8 | | | 112.6 | | | 420.1 | | | Change in fair value of contingent consideration | 71.7 | | | — | | | — | | | — | | | — | | | — | | | — | | | 71.7 | | | Interest expense | | 12.4 | | | — | | | 21.7 | | | 11.1 | | | 10.5 | | | 2.1 | | | 2.0 | | | 59.8 | | | Total expenses | | 1,162.4 | | | 1.1 | | | 33.5 | | | 22.7 | | | 194.5 | | | 240.3 | | | 141.7 | | | 1,796.2 | | | Pre-tax income (loss) | $ | 148.7 | | | $ | 4.5 | | | $ | 93.4 | | | $ | (6.6) | | | $ | (40.8) | | | $ | 3.0 | | | $ | 5.1 | | | $ | 207.3 | |
(1) WTM Partners includes the results of Basesix from April 1, 2026, the date of its acquisition, through September 30, 2026, and Hawkeye Electric from May 1, 2026, the date of its acquisition, through September 30, 2026. (2) Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations. (3) Distinguished’s net investment income is included in other revenues in the consolidated statement of operations. (4) Other Operations’s loss and LAE and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations. (5) Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations. (6) Ark’s general and administrative expenses include $111.6 of other underwriting expenses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ark/WM Outrigger | | | | | | | | | | | | Other Operations | | | | Millions | | Ark | | WM Outrigger Re | | Kudu | | HG Global | | Distinguished (1) | | WTM Partners (2) | | Bamboo | | | Total | | Nine Months Ended September 30, 2025 | | | | | | | | | | | | | | | | | | | Earned insurance premiums (3) | | $ | 1,201.7 | | | $ | 62.7 | | | $ | — | | | $ | 22.8 | | | $ | — | | | $ | — | | | $ | 21.7 | | | $ | 19.1 | | | $ | 1,328.0 | | Net investment income (4) | | 70.2 | | | 6.8 | | | 56.7 | | | 19.8 | | | .2 | | | — | | | 2.0 | | | 24.5 | | | 180.2 | | Net realized and unrealized investment gains (losses) (4) | 98.5 | | | (.1) | | | 80.9 | | | 20.3 | | | — | | | — | | | .5 | | | 49.5 | | | 249.6 | | Net realized and unrealized investment gains (losses) from investment in MediaAlpha | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1.6 | | | 1.6 | | Interest income from BAM Surplus Notes | | — | | | — | | | — | | | 22.5 | | | — | | | — | | | — | | | — | | | 22.5 | | Commission and fee revenues (3) | | — | | | — | | | — | | | — | | | 14.1 | | | — | | | 167.2 | | | 12.4 | | | 193.7 | | | Product and services revenues | | — | | | — | | | — | | | — | | | — | | | 96.8 | | | — | | | 41.9 | | | 138.7 | | Other revenues (3) (4) | | 10.8 | | | — | | | 1.0 | | | .2 | | | — | | | — | | | 3.9 | | | 1.0 | | | 16.9 | | | Total revenues | | 1,381.2 | | | 69.4 | | | 138.6 | | | 85.6 | | | 14.3 | | | 96.8 | | | 195.3 | | | 150.0 | | | 2,131.2 | | Loss and LAE (5) | | 628.0 | | | 24.1 | | | — | | | — | | | — | | | — | | | 15.9 | | | 18.8 | | | 686.8 | | Insurance acquisition expenses (5) | | 272.0 | | | 15.5 | | | — | | | 5.9 | | | — | | | — | | | 8.0 | | | 7.0 | | | 308.4 | | | Cost of sales | | — | | | — | | | — | | | — | | | — | | | 82.3 | | | — | | | 22.9 | | | 105.2 | | | Broker commission expenses | | — | | | — | | | — | | | — | | | 5.5 | | | — | | | 56.8 | | | — | | | 62.3 | | Amortization of other intangible assets (6) | — | | | — | | | .2 | | | — | | | — | | | 2.5 | | | 12.0 | | | 3.4 | | | 18.1 | | General and administrative expenses (5) (6) (7) | 154.0 | | | .1 | | | 12.1 | | | 2.6 | | | 10.2 | | | 14.7 | | | 57.4 | | | 141.1 | | | 392.2 | | Change in fair value of contingent
consideration | 74.2 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 74.2 | | | Interest expense | | 12.9 | | | — | | | 18.6 | | | 13.4 | | | 1.3 | | | .6 | | | 7.8 | | | 1.7 | | | 56.3 | | | Total expenses | | 1,141.1 | | | 39.7 | | | 30.9 | | | 21.9 | | | 17.0 | | | 100.1 | | | 157.9 | | | 194.9 | | | 1,703.5 | | | Pre-tax income (loss) | | $ | 240.1 | | | $ | 29.7 | | | $ | 107.7 | | | $ | 63.7 | | | $ | (2.7) | | | $ | (3.3) | | | $ | 37.4 | | | $ | (44.9) | | | $ | 427.7 | |
(1) Distinguished’s results are from September 2, 2025, the date of acquisition, through September 30, 2025. (2) WTM Partners includes the results of Enterprise Solutions from April 1, 2025, the date of acquisition, through September 30, 2025. (3) Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations. (4) Net investment income and net realized and unrealized investment gains (losses) for both Bamboo and Distinguished are included in other revenues in the consolidated statement of operations. (5) Other Operations’s loss and LAE and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations. (6) Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations. (7) Ark’s general and administrative expenses include $108.4 of other underwriting expenses.
The following tables present White Mountains’s revenues from external customers by country for the three and nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2026 | | Millions | | United States | | United Kingdom | | Bermuda | | Other | | Total | | Earned insurance premiums | | $ | .3 | | | $ | 329.0 | | | $ | 188.4 | | | $ | — | | | $ | 517.7 | | | Commission and fee revenues | | 55.2 | | | — | | | — | | | 4.1 | | | 59.3 | | | Product and service revenues | | 121.1 | | | — | | | — | | | — | | | 121.1 | | | Total | | $ | 176.6 | | | $ | 329.0 | | | $ | 188.4 | | | $ | 4.1 | | | $ | 698.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2025 | | Millions | | United States | | United Kingdom | | Bermuda | | Other | | Total | | Earned insurance premiums | | $ | 5.2 | | | $ | 335.2 | | | $ | 217.4 | | | $ | — | | | $ | 557.8 | | | Commission and fee revenues | | 78.0 | | | — | | | — | | | 4.3 | | | 82.3 | | | Product and service revenues | | 68.8 | | | — | | | — | | | — | | | 68.8 | | | Total | | $ | 152.0 | | | $ | 335.2 | | | $ | 217.4 | | | $ | 4.3 | | | $ | 708.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | Millions | | United States | | United Kingdom | | Bermuda | | Other | | Total | | Earned insurance premiums | | $ | .7 | | | $ | 797.8 | | | $ | 488.7 | | | $ | — | | | $ | 1,287.2 | | | Commission and fee revenues | | 151.4 | | | — | | | — | | | 11.5 | | | 162.9 | | | Product and service revenues | | 285.1 | | | — | | | — | | | — | | | 285.1 | | | Total | | $ | 437.2 | | | $ | 797.8 | | | $ | 488.7 | | | $ | 11.5 | | | $ | 1,735.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2025 | | Millions | | United States | | United Kingdom | | Bermuda | | Other | | Total | | Earned insurance premiums | | $ | 21.7 | | | $ | 779.7 | | | $ | 526.6 | | | $ | — | | | $ | 1,328.0 | | | Commission and fee revenues | | 181.3 | | | — | | | — | | | 12.4 | | | 193.7 | | | Product and service revenues | | 138.7 | | | — | | | — | | | — | | | 138.7 | | | Total | | $ | 341.7 | | | $ | 779.7 | | | $ | 526.6 | | | $ | 12.4 | | | $ | 1,660.4 | |
The following table presents White Mountains’s balance sheet information by segment as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Millions
Selected Balance Sheet Data | | Ark/WM Outrigger | | Kudu | | HG Global | | Distinguished | | WTM Partners | | Other
Operations | | Total | | September 30, 2026 | | | | | | | | | | | | | | | | Total investments | | $ | 3,817.5 | | | $ | 1,440.0 | | | $ | 748.3 | | | $ | 70.6 | | | $ | .6 | | | $ | 2,203.9 | | (1) | $ | 8,280.9 | | | Total assets | | $ | 7,147.3 | | | $ | 1,478.2 | | | $ | 1,205.7 | | | $ | 720.9 | | | $ | 441.5 | | | $ | 2,369.0 | | (2) (3) | $ | 13,362.6 | | | Total liabilities | | $ | 5,459.8 | | | $ | 473.5 | | | $ | 566.6 | | (2) | $ | 317.4 | | | $ | 193.6 | | | $ | 125.4 | | (3) | $ | 7,136.3 | | Redeemable noncontrolling interests | | $ | — | | | $ | — | | | $ | — | | | $ | 131.5 | | | $ | — | | | $ | — | | | $ | 131.5 | | Total White Mountains’s common shareholders’ equity | | $ | 1,197.6 | | | $ | 863.9 | | | $ | 664.2 | | (2) | $ | 196.0 | | | $ | 192.5 | | | $ | 2,238.9 | | (2) | $ | 5,353.1 | | Nonredeemable noncontrolling interests | | $ | 489.9 | | | $ | 140.8 | | | $ | (25.1) | | | $ | 76.0 | | | $ | 55.4 | | | $ | 4.7 | | | $ | 741.7 | | 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 | | (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 | | | $ | 60.0 | | | $ | 2,212.0 | | (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 September 30, 2026 and December 31, 2025 exclude $1.5 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 September 30, 2026 and December 31, 2025, the HG Global preferred dividends payable to White Mountains’s subsidiaries were $486.8 and $527.2. (3) Amounts include held for sale balances. See Note 19 — “Held for Sale.”
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