{"id":810455,"date":"2025-02-07T08:07:00","date_gmt":"2025-02-07T13:07:00","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/white-mountains-reports-fourth-quarter-results-3\/"},"modified":"2025-02-07T08:07:00","modified_gmt":"2025-02-07T13:07:00","slug":"white-mountains-reports-fourth-quarter-results-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/white-mountains-reports-fourth-quarter-results-3\/","title":{"rendered":"WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n HAMILTON, Bermuda<\/span>
\n <\/span>, Feb. 7, 2025<\/span><\/span> \/PRNewswire\/ — White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,746<\/span> and adjusted book value per share of $1,834<\/span> as of December 31<\/span>, 2024.\u00a0 Book value per share and adjusted book value per share both decreased 3% in the fourth quarter of 2024 and increased 6% and 8%, respectively, in the year ended December 31, 2024<\/span>, including dividends.\u00a0<\/p>\n

Manning Rountree, CEO, commented, “ABVPS was down 3% in the quarter, driven primarily by mark-to-market declines in our investment portfolio, including our position in MediaAlpha.\u00a0 On a full-year basis, ABVPS was up 8%, driven by solid results at our operating companies and positive returns in our investment portfolio.\u00a0 In the quarter, Ark produced a 77% combined ratio and $264 million<\/span> of gross written premiums, up 14% year-over-year.\u00a0 HG Global generated $18 million<\/span> of gross written premiums, driven by strong primary market volume at BAM.\u00a0 Kudu had a tough quarter, impacted by rising interest rates and a strengthening dollar, but delivered solid results for the full year and saw the value of its portfolio of participation contracts cross the $1 billion<\/span> threshold.\u00a0 Bamboo had another strong quarter, with managed premiums and adjusted EBITDA up significantly year-over-year.\u00a0 MediaAlpha’s share price declined 38% in the quarter, producing a $122 million<\/span> mark-to-market loss on our position.\u00a0 Excluding MediaAlpha, investment returns were down slightly in the quarter but up 6.5% for the year, a solid result.\u00a0 Undeployed capital stands at roughly $700 million<\/span>, including the proceeds of our recent debt recap at Bamboo.”\u00a0<\/p>\n

Comprehensive income (loss) attributable to common shareholders was $(131) million<\/span> and $230 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $288 million<\/span> and $511 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Results in the fourth quarter and year ended December 31, 2024<\/span> included $(122) million<\/span> and $38 million<\/span> of net realized and unrealized investment gains (losses) from White Mountains’s investment in MediaAlpha compared to $66 million<\/span> and $27 million<\/span> of unrealized investment gains in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0<\/p>\n

\n
\n Ark\/WM Outrigger<\/u>
\n <\/b>\n <\/p>\n

The Ark\/WM Outrigger segment’s combined ratio was 77% and 82% in the fourth quarter and year ended December 31, 2024<\/span> compared to 69% and 80% in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Ark\/WM Outrigger reported gross written premiums of $264 million<\/span> and $2,207 million<\/span>, net written premiums of $239 million<\/span> and $1,679 million<\/span> and net earned premiums of $415 million<\/span> and $1,588 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to gross written premiums of $232 million<\/span> and $1,898 million<\/span>, net written premiums of $215 million<\/span> and $1,521 million<\/span> and net earned premiums of $362 million<\/span> and $1,410 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0<\/p>\n

Ark’s combined ratio was 77% and 83% in the fourth quarter and year ended December 31, 2024<\/span> compared to 70% and 82% in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Ark’s combined ratio included 27 points of catastrophe losses in the fourth quarter of 2024, driven primarily by Hurricanes Milton and Helene, compared to negligible new catastrophe losses in the fourth quarter of 2023.\u00a0 Ark’s combined ratio included 13 points of catastrophe losses in the year ended December 31, 2024<\/span>, driven primarily by Hurricanes Milton, Helene, Debby and Beryl, compared to two points of catastrophe losses in the year ended December 31, 2023<\/span>, driven primarily by Hurricanes Otis and Idalia as well as the Maui<\/span> wildfires.\u00a0 Ark’s combined ratio included seven points and four points of net favorable prior year development in the fourth quarter and year ended December 31, 2024<\/span> compared to two points of net unfavorable prior year development in both the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Net favorable development for the fourth quarter of 2024 was driven primarily by the specialty line of business.\u00a0 Net favorable development for the year ended December 31, 2024<\/span> was driven primarily by specialty and property lines of business.\u00a0 Net unfavorable development for the fourth quarter and year ended December 31, 2023<\/span> was driven primarily by Hurricane Ian and Winter Storm Elliott<\/span>.<\/p>\n

Ark reported gross written premiums of $264 million<\/span> and $2,207 million<\/span>, net written premiums of $234 million<\/span> and $1,593 million<\/span> and net earned premiums of $389 million<\/span> and $1,500 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to gross written premiums of $232 million<\/span> and $1,898 million<\/span>, net written premiums of $213 million<\/span> and $1,411 million<\/span> and net earned premiums of $334 million<\/span> and $1,305 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0<\/p>\n

Ark reported pre-tax income of $51 million<\/span> and $253 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $109 million<\/span> and $249 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Ark’s results included net realized and unrealized investment gains (losses) of $(34) million<\/span> and $50 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $50 million<\/span> and $86 million<\/span> in the fourth quarter and year ended December 31, 2023<\/span>.<\/p>\n

\n Ian Beaton<\/span>, CEO of Ark, said, “Ark had a good quarter and full year, producing combined ratios of 77% and 83%, respectively.\u00a0 Full year gross written premiums were $2.2 billion<\/span>, up 16% year-over-year, aided by new underwriting teams and products.\u00a0 In November, AM Best affirmed Ark’s ‘A\/stable’ financial strength rating.\u00a0 Although the rate environment is moderating, we continue to see opportunities for profitable growth in 2025.”<\/p>\n

WM Outrigger Re’s combined ratio was 86% and 60% in the fourth quarter and year ended December 31, 2024<\/span> compared to 55% and 44% in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Catastrophe losses in 2024 included Hurricanes Milton, Helene, Debby and Beryl.\u00a0 Major catastrophe losses affecting WM Outrigger Re in 2023 were minimal.\u00a0 WM Outrigger Re reported gross and net written premiums of $5 million<\/span> and $87 million<\/span> and net earned premiums of $25 million<\/span> and $88 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to gross and net written premiums of $2 million<\/span> and $110 million<\/span> and net earned premiums of $29 million<\/span> and $104 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Net earned premiums in the year ended December 31, 2024<\/span> decreased due to White Mountains’s lower capital commitment to WM Outrigger Re in 2024 compared to 2023.\u00a0<\/p>\n

WM Outrigger Re reported pre-tax income of $6 million<\/span> and $46 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $16 million<\/span> and $69 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 During the fourth quarter of 2024, Ark renewed Outrigger Re Ltd. for the 2025 underwriting year.\u00a0 White Mountains’s total commitment toward the 2025 underwriting year is $150 million<\/span>.<\/p>\n

The California<\/span> wildfires represent a significant industry loss event in the first quarter of 2025. Industry estimates are still preliminary and range widely.\u00a0 Ark\/WM Outrigger will have exposure to this event primarily through the property line of business. There is also potential for limited specialty and excess casualty claims over time.\u00a0 Ark does not participate on the reinsurance program backing the California FAIR plan.\u00a0 At this time, Ark does not expect the wildfire losses will cause full year 2025 actual catastrophe losses for Ark\/WM Outrigger to diverge materially from 2025 planned catastrophe losses.<\/p>\n

\n
\n HG Global<\/u>
\n <\/b>\n <\/p>\n

HG Global reported gross written premiums of $18 million<\/span> and $52 million<\/span> and earned premiums of $7 million<\/span> and $29 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to gross written premiums of $18 million<\/span> and $50 million<\/span> and earned premiums of $7 million<\/span> and $26 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 HG Global reported gross written premiums net of ceding commission paid of $13 million<\/span> and $37 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $13 million<\/span> and $35 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 HG Global’s total par value of policies assumed, which represents its first-loss exposure on policies assumed from BAM, was $940 million<\/span> and $2,952 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $762 million<\/span> and $2,356 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 HG Global’s total gross pricing was 190 and 177 basis points in the fourth quarter and year ended December 31, 2024<\/span> compared to 239 and 213 basis points in the fourth quarter and year ended December 31, 2023<\/span>.<\/p>\n

HG Global reported pre-tax income (loss) of $(20) million<\/span> and $(66) million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $34 million<\/span> and $56 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 HG Global’s results included net realized and unrealized investment gains (losses) of $(20) million<\/span> and $(6) million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $25 million<\/span> and $14 million<\/span> in the fourth quarter and year ended December 31, 2023<\/span>, driven by the movement of interest rates. \u00a0HG Global’s results in the year ended December 31, 2024<\/span> included the unrealized loss on deconsolidation of BAM of $115 million<\/span> related to the fair value of the BAM surplus notes.\u00a0 In addition, HG Global’s results in the fourth quarter of 2024 included a $15 million<\/span> decrease in the fair value of the BAM surplus notes, which was driven by the increase in market interest rates.<\/p>\n

The fair value of the BAM surplus notes was $382 million<\/span> as of December 31, 2024<\/span> compared to $411 million<\/span> as of September 30<\/span>, 2024.\u00a0 The decrease of $29 million<\/span> in the fourth quarter of 2024 was driven by a $22 million<\/span> cash payment of principal and interest and the $15 million<\/span> decrease in fair value, partially offset by $8 million<\/span> of accrued interest.\u00a0<\/p>\n

\n Kevin Pearson<\/span>, President of HG Global, said, “HG Global recorded a strong quarter to close out the year, with a record quarter for par value assumed, as annual new issuance of municipal bonds exceeded $500 billion<\/span> for the first time.\u00a0 For the full year, gross written premium assumed grew 5%, driven by strong primary market volume, partially offset by lower primary market pricing and lower secondary market activity.”<\/p>\n

BAM, and in turn HG Global, does not expect any impact to its portfolio of insured municipal credits from the recent California<\/span> wildfires.<\/p>\n

We encourage you to read BAM’s fourth quarter statutory financial statements and operating supplement, which are expected to be available in mid-February on BAM’s website at https:\/\/bambonds.com\/about-bam\/credit-rating-and-finanical-information\/<\/a>.<\/p>\n

\n
\n Kudu<\/u>
\n <\/b>\n <\/p>\n

Kudu reported total revenues of $(9) million<\/span>, pre-tax loss of $20 million<\/span> and adjusted EBITDA of $14 million<\/span> in the fourth quarter of 2024 compared to total revenues of $88 million<\/span>, pre-tax income of $75 million<\/span> and adjusted EBITDA of $22 million<\/span> in the fourth quarter of 2023.\u00a0 Total revenues, pre-tax income (loss) and adjusted EBITDA included $17 million<\/span> of net investment income in the fourth quarter of 2024 compared to $27 million<\/span> in the fourth quarter of 2023.\u00a0 Net investment income in the fourth quarter of 2023 included a $12 million<\/span> realization of carried interest for one of Kudu’s participation contracts.\u00a0 Total revenues and pre-tax income (loss) also included $(26) million<\/span> of net realized and unrealized investment gains (losses) in the fourth quarter of 2024 compared to $61 million<\/span> in the fourth quarter of 2023.<\/p>\n

Kudu reported total revenues of $119 million<\/span>, pre-tax income of $81 million<\/span> and adjusted EBITDA of $55 million<\/span> in the year ended December 31, 2024<\/span> compared to total revenues of $177 million<\/span>, pre-tax income of $137 million<\/span> and adjusted EBITDA of $57 million<\/span> in the year ended December 31<\/span>, 2023.\u00a0 Total revenues, pre-tax income and adjusted EBITDA included $67 million<\/span> of net investment income in the year ended December 31, 2024<\/span> compared to $71 million<\/span> in the year ended December 31<\/span>, 2023.\u00a0 Total revenues and pre-tax income also included $51 million<\/span> of net realized and unrealized investment gains in the year ended December 31, 2024<\/span> compared to $106 million<\/span> in the year ended December 31, 2023<\/span>.<\/p>\n

\n Rob Jakacki<\/span>, CEO of Kudu, said, “Kudu proved resilient in a tough fourth quarter and delivered solid full year results.\u00a0 The fair value of Kudu’s continuing portfolio declined 3% in the quarter, impacted by rising interest rates and a strengthening U.S. dollar.\u00a0 For the full year, Kudu produced a return on equity of 9% and annualized adjusted EBITDA of $61 million<\/span>.\u00a0 We are pleased to have closed two new capital deployments in the quarter: Revelation Partners and RiverNorth Capital.\u00a0 Kudu’s portfolio value has now surpassed the $1 billion<\/span> milestone, and we continue to pursue a robust pipeline in 2025.”<\/p>\n

\n
\n Bamboo<\/u>
\n <\/b>\n <\/p>\n

Bamboo reported commission and fee revenues of $37 million<\/span> and $135 million<\/span> and pre-tax income of $10 million<\/span> and $33 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2024.\u00a0 Bamboo reported MGA pre-tax income of $11 million<\/span> and $32 million<\/span> and MGA adjusted EBITDA of $16 million<\/span> and $53 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2024.\u00a0<\/p>\n

Managed premiums, which represent the total premiums placed by Bamboo, were $127 million<\/span> and $484 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $75 million<\/span> and $215 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 The increase in managed premiums was driven primarily by growth in new business volume as well as a growing renewal book.<\/p>\n

\n John Chu<\/span>, CEO of Bamboo, said, “Bamboo had a strong fourth quarter to close out an excellent year. For the full year, managed premiums more than doubled to $484 million<\/span>, and MGA adjusted EBITDA grew to $53 million<\/span>, up seven-fold year-over-year. We expect to see continued growth in 2025, although our immediate focus is on supporting our policyholders impacted by the wildfires in Los Angeles<\/span>.”<\/p>\n

Given its focus on the residential property market in California<\/span>, Bamboo has exposure to the recent California<\/span> wildfires.\u00a0 Bamboo does not expect the wildfires will have a material impact on its MGA earnings in the first quarter of 2025.\u00a0 Bamboo’s fronted programs will incur losses, which are estimated to be well within the reinsurance limits supporting those programs.\u00a0 The bulk of the losses will therefore be absorbed by Bamboo’s catastrophe excess of loss and quota share reinsurance partners.\u00a0 Bamboo’s captive insurance company will retain a share of the losses, which Bamboo expects to be capped at roughly $3 million<\/span>.\u00a0 The treaty year for Bamboo’s largest MGA program renews on April 1.\u00a0 The impact of this event on go-forward primary market conditions and reinsurance renewal terms and conditions is yet to be determined, with a number of forces at work.<\/p>\n

On January 24, 2025<\/span>, Bamboo received the proceeds of a new $110 million<\/span>, six-year term loan credit facility.\u00a0 In turn, Bamboo paid an $84 million<\/span> cash dividend to shareholders, of which $61 million<\/span> was paid to White Mountains.\u00a0 During the fourth quarter of 2024, Bamboo paid White Mountains $18 million<\/span> in cash dividends.<\/p>\n

\n
\n MediaAlpha<\/u>
\n <\/b>\u00a0<\/p>\n

As of December 31, 2024<\/span>, White Mountains owned 17.9 million shares of MediaAlpha, representing a 27% basic ownership interest (25% on a fully-diluted\/fully-converted basis).\u00a0 As of December 31, 2024<\/span>, MediaAlpha’s share price was $11.29<\/span> per share, which decreased from $18.11<\/span> per share as of September\u00a030, 2024.\u00a0 The carrying value of White Mountains’s investment in MediaAlpha was $202 million<\/span> as of December 31, 2024<\/span> compared to $323 million<\/span> as of September\u00a030, 2024.\u00a0 At our current level of ownership, each $1.00<\/span> per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.00<\/span> per share increase or decrease in White Mountains’s book value per share and adjusted book value per share.\u00a0<\/p>\n

We encourage you to read MediaAlpha’s fourth quarter earnings release and related shareholder letter scheduled for February 24, 2025<\/span>, which will be available on MediaAlpha’s investor relations website at https:\/\/investors.mediaalpha.com<\/a>.<\/p>\n

\n
\n Other Operations<\/u>
\n <\/b>\n <\/p>\n

White Mountains’s Other Operations reported pre-tax income (loss) of $(148) million<\/span> and $9 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $94 million<\/span> and $113 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Net realized and unrealized investment gains (losses) from White Mountains’s investment in MediaAlpha were $(122) million<\/span> and $38 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $66 million<\/span> and $27 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Excluding MediaAlpha, net realized and unrealized investment gains (losses) were $(3) million<\/span> and $57 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $63 million<\/span> and $189 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 Net investment income was $8 million<\/span> and $36 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $8 million<\/span> and $30 million<\/span> in the fourth quarter and year ended December 31<\/span>, 2023.\u00a0 White Mountains’s Other Operations reported general and administrative expenses of $43 million<\/span> and $170 million<\/span> in the fourth quarter and year ended December 31, 2024<\/span> compared to $52 million<\/span> and $182 million<\/span> in the fourth quarter and year ended December 31, 2023<\/span>.<\/p>\n

In the fourth quarter and year ended December 31, 2024<\/span>, White Mountains’s Other Operations reported $4 million<\/span> and $9 million<\/span> of pre-tax income related to the Bamboo CRV.\u00a0 The Bamboo CRV, which provides quota share reinsurance on one of Bamboo’s fronted programs for the treaty year ending in March 2025<\/span>, expects to incur a loss in the first quarter of 2025 related to the recent California<\/span> wildfires that is capped at roughly $12 million<\/span>.<\/p>\n

\n
\n Investments <\/u>
\n <\/b>\n <\/p>\n

The total consolidated portfolio return was -2.3% in the fourth quarter of 2024.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was -0.4% in the fourth quarter of 2024.\u00a0 The total consolidated portfolio return was 5.8% in the fourth quarter of 2023.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 4.8% in the fourth quarter of 2023.<\/p>\n

The total consolidated portfolio return was 6.9% in the year ended December 31<\/span>, 2024.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 6.5% in the year ended December 31<\/span>, 2024.\u00a0 The total consolidated portfolio return, both including and excluding MediaAlpha, was 11.4% in the year ended December 31, 2023<\/span>.<\/p>\n

\n Mark Plourde<\/span>, President of White Mountains Advisors, said, “Excluding MediaAlpha, the total portfolio was down -0.4% in the quarter.\u00a0 Returns were impacted by rising interest rates and related mark-to-market losses.\u00a0 Excluding MediaAlpha, the total portfolio was up 6.5% for the year, a solid result.\u00a0 Our short duration fixed income portfolio returned -0.3% in the quarter and 4.3% for the year, compared to the Bloomberg Intermediate Aggregate Index returns of -2.1% and 2.5%.\u00a0 The equity portfolio, excluding MediaAlpha, returned -0.6% in the quarter and 9.4% for the year, compared to the S&P 500 Index returns of 2.4% and 25.0%.\u00a0 Relative underperformance was attributable to our portfolio of international common stocks and other long-term investments.”<\/p>\n

\n
\n Additional Information<\/u>
\n <\/b>\n <\/p>\n

White Mountains is a Bermuda<\/span>-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH.\u00a0 Additional financial information and other items of interest are available at the Company’s website located at www.whitemountains.com<\/a>.\u00a0 White Mountains expects to file its Form 10-K on or before February 28, 2025<\/span> with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results.<\/p>\n

CONTACT: Rob Seelig<\/span>
(603) 640-2212<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n September 30, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n P&C Insurance and Reinsurance (Ark\/WM Outrigger)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fixed maturity investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,565.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,461.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 866.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common equity securities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 425.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 435.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 400.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 601.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 579.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 962.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other long-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 547.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 544.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 440.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,139.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,020.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,671.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash (restricted $14.1, $3.3, $0.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 141.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 148.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 90.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reinsurance recoverables<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 589.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 748.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 442.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance premiums receivable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 768.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 993.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 612.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred acquisition costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 165.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 199.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 145.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 292.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 292.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 292.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 202.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 175.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 125.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total P&C Insurance and Reinsurance assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5,299.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,578.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,378.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Financial Guarantee (HG Global)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fixed maturity investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 612.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 636.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,012.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 55.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 667.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 670.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,082.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 11.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n BAM surplus notes, at fair value<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 381.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 411.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance premiums receivable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred acquisition costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 86.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 83.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 36.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Financial Guarantee assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,179.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,201.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,172.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Asset Management (Kudu)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Short-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other long-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,014.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 936.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 896.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,041.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 957.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 925.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 76.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 18.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 8.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 39.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 36.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Asset Management assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,108.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,094.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 959.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n P&C Insurance Distribution (Bamboo)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fixed maturity investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 40.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 17.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 58.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 53.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash (restricted $59.5, $67.7, $0.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 74.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 91.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Premiums, commissions and fees receivable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 70.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 355.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 359.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total P&C Insurance Distribution assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 584.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 599.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Other Operations<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fixed maturity investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 293.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 286.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 230.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common equity securities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 224.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 219.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 137.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investment in MediaAlpha<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 201.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 323.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 254.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 262.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 241.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 425.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other long-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 588.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 589.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 661.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,570.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,660.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,709.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 38.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance premiums receivable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 64.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 69.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 65.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 74.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 73.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Other Operations assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,754.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,863.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,875.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,925.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,337.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,385.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n September 30, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n P&C Insurance and Reinsurance (Ark\/WM Outrigger)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expense reserves<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,127.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,133.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,605.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unearned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 853.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,149.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 743.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 154.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 156.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 185.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reinsurance payable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 149.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 230.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 81.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Contingent consideration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 155.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 141.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 94.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 224.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 188.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 166.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total P&C Insurance and Reinsurance liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,664.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,000.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,876.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Financial Guarantee (HG Global)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Unearned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 297.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 287.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 325.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 147.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 147.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 146.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 59.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Financial Guarantee liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 464.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 453.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 531.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Asset Management (Kudu)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Debt<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 238.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 218.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 203.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 78.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 71.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Asset Management liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 316.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 294.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 275.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n P&C Insurance Distribution (Bamboo)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expense reserves<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 17.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unearned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 31.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Premiums and commissions payable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 88.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 93.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 30.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total P&C Insurance Distribution liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 167.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 172.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Other Operations<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expense reserves<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unearned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 29.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued incentive compensation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 79.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 87.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 38.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Other Operations liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 181.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 157.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 141.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4,794.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,077.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,824.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n White Mountains’s common shareholder’s equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 White Mountains’s common shares and paid-in surplus<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 566.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 563.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 551.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0Retained earnings<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,919.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,048.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,690.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Accumulated other comprehensive income (loss), after tax:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 \u00a0Net unrealized gains (losses) from foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (1.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.6)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0 \u00a0Total White Mountains’s common shareholders’ equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4,483.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,610.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,240.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Noncontrolling interests<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 647.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 649.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 321.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5,131.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,259.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,561.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities and equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,925.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,337.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,385.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n BOOK VALUE AND ADJUSTED BOOK VALUE PER SHARE<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n December 31,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n September 30,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n December 31,
2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n September 30,
2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Book value per share numerators (in millions):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n White Mountains’s common shareholders’ equity – <\/span>\n <\/p>\n

\n \u00a0\u00a0 GAAP book value per share numerator<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,483.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,610.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,240.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,949.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n HG Global’s unearned premium reserve (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 288.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 278.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 265.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 254.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n HG Global’s net deferred acquisition costs (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (83.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (80.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (76.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (73.1)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Time value of money discount on expected future payments on the <\/span>\n <\/p>\n

\n \u00a0\u00a0 BAM surplus notes (1) (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (87.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (90.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted book value per share numerator<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,687.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,808.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,341.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,040.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Book value per share denominators (in thousands of shares):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Common shares outstanding – GAAP book value per share<\/span>\n <\/p>\n

\n \u00a0\u00a0 denominator<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,568.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,568.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,560.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,560.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unearned restricted common shares<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (11.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (12.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted book value per share denominator<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,556.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,553.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,548.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,544.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n GAAP book value per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,745.87<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,795.31<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,656.14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,542.36<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Adjusted book value per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,833.92<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,883.24<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,703.82<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,587.59<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (1) <\/sup>Amount reflects White Mountains’s preferred share ownership in HG Global of 96.9%.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2)\u00a0 <\/sup>For periods subsequent to July 1, 2024, White Mountains carries the BAM surplus notes under GAAP at fair value, which incorporates time value into its
estimate.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n December 31,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n September 30,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n December 31,
2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n September 30,
2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Quarter-to-date change in GAAP book value per share, <\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 including dividends:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (2.8)\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Quarter-to-date change in adjusted book value per share, <\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 including dividends:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (2.6)\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Year-to-date change in GAAP book value per share, <\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 including dividends:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.5\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Year-to-date change in adjusted book value per share, <\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 including dividends:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Year-to-date dividends per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n P&C Insurance and Reinsurance (Ark\/WM Outrigger)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 414.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 362.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,587.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,409.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 24.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 90.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses) <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (34.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 50.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total P&C Insurance and Reinsurance revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 417.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 434.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,750.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,557.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Financial Guarantee (HG Global)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 31.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses) <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (19.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (11.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income from BAM surplus notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of BAM surplus notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (15.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unrealized loss on deconsolidation of BAM<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (114.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Financial Guarantee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (13.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (44.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 92.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Asset Management (Kudu)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 66.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 71.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (26.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 106.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Asset Management revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (9.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 87.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 118.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 177.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n P&C Insurance Distribution (Bamboo)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 37.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 134.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 39.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total P&C Insurance Distribution revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 179.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Other Operations<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 35.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses) <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (3.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 57.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 188.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses) from<\/span>\n <\/p>\n

\n \u00a0\u00a0 investment in MediaAlpha <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (121.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 38.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 14.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 56.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 80.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Other Operations revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (87.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 153.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 234.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 339.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0 Total revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 358.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 736.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,239.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,166.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n P&C Insurance and Reinsurance (Ark\/WM Outrigger)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 211.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 145.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 855.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 726.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 76.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 307.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 281.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 54.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 208.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 162.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of contingent consideration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 61.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total P&C Insurance and Reinsurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 360.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 309.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,452.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,240.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Financial Guarantee (HG Global)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 8.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 35.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 68.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Financial Guarantee expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 60.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 94.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Asset Management (Kudu)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Asset Management expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 10.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 37.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n P&C Insurance Distribution (Bamboo)<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 20.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 14.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 17.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 61.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total P&C Insurance Distribution expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 41.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 147.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Other Operations<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 29.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 43.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 169.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 182.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Other Operations expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 60.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 59.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 225.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 226.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0 Total expenses<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 478.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 409.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,923.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,601.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Pre-tax income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (120.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 327.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 316.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 565.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Income tax (expense) benefit<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (3.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (32.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (124.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 362.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 284.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 580.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Net (income) loss attributable to noncontrolling interests<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (6.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (76.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (53.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (71.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to White Mountains’s <\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 common shareholders<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (130.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 286.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 230.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 509.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to White Mountains’s <\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 common shareholders<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (130.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 286.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 230.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 509.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0Other comprehensive income (loss), net of tax<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (1.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Comprehensive income (loss) <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (131.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 288.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 230.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 511.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other comprehensive (income) loss attributable to <\/span>\n <\/p>\n

\n \u00a0\u00a0 noncontrolling interests<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Comprehensive income (loss) attributable to White<\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 Mountains’s common shareholders<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (131.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 287.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 230.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 511.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n EARNINGS PER SHARE<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Earnings (loss) per share attributable to White Mountains’s<\/b>
\n <\/span>\n <\/p>\n

\n
\n \u00a0\u00a0 common shareholders<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Basic earnings (loss) per share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (50.78)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 111.87<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 89.79<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 198.60<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Diluted earnings (loss) per share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (50.78)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 111.87<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 89.79<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 198.60<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 Dividends declared per White Mountains’s common share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n For the Three Months Ended December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Ark\/WM Outrigger<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM
Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n HG Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Kudu<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Bamboo<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other
Operations<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 389.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 447.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 55.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized\u00a0<\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0 investment gains (losses) (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (34.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (19.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (83.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized\u00a0<\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0 investment gains (losses) <\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0 from investment in MediaAlpha <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (121.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (121.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income from <\/span>\n <\/p>\n

\n \u00a0\u00a0 BAM surplus notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of BAM surplus<\/span>\n <\/p>\n

\n \u00a0\u00a0 notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (15.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 41.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 389.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (13.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (87.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 358.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 195.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 221.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 71.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 87.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 54.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 120.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of contingent <\/span>\n <\/p>\n

\n \u00a0\u00a0 consideration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 14.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 339.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 478.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Pre-tax income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 50.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (19.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (19.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 (148.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 (120.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n For the Three Months Ended December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Ark\/WM Outrigger<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n HG Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM <\/b>
\n <\/span>\n <\/p>\n

\n
\n Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n HG Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n BAM<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Kudu<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other
Operations<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 333.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 370.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized <\/span>\n <\/p>\n

\n \u00a0\u00a0 investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 217.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized\u00a0<\/span>\n <\/p>\n

\n investment gains (losses)<\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\u00a0 from investment in MediaAlpha <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income (expense) from <\/span>\n <\/p>\n

\n \u00a0\u00a0 BAM surplus notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 402.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 87.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 153.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 736.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 138.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 145.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 134.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of contingent consideration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 293.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 59.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 409.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Pre-tax income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 108.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 74.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 94.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 327.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n For the Year Ended December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Ark\/WM Outrigger<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n HG Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM <\/b>
\n <\/span>\n <\/p>\n

\n
\n Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n HG Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n BAM<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Kudu<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Bamboo<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other
Operations<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 1,499.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0 1,691.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 79.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 227.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized <\/span>\n <\/p>\n

\n \u00a0\u00a0 investment gains (losses) (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 57.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 146.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized\u00a0<\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 investment gains (losses) <\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 from investment in MediaAlpha <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 38.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income (expense) from <\/span>\n <\/p>\n

\n \u00a0\u00a0 BAM surplus notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (13.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of BAM surplus<\/span>\n <\/p>\n

\n \u00a0\u00a0 notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unrealized loss on deconsolidation <\/span>\n <\/p>\n

\n \u00a0\u00a0 of BAM<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (114.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (114.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 134.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 149.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 84.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,651.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 99.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (39.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 118.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 179.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 234.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,239.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 825.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 888.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 283.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 341.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 29.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 208.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 169.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 490.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of contingent <\/span>\n <\/p>\n

\n \u00a0\u00a0 consideration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 61.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 60.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,398.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 53.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 147.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 225.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,923.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Pre-tax income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 252.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 46.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (65.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 (39.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 316.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n For the Year Ended December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Ark\/WM Outrigger<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n HG Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM
Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n HG Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n BAM<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Kudu<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Other
Operations<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 1,305.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 104.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 26.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,440.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 71.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 194.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized <\/span>\n <\/p>\n

\n \u00a0\u00a0 investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 106.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 188.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 407.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized <\/span>\n <\/p>\n

\n \u00a0\u00a0 investment gains (losses) <\/span>\n <\/p>\n

\n \u00a0\u00a0 from investment in MediaAlpha <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income (expense) from <\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0 BAM surplus notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 80.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 84.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,442.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 115.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 82.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 177.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 339.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,166.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 711.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 726.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 251.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 290.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 161.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 182.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 432.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of contingent\u00a0<\/span>\n <\/p>\n

\n \u00a0\u00a0 consideration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,193.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 46.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 67.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 226.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,601.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Pre-tax income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 248.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 68.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (57.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 136.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 113.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 565.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n SELECTED FINANCIAL DATA<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n ($ in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Ark\/WM Outrigger<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Three Months Ended December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM <\/b>
\n <\/span>\n <\/p>\n

\n
\n Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Elimination<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Insurance premiums:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gross written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 264.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 264.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 234.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 238.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net earned premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 389.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 414.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance expenses:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 195.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 211.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 71.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 76.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expenses (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 298.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 320.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance ratios:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 50.2\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 64.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 18.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 21.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 18.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 8.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 76.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 85.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 77.3\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n Ark\/WM Outrigger<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Three Months Ended December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM <\/b>
\n <\/span>\n <\/p>\n

\n
\n Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Elimination<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Insurance premiums:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gross written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 231.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 231.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 212.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 214.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net earned premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 333.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 362.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance expenses:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 145.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expenses\u00a0(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 234.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 250.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance ratios:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 55.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 69.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n SELECTED FINANCIAL DATA (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n ($ in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Ark\/WM Outrigger<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM <\/b>
\n <\/span>\n <\/p>\n

\n
\n Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Elimination<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Insurance premiums:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gross written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 2,207.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (86.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 2,207.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,592.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,679.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net earned premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,499.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,587.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance expenses:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 825.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 855.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 283.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 23.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 307.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expenses (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 136.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 136.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,245.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 53.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,299.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance ratios:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 55.1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 34.0\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 53.9\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 18.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 26.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 9.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 8.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 83.1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 60.3\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 81.8\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n Ark\/WM Outrigger<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Ark<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n WM <\/b>
\n <\/span>\n <\/p>\n

\n
\n Outrigger Re<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Elimination<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Insurance premiums:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gross written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,898.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 110.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 (110.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,898.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,410.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 110.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,520.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net earned premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,305.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 104.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,409.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance expenses:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 711.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 726.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 251.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 281.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expenses (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 113.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 113.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,075.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 46.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,121.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Insurance ratios:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss and loss adjustment expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 54.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 82.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 44.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 79.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n SELECTED FINANCIAL DATA (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n ($ in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n HG Global<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Par value assumed:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Par value of primary market policies assumed (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 853.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 619.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,614.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,929.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Par value of secondary market policies assumed (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 86.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 143.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 338.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 426.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total par value of policies assumed<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 940.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 762.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,952.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,356.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Reinsurance premiums:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gross written premiums from primary market<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross written premiums from secondary market<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Total gross written premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 17.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 52.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Ceding commission paid<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Total gross written premiums net of ceding commission paid<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Earned premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 26.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Pricing:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gross pricing from primary market<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 155 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 195 bps<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 140 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 164 bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross pricing from secondary market <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 544 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 426 bps<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 464 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 434 bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Total gross pricing <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 190 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 239 bps<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 177 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 213 bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total pricing net of ceding commission paid<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 134 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 167 bps<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 125 bps<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 148 bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n
\n

\n
\n
\n HG Global<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n As of <\/b>
\n
\n December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n As of <\/b>
\n
\n December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n As of <\/b>
\n
\n December 31, 2022<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unearned premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 297.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 273.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 249.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred acquisition costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 79.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n SELECTED FINANCIAL DATA (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n ($ in millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Kudu<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Three Months Ended
December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Three Months Ended
December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended
December 31, 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended
December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 27.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 66.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (26.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 106.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 87.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (9.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 177.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 118.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 10.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 37.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP pre-tax income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 74.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (19.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 136.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 81.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (expense) benefit<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (18.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (31.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (16.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (18.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 104.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 64.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Add back:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax expense (benefit)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (1.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 80.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (14.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 158.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 103.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Exclude:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net realized and unrealized investment (gains) losses <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (60.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 26.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (106.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (51.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-cash equity-based compensation expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Transaction expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 54.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjustment to annualize partial year revenues from participation contracts acquired <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjustment to remove partial year revenues from participation contracts sold<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Annualized adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 60.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n GAAP net investment income (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjustment to annualize partial year revenues from participation contracts acquired<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjustment to remove partial year revenues from participation contracts sold<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Annualized revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net equity capital drawn<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 412.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt capital drawn<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 245.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total net capital drawn and invested (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 657.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n GAAP net investment income revenue yield<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 10.1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash revenue yield<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 11.1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Return on equity<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 8.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Net investment income includes revenues from participation contracts and income from short-term and other long-term investments.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Total net capital drawn represents equity and debt capital drawn and invested less cumulative distributions.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n SELECTED FINANCIAL DATA (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Kudu<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Beginning balance of Kudu’s participation contracts (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 930.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 775.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 890.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 695.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Contributions to participation contracts (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 103.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 55.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 103.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 199.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Proceeds from participation contracts sold (2) (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (37.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (111.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses) on<\/span>\n <\/p>\n

\n \u00a0\u00a0 participation contracts sold and pending sale\u00a0(4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (6.3)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net unrealized investment gains (losses) on participation<\/span>\n <\/p>\n

\n \u00a0\u00a0 contracts – all other (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (25.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 44.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 58.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 91.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Ending balance of Kudu’s participation contracts (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,008.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 890.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,008.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 890.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n As of September 30, 2024, December 31, 2024, September 30, 2023 and December 31, 2023, Kudu’s other long-term investments also includes $6.2, $5.6, $5.4 and $5.8 related to a private debt instrument.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes $35.8 of non-cash contributions to (proceeds from) participation contracts for the year ended December 31, 2023.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes $28.1 of proceeds receivable from participation contracts sold for the year ended December 31, 2024.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (4)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes realized and unrealized investment gains (losses) recognized from participation contracts beginning in the quarter a contract is classified as pending sale.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (5)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes unrealized investment gains (losses) recognized from (i) ongoing participation contracts and (ii) participation contracts prior to classification as pending sale.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n SELECTED FINANCIAL DATA (CONTINUED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (millions)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Bamboo<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Three Months Ended
December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year Ended <\/b>
\n <\/span>\n <\/p>\n

\n
\n December 31, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 134.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 12.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 39.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 179.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 20.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 14.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 17.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 61.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 41.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 147.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP pre-tax income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 9.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (expense) benefit<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (2.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (6.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 25.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Exclude: <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net (income) loss, Bamboo captive<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (1.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 MGA net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 8.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 24.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Add back:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income tax expense (benefit)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation expense <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n MGA EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 48.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Exclude:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-cash equity-based compensation expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Software implementation expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Restructuring expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n MGA adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 52.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n
\n Regulation G <\/u>
\n <\/b>\n <\/p>\n

This earnings release includes non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures.<\/p>\n