{"id":872568,"date":"2025-08-07T08:22:12","date_gmt":"2025-08-07T12:22:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/white-mountains-reports-second-quarter-results\/"},"modified":"2025-08-07T08:22:12","modified_gmt":"2025-08-07T12:22:12","slug":"white-mountains-reports-second-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/white-mountains-reports-second-quarter-results\/","title":{"rendered":"WHITE MOUNTAINS REPORTS SECOND QUARTER RESULTS"},"content":{"rendered":"
\n

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

\n

\n
\n HAMILTON, Bermuda<\/span>
\n <\/span>, Aug. 7, 2025<\/span><\/span> \/PRNewswire\/ —\u00a0White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,804<\/span> as of June 30, 2025<\/span>, an increase of 3% for both the second quarter of 2025 and the first six months of 2025, including dividends.<\/p>\n

Manning Rountree, CEO, commented, “BVPS was up 3% in the quarter.\u00a0 We had sound results at our operating companies and good investment returns.\u00a0 Ark produced an 85% combined ratio and $815 million<\/span> of gross written premiums in the quarter, up 17% year-over-year.\u00a0 HG Global generated $19 million<\/span> of gross written premiums, a record second quarter, and grew book value by 2%.\u00a0 Kudu managed flattish results under volatile market conditions.\u00a0 Bamboo had a record quarter, with significant growth in managed premiums and adjusted EBITDA.\u00a0 MediaAlpha’s share price increased 19% in the quarter, producing a $31 million<\/span> mark-to-market gain.\u00a0 Excluding MediaAlpha, our investment portfolio was up 2.3%.\u00a0 In July, we announced our acquisition of Distinguished Programs and closed our transaction with BroadStreet Partners.\u00a0 Including these deployments, undeployed capital now stands at roughly $300 million<\/span>.”\u00a0<\/p>\n

Comprehensive income (loss) attributable to common shareholders was $124 million<\/span> and $159 million<\/span> in the second quarter and first six months of 2025 compared to $(55) million<\/span> and $182 million<\/span> in the second quarter and first six months of 2024.\u00a0 Results in the second quarter and first six months of 2025 included $31 million<\/span> and $(6) million<\/span> of unrealized investment gains (losses) from White Mountains’s investment in MediaAlpha compared to $(139) million<\/span> and $72 million<\/span> of net realized and unrealized investment gains (losses) in the second quarter and first six months of 2024.\u00a0<\/p>\n

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

The Ark\/WM Outrigger segment’s combined ratio was 84% and 90% in the second quarter and first six months of 2025 compared to 87% and 89% in the second quarter and first six months of 2024.\u00a0 Ark\/WM Outrigger reported gross written premiums of $815 million<\/span> and $1,923 million<\/span>, net written premiums of $579 million<\/span> and $1,306 million<\/span> and net earned premiums of $364 million<\/span> and $722 million<\/span> in the second quarter and first six months of 2025 compared to gross written premiums of $697 million<\/span> and $1,569 million<\/span>, net written premiums of $503 million<\/span> and $1,101 million<\/span> and net earned premiums of $318 million<\/span> and $621 million<\/span> in the second quarter and first six months of 2024.\u00a0<\/p>\n

Ark’s combined ratio was 85% and 90% in the second quarter and first six months of 2025 compared to 89% and 91% in the second quarter and first six months of 2024.\u00a0 Ark’s combined ratio in the first six months of 2025 included 13 points of catastrophe losses, driven by losses related to the January 2025<\/span> California wildfires.\u00a0 Ark’s combined ratio included five points and nine points of net favorable prior year development in the second quarter and first six months of 2025, driven by the property, marine & energy and specialty lines of business, which more than offset six points of unfavorable development in the second quarter related to aviation losses from the conflict in Ukraine.\u00a0 This compares to two points and one point of net favorable prior year development in the second quarter and first six months of 2024, driven primarily by the property line of business.\u00a0<\/p>\n

Ark reported gross written premiums of $815 million<\/span> and $1,923 million<\/span>, net written premiums of $536 million<\/span> and $1,226 million<\/span> and net earned premiums of $357 million<\/span> and $703 million<\/span> in the second quarter and first six months of 2025 compared to gross written premiums of $697 million<\/span> and $1,569 million<\/span>, net written premiums of $464 million<\/span> and $1,028 million<\/span> and net earned premiums of $311 million<\/span> and $603 million<\/span> in the second quarter and first six months of 2024.\u00a0 Premium growth in the second quarter and first six months of 2025 was driven primarily by the property and specialty lines of business.<\/p>\n

Ark reported pre-tax income of $91 million<\/span> and $144 million<\/span> in the second quarter and first six months of 2025 compared to $50 million<\/span> and $83 million<\/span> in the second quarter and first six months of 2024.\u00a0 Ark’s results included net realized and unrealized investment gains of $51 million<\/span> and $81 million<\/span> in the second quarter and first six months of 2025 compared to $20 million<\/span> and $31 million<\/span> in the second quarter and first six months of 2024.<\/p>\n

\n Ian Beaton<\/span>, CEO of Ark, said, “We enjoyed good results for the first half of 2025. Ark’s combined ratio was 85% for the second quarter and 90% year to date, both better than prior year. Gross written premiums in the quarter were up 17% year-over-year, aided by the addition of new underwriting teams and classes of business.” \u00a0<\/p>\n

WM Outrigger Re’s combined ratio was 44% and 120% in the second quarter and first six months of 2025 compared to 27% and 30% in the second quarter and first six months of 2024.\u00a0 Catastrophe losses in the first six months of 2025 included $19 million<\/span> of losses related to the California<\/span> wildfires (net of reinstatement premiums).\u00a0 WM Outrigger Re reported gross and net written premiums of $43 million<\/span> and $80 million<\/span> and net earned premiums of $7 million<\/span> and $19 million<\/span> in the second quarter and first six months of 2025 compared to gross and net written premiums of $39 million<\/span> and $73 million<\/span> and net earned premiums of $8 million<\/span> and $18 million<\/span> in the second quarter and first six months of 2024.\u00a0 The increase in gross and net written premiums was driven by White Mountains’s larger capital commitment to WM Outrigger Re for the 2025 underwriting year.\u00a0\u00a0<\/p>\n

WM Outrigger Re reported pre-tax income of $6 million<\/span> in the second quarter of 2025.\u00a0 Results in the second quarter of 2025 included pre-tax income (loss) of $7 million<\/span> for the 2025 underwriting year and $(1) million<\/span> for the 2024 underwriting year.\u00a0 WM Outrigger Re reported pre-tax income of $8 million<\/span> in the second quarter of 2024.\u00a0 Results in the second quarter of 2024 included pre-tax income of $7 million<\/span> for the 2024 underwriting year and $1 million<\/span> for the 2023 underwriting year.\u00a0 WM Outrigger Re reported pre-tax income of $0.3 million<\/span> in the first six months of 2025.\u00a0 Results in the first six months of 2025 included pre-tax income (loss) of $10 million<\/span> for the 2025 underwriting year and $(10) million<\/span> for the 2024 underwriting year.\u00a0 WM Outrigger Re reported pre-tax income of $18 million<\/span> in the first six months of 2024.\u00a0 Results in the first six months of 2024 included pre-tax income of $14 million<\/span> for the 2024 underwriting year and $4 million<\/span> for the 2023 underwriting year.<\/p>\n

Through June 30, 2025<\/span>, WM Outrigger Re generated pre-tax income of $10 million<\/span> from the 2025 underwriting year, $28 million<\/span> from the 2024 underwriting year and $76 million<\/span> from the 2023 underwriting year.\u00a0<\/p>\n

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

HG Global reported gross written premiums of $19 million<\/span> and $26 million<\/span> and earned premiums of $7 million<\/span> and $15 million<\/span> in the second quarter and first six months of 2025 compared to gross written premiums of $12 million<\/span> and $21 million<\/span> and earned premiums of $8 million<\/span> and $14 million<\/span> in the second quarter and first six months of 2024.\u00a0 HG Global’s total par value of policies assumed was $931 million<\/span> and $1,358 million<\/span> in the second quarter and first six months of 2025 compared to $786 million<\/span> and $1,324 million<\/span> in the second quarter and first six months of 2024.\u00a0 HG Global’s total gross pricing was 206 and 191 basis points in the second quarter and first six months of 2025 compared to 148 and 155 basis points in the second quarter and first six months of 2024.<\/p>\n

HG Global reported pre-tax income of $17 million<\/span> and $42 million<\/span> in the second quarter and first six months of 2025 compared to $11 million<\/span> and $17 million<\/span> in the second quarter and first six months of 2024.\u00a0 HG Global’s results included net realized and unrealized investment gains (losses) of $3 million<\/span> and $13 million<\/span> in the second quarter and first six months of 2025 compared to $(2) million<\/span> and $(9) million<\/span> in the second quarter and first six months of 2024, driven by the movement of interest rates.\u00a0 The fair value of the BAM surplus notes increased to $397 million<\/span> as of June 30, 2025<\/span> compared to $389 million<\/span> as of March\u00a031, 2025, resulting from\u00a0approximately $8 million<\/span> of accrued interest.<\/p>\n

\n Kevin Pearson<\/span>, President of HG Global, said, “HG Global had a strong second quarter.\u00a0 Gross written premiums increased 66% year-over-year.\u00a0 Par value assumed increased 18% year-over-year, driven by higher issuance of municipal bonds, and total gross pricing increased 39% year-over-year, reflecting higher primary market pricing.”<\/p>\n

We encourage you to read BAM’s second quarter statutory financial statements and operating supplement, which will be available on BAM’s website at https:\/\/bambonds.com\/about-bam\/credit-rating-and-finanical-information\/<\/a>.\u00a0<\/p>\n

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

Kudu reported total revenues of $20 million<\/span>, pre-tax income of $11 million<\/span> and adjusted EBITDA of $16 million<\/span> in the second quarter of 2025 compared to total revenues of $70 million<\/span>, pre-tax income of $61 million<\/span> and adjusted EBITDA of $12 million<\/span> in the second quarter of 2024.\u00a0 Total revenues, pre-tax income and adjusted EBITDA included $19 million<\/span> of net investment income in the second quarter of 2025 compared to $16 million<\/span> in the second quarter of 2024.\u00a0 Total revenues and pre-tax income also included $1 million<\/span> of net realized and unrealized investment gains in the second quarter of 2025 compared to $55 million<\/span> in the second quarter of 2024.\u00a0 On a trailing 12 months basis, return on equity was 8% as of June 30, 2025<\/span>, down from 13% as of March 31, 2025<\/span> due to lower net realized and unrealized investment gains.<\/p>\n

Kudu reported total revenues of $84 million<\/span>, pre-tax income of $64 million<\/span> and adjusted EBITDA of $32 million<\/span> in the first six months of 2025 compared to total revenues of $81 million<\/span>, pre-tax income of $63 million<\/span> and adjusted EBITDA of $26 million<\/span> in the first six months of 2024.\u00a0 Total revenues, pre-tax income and adjusted EBITDA included $39 million<\/span> of net investment income in the first six months of 2025 compared to $33 million<\/span> in the first six months of 2024.\u00a0 Total revenues and pre-tax income also included $45 million<\/span> of net realized and unrealized investment gains in the first six months of 2025 compared to $48 million<\/span> in the first six months of 2024.<\/p>\n

\n Rob Jakacki<\/span>, CEO of Kudu, said, “Kudu had an okay quarter.\u00a0 GAAP ROE dipped to 8%, reflecting lower realized and unrealized gains, while annualized adjusted EBITDA increased 1%, reflecting continued underlying growth.\u00a0 The fair value of our portfolio was flat, holding up well under volatile market conditions.\u00a0 Our pipeline remains active, and we anticipate continued capital deployment through the rest of 2025.”\u00a0<\/p>\n

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

Bamboo reported commission and fee revenues of $59 million<\/span> and pre-tax income of $16 million<\/span> in the second quarter of 2025 compared to commission and fee revenues of $33 million<\/span> and pre-tax income of $6 million<\/span> in the second quarter of 2024.\u00a0 Bamboo reported MGA pre-tax income of $15 million<\/span> and MGA adjusted EBITDA of $26 million<\/span> in the second quarter of 2025 compared to MGA pre-tax income of $6 million<\/span> and MGA adjusted EBITDA of $12 million<\/span> in the second quarter of 2024.\u00a0 Managed premiums, which represent the total premiums placed by Bamboo, were $191 million<\/span> in the second quarter of 2025 compared to $120 million<\/span> in the second quarter of 2024.\u00a0 The increase in managed premiums was driven by growth in the renewal book as well as new business volume.<\/p>\n

Bamboo reported commission and fee revenues of $103 million<\/span> and pre-tax income of $22 million<\/span> in the first six months of 2025 compared to commission and fee revenues of $55 million<\/span> and pre-tax income of $7 million<\/span> in the first six months of 2024.\u00a0 Bamboo reported MGA pre-tax income of $25 million<\/span> and MGA adjusted EBITDA of $46 million<\/span> in the first six months of 2025 compared to MGA pre-tax income of $7 million<\/span> and MGA adjusted EBITDA of $18 million<\/span> in the first six months of 2024.\u00a0 Managed premiums were $338 million<\/span> in the first six months of 2025 compared to $209 million<\/span> in the first six months of 2024.\u00a0 The increase in managed premiums was driven by growth in the renewal book as well as new business volume.<\/p>\n

Bamboo’s estimates for losses to its programs from the January 2025<\/span> California wildfires remain unchanged at approximately $160 million<\/span> as of June 30<\/span>, 2025.\u00a0\u00a0\u00a0<\/p>\n

\n John Chu<\/span>, CEO of Bamboo, said, “Bamboo had an excellent quarter.\u00a0 We once again achieved record financial performance across our key financial metrics.\u00a0 Trailing 12 months managed premiums increased to $613 million<\/span>, up 72% year-over-year, while trailing 12 months MGA adjusted EBITDA increased to $80 million<\/span>, up 3x year-over-year.\u00a0 Looking ahead, we see continuing opportunities to drive robust, profitable growth in the second half of 2025 and beyond.”<\/p>\n

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

As of June 30, 2025<\/span>, White Mountains owned 17.9 million shares of MediaAlpha, representing a 26% basic ownership interest (24% on a fully-diluted\/fully-converted basis).\u00a0 As of June 30, 2025<\/span>, MediaAlpha’s share price was $10.95<\/span> per share, which increased from $9.24<\/span> per share as of March\u00a031, 2025.\u00a0 The carrying value of White Mountains’s investment in MediaAlpha was $196 million<\/span> as of June 30, 2025<\/span> compared to $165 million<\/span> as of March\u00a031, 2025.\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.\u00a0<\/p>\n

We encourage you to read MediaAlpha’s second quarter earnings release and related shareholder letter, which is available on MediaAlpha’s investor relations website at https:\/\/investors.mediaalpha.com<\/a>.\u00a0<\/p>\n

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

White Mountains’s Other Operations reported pre-tax income (loss) of $36 million<\/span> and $(23) million<\/span> in the second quarter and first six months of 2025 compared to $(153) million<\/span> and $49 million<\/span> in the second quarter and first six months of 2024.\u00a0 Unrealized investment gains (losses) from White Mountains’s investment in MediaAlpha were $31 million<\/span> and $(6) million<\/span> in the second quarter and first six months of 2025 compared to net realized and unrealized investment gains (losses) of $(139) million<\/span> and $72 million<\/span> in the second quarter and first six months of 2024.\u00a0 Excluding MediaAlpha, net realized and unrealized investment gains were $32 million<\/span> and $35 million<\/span> in the second quarter and first six months of 2025 compared to $9 million<\/span> and $31 million<\/span> in the second quarter and first six months of 2024.\u00a0 Net investment income was $9 million<\/span> and $18 million<\/span> in the second quarter and first six months of 2025 compared to $8 million<\/span> and $18 million<\/span> in the second quarter and first six months of 2024.\u00a0<\/p>\n

White Mountains’s Other Operations reported other revenues of $57 million<\/span> and $70 million<\/span> in the second quarter and first six months of 2025 compared to $15 million<\/span> and $29 million<\/span> in the second quarter and first six months of 2024.\u00a0 White Mountains’s Other Operations reported cost of sales of $42 million<\/span> and $50 million<\/span> in the second quarter and first six months of 2025 compared to $7 million<\/span> and $15 million<\/span> in the second quarter and first six months of 2024.\u00a0 The increases in other revenues and cost of sales were driven primarily by the acquisition of Enterprise Solutions by WTM Partners in the second quarter of 2025.\u00a0<\/p>\n

White Mountains’s Other Operations reported general and administrative expenses of $54 million<\/span> and $89 million<\/span> in the second quarter and first six months of 2025 compared to $43 million<\/span> and $94 million<\/span> in the second quarter and first six months of 2024.\u00a0 The increase in general and administrative expenses in the second quarter of 2025 compared to the second quarter of 2024 was driven primarily by parent company transaction costs as well as the acquisition of Enterprise Solutions.<\/p>\n

In the second quarter and first six months of 2025, White Mountains’s Other Operations reported pre-tax income (loss) of $1 million<\/span> and $(7) million<\/span> related to the Bamboo CRV.\u00a0 The results of the Bamboo CRV for the first six months of 2025 included $12 million<\/span> of losses related to the January 2025<\/span> California wildfires.\u00a0 In both the second quarter and first six months of 2024, White Mountains’s Other Operations reported pre-tax income of $2 million<\/span> related to the Bamboo CRV.\u00a0<\/p>\n

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

The total consolidated portfolio return was 2.7% in the second quarter of 2025.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 2.3% in the second quarter of 2025.\u00a0 The total consolidated portfolio return was -0.1% in the second quarter of 2024.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 2.2% in the second quarter of 2024.<\/p>\n

The total consolidated portfolio return was 4.5% in the first six months of 2025.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 4.7% in the first six months of 2025.\u00a0 The total consolidated portfolio return was 4.5% in the first six months of 2024.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 3.5% in the first six months of 2024.<\/p>\n

\n Mark Plourde<\/span>, President of White Mountains Advisors, said, “Excluding MediaAlpha, the total portfolio was up 2.3% in the quarter, a solid absolute result but mixed versus benchmarks.\u00a0 Our fixed income portfolio returned 1.5%, in-line with the Bloomberg Intermediate Aggregate Index return. The equity portfolio, excluding MediaAlpha, returned 3.4%, behind the S&P 500 Index return of 10.9% in a strong up quarter for common stocks.\u00a0 Equity results were driven by lower relative returns from our market neutral positions 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-Q today 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

\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 June 30, 2025<\/b>
\n <\/span>\n <\/p>\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 June 30, 2024<\/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 1,755.8<\/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 1,565.1<\/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 1,005.5<\/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 435.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 422.3<\/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 611.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 904.5<\/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 609.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 491.3<\/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 3,411.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 2,823.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cash (restricted $4.6, $14.1, $3.6)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 162.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 156.3<\/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 1,044.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 863.8<\/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 1,451.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,175.4<\/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 344.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 245.3<\/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 198.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 147.0<\/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 6,905.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 5,703.9<\/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 670.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,039.4<\/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 42.9<\/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 51.3<\/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 713.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,090.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 9.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 5.0<\/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 396.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 381.7<\/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 8.0<\/b>
\n <\/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 6.4<\/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 90.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 41.7<\/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 26.5<\/b>
\n <\/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 36.3<\/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 1,244.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,180.1<\/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 42.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 37.6<\/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 1,127.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 907.1<\/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 1,169.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 944.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 5.7<\/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 1.1<\/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 24.1<\/b>
\n <\/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 15.1<\/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 7.8<\/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 8.1<\/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 23.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 35.4<\/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 1,230.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,004.4<\/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 39.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 33.2<\/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 26.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 19.8<\/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 65.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 53.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash (restricted $94.9, $59.5, $60.5)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 117.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 68.9<\/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 54.4<\/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 58.0<\/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 347.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 363.0<\/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 34.6<\/b>
\n <\/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 18.8<\/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 619.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 561.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n \u00a0\u00a0 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 170.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 266.7<\/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 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 208.5<\/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 195.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 235.2<\/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 501.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 192.3<\/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 570.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 624.0<\/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 1,438.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,526.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 42.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 23.9<\/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 158.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 67.4<\/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 183.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 80.4<\/span>\n <\/p>\n<\/td>\n

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

\n 98.8<\/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 1,822.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,716.8<\/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 11,822.9<\/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\u00a0\u00a0\u00a0 9,925.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,166.9<\/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
\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 June 30, 2025<\/b>
\n <\/span>\n <\/p>\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 June 30, 2024<\/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 2,288.5<\/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 2,127.5<\/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 1,890.1<\/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 1,847.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1,526.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 158.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 155.0<\/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 463.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 367.3<\/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 193.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 107.3<\/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 221.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 157.2<\/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 5,173.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 4,203.0<\/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 307.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 333.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 147.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 147.2<\/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 32.8<\/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 52.1<\/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 488.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 532.5<\/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 246.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 203.3<\/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 82.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 67.9<\/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 329.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 271.2<\/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 28.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 16.6<\/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 12.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 23.6<\/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 93.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 78.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 104.6<\/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<\/tr>\n

\n

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

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

\n
\n 41.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 28.2<\/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 281.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 147.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n \u00a0\u00a0 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 14.2<\/b>
\n <\/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 3.9<\/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 9.4<\/b>
\n <\/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 22.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 36.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 24.7<\/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 41.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 58.5<\/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 109.2<\/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 31.1<\/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 210.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 140.8<\/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 6,482.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 5,294.7<\/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<\/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 shareholders’ 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 576.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 561.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 4,067.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 3,863.1<\/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 \u00a0Net unrealized gains (losses) from foreign currency translation<\/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 (1.7)<\/span>\n <\/p>\n<\/td>\n

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

\n (1.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 4,644.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 4,422.6<\/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 695.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 449.6<\/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 5,340.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 4,872.2<\/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 11,822.9<\/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\u00a0\u00a0\u00a0 9,925.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,166.9<\/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 WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 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 June 30, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n March 31, 2025<\/b>
\n <\/span>\n <\/p>\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 June 30, 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Book value per share numerator (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 \u00a0\u00a0 White Mountains’s common shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,644.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,509.6<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,422.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Book value per share denominator (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 \u00a0\u00a0 Common shares outstanding<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2,575.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2,573.7<\/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 2,568.3<\/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 Book value per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0 1,803.57<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0 1,752.17<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n $\u00a0\u00a0\u00a0\u00a0 1,722.02<\/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 Quarter-to-date change in book value per share, including dividends:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2.9\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 0.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n (1.2)\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Year-to-date change in book value per share, including dividends:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 3.4\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 0.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 5.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 4.0\u00a0%<\/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 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 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 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\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 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 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 June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months Ended June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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

\n
\n 2025<\/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 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2024<\/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 364.2<\/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 318.3<\/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\u00a0 722.2<\/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 621.1<\/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 26.3<\/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
\n 49.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 42.2<\/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 51.1<\/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
\n 80.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 30.9<\/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 6.3<\/b>
\n <\/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
\n 8.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 5.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 447.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 363.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 861.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 700.1<\/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\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 7.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 9.0<\/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 16.8<\/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 6.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 10.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 12.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 20.1<\/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 3.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (4.3)<\/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 (14.4)<\/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 7.5<\/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 15.0<\/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 \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 .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Financial Guarantee revenues<\/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 15.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 56.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 23.6<\/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 19.3<\/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
\n 38.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 32.9<\/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 .8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 54.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 44.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 48.0<\/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 .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 Total Asset Management revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 20.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 70.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 84.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 80.9<\/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 59.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 32.7<\/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 54.6<\/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 1.6<\/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
\n 16.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 16.4<\/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 1.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 4.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 62.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 42.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 123.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 73.1<\/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 2.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 8.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 16.2<\/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 Net investment income<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 8.6<\/b>
\n <\/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
\n 18.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 18.3<\/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 31.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 8.5<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 30.7<\/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 30.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (139.2)<\/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 71.5<\/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 4.2<\/b>
\n <\/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 8.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 7.0<\/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 56.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 14.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 70.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 28.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 134.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (95.8)<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 165.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 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 689.2<\/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 395.4<\/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 1,267.0<\/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 1,042.7<\/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
\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 June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months Ended June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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

\n
\n 2025<\/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 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2024<\/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\u00a0 164.0<\/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 175.7<\/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 397.5<\/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 355.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 97.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 68.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 180.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 134.5<\/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 56.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 42.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 92.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 85.1<\/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 28.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 13.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 38.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 13.3<\/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 4.3<\/b>
\n <\/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
\n 8.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 10.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 350.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 304.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 717.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 598.7<\/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 2.0<\/b>
\n <\/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
\n 3.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 4.4<\/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 1.0<\/b>
\n <\/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
\n 1.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 34.5<\/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 4.5<\/b>
\n <\/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
\n 9.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 7.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 7.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 23.5<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 46.5<\/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 3.6<\/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 7.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 6.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 6.1<\/b>
\n <\/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
\n 12.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 11.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 9.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 8.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 20.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 17.9<\/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 19.8<\/b>
\n <\/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
\n 35.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 22.0<\/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 1.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 12.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 10.1<\/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 (.6)<\/b>
\n <\/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
\n 6.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 6.0<\/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 22.6<\/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
\n 42.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 27.7<\/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 2.9<\/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 5.0<\/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 Total P&C Insurance Distribution expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 46.4<\/b>
\n <\/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 101.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 65.8<\/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 .8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 3.9<\/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 3.9<\/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 .9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2.6<\/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 2.6<\/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 42.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 7.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 49.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 14.6<\/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 53.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 43.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 89.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 93.5<\/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 .8<\/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 1.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 98.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 57.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 164.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 115.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 512.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 430.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,018.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 844.8<\/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 176.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (34.7)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 248.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 197.9<\/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 (12.9)<\/b>
\n <\/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
\n (22.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (17.3)<\/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 163.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (41.2)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 226.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 180.6<\/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 (40.7)<\/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 (69.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n Net income (loss) attributable to White Mountains’s 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\u00a0\u00a0\u00a0 122.9<\/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 (54.6)<\/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 156.8<\/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 181.8<\/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 WHITE MOUNTAINS INSURANCE GROUP,\u00a0LTD.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE 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 <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months Ended June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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

\n
\n 2025<\/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 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to White Mountains’s 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\u00a0\u00a0 122.9<\/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 (54.6)<\/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 156.8<\/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 181.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other comprehensive income (loss), net of tax<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1.1<\/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 3.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (.2)<\/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 124.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (54.5)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 159.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 181.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other comprehensive (income) loss attributable to noncontrolling interests<\/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)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (1.1)<\/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 Comprehensive income (loss) attributable to White 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\u00a0\u00a0 123.7<\/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 (54.6)<\/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 158.8<\/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 181.6<\/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 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 June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months Ended June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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

\n
\n 2025<\/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 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2024<\/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\u00a0 47.75<\/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 (21.24)<\/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 60.99<\/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 70.93<\/span>\n <\/p>\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\u00a0 47.75<\/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 (21.24)<\/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 60.99<\/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 70.93<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Dividends declared and paid 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\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\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 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 June 30, 2025<\/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\u00a0\u00a0\u00a0 357.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.1<\/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\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 2.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 375.2<\/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 24.1<\/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 6.5<\/span>\n <\/p>\n<\/td>\n

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

\n 19.3<\/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 8.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 61.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Net realized and unrealized <\/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 51.1<\/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 3.1<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n 31.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 86.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Net realized and unrealized <\/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 30.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 30.5<\/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 7.5<\/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
\n 7.5<\/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 59.1<\/span>\n <\/p>\n<\/td>\n

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

\n 4.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 63.3<\/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 6.3<\/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 .3<\/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 56.8<\/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 Total revenues<\/span>\n <\/p>\n<\/td>\n

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

\n 438.6<\/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 24.2<\/span>\n <\/p>\n<\/td>\n

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

\n 20.4<\/span>\n <\/p>\n<\/td>\n

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

\n 62.5<\/span>\n <\/p>\n<\/td>\n

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

\n 134.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 689.2<\/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 162.3<\/span>\n <\/p>\n<\/td>\n

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

\n 1.7<\/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 1.7<\/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
\n 166.5<\/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 95.8<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 2.0<\/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 (.6)<\/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 99.5<\/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 42.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 42.4<\/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 19.8<\/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
\n 19.8<\/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 56.5<\/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 1.0<\/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 22.6<\/span>\n <\/p>\n<\/td>\n

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

\n 53.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 137.5<\/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 28.4<\/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 \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 28.4<\/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 4.3<\/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 4.5<\/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 2.9<\/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 18.6<\/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 347.3<\/span>\n <\/p>\n<\/td>\n

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

\n 3.1<\/span>\n <\/p>\n<\/td>\n

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

\n 7.5<\/span>\n <\/p>\n<\/td>\n

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

\n 9.7<\/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 98.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 512.7<\/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\u00a0\u00a0\u00a0 91.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.2<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.7<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10.7<\/span>\n <\/p>\n<\/td>\n

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

\n $\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 35.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 176.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\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
\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 June 30, 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 $\u00a0\u00a0\u00a0 310.8<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.5<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.5<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.5<\/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 8.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0 343.9<\/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 19.3<\/span>\n <\/p>\n<\/td>\n

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

\n 3.0<\/span>\n <\/p>\n<\/td>\n

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

\n 5.9<\/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 15.7<\/span>\n <\/p>\n<\/td>\n

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

\n 0.6<\/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 57.4<\/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 20.3<\/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 (2.0)<\/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 54.5<\/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 8.5<\/span>\n <\/p>\n<\/td>\n

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

\n 79.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Net realized and unrealized <\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n (139.2)<\/span>\n <\/p>\n<\/td>\n

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

\n (139.2)<\/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 6.6<\/span>\n <\/p>\n<\/td>\n

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

\n (6.6)<\/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<\/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 32.7<\/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 36.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 2.4<\/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 \u2014<\/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 \u2014<\/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 14.5<\/span>\n <\/p>\n<\/td>\n

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

\n 18.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 352.8<\/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 18.0<\/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 70.2<\/span>\n <\/p>\n<\/td>\n

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

\n 42.0<\/span>\n <\/p>\n<\/td>\n

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

\n (95.8)<\/span>\n <\/p>\n<\/td>\n

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

\n 395.4<\/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 176.0<\/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 \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 4.3<\/span>\n <\/p>\n<\/td>\n

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

\n 3.9<\/span>\n <\/p>\n<\/td>\n

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

\n 183.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n 65.9<\/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 2.2<\/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 2.9<\/span>\n <\/p>\n<\/td>\n

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

\n 2.6<\/span>\n <\/p>\n<\/td>\n

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

\n 75.9<\/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 7.0<\/span>\n <\/p>\n<\/td>\n

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

\n 7.0<\/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 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 12.7<\/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 42.8<\/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 .6<\/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 3.5<\/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 43.2<\/span>\n <\/p>\n<\/td>\n

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

\n 122.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Change in fair value of contingent consideration<\/span>\n <\/p>\n<\/td>\n

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

\n 13.3<\/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 \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 13.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

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

\n 4.7<\/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 4.1<\/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 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 .6<\/span>\n <\/p>\n<\/td>\n

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

\n 14.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 302.7<\/span>\n <\/p>\n<\/td>\n

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

\n 2.1<\/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 16.6<\/span>\n <\/p>\n<\/td>\n

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

\n 8.9<\/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 57.3<\/span>\n <\/p>\n<\/td>\n

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

\n 430.1<\/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 50.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 11.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0 (18.9)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 61.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0 (153.1)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0 (34.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\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
\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 Six Months Ended June 30, 2025<\/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 <\/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 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\u00a0\u00a0 703.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.3<\/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\u00a0\u00a0\u00a0\u00a0 16.5<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 770.2<\/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 45.4<\/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 12.8<\/span>\n <\/p>\n<\/td>\n

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

\n 38.7<\/span>\n <\/p>\n<\/td>\n

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

\n 1.4<\/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
\n 121.0<\/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 80.7<\/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 13.1<\/span>\n <\/p>\n<\/td>\n

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

\n 44.8<\/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 34.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 173.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Net realized and unrealized <\/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 (6.1)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (6.1)<\/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 15.0<\/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 \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 15.0<\/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 103.3<\/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 111.4<\/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 8.5<\/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 .1<\/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 2.4<\/span>\n <\/p>\n<\/td>\n

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

\n 70.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 82.1<\/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 837.7<\/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 56.3<\/span>\n <\/p>\n<\/td>\n

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

\n 84.2<\/span>\n <\/p>\n<\/td>\n

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

\n 123.9<\/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
\n 1,267.0<\/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 375.6<\/span>\n <\/p>\n<\/td>\n

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

\n 21.9<\/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 12.6<\/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 428.3<\/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 179.6<\/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 3.9<\/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 6.0<\/span>\n <\/p>\n<\/td>\n

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

\n 6.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 196.6<\/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 49.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 49.9<\/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 35.3<\/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 35.3<\/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 92.3<\/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 1.6<\/span>\n <\/p>\n<\/td>\n

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

\n 7.6<\/span>\n <\/p>\n<\/td>\n

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

\n 42.6<\/span>\n <\/p>\n<\/td>\n

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

\n 89.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 233.5<\/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 38.1<\/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
\n 38.1<\/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 8.5<\/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 9.1<\/span>\n <\/p>\n<\/td>\n

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

\n 12.5<\/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 1.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 36.4<\/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 694.1<\/span>\n <\/p>\n<\/td>\n

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

\n 23.1<\/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 20.1<\/span>\n <\/p>\n<\/td>\n

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

\n 101.5<\/span>\n <\/p>\n<\/td>\n

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

\n 164.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,018.1<\/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\u00a0 143.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 .3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 41.7<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 64.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (23.2)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 248.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\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
\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 Six Months Ended June 30, 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
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 $\u00a0\u00a0\u00a0\u00a0 603.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17.8<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\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\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 662.9<\/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 36.3<\/span>\n <\/p>\n<\/td>\n

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

\n 5.9<\/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 8.8<\/span>\n <\/p>\n<\/td>\n

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

\n 32.9<\/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 114.4<\/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 30.9<\/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 (9.3)<\/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 48.0<\/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 30.7<\/span>\n <\/p>\n<\/td>\n

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

\n 95.1<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n 71.5<\/span>\n <\/p>\n<\/td>\n

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

\n 71.5<\/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 13.2<\/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 \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 54.6<\/span>\n <\/p>\n<\/td>\n

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

\n 7.0<\/span>\n <\/p>\n<\/td>\n

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

\n 61.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 5.9<\/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 1.1<\/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 1.3<\/span>\n <\/p>\n<\/td>\n

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

\n 28.9<\/span>\n <\/p>\n<\/td>\n

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

\n 37.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 676.4<\/span>\n <\/p>\n<\/td>\n

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

\n 23.7<\/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 (5.6)<\/span>\n <\/p>\n<\/td>\n

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

\n 80.9<\/span>\n <\/p>\n<\/td>\n

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

\n 73.1<\/span>\n <\/p>\n<\/td>\n

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

\n 165.0<\/span>\n <\/p>\n<\/td>\n

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

\n 1,042.7<\/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\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 355.3<\/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 \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 10.1<\/span>\n <\/p>\n<\/td>\n

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

\n 3.9<\/span>\n <\/p>\n<\/td>\n

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

\n 369.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n 129.6<\/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 4.0<\/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 6.0<\/span>\n <\/p>\n<\/td>\n

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

\n 2.6<\/span>\n <\/p>\n<\/td>\n

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

\n 147.5<\/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 22.0<\/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 22.0<\/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 14.6<\/span>\n <\/p>\n<\/td>\n

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

\n 14.6<\/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 85.0<\/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 1.0<\/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 6.9<\/span>\n <\/p>\n<\/td>\n

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

\n 27.7<\/span>\n <\/p>\n<\/td>\n

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

\n 93.5<\/span>\n <\/p>\n<\/td>\n

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

\n 247.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0Change 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 13.3<\/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 \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 13.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

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

\n 10.1<\/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 7.6<\/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 11.0<\/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 1.3<\/span>\n <\/p>\n<\/td>\n

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

\n 30.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 593.3<\/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 12.6<\/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 17.9<\/span>\n <\/p>\n<\/td>\n

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

\n 65.8<\/span>\n <\/p>\n<\/td>\n

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

\n 115.9<\/span>\n <\/p>\n<\/td>\n

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

\n 844.8<\/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\u00a0 83.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0 (39.5)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 49.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 197.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\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 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 June 30, 2025<\/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 815.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (42.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 815.2<\/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 536.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42.6<\/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 578.6<\/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 357.1<\/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 7.1<\/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\u00a0\u00a0\u00a0 364.2<\/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 162.3<\/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 1.7<\/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 164.0<\/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 95.8<\/b>
\n <\/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
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 97.2<\/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 46.3<\/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 46.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 304.4<\/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 3.1<\/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\u00a0\u00a0\u00a0 307.5<\/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 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 expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 45.4\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 23.9\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 45.0\u00a0%<\/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 26.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 19.8<\/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 26.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 13.0<\/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 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 12.7<\/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 85.2\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 43.7\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 84.4\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

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

\n
\n Three Months Ended June 30, 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 $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 697.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 38.9<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (38.9)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 697.0<\/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 463.9<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 38.9<\/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 502.8<\/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 310.8<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.5<\/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 318.3<\/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 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 176.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (.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\u00a0\u00a0\u00a0 175.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n 65.9<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n 68.2<\/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 33.1<\/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 33.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 275.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.0<\/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 277.0<\/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 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 56.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n (4.0)\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 55.2\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 21.2<\/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

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

\n 21.4<\/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 10.7<\/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 10.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

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

\n 88.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 26.7\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 87.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\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 Six Months Ended June 30, 2025<\/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 1,922.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (80.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0 1,922.8<\/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 1,226.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80.1<\/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 1,306.3<\/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 703.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19.1<\/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\u00a0\u00a0\u00a0 722.2<\/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 375.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.9<\/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 397.5<\/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
\n 179.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1.1<\/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 180.7<\/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 74.8<\/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 74.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 630.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23.0<\/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\u00a0\u00a0\u00a0 653.0<\/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 53.4\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 114.7\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 55.0\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 25.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 5.7<\/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 25.0<\/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 10.6<\/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 10.4<\/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 89.5\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 120.4\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 90.4\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

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

\n
\n Six Months Ended June 30, 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 $\u00a0\u00a0\u00a0 1,569.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 73.2<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (73.2)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0 1,569.1<\/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 1,027.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 73.2<\/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 1,100.8<\/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 603.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17.8<\/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 621.1<\/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 355.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\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\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 355.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n 129.6<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n 134.5<\/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 63.6<\/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 63.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 548.5<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.3<\/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\u00a0\u00a0\u00a0 553.8<\/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 58.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 2.3\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 57.3\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 21.5<\/span>\n <\/p>\n<\/td>\n

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

\n 27.5<\/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 21.7<\/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 10.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

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

\n 90.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 29.8\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 89.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\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
\n WHITE MOUNTAINS INSURANCE GROUP, LTD.<\/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 June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months Ended June 30,<\/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 2025<\/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 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2024<\/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 840.1<\/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 695.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,167.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,178.0<\/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 90.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 190.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 145.9<\/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 930.5<\/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 785.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,357.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,323.9<\/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 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 16.7<\/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\u00a0\u00a0 6.8<\/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\u00a0\u00a0 20.5<\/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 13.7<\/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 2.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 4.8<\/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 6.8<\/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 19.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 11.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 25.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 20.5<\/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 5.8<\/b>
\n <\/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 7.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 6.0<\/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 13.4<\/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 8.2<\/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 18.1<\/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 14.5<\/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 7.1<\/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 7.5<\/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 15.3<\/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 14.0<\/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 199 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\u00a0 98 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 176 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 116\u00a0 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 277 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 530 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 283 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 466 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 206 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 148 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 191 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 155 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 144 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 104 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 133 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 110\u00a0 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<\/table><\/div>\n
\n\n\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
\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 June 30, 2025<\/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 June 30, 2024<\/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 307.9<\/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\u00a0\u00a0\u00a0\u00a0\u00a0 297.3<\/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 280.4<\/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 90.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 81.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Unearned premiums, net of 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 217.5<\/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\u00a0\u00a0 210.7<\/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 199.4<\/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\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 \u00a0WHITE 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 June 30,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Three Months
Ended June 30,
2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months
Ended June 30,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months
Ended June 30,
2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Twelve Months
Ended June 30,
2025<\/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 15.7<\/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 19.3<\/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 32.9<\/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 38.7<\/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 72.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment<\/span>\n <\/p>\n

\n \u00a0\u00a0 gains (losses)<\/span>\n <\/p>\n<\/td>\n

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

\n 54.5<\/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 48.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 44.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 48.1<\/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 .7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1.5<\/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 70.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 20.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 80.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 84.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 122.1<\/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 3.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 3.6<\/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 7.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 16.1<\/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 5.4<\/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 11.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 12.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 23.6<\/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 8.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 9.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 17.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 20.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 39.7<\/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 61.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 10.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 63.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 64.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 82.4<\/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 (9.9)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (9.1)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (10.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n (18.3)<\/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 51.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 11.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 53.9<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 64.1<\/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\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\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 5.4<\/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 11.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 12.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 23.6<\/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 9.9<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 9.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 10.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 18.3<\/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 \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
\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 .2<\/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 EBITDA<\/span>\n <\/p>\n<\/td>\n

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

\n 66.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 16.9<\/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
\n 76.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 106.4<\/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\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\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net realized and unrealized investment<\/span>\n <\/p>\n

\n \u00a0\u00a0 (gains) losses <\/span>\n <\/p>\n<\/td>\n

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

\n (54.5)<\/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 (48.0)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (44.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n (48.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-cash equity-based compensation<\/span>\n <\/p>\n

\n \u00a0\u00a0 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 \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
\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<\/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 .1<\/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 1.6<\/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 12.4<\/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\u00a0 16.2<\/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 26.3<\/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 32.0<\/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\u00a0\u00a0\u00a0\u00a0 60.2<\/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\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 5.1<\/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 \u2014<\/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 <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 65.3<\/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\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 <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72.5<\/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 5.1<\/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 \u2014<\/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 <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 77.6<\/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\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 <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 481.2<\/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 <\/td>\n\n \n <\/td>\n\n

\n
\n 253.3<\/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 <\/td>\n\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 734.5<\/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\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n GAAP net investment income<\/span>\n <\/p>\n

\n \u00a0\u00a0 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 <\/td>\n\n \n <\/td>\n\n

\n
\n 9.9\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\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 <\/td>\n\n \n <\/td>\n\n

\n
\n 10.6\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\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 <\/td>\n\n \n <\/td>\n\n

\n
\n 7.8\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n

\n
\n (1)\u00a0 <\/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)\u00a0 <\/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 June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months Ended June 30,<\/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 2025<\/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 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2024<\/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 1,120.4<\/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 884.2<\/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

\n

\n \u00a0\u00a0 Contributions to participation contracts<\/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 .2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 68.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 0.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Proceeds from participation contracts sold (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 (37.5)<\/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 (37.5)<\/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(3)<\/sup><\/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 (3.2)<\/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 (6.3)<\/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 (4)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n
\n (8.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 57.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 35.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 54.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Ending balance of Kudu’s participation contracts (5)<\/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 1,121.1<\/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 901.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,121.1<\/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 901.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n As of March 31, 2025, March 31, 2024, December 31, 2024 and December 31, 2023,\u00a0Kudu’s other long-term investments also include $5.8, $5.7, $5.6 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 $28.1 of proceeds receivable from participation contracts sold during the three and six months ended June 30, 2024.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes net 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 (4)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes net 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

\n

\n
\n (5)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n As of June 30, 2025 and June 30, 2024,\u00a0Kudu’s other long-term investments also include $6.1 and $5.8 related to a private debt instrument.<\/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 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
\n Three Months
Ended June 30,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Three Months
Ended June 30,
2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months
Ended June 30,
2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Six Months
Ended June 30,
2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n Twelve Months
Ended June 30,
2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 59.1<\/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 54.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 103.3<\/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 183.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

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

\n
\n 1.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 16.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 16.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 39.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 1.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 4.1<\/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 Total revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 42.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 62.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 73.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 123.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 230.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 12.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 19.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 35.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 64.6<\/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 4.3<\/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 10.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 12.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 23.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.9<\/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 6.0<\/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
\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 15.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 22.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 27.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 42.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 76.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

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

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

\n
\n 2.9<\/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 5.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 5.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 35.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 46.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 65.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 101.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 182.8<\/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 6.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 16.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 7.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 22.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 47.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (expense) benefit<\/span>\n <\/p>\n<\/td>\n

\n

\n (2.2)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (3.2)<\/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 (7.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n (13.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.2<\/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 5.8<\/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
\n 34.8<\/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\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\n \n <\/td>\n<\/tr>\n
\n

\n Net (income) loss, Bamboo captive<\/span>\n <\/p>\n<\/td>\n

\n

\n (.4)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (1.1)<\/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 2.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1.8<\/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 3.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 11.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 5.8<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 36.6<\/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\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\n \n <\/td>\n<\/tr>\n
\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

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

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

\n
\n 2.9<\/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 5.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 5.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax expense (benefit)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 3.2<\/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 7.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 13.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation expense <\/span>\n <\/p>\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 .5<\/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 Amortization of other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.3<\/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 8.5<\/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
\n 15.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n MGA EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 22.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 15.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 38.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 71.3<\/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\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\n \n <\/td>\n<\/tr>\n
\n

\n Non-cash equity-based compensation expense<\/span>\n <\/p>\n<\/td>\n

\n

\n .3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2.3<\/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 3.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 4.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Software implementation expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n .4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1.0<\/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 1.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Restructuring expenses<\/span>\n <\/p>\n<\/td>\n

\n

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

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

\n
\n 1.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n MGA adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.5<\/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 25.6<\/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 17.9<\/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 45.5<\/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\u00a0 80.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\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