{"id":991319,"date":"2026-08-06T12:41:53","date_gmt":"2026-08-06T16:41:53","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/white-mountains-reports-second-quarter-results-2\/"},"modified":"2026-08-06T12:41:53","modified_gmt":"2026-08-06T16:41:53","slug":"white-mountains-reports-second-quarter-results-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/white-mountains-reports-second-quarter-results-2\/","title":{"rendered":"WHITE MOUNTAINS REPORTS SECOND QUARTER RESULTS"},"content":{"rendered":"
\n

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

\n

\n HAMILTON, Bermuda<\/span>, Aug. 6, 2026<\/span> \/PRNewswire\/ — White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $2,258 as of June 30, 2026, an increase of 4% for the second quarter of 2026 and 3% for the first six months of 2026, including dividends.<\/p>\n

Liam Caffrey, CEO, commented, “Book value per share was up 4% in the quarter, driven by strong operating company results and solid investment returns.\u00a0 Ark produced an 84% combined ratio and strong growth in tangible book value.\u00a0 Kudu generated a 15% return on equity on a trailing 12 months basis, driven by strong growth on a same store basis coupled with sale transactions.\u00a0 HG Global grew its book value by 1%, including a $90 million dividend to White Mountains from its recent debt refinancing.\u00a0 Distinguished had a solid quarter, growing both managed premiums and ScaleCo adjusted EBITDA.\u00a0 MediaAlpha’s share price increased 35% in the quarter, producing $58 million of mark-to-market gains.\u00a0 Excluding MediaAlpha, the investment portfolio was up 2.8%.\u00a0 We repurchased $191 million of shares in the quarter and deployed $132 million into two WTM Partners acquisitions.\u00a0 Factoring in other recent operating company distributions, undeployed capital now stands at roughly $0.8 billion.”\u00a0<\/p>\n

Comprehensive income (loss) attributable to common shareholders was $199 million and $173 million in the second quarter and first six months of 2026 compared to $124 million and $159 million in the second quarter and first six months of 2025.\u00a0 Results in the second quarter and first six months of 2026 included $151 million and $161 million of net realized and unrealized investment gains compared to $87 million and $173 million in the second quarter and first six months of 2025.\u00a0 Results in the second quarter and first six months of 2026 also included $58 million and $(7) million of unrealized investment gains (losses) from White Mountains’s investment in MediaAlpha compared to $31 million and $(6) million in the second quarter and first six months of 2025.<\/p>\n

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

The Ark\/WM Outrigger segment’s combined ratio was 84% and 88% in the second quarter and first six months of 2026 compared to 84% and 90% in the second quarter and first six months of 2025.\u00a0 Ark\/WM Outrigger reported gross written premiums of $778 million and $1,868 million, net written premiums of $537 million and $1,128 million and net earned premiums of $376 million and $750 million in the second quarter and first six months of 2026 compared to gross written premiums of $815 million and $1,923 million, net written premiums of $579 million and $1,306 million and net earned premiums of $364 million and $722 million in the second quarter and first six months of 2025.<\/p>\n

Ark’s combined ratio was 84% and 88% in the second quarter and first six months of 2026 compared to 85% and 90% in the second quarter and first six months of 2025.\u00a0 Ark’s combined ratio in the second quarter and first six months of 2026 included three points and five points of catastrophe losses, driven primarily by losses related to the war in Iran.\u00a0 This compares to minimal catastrophe losses in the second quarter of 2025 and thirteen points of catastrophe losses in the first six months of 2025, driven by losses related to the California wildfires.\u00a0 Ark’s combined ratio included eight points and six points of net favorable prior year development in the second quarter and first six months of 2026, driven by the property and specialty lines of business.\u00a0 This compares to five points and nine points of net favorable prior year development in the second quarter and first six months of 2025, driven primarily by the property, marine & energy and specialty lines of business.\u00a0<\/p>\n

Ark has ongoing exposure to the war in Iran, primarily through the specialty and marine & energy lines of business.\u00a0 In the second quarter and first six months of 2026, Ark recorded estimated losses of $17 million and $42 million (net of reinsurance and reinstatement premiums) related to the war.<\/p>\n

Ark reported gross written premiums of $778 million and $1,868 million, net written premiums of $538 million and $1,128 million and net earned premiums of $375 million and $747 million in the second quarter and first six months of 2026 compared to gross written premiums of $815 million and $1,923 million, net written premiums of $536 million and $1,226 million and net earned premiums of $357 million and $703 million in the second quarter and first six months of 2025.\u00a0 The decline in gross written premiums in the second quarter of 2026 was driven primarily by softening market conditions in property lines,\u00a0 which was partially offset by growth in specialty lines.\u00a0 The decline in gross written premiums in the first six months of 2026 was driven primarily by a change in the timing of recognition of certain delegated authority business, which had no impact on the timing of recognition of Ark’s earned premiums.<\/p>\n

Ark reported pre-tax income of $78 million and $85 million in the second quarter and first six months of 2026 compared to $91 million and $144 million in the second quarter and first six months of 2025.\u00a0 Ark’s results included net realized and unrealized investment gains (losses) of $31 million and $(2) million in the second quarter and first six months of 2026 compared to $51 million and $81 million in the second quarter and first six months of 2025.\u00a0<\/p>\n

Ark reported book value of $1,615 million as of June 30, 2026, an increase of 4% in the second quarter of 2026 and 5% in the first six months of 2026, including dividends.\u00a0 Ark reported tangible book value of $1,736 million as of June 30, 2026, an increase of 6% in the second quarter of 2026 and 7% in the first six months of 2026, including dividends.\u00a0 Ark’s book value includes goodwill and other intangible assets, net of tax, and White Mountains’s contingent consideration liability, which are excluded from Ark’s tangible book value.\u00a0<\/p>\n

Ian Beaton, CEO of Ark, said, “Our results for the first half of the year have been good.\u00a0 Ark’s combined ratio was 84% for the second quarter and 88% year to date, and we grew tangible book value by 7% year to date.\u00a0 Gross premiums were down 5% in the quarter driven by rate softening in property lines, which offset solid growth in specialty lines.\u00a0 The Iran war losses to date have been manageable but uncertainty remains.”\u00a0<\/p>\n

WM Outrigger Re’s combined ratio was 25% and 40% in the second quarter and first six months of 2026 compared to 44% and 120% in the second quarter and first six months of 2025.\u00a0 Catastrophe losses in the first six months of 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums).\u00a0<\/p>\n

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

Kudu reported total revenues of $69 million, pre-tax income of $57 million and adjusted EBITDA of $16 million in the second quarter of 2026 compared to total revenues of $20 million, pre-tax income of $11 million and adjusted EBITDA of $16 million in the second quarter of 2025.\u00a0 Total revenues, pre-tax income and adjusted EBITDA included $19 million of net investment income in both the second quarter of 2026 and 2025.\u00a0 Total revenues and pre-tax income also included $50 million of net realized and unrealized investment gains in the second quarter of 2026 compared to $1 million in the second quarter of 2025.\u00a0 The increase in net realized and unrealized investment gains was driven by an increase in the fair value of Kudu’s participation contracts, primarily due to lower discount rates across the portfolio and step-ups in valuation related to certain sale transactions.\u00a0 On a trailing 12 months basis, return on equity was 15% as of June 30, 2026, up from 12% as of March\u00a031, 2026, primarily due to higher net realized and unrealized investment gains.<\/p>\n

Kudu reported total revenues of $132 million, pre-tax income of $109 million and adjusted EBITDA of $33 million in the first six months of 2026 compared to total revenues of $84 million, pre-tax income of $64 million and adjusted EBITDA of $32 million in the first six months of 2025.\u00a0 Total revenues, pre-tax income and adjusted EBITDA included $40 million of net investment income in the first six months of 2026 compared to $39 million in the first six months of 2025.\u00a0 Total revenues and pre-tax income also included $92 million of net realized and unrealized investment gains in the first six months of 2026 compared to $45 million in the first six months of 2025.\u00a0 The increase in net realized and unrealized investment gains was driven by an increase in the fair value of Kudu’s participation contracts, primarily due to growth in assets under management at several managers, lower discount rates across the portfolio and step-ups in valuation related to certain sale transactions.<\/p>\n

Rob Jakacki, CEO of Kudu, said, “We delivered a strong second quarter and start to the year, generating a 4% return in the quarter and a 15% return on a trailing 12 months basis.\u00a0 Second quarter results were buoyed by a $20 million gain from a sale transaction.\u00a0 We also closed on two new investments in Australia during the first half of the year, further diversifying our portfolio.\u00a0 Our pipeline remains robust.”\u00a0<\/p>\n

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

HG Global reported gross written premiums of $11 million and $19 million and earned premiums of $8 million and $15 million in the second quarter and first six months of 2026 compared to gross written premiums of $19 million and $26 million and earned premiums of $7 million and $15 million in the second quarter and first six months of 2025.\u00a0 HG Global’s total par value of policies assumed was $818 million and $1,335 million in the second quarter and first six months of 2026 compared to $931 million and $1,358 million in the second quarter and first six months of 2025.\u00a0 HG Global’s total gross pricing was 135 and 145 basis points in the second quarter and first six months of 2026 compared to 206 and 191 basis points in the second quarter and first six months of 2025.\u00a0<\/p>\n

HG Global reported pre-tax income of $10 million and $21 million in the second quarter and first six months of 2026 compared to $17 million and $42 million in the second quarter and first six months of 2025.\u00a0 HG Global’s results included net realized and unrealized investment gains (losses) of $(2) million and $(7) million in the second quarter and first six months of 2026 compared to $3 million and $13 million in the second quarter and first six months of 2025, driven by movements in interest rates.<\/p>\n

The fair value of the BAM surplus notes increased to $353 million as of June 30, 2026 compared to $346 million as of March\u00a031, 2026, resulting from $7 million of accrued interest.\u00a0 On July 28, 2026, HG Global received a cash payment of principal and interest on the BAM Surplus Notes of $8 million.<\/p>\n

On May 14, 2026, HG Global refinanced its senior debt facility, upsizing the facility to $200 million and lowering the interest rate to a fixed rate of 7.4%.\u00a0 In turn, on May 26, 2026, HG Global paid a $93 million cash dividend to shareholders, of which $90 million was paid to White Mountains.<\/p>\n

Kevin Pearson, President of HG Global, said, “HG Global had a slower second quarter, with a decline in gross written premiums, primarily due to continued tightening of municipal bond spreads and weaker primary market pricing.\u00a0 In the quarter, we refinanced our senior notes at improved terms and returned $93 million of capital to shareholders, enhancing our go-forward return profile.”<\/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-financial-information\/<\/a>.<\/p>\n

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

Distinguished reported managed premiums of $189 million and $321 million, commission and fee revenues of $57 million and $96 million, pre-tax loss of $11 million and $28 million and ScaleCo adjusted EBITDA of $12 million and $17 million for the second quarter and first six months of 2026.<\/p>\n

On a trailing 12 months basis, Distinguished reported managed premiums of $598 million and ScaleCo adjusted EBITDA of $28 million.\u00a0 These figures include periods prior to White Mountains’s ownership of Distinguished, which White Mountains believes is useful in understanding Distinguished’s performance.\u00a0<\/p>\n

Jason Rotman, President of Distinguished, said “We had a solid second quarter.\u00a0 Trailing 12 months managed premiums and ScaleCo adjusted EBITDA were up 4% and 8% quarter-over-quarter.\u00a0 During the quarter, we enjoyed particularly strong growth in the environmental and urban real estate programs, partially offset by a decline in the umbrella program.\u00a0 Our newer growth programs are performing well, and we continue to add new teams and product lines to our GrowthCo vertical.”\u00a0<\/p>\n

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

As of June 30, 2026, White Mountains owned 17.9 million shares of MediaAlpha, representing a 29% basic ownership interest based on the total class A and class B common shares outstanding.\u00a0 As of June 30, 2026, MediaAlpha’s share price was $12.57 per share, which increased from $9.30 per share as of March\u00a031, 2026.\u00a0 The carrying value of White Mountains’s investment in MediaAlpha was $225 million as of June 30, 2026 compared to $166 million as of March\u00a031, 2026.\u00a0 At our \u00a0June 30, 2026 level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.50 per share increase or decrease in White Mountains’s book value per share.<\/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>.<\/p>\n

\n
\n WTM Partners <\/u>
\n <\/b>\n <\/p>\n

Beginning in the second quarter of 2026, in conjunction with the acquisitions of Basesix and Hawkeye Electric, WTM Partners has been presented as a separate reportable segment.\u00a0 Prior period amounts have been reclassified to conform to the current period presentation.<\/p>\n

WTM Partners reported total revenues of $93 million and $137 million, pre-tax income of $4 million and $2 million and adjusted EBITDA of $9 million and $11 million in the second quarter and first six months of 2026 compared to total revenues of $43 million and $43 million, pre-tax income (loss) of $1 million and $(2) million and adjusted EBITDA of $3 million and $2 million in the second quarter and first six months of 2025.\u00a0 The increases were driven by solid organic growth at Enterprise Solutions and the acquisitions of Basesix and Hawkeye Electric in the second quarter of 2026.<\/p>\n

John Daly, CEO and Managing Partner of WTM Partners, said “Enterprise Solutions had a solid quarter, generating the bulk of our $9 million of adjusted EBITDA.\u00a0 We closed two new deals in the quarter, including Basesix, a low voltage contracting platform, and Hawkeye Electric, a bolt-on to Enterprise Solutions, further diversifying our portfolio and footprint in the essential services sector.\u00a0 We have deployed roughly $200 million of equity capital and are working an active pipeline of new opportunities.”\u00a0<\/p>\n

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

White Mountains’s Other Operations reported pre-tax income (loss) of $115 million and $38 million in the second quarter and first six months of 2026 compared to $35 million and $(21) million in the second quarter and first six months of 2025.\u00a0 Net realized and unrealized investment gains were $72 million and $79 million in the second quarter and first six months of 2026 compared to $32 million and $35 million in the second quarter and first six months of 2025.\u00a0 Unrealized investment gains (losses) from White Mountains’s investment in MediaAlpha were $58 million and $(7) million in the second quarter and first six months of 2026 compared to $31 million and $(6) million in the second quarter and first six months of 2025.\u00a0 Net investment income was $16 million and $29 million in the second quarter and first six months of 2026 compared to $9 million and $18 million in the second quarter and first six months of 2025.\u00a0 White Mountains’s Other Operations reported general and administrative expenses of $43 million and $90 million in the second quarter and first six months of 2026 compared to $49 million and $104 million in the second quarter and first six months of 2025.\u00a0 The decrease in general and administrative expenses in the first six months of 2026 was driven primarily by lower loss and loss adjustment expenses in 2026 compared to 2025, which included losses related to the California wildfires, partially offset by higher incentive compensation costs due to an increase in White Mountains’s share price.\u00a0<\/p>\n

\n
\n Share Repurchases<\/u>
\n <\/b>\n <\/p>\n

In the second quarter of 2026, White Mountains repurchased and retired 91,194 of its common shares for $191 million at an average share price of $2,092.72, or 93% of White Mountains’s June 30, 2026 book value per share.\u00a0 In the first six months of 2026, White Mountains repurchased and retired 103,816 of its common shares for $217 million at an average share price of $2,088.40, or 93% of White Mountains’s June 30, 2026 book value per share.<\/p>\n

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

The total consolidated portfolio return was 3.5% in the second quarter of 2026.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 2.8% in the second quarter of 2026.\u00a0 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.<\/p>\n

The total consolidated portfolio return was 3.7% in the first six months of 2026.\u00a0 Excluding MediaAlpha, the total consolidated portfolio return was 3.8% in the first six months of 2026.\u00a0 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.<\/p>\n

Mark Plourde, President of White Mountains Advisors, said, “Excluding MediaAlpha, the total portfolio returned 2.8% in the quarter.\u00a0 Our short duration fixed income portfolio returned 0.9%, ahead of the Bloomberg Intermediate Aggregate Index return of 0.5%.\u00a0 Excluding MediaAlpha, the equity portfolio returned 4.9%, behind the S&P 500 Index return of 15.2% in a strong up market for common stocks.\u00a0 Our equity results were impacted 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-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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n December 31, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n June 30, 2025<\/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 \u00a0 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 2,011.9<\/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 1,917.9<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,755.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Common equity securities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 407.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 452.3<\/span>\n <\/p>\n<\/td>\n

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

\n 435.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Short-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 536.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 866.6<\/span>\n <\/p>\n<\/td>\n

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

\n 611.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other long-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 769.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 689.7<\/span>\n <\/p>\n<\/td>\n

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

\n 609.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 3,725.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 3,926.5<\/span>\n <\/p>\n<\/td>\n

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

\n 3,411.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 \u00a0Cash (restricted $25.2, $1.1, $4.6)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 91.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 104.8<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Reinsurance recoverables<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,394.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 836.1<\/span>\n <\/p>\n<\/td>\n

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

\n 1,044.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Insurance premiums receivable<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,473.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 848.4<\/span>\n <\/p>\n<\/td>\n

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

\n 1,451.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Deferred acquisition costs<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 327.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 211.1<\/span>\n <\/p>\n<\/td>\n

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

\n 344.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 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 \u00a0 Other assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 265.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 134.7<\/span>\n <\/p>\n<\/td>\n

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

\n 198.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total P&C Insurance and Reinsurance assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 7,570.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 6,354.1<\/span>\n <\/p>\n<\/td>\n

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

\n 6,905.5<\/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 \u00a0 Short-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 114.4<\/b>
\n <\/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 42.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other long-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,344.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1,291.4<\/span>\n <\/p>\n<\/td>\n

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

\n 1,127.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,459.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1,313.3<\/span>\n <\/p>\n<\/td>\n

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

\n 1,169.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Cash<\/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 34.5<\/span>\n <\/p>\n<\/td>\n

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

\n 5.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Accrued investment income<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 21.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 25.3<\/span>\n <\/p>\n<\/td>\n

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

\n 24.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Goodwill and other intangible assets<\/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 7.7<\/span>\n <\/p>\n<\/td>\n

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

\n 7.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 7.3<\/b>
\n <\/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 23.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Asset Management assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,496.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1,402.3<\/span>\n <\/p>\n<\/td>\n

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

\n 1,230.7<\/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<\/tr>\n
\n

\n \u00a0 Fixed maturity investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 715.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 693.4<\/span>\n <\/p>\n<\/td>\n

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

\n 670.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Short-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 34.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 90.8<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Total investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 749.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 784.2<\/span>\n <\/p>\n<\/td>\n

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

\n 713.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Cash<\/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 .1<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 BAM surplus notes, at fair value<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 352.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 339.0<\/span>\n <\/p>\n<\/td>\n

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

\n 396.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Insurance premiums receivable<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 9.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 11.4<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Deferred acquisition costs<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 98.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 96.9<\/span>\n <\/p>\n<\/td>\n

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

\n 90.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other assets<\/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 5.2<\/span>\n <\/p>\n<\/td>\n

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

\n 26.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Financial Guarantee assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,216.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1,236.8<\/span>\n <\/p>\n<\/td>\n

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

\n 1,244.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Specialty Insurance Distribution (Distinguished)<\/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 \u00a0 Short-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 79.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

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

\n

\n \u00a0 Total investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 79.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

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

\n

\n \u00a0 Cash (restricted $3.6, $0.1, $0.0)<\/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 2.7<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Premiums, commissions and fees receivable<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 45.7<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 565.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 577.7<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Other assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 26.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

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

\n

\n \u00a0 Total Specialty Insurance Distribution assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 744.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 735.4<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n
\n Services, Industrial and Consumer (WTM Partners)<\/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 \u00a0 Short-term investments, at fair value<\/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 .5<\/span>\n <\/p>\n<\/td>\n

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

\n .5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total investments<\/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 .5<\/span>\n <\/p>\n<\/td>\n

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

\n .5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Cash<\/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 4.4<\/span>\n <\/p>\n<\/td>\n

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

\n 5.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Accounts receivable<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 39.5<\/span>\n <\/p>\n<\/td>\n

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

\n 37.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Contract assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 36.3<\/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 15.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 269.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 91.5<\/span>\n <\/p>\n<\/td>\n

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

\n 95.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 43.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 28.7<\/span>\n <\/p>\n<\/td>\n

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

\n 29.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Services, Industrial and Consumer assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 434.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 182.4<\/span>\n <\/p>\n<\/td>\n

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

\n 183.6<\/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 \u00a0 Fixed maturity investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 312.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 159.2<\/span>\n <\/p>\n<\/td>\n

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

\n 170.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Common equity securities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 169.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

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

\n

\n \u00a0 Investment in\u00a0MediaAlpha<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 224.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 231.2<\/span>\n <\/p>\n<\/td>\n

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

\n 195.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Short-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 211.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 806.9<\/span>\n <\/p>\n<\/td>\n

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

\n 498.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other long-term investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,202.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 977.4<\/span>\n <\/p>\n<\/td>\n

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

\n 570.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total investments<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2,120.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2,205.4<\/span>\n <\/p>\n<\/td>\n

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

\n 1,434.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Cash<\/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 38.4<\/span>\n <\/p>\n<\/td>\n

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

\n 36.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Goodwill and other intangible assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 48.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 50.8<\/span>\n <\/p>\n<\/td>\n

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

\n 62.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 104.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 95.9<\/span>\n <\/p>\n<\/td>\n

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

\n 97.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Assets held for sale – Bamboo Group<\/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 620.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Assets held for sale – Other<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 5.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 7.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Other Operations assets<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2,303.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2,395.5<\/span>\n <\/p>\n<\/td>\n

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

\n 2,258.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,766.7<\/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 12,306.5<\/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 11,822.9<\/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
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP, LTD.<\/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, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n December 31, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n June 30, 2025<\/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 \u00a0 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 2,623.8<\/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 2,481.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,288.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Unearned insurance premiums<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,860.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1,026.1<\/span>\n <\/p>\n<\/td>\n

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

\n 1,847.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 159.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 159.7<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Reinsurance payable<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 642.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 286.2<\/span>\n <\/p>\n<\/td>\n

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

\n 463.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Contingent consideration<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 370.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 328.3<\/span>\n <\/p>\n<\/td>\n

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

\n 193.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 208.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 247.2<\/span>\n <\/p>\n<\/td>\n

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

\n 221.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total P&C Insurance and Reinsurance liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 5,864.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 4,528.5<\/span>\n <\/p>\n<\/td>\n

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

\n 5,173.5<\/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 \u00a0 Debt<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 350.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 246.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 116.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 96.5<\/span>\n <\/p>\n<\/td>\n

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

\n 82.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Asset Management liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 467.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 446.9<\/span>\n <\/p>\n<\/td>\n

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

\n 329.2<\/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 \u00a0 Unearned insurance premiums<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 331.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 327.9<\/span>\n <\/p>\n<\/td>\n

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

\n 307.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 197.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 147.8<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Other liabilities<\/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 23.8<\/span>\n <\/p>\n<\/td>\n

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

\n 32.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Financial Guarantee liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 549.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 499.5<\/span>\n <\/p>\n<\/td>\n

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

\n 488.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Specialty Insurance Distribution (Distinguished)<\/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 \u00a0 Debt<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 140.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 140.8<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Premiums and commissions payable<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 114.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 81.3<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Other liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 77.3<\/b>
\n <\/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 \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Specialty Insurance Distribution liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 332.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 307.1<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n
\n Services, Industrial and Consumer (WTM Partners)<\/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
\n \u00a0 Debt<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 66.5<\/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 16.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0 Contract liabilities<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 35.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 24.8<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n \u00a0 Other liabilities<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 81.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 47.2<\/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 \u00a0 Total Services, Industrial and Consumer liabilities<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 183.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 91.4<\/span>\n <\/p>\n<\/td>\n

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

\n 90.4<\/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 \u00a0 Debt<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 18.9<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Accrued incentive compensation<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 56.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 100.1<\/span>\n <\/p>\n<\/td>\n

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

\n 38.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 40.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 55.4<\/span>\n <\/p>\n<\/td>\n

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

\n 54.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Liabilities held for sale – Bamboo Group<\/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 281.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Liabilities held for sale – Other<\/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 3.6<\/span>\n <\/p>\n<\/td>\n

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

\n 6.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total Other Operations liabilities<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 118.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 178.0<\/span>\n <\/p>\n<\/td>\n

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

\n 401.3<\/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 7,514.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 6,051.4<\/span>\n <\/p>\n<\/td>\n

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

\n 6,482.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Redeemable noncontrolling interests<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 131.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 131.5<\/span>\n <\/p>\n<\/td>\n

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

\n \u2014<\/span>\n <\/p>\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 \u00a0 White Mountains’s common shares and paid-in surplus<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 566.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 579.0<\/span>\n <\/p>\n<\/td>\n

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

\n 576.6<\/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 4,821.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 4,845.6<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 \u00a0Accumulated other comprehensive income (loss), after tax:<\/span>\n <\/p>\n<\/td>\n

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

\n \u00a0 \u00a0 \u00a0Net unrealized gains (losses) from foreign currency translation<\/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 .8<\/span>\n <\/p>\n<\/td>\n

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

\n .3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n
\n 5,388.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 5,425.4<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n Nonredeemable noncontrolling interests<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 732.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 698.2<\/span>\n <\/p>\n<\/td>\n

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

\n 695.7<\/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 6,120.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 6,123.6<\/span>\n <\/p>\n<\/td>\n

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

\n 5,340.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities, redeemable noncontrolling interests and equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,766.7<\/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 12,306.5<\/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 11,822.9<\/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, LTD.<\/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, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n March 31, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n December 31, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n June 30, 2025<\/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\u00a0\u00a0\u00a0\u00a0 5,388.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,373.5<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,425.4<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n Book value per share denominator (in thousands):<\/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 2,386.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 2,476.7<\/span>\n <\/p>\n<\/td>\n

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

\n 2,479.7<\/span>\n <\/p>\n<\/td>\n

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

\n 2,575.1<\/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 Book value 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 2,257.60<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,169.66<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,187.97<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,803.57<\/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 4.1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (0.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 18.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 2.9\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 3.2\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (0.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 25.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 3.4\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\u00a0\u00a0\u00a0\u00a0 1.00<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.00<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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 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 2026<\/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 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2025<\/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 \u00a0 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 376.2<\/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 364.2<\/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 750.0<\/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 722.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Net investment income<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 28.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 26.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 56.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 49.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Net realized and unrealized investment gains (losses) <\/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 51.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (2.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 80.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 4.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 6.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 11.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 \u00a0 Total P&C Insurance and Reinsurance revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 439.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 815.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 861.1<\/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\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 Net investment income<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 19.0<\/b>
\n <\/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
\n 39.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 38.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Net realized and unrealized investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 49.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 91.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Other revenues<\/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 .3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n .4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n .7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Asset Management revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 68.9<\/b>
\n <\/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
\n 131.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 84.2<\/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 \u00a0 Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 7.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 15.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Net investment income<\/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 6.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 15.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Net realized and unrealized investment gains (losses) <\/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 3.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (7.2)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 13.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Interest income from BAM surplus notes<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 6.9<\/b>
\n <\/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
\n 13.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 15.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 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 \u2014<\/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<\/tr>\n

\n

\n \u00a0 \u00a0 Total Financial Guarantee 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 24.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 37.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n
\n Specialty Insurance Distribution (Distinguished)<\/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 \u00a0 Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 56.6<\/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 96.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Other revenues<\/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
\n \u2014<\/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

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

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

\n

\n \u00a0 \u00a0 Total Specialty Insurance Distribution revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 57.4<\/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 97.7<\/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
\n
\n Services, Industrial and Consumer (WTM Partners)<\/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 \u00a0 Product and service revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 92.8<\/b>
\n <\/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
\n 136.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 42.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Services, Industrial and Consumer revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 92.8<\/b>
\n <\/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
\n 136.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 42.8<\/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 \u00a0 Commission and fee 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 59.1<\/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 103.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Earned insurance premiums<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1.6<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 16.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 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 1.8<\/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 4.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total P&C Insurance Distribution 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 62.5<\/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 123.9<\/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 \u00a0 Net investment income<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 15.5<\/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 29.0<\/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 \u00a0 Net realized and unrealized investment gains (losses) <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 72.4<\/b>
\n <\/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 79.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Net realized and unrealized 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
\n 58.4<\/b>
\n <\/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 (6.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (6.1)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Product and service revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 14.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 13.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 27.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Net gain on sale of the Bamboo Group<\/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 2.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Other revenues<\/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 7.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 11.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 24.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Other Operations revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 165.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 91.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 142.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n \u00a0 Total revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 844.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 689.2<\/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 1,362.4<\/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 1,267.0<\/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

\n
\n WHITE MOUNTAINS INSURANCE GROUP, LTD.<\/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 \u00a0(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 2026<\/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 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2025<\/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 \u00a0 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 175.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 164.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 382.3<\/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 397.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 103.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 202.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 44.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 91.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Change in fair value of contingent consideration<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 31.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 41.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Interest expense<\/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 4.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 8.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 \u00a0 Total P&C Insurance and Reinsurance expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 359.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 726.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 717.2<\/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 \u00a0 General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 4.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 3.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 8.9<\/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 \u00a0 Interest expense<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 7.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 14.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 12.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Asset Management expenses<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

\n
\n 23.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 20.1<\/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 \u00a0 Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2.1<\/b>
\n <\/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
\n 4.2<\/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 \u00a0 General and administrative expenses<\/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 1.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 4.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 \u00a0Interest expense<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 3.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 4.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 7.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 9.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Financial Guarantee expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 10.0<\/b>
\n <\/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
\n 16.4<\/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
\n
\n Specialty Insurance Distribution (Distinguished)<\/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 \u00a0 Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 23.3<\/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 40.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 General and administrative expenses<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 78.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 Interest expense<\/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 \u2014<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Specialty Insurance Distribution expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 67.9<\/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 125.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n
\n
\n Services, Industrial and Consumer (WTM Partners)<\/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 \u00a0 Cost of sales<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 72.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 35.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 108.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 35.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 15.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 25.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 9.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Interest expense<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n .3<\/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 .3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Service, Industrial and Consumer revenues<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 88.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 41.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 134.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 44.9<\/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 \u00a0 Broker commission expenses<\/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 19.8<\/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 35.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 1.7<\/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 12.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Insurance acquisition expenses<\/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 \u2014<\/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 General and administrative expenses<\/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 22.6<\/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 42.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Interest expense<\/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 2.9<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 5.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total P&C Insurance Distribution expenses<\/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 46.4<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 101.5<\/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 \u00a0 Cost of sales<\/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 7.2<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 14.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 14.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 42.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 49.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 89.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 104.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Interest expense<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n .5<\/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 1.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 \u00a0 Total Other Operations expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 50.6<\/b>
\n <\/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 105.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 119.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0 Total expenses<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 588.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 1,131.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 1,018.1<\/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
\n 256.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 230.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 \u00a0Income tax (expense) benefit<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (24.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (12.9)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (25.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (22.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 231.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 163.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 204.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n \u00a0 \u00a0Net (income) loss attributable to noncontrolling interests<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (31.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n (32.6)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (69.6)<\/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 199.5<\/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 122.9<\/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\u00a0 172.3<\/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 156.8<\/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, LTD.<\/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 2026<\/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 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2025<\/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 199.5<\/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 122.9<\/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 172.3<\/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 156.8<\/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 (.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n .5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 3.1<\/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 199.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 124.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 172.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n 159.9<\/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 .4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n (.3)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n \u2014<\/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
\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 199.4<\/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 123.7<\/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 172.8<\/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 158.8<\/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 WHITE MOUNTAINS INSURANCE GROUP, LTD.<\/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 2026<\/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 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2025<\/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 80.58<\/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 47.75<\/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 67.36<\/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 60.99<\/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 80.58<\/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 47.75<\/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 67.36<\/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 60.99<\/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

\n
\n WHITE MOUNTAINS INSURANCE GROUP, LTD.<\/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, 2026<\/b>
\n <\/span>\n <\/p>\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\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 Kudu<\/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 Distinguished<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n WTM
Partners<\/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 (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0 375.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 .8<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.7<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 .7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 384.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 26.9<\/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 19.0<\/span>\n <\/p>\n<\/td>\n

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

\n 7.8<\/span>\n <\/p>\n<\/td>\n

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

\n .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 15.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 70.9<\/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<\/td>\n

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

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

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

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

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

\n 49.7<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n 72.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 150.6<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n 58.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 58.4<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

\n

\n Commission and fee revenues \u00a0(1)<\/sup><\/span>\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 56.6<\/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 3.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 60.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Product and services 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 92.8<\/span>\n <\/p>\n<\/td>\n

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

\n 14.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 107.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues (1) (2)<\/sup><\/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 .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 .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
\n 5.3<\/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 437.7<\/span>\n <\/p>\n<\/td>\n

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

\n 1.9<\/span>\n <\/p>\n<\/td>\n

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

\n 68.9<\/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 57.4<\/span>\n <\/p>\n<\/td>\n

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

\n 92.8<\/span>\n <\/p>\n<\/td>\n

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

\n 165.5<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 844.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n Loss and loss adjustment expenses (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 175.7<\/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 \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 .1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 175.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses\u00a0(3)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 103.4<\/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 2.1<\/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 .3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 106.1<\/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 72.6<\/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
\n 80.1<\/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 23.3<\/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
\n 23.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of other intangible assets (4)<\/sup><\/span>\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 6.4<\/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 .9<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n General and administrative expenses (3) (4) (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 44.4<\/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 4.7<\/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 34.6<\/span>\n <\/p>\n<\/td>\n

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

\n 14.2<\/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 143.3<\/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 31.7<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

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

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

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

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

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

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

\n
\n 31.7<\/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 4.1<\/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 7.2<\/span>\n <\/p>\n<\/td>\n

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

\n 3.7<\/span>\n <\/p>\n<\/td>\n

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

\n 3.6<\/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 .6<\/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 Total expenses<\/span>\n <\/p>\n<\/td>\n

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

\n 359.3<\/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 11.9<\/span>\n <\/p>\n<\/td>\n

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

\n 10.0<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 88.7<\/span>\n <\/p>\n<\/td>\n

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

\n 50.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 588.6<\/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 78.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.7<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 57.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (10.5)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 114.9<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 256.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Distinguished’s net investment income is included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s loss and loss adjustment expenses and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (4) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (5) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Ark’s general and administrative expenses include $36.3 of other underwriting expenses.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

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

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

\n

\n
\n 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, 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\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 Kudu<\/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 WTM
Partners<\/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 (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

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

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\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 $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 375.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income (2)<\/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 19.3<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

\n

\n Net realized and unrealized <\/span>\n <\/p>\n

\n \u00a0\u00a0 investment gains (losses)<\/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 .8<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

\n 86.8<\/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 30.5<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n Commission and fee revenues (1)<\/sup><\/span>\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 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 63.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Product and services 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 42.8<\/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 13.5<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n Other revenues (1) (2)<\/sup><\/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 .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 1.1<\/span>\n <\/p>\n<\/td>\n

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

\n .5<\/span>\n <\/p>\n<\/td>\n

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

\n 8.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 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 20.4<\/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 42.8<\/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 91.4<\/span>\n <\/p>\n<\/td>\n

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

\n 689.2<\/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 (3)<\/sup><\/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 \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 166.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses\u00a0(3)<\/sup><\/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 \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 \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 99.5<\/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 35.2<\/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 7.2<\/span>\n <\/p>\n<\/td>\n

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

\n 42.4<\/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 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 19.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of other intangible assets (4)<\/sup><\/span>\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<\/span>\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 4.0<\/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 5.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses (3) (4) (5)<\/sup><\/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 3.5<\/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 6.4<\/span>\n <\/p>\n<\/td>\n

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

\n 18.6<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 132.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

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

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

\n

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

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

\n 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 6.1<\/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 .3<\/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 .5<\/span>\n <\/p>\n<\/td>\n

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

\n 18.6<\/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 9.7<\/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 41.9<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

\n $\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 10.7<\/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\u00a0\u00a0\u00a0\u00a0 .9<\/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 34.6<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Bamboo’s net investment income is included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s loss and loss adjustment expenses and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (4) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (5) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Ark’s general and administrative expenses include $46.3 of other underwriting expenses.<\/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 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, 2026<\/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\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 Kudu<\/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 Distinguished<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n WTM
Partners<\/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 (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 746.5<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.5<\/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\u00a0 15.4<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 769.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income (2)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 54.3<\/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 39.8<\/span>\n <\/p>\n<\/td>\n

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

\n 15.5<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 142.3<\/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)<\/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 (.1)<\/span>\n <\/p>\n<\/td>\n

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

\n 91.7<\/span>\n <\/p>\n<\/td>\n

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

\n (7.2)<\/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 79.3<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 161.4<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n (6.8)<\/span>\n <\/p>\n<\/td>\n

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

\n
\n (6.8)<\/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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n 13.8<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

\n
\n 13.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues (1)<\/sup><\/span>\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 96.2<\/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 7.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 103.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Product and services 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 136.5<\/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
\n 164.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net gain on sale of the Bamboo Group<\/span>\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 2.4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 2.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues (1) (2)<\/sup><\/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 \u2014<\/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 .1<\/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 \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
\n 12.2<\/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 810.1<\/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 131.9<\/span>\n <\/p>\n<\/td>\n

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

\n 37.6<\/span>\n <\/p>\n<\/td>\n

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

\n 97.7<\/span>\n <\/p>\n<\/td>\n

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

\n 136.5<\/span>\n <\/p>\n<\/td>\n

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

\n 142.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,362.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n Loss and loss adjustment expenses (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 382.1<\/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 \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 .4<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 382.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses\u00a0(3)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 201.3<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n \u2014<\/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 \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 1.6<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 208.3<\/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 108.7<\/span>\n <\/p>\n<\/td>\n

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

\n 14.1<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 122.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

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

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

\n 40.5<\/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
\n 40.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of other intangible assets (4)<\/sup><\/span>\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<\/span>\n <\/p>\n<\/td>\n

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

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

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

\n 13.8<\/span>\n <\/p>\n<\/td>\n

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

\n 2.5<\/span>\n <\/p>\n<\/td>\n

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

\n 1.9<\/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 General and administrative expenses (3) (4) (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

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

\n 91.9<\/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 8.8<\/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 64.4<\/span>\n <\/p>\n<\/td>\n

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

\n 22.8<\/span>\n <\/p>\n<\/td>\n

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

\n 85.7<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 278.5<\/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 41.7<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

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

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

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

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

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

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

\n
\n 41.7<\/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 8.2<\/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 14.3<\/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 7.1<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

\n
\n 39.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 725.2<\/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 23.2<\/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 125.8<\/span>\n <\/p>\n<\/td>\n

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

\n 134.9<\/span>\n <\/p>\n<\/td>\n

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

\n 105.0<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 1,131.9<\/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 84.9<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 108.7<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.2<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (28.1)<\/span>\n <\/p>\n<\/td>\n

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

\n $\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 37.8<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 230.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Distinguished’s net investment income is included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s loss and loss adjustment expenses and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (4) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (5) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Ark’s general and administrative expenses include $71.2 of other underwriting expenses.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

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

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

\n

\n
\n YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (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, 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\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 Kudu<\/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 WTM
Partners<\/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 (1)<\/sup><\/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\u00a0\u00a0\u00a0\u00a0 \u2014<\/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 $\u00a0\u00a0\u00a0\u00a0\u00a0 770.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income (2)<\/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 38.7<\/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 \u2014<\/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 121.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized <\/span>\n <\/p>\n

\n \u00a0\u00a0 investment gains (losses) (2)<\/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 44.8<\/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 \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 34.6<\/span>\n <\/p>\n<\/td>\n

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

\n 173.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized <\/span>\n <\/p>\n

\n \u00a0\u00a0 investment gains (losses) <\/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 (6.1)<\/span>\n <\/p>\n<\/td>\n

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

\n (6.1)<\/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 \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 15.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues (1)<\/sup><\/span>\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 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 111.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Product and services 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 42.8<\/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 27.1<\/span>\n <\/p>\n<\/td>\n

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

\n 69.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues (1) (2)<\/sup><\/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 .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 \u2014<\/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 .5<\/span>\n <\/p>\n<\/td>\n

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

\n 12.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 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 84.2<\/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 42.8<\/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 98.7<\/span>\n <\/p>\n<\/td>\n

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

\n 1,267.0<\/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 (3)<\/sup><\/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 \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 428.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses\u00a0(3)<\/sup><\/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 \u2014<\/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 196.6<\/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 \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 35.2<\/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 14.7<\/span>\n <\/p>\n<\/td>\n

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

\n 49.9<\/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 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 35.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of other intangible assets (4)<\/sup><\/span>\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<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

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

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

\n 10.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses (3) (4) (5)<\/sup><\/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 7.4<\/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 9.4<\/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 77.8<\/span>\n <\/p>\n<\/td>\n

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

\n 223.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of contingent <\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\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 \u2014<\/span>\n <\/p>\n<\/td>\n

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

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

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

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

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

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

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

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

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

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

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

\n 38.1<\/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 12.5<\/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 .3<\/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 1.0<\/span>\n <\/p>\n<\/td>\n

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

\n 36.4<\/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 20.1<\/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 44.9<\/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 119.8<\/span>\n <\/p>\n<\/td>\n

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

\n 1,018.1<\/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 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 64.1<\/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\u00a0 (2.1)<\/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 (21.1)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 248.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s earned insurance premiums and commission and fee revenues are included in other revenues in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2)<\/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

\n

\n
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Other Operations’s loss and loss adjustment expenses and insurance acquisition expenses are included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (4) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Amortization of other intangible assets is included in general and administrative expenses in the consolidated statement of operations.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (5) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Ark’s general and administrative expenses include $74.8 of other underwriting expenses.<\/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 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, 2026<\/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\u00a0Re<\/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 777.5<\/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 (.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\u00a0\u00a0 .4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 777.5<\/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 537.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (.4)<\/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 537.4<\/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 375.4<\/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\u00a0\u00a0 .8<\/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 376.2<\/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 175.7<\/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 (.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 175.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 103.4<\/b>
\n <\/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
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 103.7<\/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 36.3<\/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 36.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 315.4<\/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\u00a0\u00a0 .2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 315.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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

\n
\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 46.8\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n (12.5)\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 46.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 27.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 37.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

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

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

\n
\n 27.6<\/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 9.7<\/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 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 9.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

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

\n
\n 84.0\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 25.0\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n 83.9\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (1) <\/sup>Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/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 $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 815.2<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (42.6)<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 815.2<\/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 536.0<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42.6<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 578.6<\/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 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\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 364.2<\/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 162.3<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.7<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 164.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n 97.2<\/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 46.3<\/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 46.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 304.4<\/span>\n <\/p>\n<\/td>\n

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

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.1<\/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 307.5<\/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
\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 45.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 23.9\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 45.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

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

\n 26.8<\/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 26.7<\/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 13.0<\/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 12.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined Ratio<\/span>\n <\/p>\n<\/td>\n

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

\n 85.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

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

\n 43.7\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 84.4\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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
\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, 2026<\/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 1,868.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (.4)<\/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 .4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0 1,868.4<\/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 1,127.9<\/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 (.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\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0 1,127.5<\/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 746.5<\/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 3.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 750.0<\/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 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 382.1<\/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\u00a0 .2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 382.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 201.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 202.5<\/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 71.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 71.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 654.6<\/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 1.4<\/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\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 656.0<\/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 51.2\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51.0\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 34.3<\/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 27.0<\/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 9.5<\/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 9.5<\/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 87.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 40.0\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 87.5\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (1) <\/sup>Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\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 $\u00a0\u00a0\u00a0 1,922.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (80.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,922.8<\/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 1,226.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 1,306.3<\/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 703.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\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\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 722.2<\/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 375.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.9<\/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 397.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance 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 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 180.7<\/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 74.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 74.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Total insurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 630.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23.0<\/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 653.0<\/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 53.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 114.7\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 55.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance acquisition expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other underwriting expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.6<\/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 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 89.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 120.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 90.4\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Included within general and administrative expenses in the consolidated statement of operations.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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, 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
\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,
2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Three Months
Ended June 30,
2026<\/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 Six Months
Ended June 30,
2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Twelve Months
Ended June 30, <\/b>
\n <\/span>\n <\/p>\n

\n
\n 2026<\/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 19.3<\/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 19.0<\/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 38.7<\/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 39.8<\/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 79.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net realized and unrealized investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 49.7<\/b>
\n <\/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
\n 91.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 150.4<\/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 .3<\/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 .7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/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 20.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 68.9<\/b>
\n <\/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
\n 131.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 231.1<\/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 3.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 8.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19.2<\/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 6.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 14.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27.7<\/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 9.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 11.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 23.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 46.9<\/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 10.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 57.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 108.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 184.2<\/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 1.0<\/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 (10.6)<\/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
\n (42.4)<\/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 11.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 42.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 53.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 79.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 141.8<\/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\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 6.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 14.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 27.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax expense (benefit)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.0)<\/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 10.6<\/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
\n 42.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation<\/span>\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 .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 .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of other intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .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 .2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .2<\/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 16.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 64.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 76.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 123.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 212.4<\/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 (gains) losses <\/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 (49.7)<\/b>
\n <\/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
\n (91.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (150.4)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-cash equity-based compensation expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \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 .5<\/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 1.1<\/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 1.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.0<\/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 16.2<\/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 15.7<\/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 32.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32.6<\/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 65.5<\/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 Adjustment to annualize partial year revenues from participation contracts acquired <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjustment to remove partial year revenues from participation contracts sold\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (2.3)<\/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 68.5<\/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 (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 79.8<\/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 5.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjustment to remove partial year revenues from participation contracts sold\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (2.3)<\/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 82.8<\/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\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 484.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt capital drawn<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 358.3<\/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 842.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n GAAP net investment income revenue yield<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 9.5\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 9.8\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\u00a0(3)<\/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 14.7\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Net investment income includes revenues from participation contracts and income from short-term and other long-term investments.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Total net capital drawn represents equity and debt capital drawn and invested less cumulative distributions.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Return on equity is calculated based on the GAAP net income (loss) divided by the average of Kudu’s beginning and ending GAAP equity.<\/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, 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 (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 2026<\/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 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2025<\/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 1,352.2<\/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 1,120.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,285.0<\/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 1,008.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Contributions to participation contracts (2)(3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 17.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 43.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 68.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0 Proceeds from participation contracts sold (3)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (75.1)<\/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 (75.1)<\/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 Net realized and unrealized investment gains (losses) on<\/span>\n <\/p>\n

\n \u00a0\u00a0 participation contracts sold and pending sale\u00a0(4)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 26.2<\/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 26.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net unrealized investment gains (losses) on participation<\/span>\n <\/p>\n

\n \u00a0\u00a0 contracts – all other (5)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 23.4<\/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 64.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Ending balance of Kudu’s participation contracts (6)<\/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 1,344.6<\/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 1,121.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,344.6<\/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 1,121.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n As of March 31, 2026, March 31, 2025, December 31, 2025 and 2024,\u00a0Kudu’s other long-term investments also include $6.6, $5.8, $6.4 and $5.6 related to a private debt instrument.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2)\u00a0<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes contributions to new and existing participation contracts.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3)\u00a0<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes $3.5 of non-cash contributions to (proceeds from) participation contracts for the three and six months ended June 30, 2026.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (4)<\/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 (5)<\/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 (6)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n As of June 30, 2025,\u00a0Kudu’s other long-term investments also include $6.1 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 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 2026<\/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 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2025<\/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 741.0<\/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 840.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,159.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,167.1<\/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 76.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 90.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 175.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 190.7<\/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 817.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 930.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,335.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,357.8<\/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 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\u00a0\u00a0 8.9<\/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 16.7<\/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 13.0<\/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 20.5<\/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 2.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.4<\/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 11.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 19.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.9<\/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 3.2<\/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 5.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.8<\/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\u00a0\u00a0 7.8<\/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 13.4<\/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\u00a0 13.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.1<\/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 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 7.7<\/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 7.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.3<\/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 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 120 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 199 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 112\u00a0 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 176 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 274 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 277 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 358 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 283 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 135 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 206 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 145 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 191 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\u00a0\u00a0 95 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 144 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 102 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 133 bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n
\n

\n
\n
\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, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n As of <\/b>
\n
\n December 31, 2025<\/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<\/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 331.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 327.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 307.9<\/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 98.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 96.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 90.4<\/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 233.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 231.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 217.5<\/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 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 (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 Distinguished<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Three Months Ended
June 30, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Six Months Ended
June 30, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commission and fee revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56.6<\/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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 96.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n .8<\/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
\n 57.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 97.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Broker commission expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 23.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 40.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 41.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 78.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 67.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 125.8<\/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
\n (10.5)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (28.1)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (expense) benefit<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n .7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (9.8)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (24.2)<\/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<\/tr>\n
\n

\n Exclude:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net (income) loss, GrowthCo<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 10.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 18.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n ScaleCo net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n .6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (6.0)<\/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<\/tr>\n
\n

\n Add back:<\/span>\n <\/p>\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
\n 3.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax expense (benefit)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (.7)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (3.9)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n .1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .2<\/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
\n 6.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 13.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n ScaleCo EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 10.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 11.2<\/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<\/tr>\n
\n

\n Exclude:<\/span>\n <\/p>\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
\n 2.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Restructuring expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u2014<\/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 Legal settlement expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n .1<\/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 ScaleCo adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.4<\/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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n WHITE MOUNTAINS INSURANCE GROUP, 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 (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 WTM Partners <\/u>
\n <\/b>
\n
\n
\n (1)<\/sup>
\n <\/span>
\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

\n \n <\/td>\n\n

\n
\n Three Months Ended
June 30, 2026<\/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 Six Months Ended
June 30, 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Twelve Months
Ended June 30,
2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Product and service revenues<\/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 42.8<\/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\u00a0\u00a0\u00a0\u00a0 92.8<\/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 42.8<\/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 136.5<\/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\u00a0\u00a0\u00a0 237.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 92.8<\/b>
\n <\/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
\n 136.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 237.8<\/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 35.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 72.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 108.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 194.6<\/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 6.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 15.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 25.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 40.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .3<\/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 .3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.5<\/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 41.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 88.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 44.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 134.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 236.9<\/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 .9<\/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

\n \n <\/td>\n\n

\n
\n 1.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/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 .2<\/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<\/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 (1.0)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n GAAP net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/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 <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\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 .3<\/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 .3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1.5<\/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 (.2)<\/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)<\/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 1.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n .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<\/tr>\n

\n

\n Amortization of other intangible assets<\/span>\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 1.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6.2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 EBITDA<\/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 6.5<\/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 5.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 10.0<\/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\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 Transaction expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2.6<\/b>
\n <\/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
\n 4.6<\/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 Restructuring and integration 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
\n .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 .1<\/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 Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.7<\/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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.2<\/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\u00a0\u00a0\u00a0 1.5<\/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\u00a0 10.5<\/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\u00a0\u00a0\u00a0\u00a0\u00a0 15.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1) <\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Includes results for periods subsequent to the acquisitions of Enterprise Solutions on April 1, 2025, Basesix on April 1, 2026 and Hawkeye Electric on May 1, 2026.<\/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