White Mountains Insurance Group, Ltd.
whitemountains.comWhat Do They Do?
Underwrites property, specialty and other insurance and reinsurance coverage for businesses and insurers, and acquires and operates businesses in insurance, financial services and related sectors.
10-K for FY2025, filed Feb 27, 2026White Mountains is engaged in the business of making opportunistic and value-oriented acquisitions of businesses and assets in the…View ↗
As of December 31, 2025, White Mountains conducted its business primarily in five areas: property and casualty insurance and reinsurance…View ↗
On January 1, 2021, White Mountains acquired a controlling ownership interest in Ark (the “Ark Transaction”). Ark is a specialty property…View ↗
Generally, insurance companies underwrite insurance policies in exchange for premiums paid by their customers (the insureds). An insurance…View ↗
How Do They Make Money?
Insureds and insurers pay Ark premiums for insurance and reinsurance coverage, earned over the coverage period; Ark also earns investment income and gains. Bamboo and Distinguished earn commissions when policies are issued, while Kudu receives manager distributions generally quarterly.
10-K for FY2025, filed Feb 27, 2026Generally, insurance companies underwrite insurance policies in exchange for premiums paid by their customers (the insureds). An insurance…View ↗
Ark derives substantially all of its revenues from earned premiums, investment income and net realized and unrealized investment gains…View ↗
Kudu’s revenues are primarily generated from Participation Contracts, which are generally noncontrolling equity interests in revenue and…View ↗
Bamboo’s revenues consist primarily of commission and fee revenues for placement of insurance policies. Commission and fee revenues are…View ↗
Distinguished’s revenues consist primarily of commission and fee revenues related to its placement of insurance policies. Commission…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by reportable segment ↗
$3.7B
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10-K for FY2025, filed Feb 27, 2026
$3.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Recurring
10-K for FY2025, filed Feb 27, 2026 |
52%
FY2022: 87%
|
P&C Insurance and Reinsurance (Ark/WM Outrigger), FY2025
$1.9B Sources
|
Recurring |
|
Financial Guarantee (HG Global)
|
2.0%
FY2022: −4.0%
|
Financial Guarantee (HG Global), FY2025
$73.6M Sources
|
|
|
Asset Management (Kudu)
|
4.9%
FY2022: 10%
|
Asset Management (Kudu), FY2025
$183.4M Sources
|
|
|
P&C Insurance Distribution (Bamboo)
Sold outright
|
6.6%
FY2022: 0.0%
|
P&C Insurance Distribution (Bamboo), FY2025
$246.3M Sources
|
Sold outright |
|
Specialty Insurance Distribution (Distinguished)
Sold outright
|
1.5% |
Specialty Insurance Distribution (Distinguished), FY2025
$57.7M Sources
|
Sold outright |
Who Are Their Customers?
Ark offers insurance and reinsurance through brokers, managing agents and reinsurance intermediaries; Distinguished reaches policyholders through third-party agents and brokers. Enterprise Solutions serves commercial and institutional customers.
10-K for FY2025, filed Feb 27, 2026Ark offers its products and services through a network of brokers, MGAs and reinsurance intermediaries (collectively, “insurance and…View ↗
Distinguished primarily relies on third-party agents and brokers as its sales channel. Substantially all of Distinguished’s products are…View ↗
Other Operations recognizes commissions and fee revenues as well as other revenues when it has satisfied its performance obligations.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 30 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 27, 2026
$1.1BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$199.5MView ↗
- ▲ +62%
- vs $122.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Apr 1, 2026
Acquired a majority interest in BaseSix
BaseSix provides building systems integration and aftermarket service for commercial and institutional customers.
Sources
8-K, filed Apr 1, 2026
White Mountains Insurance Group, Ltd. (NYSE: WTM) (“White Mountains”) announced that White Mountains Partners LLC (“WTM Partners”) has…View ↗
Growing. Revenue grew 6.1x in 4 years, from $614.4M in FY2021 to $3.7B in FY2025, about 57% a year.
Specialty insurance distribution
The latest business description adds specialty insurance distribution through Distinguished to the business areas listed in the older report.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 27, 2026As of December 31, 2022, White Mountains conducted its business primarily in four areas: municipal bond insurance, property and casualty…View ↗
Who Do They Compete With?
Competes with American International Group, Arch Capital Group, Ascot Group, Aspen Insurance Holdings, Chubb, Everest Re Group, Markel Group, RenaissanceRe Holdings, Sompo Holdings, SiriusPoint, AXIS Capital Holdings, Beazley, Canopius Group, Convex Group, Hiscox, Lancashire Holdings, and QBE Insurance Group
10-K for FY2025, filed Feb 27, 2026Bermuda insurance and reinsurance market: American International Group, Inc., Arch Capital Group Ltd., Ascot Group Ltd., Aspen Insurance…View ↗
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