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White Mountains Insurance Group Ltd., an institutional investment manager, filed a Form 13F Holdings Report indicating that all of its reportable equity holdings are included in this submission. The report covers 2 line-item positions with an aggregate reported value of $393,601,043. No other investment managers are included in this filing, and the report is signed by Managing Director and Chief Accounting Officer Michaela J. Hildreth.
White Mountains Insurance Group, Ltd. reported Q2 2026 consolidated revenues of $844.6 million, up from $689.2 million a year earlier, with growth driven by higher investment gains and contributions from Kudu, WTM Partners and Distinguished. Net income attributable to common shareholders rose to $199.5 million from $122.9 million, and diluted EPS increased to $80.58 from $47.75.
For the first six months of 2026, net income attributable to common shareholders was $172.3 million compared to $156.8 million in 2025. Net investment income reached $70.9 million for the quarter, alongside $209.0 million of net realized and unrealized investment gains. As of June 30, 2026, total assets were $13,766.7 million and total equity $6,120.5 million, supported by an investment portfolio totaling $8,136.0 million.
White Mountains Insurance Group reported strong Q2 2026 results. Book value per share was $2,257.60 as of June 30, 2026, a 4.1% increase for the quarter and 3.2% for the first six months, including dividends. Net income attributable to common shareholders was $199.5 million in Q2 2026 and $172.3 million for the first half, with basic earnings per share of $80.58 and $67.36, respectively. Total revenues were $844.6 million in Q2 and $1,362.4 million year to date. The total consolidated portfolio returned 3.5% in the quarter, or 2.8% excluding MediaAlpha.
Ark/WM Outrigger delivered an 84% combined ratio in Q2 and 88% year to date, despite $17 million and $42 million of war-related catastrophe losses in Iran, and grew Ark tangible book value by 7% year to date. Kudu generated Q2 revenues of $68.9 million, pre-tax income of $57.0 million and adjusted EBITDA of $15.7 million, with a trailing 12‑month return on equity of 14.7%. HG Global had a slower quarter but refinanced its senior debt to $200 million at a 7.4% fixed rate and paid a $93 million dividend, including $90 million to White Mountains. Distinguished reported Q2 ScaleCo adjusted EBITDA of $12.4 million, while WTM Partners grew Q2 revenues to $92.8 million and adjusted EBITDA to $9.2 million following recent acquisitions. The company owned 17.9 million MediaAlpha shares (29% basic stake) at $12.57 per share, producing $58.4 million of Q2 unrealized gains. White Mountains repurchased 91,194 shares in Q2 for $191 million and 103,816 shares year to date for $217 million, at about 93% of June 30 book value per share.
White Mountains Insurance Group furnished its 2026 Annual Investor Presentation, highlighting a very strong 2025 and solid early 2026. Book value per share grew 25% in 2025 to $2,188, supported by the majority sale of Bamboo at a $1.75 billion valuation and continued investment gains.
Total capital was $7.0 billion as of 1Q26, with $0.8 billion of undeployed capital and consolidated debt at 12% of total capital. Key businesses reported robust results, including Ark with $2.6 billion of 2025 gross written premiums at an 83% combined ratio, Kudu with $70 million of Annualized Adjusted EBITDA, BAM premiums of $160 million, and MediaAlpha revenue of $1.1 billion.
Tanner David Allen reported acquisition or exercise transactions in this Form 4 filing.
WHITE MOUNTAINS INSURANCE GROUP LTD director David Allen Tanner received an equity grant of 135 common shares as an annual director share award. The shares were awarded at no cash cost per share and increased his direct holdings to 2,014 common shares following the transaction.
SHANK SUZANNE F. reported acquisition or exercise transactions in this Form 4 filing.
WHITE MOUNTAINS INSURANCE GROUP LTD director Suzanne F. Shank received an annual director share award of 135 Common Shares on May 21, 2026. The grant was at a stated price of $0.00 per share and increased her direct holdings to 1,006 Common Shares.
Hicks Weston M reported acquisition or exercise transactions in this Form 4 filing.
WHITE MOUNTAINS INSURANCE GROUP LTD director Weston M. Hicks received a grant of 190 Common Shares as an annual chairman share award. The shares were awarded at a price of $0.00 per share, indicating they were compensation rather than a market purchase. Following this award, Hicks directly holds 2,936 Common Shares of the company. The filing reflects a routine equity compensation grant to a director, with no open-market buying or selling activity disclosed.
WHITE MOUNTAINS INSURANCE GROUP LTD director Philip A. Gelston received an annual director share award of 135 common shares on May 21, 2026. The shares were granted at a stated price of $0.00 per share as equity compensation, not a market purchase.
Following this award, Gelston directly holds 1,703 common shares. This Form 4 reflects a routine grant/award acquisition rather than an open‑market buy or sale.
Dillon Margaret reported acquisition or exercise transactions in this Form 4 filing.
WHITE MOUNTAINS INSURANCE GROUP LTD director Margaret Dillon received an annual share award of 135 Common Shares. The grant was recorded at a price of $0.00 per share as compensation, not a market purchase. Following this award, her direct holdings total 1,080 Common Shares.
Chu John reported acquisition or exercise transactions in this Form 4 filing.
WHITE MOUNTAINS INSURANCE GROUP LTD director John Chu received an award of 135 Common Shares as part of an Annual Director Share Award on May 21, 2026. The shares were granted at no cost and are a compensation-related issuance rather than an open-market purchase or sale.
Following this grant, Chu directly holds 335 Common Shares of the company.