Every 8-K that White Mountains Insurance Group Ltd. (WTM) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow WTM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WTM filings page.
WHITE MOUNTAINS INSURANCE GROUP, LTD. (WTM) reported a board change, electing Stephen Klar as a director effective August 26, 2026. The Board of Directors was increased from 10 to 11 members in connection with his election. Klar will serve until the next annual meeting of shareholders and until a successor is elected and qualified or until earlier resignation or removal. He will be compensated under the standard compensatory arrangement for non-employee directors, including a pro-rated cash and common equity retainer for the remainder of the year. The company states there are no arrangements or understandings with other persons regarding his election and that he has no material interest in any related-party transactions requiring disclosure. A press release announcing his election is furnished as Exhibit 99.1.
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.
White Mountains Insurance Group, Ltd. reported outcomes from its 2026 Annual General Meeting held in Hamilton Parish, Bermuda. As of March 30, 2026, 2,476,670 common shares were outstanding and eligible to vote.
Shareholders elected four Class II directors—Liam P. Caffrey, Mary C. Choksi, John K. Chu, and Weston M. Hicks—to terms ending in 2029, each receiving over 1.86 million votes in favor. An advisory resolution on executive compensation passed strongly with 1,993,894 votes for, representing 98% support among votes cast, with limited opposition.
Shareholders also approved the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2026, with 2,186,203 votes for and relatively few votes against or abstentions. The company noted that director Steven M. Yi did not stand for re-election and concluded his board service at the end of his term on May 21, 2026.
White Mountains Insurance Group disclosed that its subsidiary HG Global Ltd. (HGG) completed a private placement of $200,000,000 aggregate principal amount of fixed rate senior secured notes. HGG will use the net proceeds to fully repay its existing $150 million term loan facility, pay related fees and expenses, and fund a dividend to White Mountains and the other HGG equity holders.
The existing HGG senior notes recently carried a floating interest rate of 9.93% per annum, while the new notes bear a fixed interest rate of 7.39% per annum and mature on May 14, 2036. The Note Purchase Agreement governing the new notes includes customary representations, covenants and events of default for this type of financing.
White Mountains Insurance Group reported a small decline in book value per share to $2,170 as of March 31, 2026, down 0.8% for the quarter including dividends. The company posted a net loss attributable to common shareholders of $27 million versus net income of $34 million a year earlier, mainly from unrealized losses on its MediaAlpha investment.
Operating businesses were generally profitable. Ark/WM Outrigger delivered a 91% combined ratio and $1.1 billion of gross written premiums, while Kudu generated $63 million of revenue, $52 million of pre-tax income and a 12% trailing 12‑month return on equity. HG Global and Distinguished grew premiums but reported lower pre-tax income, and Other Operations reflected a $65 million unrealized loss from MediaAlpha despite positive investment results elsewhere. Excluding MediaAlpha, the total investment portfolio returned 1.0% in the quarter.
White Mountains Insurance Group, through its operating company White Mountains Partners, has acquired a majority interest in BaseSix Systems LLC, a building systems integration and service provider. White Mountains’ equity investment in the deal was approximately $97 million, giving it control of a business focused on mission critical, low voltage systems for commercial and institutional customers across fire & life safety, network & wireless, security & access control, and audio-visual solutions.
Basesix, founded in 2018 and headquartered in Marietta, Georgia, has grown organically by delivering on-time, on-budget projects for complex integration needs and offering aftermarket service. Management from both organizations highlight plans to use the new capital partnership to support Basesix’s next growth phase, including potential new offices and strategic acquisitions.
White Mountains Insurance Group has completed a $125 million structured capital investment in Bishop Street Underwriters, a RedBird Capital Partners portfolio company focused on property and casualty insurance. The investment is described as a strategic growth partnership intended to support Bishop Street’s expansion.
Bishop Street reported 2025 gross written premium above $650 million with organic growth and a portfolio loss ratio below 50 percent. Leaders from Bishop Street, White Mountains and RedBird highlight plans to accelerate acquisitions, launch new programs and expand Bishop Street’s global footprint in 2026.
White Mountains Insurance Group reported strong fourth-quarter and full-year 2025 results, driven primarily by the sale of Bamboo and solid insurance and investment performance. Book value per share reached $2,188 as of December 31, 2025, up 18% in the quarter and 25% for the year including dividends.
For 2025, net income attributable to common shareholders was $1.11 billion, helped by an $816 million net gain on the Bamboo transaction. Bamboo was sold to CVC Capital Partners for $848 million in cash, with White Mountains retaining a 15% fully diluted equity interest valued at $250 million.
Ark delivered a full-year combined ratio of 83% on $2.6 billion of gross written premiums, up 16%. Excluding MediaAlpha, the investment portfolio returned 2.0% in the quarter and 8.9% for the year. The company repurchased $203 million of shares in 2025 at about 92% of year-end book value per share, and reported roughly $1.0 billion of undeployed capital including a January distribution from Outrigger Re.
White Mountains Insurance Group, Ltd. reported that its specialty property and casualty subsidiary, Ark Insurance Holdings Limited, has renewed Outrigger Re Ltd., a reinsurance sidecar, for business incepting during calendar year 2026 on terms similar to 2025. Outrigger has again entered into a quota share with Ark to provide collateralized reinsurance protection on a portion of Ark Bermuda’s global property catastrophe portfolio.
For the 2026 underwriting year, Outrigger deployed $70 million of total investor capital, all provided by third-party investors and excluding White Mountains. The filing notes that Outrigger’s size was reduced compared with the prior year because Ark increased its use of traditional quota share reinsurance for 2026.
White Mountains Insurance Group completed a major divestiture of its Bamboo business. On December 5, 2025, a wholly owned subsidiary sold approximately 77.3% of its equity interest in WM Pierce Holdings, Inc. and its subsidiaries, including Bamboo Ide8 Insurance Services, LLC, to affiliates of funds advised by CVC Capital Partners under a securities purchase agreement dated October 2, 2025.
The transaction generated net cash proceeds at closing of $848 million, while White Mountains retained an indirect equity interest in the Bamboo Group valued at $250 million. The company also prepared and filed unaudited pro forma condensed consolidated financial statements to show how this sale would have affected its balance sheet as of September 30, 2025 and its results of operations for the nine months ended September 30, 2025 and the year ended December 31, 2024.
White Mountains Insurance Group (WTM) furnished a press release with results for the three and nine months ended September 30, 2025. The update emphasizes several non‑GAAP measures across Kudu, Bamboo, and Distinguished, with reconciliations provided in the accompanying exhibit.
Bamboo’s MGA pre-tax income was $14.9 million for Q3 2025 and $40.1 million for the nine-month period, after removing the Bamboo captive from consolidated GAAP. Total consolidated portfolio return was 2.1% for Q3; excluding MediaAlpha it was 2.0%. For the nine months, total consolidated portfolio return was 6.6%; excluding MediaAlpha it was 6.8%. The Q3 total equity portfolio return was 2.8% and 2.7% excluding MediaAlpha.
The release details how Kudu’s EBITDA and adjusted metrics exclude fair‑value changes, equity‑based comp, and transaction costs; Bamboo’s MGA metrics exclude captive results and specified expenses; and Distinguished’s ScaleCo figures exclude GrowthCo results and certain non‑cash items. Reconciliations are included in Exhibit 99.1.
White Mountains Insurance Group Ltd. (WTM) filed an Form 8-K reporting a material event that references a Securities Purchase Agreement dated October 2, 2025 among White Mountains Investments (Luxembourg) S.à r.l., WM Pierce Holdings, Inc., PM Holdings, LLC and other parties. The filing also includes a press release dated October 3, 2025. The 8-K identifies a significant transaction document and a public announcement but does not include transaction economics, consideration amounts, or detailed terms within the excerpt provided.
White Mountains Insurance Group, Ltd. has completed a significant acquisition in the specialty insurance program space. On September 2, 2025, the company and two indirect wholly owned subsidiaries closed the previously announced purchase of 50% of AQ Phoenix Parent, L.P., known as Distinguished Programs, for $224 million in cash.
Including an existing interest of approximately 1%, White Mountains now holds a 51% controlling stake in Distinguished Programs. This gives White Mountains majority control over the business, meaning it can direct key decisions and will typically consolidate Distinguished Programs’ financial results in its own reporting.
White Mountains Insurance Group announced a planned CEO succession: Manning Rountree will retire as CEO and director on December 31, 2025, and will become Senior Advisor through January 1, 2028. Liam Caffrey, currently President and CFO, will become CEO and a director on January 1, 2026. Michael Papamichael will succeed Caffrey as CFO and Giles Harrison will become President, both effective January 1, 2026. The filing states there are no arrangements, family relationships, or material transactions requiring disclosure for the new officers, and no material changes to their compensation at this time. The Board approved a letter agreement with Mr. Rountree providing a 2025 cash bonus formula and a $300,000 annual salary during his advisory term, plus restrictive covenants and a mutual release of claims.
White Mountains Insurance Group (WTM) filed an 8-K (Item 2.02) to furnish Q2 2025 results released on 7 Aug 2025.
- Bamboo MGA profitability surged: Q2 pre-tax income rose to $15.0 m from $6.0 m YoY; six-month pre-tax income climbed to $25.2 m from $7.3 m.
- Consolidated GAAP figures: Bamboo GAAP pre-tax income reached $16.1 m (vs $6.4 m).
- Investment performance: Total consolidated portfolio return was 2.7 % in Q2 (-0.1 % in Q2 2024) and 4.5 % YTD. Excluding MediaAlpha, returns improved to 2.3 % for Q2 and 4.7 % YTD.
- Equity portfolio: Q2 return of 4.2 %; excluding MediaAlpha 3.4 %.
- Non-GAAP focus: The press release presents 11 non-GAAP metrics for Kudu, Bamboo and portfolio returns, with reconciliations referenced in Exhibit 99.1.
No other material transactions or guidance were disclosed in the filing; the full financial detail resides in the attached press release.
White Mountains Insurance Group, Ltd. (WTM) has entered into a Unit Purchase Agreement to acquire a 51% controlling interest in specialty insurance program manager Distinguished Programs for approximately $230 million in cash. The transaction, executed on 4 July 2025 and announced on 7 July 2025, will be effected through wholly owned subsidiary WM Monroe Holdings, Inc. and is expected to close in Q3 2025, subject to regulatory approvals and customary conditions. There is no financing or shareholder-approval condition, and closing must occur by 2 Oct 2025 or either party may terminate.
- WTM already owns ≈1% of Distinguished; post-closing stake will rise to 51%.
- Sellers receive standard indemnities; Buyer obtained a representations & warranties insurance policy and WTM guarantees Buyer’s obligations.
- Put/Call: On the third anniversary of closing, sellers may require WTM to buy, or WTM may elect to buy, an additional 29% of units. Seller put price equals the original unit price (≈$130 million if fully exercised); WTM call price equals 1.35× the original unit price.
- Termination rights apply if closing is not achieved by 2 Oct 2025.
The deal expands WTM’s fee-based specialty insurance platform while utilising balance-sheet cash. Financial accretion, earnings impact, and Distinguished’s standalone metrics were not disclosed in the filing.