WTM (WTM) CFO receives 500 restricted share award vesting in 2029

Rhea-AI Filing Summary

Papamichael Michael A reported acquisition or exercise transactions in this Form 4 filing.

WHITE MOUNTAINS INSURANCE GROUP LTD Chief Financial Officer Michael A. Papamichael was granted 500 restricted common shares on February 25, 2026, at a stated price of $0.00 per share. These restricted shares vest on January 1, 2029, and bring his directly held restricted-share balance to 1,200 shares.

As of this transaction date, he also directly held 772 common shares and indirectly held 12 common shares through the White Mountains Retirement Plan, reflecting his broader equity stake in the company.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Papamichael Michael A

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Shares (Restricted)	500	$0.00	--
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares (Restricted) — 1,200 shares (Direct); Common Shares — 772 shares (Direct); Common Shares — 12 shares (Indirect, by White Mountains Retirement Plan)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Papamichael Michael A

(Last) (First) (Middle)

C/O WHITE MOUNTAINS INSURANCE GROUP, LTD

23 SOUTH MAIN STREET, SUITE 3B

(Street)

HANOVER NH 03755

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WHITE MOUNTAINS INSURANCE GROUP LTD [ WTM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares (Restricted)	02/25/2026		A		500	A	$0	1,200(1)	D
Common Shares								772	D
Common Shares								12	I	by White Mountains Retirement Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On February 25, 2026, the Reporting Person received a restricted share award of 500 Common Shares, which vests on January 1, 2029.

	Wesley C. Bell, by Power of Attorney	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did WTM CFO Michael A. Papamichael report in this Form 4?

Michael A. Papamichael reported receiving a grant of 500 restricted common shares of WHITE MOUNTAINS INSURANCE GROUP LTD. The award was made on February 25, 2026 and increases his directly held restricted-share balance to 1,200 shares in total after the grant.

Is the WTM Form 4 transaction a purchase or a grant of shares?

The Form 4 shows a grant or award acquisition, not an open-market purchase. Papamichael received 500 restricted common shares at a stated price of $0.00 per share as part of compensation, which is typical for equity incentive awards by listed companies.

When do Michael A. Papamichael’s newly granted WTM restricted shares vest?

The 500 restricted common shares granted to Michael A. Papamichael vest on January 1, 2029. Vesting means the shares become fully owned over time, aligning the executive’s incentives with the company’s longer-term performance and shareholder interests.

How many WTM shares does Michael A. Papamichael hold after this transaction?

After the restricted share grant, Papamichael directly holds 1,200 restricted common shares and 772 additional common shares. He also indirectly holds 12 common shares through the White Mountains Retirement Plan, reflecting a mix of direct and retirement-plan ownership.

What does the $0.00 price on the WTM restricted share grant mean?

The $0.00 price indicates Papamichael did not pay cash for the 500 restricted shares; they were awarded as equity compensation. Such grants typically vest over time, here by January 1, 2029, to encourage retention and long-term performance alignment.

How is indirect ownership reported for WTM shares in this Form 4?

Indirect ownership is shown through the White Mountains Retirement Plan, which holds 12 common shares for Papamichael. Form 4 distinguishes between direct and indirect holdings to clarify how many shares are held personally versus through benefit or retirement arrangements.