Morgan Stanley shows 3.0% White Mountains (WTM) stake in 13G/A

Rhea-AI Filing Summary

Morgan Stanley has filed an amended Schedule 13G/A reporting its beneficial ownership in White Mountains Insurance Group Ltd. common stock as of 12/31/2025. The firm reports beneficial ownership of 76,817 shares, representing 3.0% of the outstanding common stock.

Morgan Stanley reports 0 shares with sole voting or dispositive power, 53,289 shares with shared voting power, and 76,817 shares with shared dispositive power. It states that it has ceased to be the beneficial owner of more than five percent of this class and that the shares are held in the ordinary course of business, not to influence control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

WHITE MOUNTAINS INSURANCE GROUP LTD

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G9618E107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G9618E107

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 53,289.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 76,817.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

76,817.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.0 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WHITE MOUNTAINS INSURANCE GROUP LTD
(b)	Address of issuer's principal executive offices: 23 SOUTH MAIN STREET, SUITE 3B, HANOVER, NH, 03755
Item 2.
(a)	Name of person filing: Morgan Stanley
(b)	Address or principal business office or, if none, residence: 1585 Broadway, New York, NY 10036
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: G9618E107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 3.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/12/2026

FAQ

What stake does Morgan Stanley report in White Mountains (WTM)?

Morgan Stanley reports beneficial ownership of 76,817 shares of White Mountains Insurance Group common stock, representing 3.0% of the class as of December 31, 2025. All voting and dispositive powers are reported as shared or zero, indicating no sole control over the shares.

Has Morgan Stanley’s ownership in WTM fallen below 5 percent?

Yes. Morgan Stanley states it "has ceased to be the beneficial owner of more than five percent" of White Mountains’ common stock. It now reports 76,817 shares, representing 3.0% of the class as of December 31, 2025, confirming ownership below the 5% threshold.

How much voting power does Morgan Stanley have over WTM shares?

Morgan Stanley reports sole voting power over 0 shares and shared voting power over 53,289 shares of White Mountains common stock. This means it does not control any shares alone, and voting decisions on 53,289 shares are shared with other parties as disclosed.

What does Morgan Stanley disclose about dispositive power over WTM shares?

Morgan Stanley reports sole dispositive power over 0 shares and shared dispositive power over 76,817 shares of White Mountains common stock. Dispositive power refers to the ability to sell or direct the sale of shares, which here is shared rather than held solely by Morgan Stanley.

Why did Morgan Stanley file this Schedule 13G/A amendment for WTM?

The amendment reflects updated beneficial ownership information in White Mountains common stock as of December 31, 2025. Morgan Stanley indicates it is now below the 5% ownership threshold and confirms the securities are held in the ordinary course of business, not to influence control of the issuer.

Is Morgan Stanley seeking to influence control of White Mountains (WTM)?

No. Morgan Stanley certifies that the securities were acquired and are held in the ordinary course of business. It specifically states they were not acquired and are not held for the purpose or effect of changing or influencing the control of White Mountains Insurance Group.