Core Viewpoint - White Mountains Insurance Group has agreed to sell a controlling stake in Bamboo, an insurance distribution platform, to CVC Capital Partners for $1.75 billion, focusing on the residential property market in California and Texas [1][4]. Group 1: Transaction Details - The deal is valued at $1.75 billion (€1.5 billion) and is expected to close by the end of the fourth quarter of 2025, pending regulatory approvals [1][4]. - White Mountains will retain approximately a 15% equity interest in Bamboo, which is valued at $250 million based on the sale price [4]. - The transaction is not contingent upon financing [5]. Group 2: Financial Implications - The sale is projected to yield White Mountains a gain of around $310 per share in book value and net cash proceeds of approximately $840 million [3]. - The transaction is described as beneficial for both White Mountains shareholders and Bamboo management and employees [4]. Group 3: Bamboo's Operations - Bamboo operates as a data-driven platform with a focus on the residential property market and encompasses a managing general agent business that includes product development, underwriting, marketing, policy issuance, and claims management [2]. - Additionally, Bamboo runs a retail agency providing third-party ancillary products and a captive reinsurer to share underwriting risk with its reinsurance partners [2].

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by over 350 points on Friday [1] - White Mountains Insurance Group announced plans to sell a controlling interest in its technology-driven homeowners' insurance distribution platform, Bamboo, to CVC Capital Partners, leading to a significant rise in its stock price [1][2] - The deal values Bamboo at $1.75 billion, and the company specializes in data-enabled underwriting and distribution for the residential property market in California and Texas [2] Group 2 - White Mountains Insurance Group shares surged by 9.2%, reaching $1,817.83 on Friday following the announcement of the Bamboo deal [2] - Other notable stock gains included Anbio Biotechnology, which rose by 69.6% to $43.07, and Lithium Americas Corp., which increased by 29.1% to $8.85 [4] - USA Rare Earth, Inc. shares climbed 21.4% to $27.56 amid reports of discussions with the White House [4]

Core Viewpoint - White Mountains Insurance Group has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to CVC Capital Partners, valuing Bamboo at $1.75 billion [1]. Group 1: Transaction Details - The transaction is expected to generate a gain of approximately $310 million to White Mountains' book value per share and net cash proceeds of around $840 million [1]. - White Mountains will retain a 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction [1]. - The transaction is anticipated to close by the end of the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions [4]. Group 2: Company Insights - Bamboo is described as a capital-light, tech- and data-enabled insurance distribution platform focused on homeowners' insurance in California and Texas, operating primarily through a full-service MGA business [6]. - Bamboo's business model includes managing the placement process for fronting and reinsurance partners, earning commissions based on volume and profitability [6]. - CVC views Bamboo as an optimal fit for its US portfolio due to its high growth, recurring revenue, and value to partners [4]. Group 3: Leadership Perspectives - White Mountains' CEO highlighted the rapid growth of Bamboo as a testament to its value and innovation in the homeowners' insurance market [2]. - Bamboo's CEO expressed gratitude for White Mountains' support and emphasized the milestone as a result of the team's dedication and hard work [4]. - White Mountains' M&A head noted the success of Bamboo during their ownership and the importance of partnering with talented management teams in the insurance sector [3].

Core Viewpoint - White Mountains Insurance Group has announced the appointment of Liam Caffrey as the new CEO, effective January 1, 2026, succeeding Manning Rountree, who will retire on December 31, 2025 [1][2]. Leadership Transition - Liam Caffrey, currently the President and CFO, will take over as CEO, while Manning Rountree will transition to a Senior Advisor role until January 1, 2028 [2][3]. - Caffrey joined White Mountains as CFO in 2022 and has prior experience at Aon PLC and McKinsey & Company [2]. - Rountree expressed confidence in Caffrey's leadership capabilities and noted that the succession was planned collaboratively over the past four years [4]. Board and Management Changes - Weston Hicks, Chairman of White Mountains, praised Caffrey's extensive insurance experience and acknowledged Rountree's 21 years of service as CEO [4]. - Michael Papamichael will succeed Caffrey as CFO on January 1, 2026, and has a background with Hamilton Insurance Group and Sirius Group [4]. - Giles Harrison will become President of White Mountains on January 1, 2026, having joined the company in June 2024 from Zurich Insurance Group [5].

Core Insights - White Mountains Insurance Group reported Q2 2025 earnings per share (GAAP) of $47.75, missing the analyst estimate of $57.00 by 16.2% [1] - Total revenue (GAAP) reached $689.2 million, a significant increase of 74.4% compared to Q2 2024 [1][2] - Book value per share rose to $1,803.57, up 4.7% from $1,722.02 a year earlier [1][2] Financial Metrics - Diluted EPS (GAAP) for Q2 2025 was $47.75, compared to $(21.24) in Q2 2024 [2] - Revenue (GAAP) was $689.2 million, up from $395.4 million in Q2 2024, reflecting a 74.4% year-over-year increase [2] - Book Value per Share increased to $1,803.57 from $1,722.02, marking a 4.7% rise [2] - Ark/WM Outrigger Combined Ratio improved to 84.4% from 87.0%, a decrease of 2.6 percentage points [2] - Gross Written Premiums for Ark/WM Outrigger were $815.2 million, up 17.0% from $697.0 million in Q2 2024 [2] - MGA Adjusted EBITDA for Bamboo reached $25.6 million, a 122.6% increase from $11.5 million in Q2 2024 [2] Company Overview - White Mountains Insurance Group operates as a diversified insurance holding company, focusing on property & casualty insurance, reinsurance, and specialty distribution [3] - Key subsidiaries include Ark, WM Outrigger, Bamboo, HG Global, and Kudu, each serving distinct roles in the insurance and investment sectors [3] Strategic Focus - Current priorities include disciplined underwriting, risk management, maximizing investment returns, and expanding through strategic acquisitions [4] - Growth in core businesses like Ark and Bamboo is emphasized, alongside maintaining a strong capital base [4] Segment Performance - Ark experienced significant premium growth with gross written premiums rising 17% year-over-year to $815 million, and the combined ratio improved to 85% [5] - WM Outrigger faced volatility due to catastrophe losses, impacting pre-tax income [5] - Bamboo reported record commission and fee revenue of $59 million, with managed premiums of $191 million, despite facing claims from California wildfires [5] - Kudu's revenue dropped to $20 million due to lower investment gains, while HG Global saw improvements in gross written premium and pre-tax income [6] Investment Performance - The consolidated portfolio returned 2.7%, underperforming compared to the S&P 500's 10.9% return [7] - MediaAlpha contributed positively to investment income as its share price increased [7] - Ark reported net realized and unrealized investment gains of $51 million, up from $20 million in Q2 2024 [7] Future Outlook - No specific financial outlook or guidance was provided for the upcoming quarter or fiscal 2025 [8] - Management highlighted opportunities for growth, particularly at Bamboo and Ark, with approximately $300 million in undeployed capital available for future investments [8]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements and management's discussion and analysis for White Mountains Insurance Group, Ltd. for the period ended June 30, 2025 [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated financial statements of White Mountains Insurance Group, Ltd. for the period ended June 30, 2025, including balance sheets, statements of operations, comprehensive income, changes in equity, and cash flows, along with detailed notes explaining the basis of presentation, significant transactions, investment activities, debt, income taxes, and segment information [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show a significant increase in total assets and liabilities from December 31, 2024, to June 30, 2025, primarily driven by growth in P&C Insurance and Reinsurance assets and liabilities, as well as increases in P&C Insurance Distribution and Other Operations assets | Metric | June 30, 2025 (Millions) | December 31, 2024 (Millions) | Change (Millions) | % Change | | :--------------------------------- | :----------------------- | :--------------------------- | :---------------- | :------- | | **Assets:** | | | | | | Total assets | $11,822.9 | $9,925.6 | $1,897.3 | 19.1% | | P&C Insurance and Reinsurance assets | $6,905.5 | $5,299.0 | $1,606.5 | 30.3% | | Financial Guarantee assets | $1,244.5 | $1,179.4 | $65.1 | 5.5% | | Asset Management assets | $1,230.7 | $1,108.4 | $122.3 | 11.0% | | P&C Insurance Distribution assets | $619.5 | $584.6 | $34.9 | 6.0% | | Other Operations assets | $1,822.7 | $1,754.2 | $68.5 | 3.9% | | **Liabilities:** | | | | | | Total liabilities | $6,482.7 | $4,794.6 | $1,688.1 | 35.2% | | P&C Insurance and Reinsurance liabilities | $5,173.5 | $3,664.8 | $1,508.7 | 41.2% | | Financial Guarantee liabilities | $488.3 | $464.1 | $24.2 | 5.2% | | Asset Management liabilities | $329.2 | $316.7 | $12.5 | 3.9% | | P&C Insurance Distribution liabilities | $281.2 | $167.7 | $113.5 | 67.7% | | Other Operations liabilities | $210.5 | $181.3 | $29.2 | 16.1% | | **Equity:** | | | | | | Total equity | $5,340.2 | $5,131.0 | $209.2 | 4.1% | | White Mountains's common shareholders' equity | $4,644.5 | $4,483.7 | $160.8 | 3.6% | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenues significantly increased for both the three and six months ended June 30, 2025, compared to the same periods in 2024, primarily driven by strong performance in P&C Insurance and Reinsurance and a rebound in Other Operations, leading to a substantial improvement in pre-tax income and net income attributable to common shareholders | Metric (Millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Total revenues | $689.2 | $395.4 | 74.3% | $1,267.0 | $1,042.7 | 21.5% | | P&C Insurance and Reinsurance revenues | $447.9 | $363.3 | 23.3% | $861.1 | $700.1 | 23.0% | | Financial Guarantee revenues | $24.2 | $15.7 | 54.1% | $56.3 | $23.6 | 138.6% | | Asset Management revenues | $20.4 | $70.2 | -70.9% | $84.2 | $80.9 | 4.1% | | P&C Insurance Distribution revenues | $62.5 | $42.0 | 48.8% | $123.9 | $73.1 | 69.5% | | Other Operations revenues | $134.2 | $(95.8) | N/A | $141.5 | $165.0 | -14.3% | | Total expenses | $512.7 | $430.1 | 19.2% | $1,018.1 | $844.8 | 20.5% | | Pre-tax income (loss) | $176.5 | $(34.7) | N/A | $248.9 | $197.9 | 25.8% | | Net income (loss) attributable to White Mountains's common shareholders | $122.9 | $(54.6) | N/A | $156.8 | $181.8 | -13.7% | [Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income attributable to White Mountains's common shareholders saw a significant positive shift in Q2 2025 compared to a loss in Q2 2024, while the six-month period showed a slight decrease, and basic and diluted EPS also improved substantially in Q2 2025 | Metric (Millions, except per share) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Comprehensive income (loss) attributable to White Mountains's common shareholders | $123.7 | $(54.6) | N/A | $158.8 | $181.6 | -12.5% | | Basic earnings (loss) per share | $47.75 | $(21.24) | N/A | $60.99 | $70.93 | -14.0% | | Diluted earnings (loss) per share | $47.75 | $(21.24) | N/A | $60.99 | $70.93 | -14.0% | [Consolidated Statements of Changes in Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased by $209.2 million from January 1, 2025, to June 30, 2025, primarily due to net income and other comprehensive income, partially offset by dividends and net contributions/distributions from noncontrolling interests, with the acquisition of noncontrolling interests also contributing to the increase | Metric (Millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | | Total Equity (Beginning Balance) | $5,131.0 | $4,561.6 | | Net income (loss) | $226.4 | $180.6 | | Other comprehensive income (loss), net of tax | $3.1 | $(0.2) | | Dividends declared on common shares | $(2.6) | $(2.5) | | Dividends to noncontrolling interests | $(19.1) | $(9.3) | | Issuances of common shares | $2.6 | $2.9 | | Repurchases and retirements of common shares | $(9.9) | $(8.1) | | Amortization of restricted share awards | $8.7 | $7.5 | | Recognition of equity-based compensation expense of subsidiaries | $4.6 | $2.1 | | Net contributions (distributions) and dilution from other noncontrolling interests | $(35.3) | $0.5 | | Acquisition of noncontrolling interests | $30.7 | $111.1 | | Total Equity (Ending Balance) | $5,340.2 | $4,872.2 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided from operations decreased significantly in the first six months of 2025 compared to 2024, primarily due to changes in reinsurance recoverables and insurance premiums receivable, while investing activities shifted from providing cash to using cash, and financing activities provided cash in 2025, contrasting with cash usage in 2024 | Metric (Millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | | Net cash provided from (used for) operations | $137.3 | $253.3 | | Net cash provided from (used for) investing activities | $(156.5) | $(94.2) | | Net cash provided from (used for) financing activities | $90.6 | $(26.3) | | Net change in cash during the period | $71.4 | $132.8 | | Cash balance at end of period | $337.8 | $255.2 | [Note 1. Basis of Presentation and Significant Accounting Policies](index=11&type=section&id=Note%201.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) White Mountains Insurance Group, Ltd. operates through four reportable segments: Ark/WM Outrigger (specialty P&C insurance/reinsurance), HG Global (financial guarantee), Kudu (asset management), and Bamboo (P&C insurance distribution), with remaining operations in 'Other Operations', and its financial statements are prepared under GAAP, with certain prior period reclassifications - White Mountains operates through four reportable segments: Ark/WM Outrigger, HG Global, Kudu, and Bamboo, with other businesses grouped under 'Other Operations'[32](index=32&type=chunk) - Ark/WM Outrigger focuses on specialty property and casualty insurance and reinsurance, including Lloyd's Syndicates and a collateralized reinsurance vehicle (WM Outrigger Re)[32](index=32&type=chunk) - HG Global provides financial guarantee services and, prior to July 1, 2024, consolidated Build America Mutual Assurance Company (BAM)[33](index=33&type=chunk)[35](index=35&type=chunk) - Kudu offers capital solutions for boutique asset and wealth managers through noncontrolling equity interests (Participation Contracts)[35](index=35&type=chunk) - Bamboo is a tech- and data-enabled P&C insurance distribution platform, primarily a managing general agent (MGA) for homeowners' insurance in California, and includes a captive reinsurer[36](index=36&type=chunk) - Other Operations include the parent company, investment management, interests in MediaAlpha, PassportCard/DavidShield, Elementum, and Enterprise Solutions (acquired April 1, 2025)[37](index=37&type=chunk) [Note 2. Significant Transactions](index=13&type=section&id=Note%202.%20Significant%20Transactions) White Mountains completed several significant transactions, including the acquisition of a controlling interest in Bamboo in January 2024 for $296.7 million, the deconsolidation of BAM in July 2024, and the acquisition of a majority interest in Enterprise Solutions in April 2025 for $58.3 million, while WM Outrigger Re also renewed its reinsurance agreements for the 2024 and 2025 underwriting years with varying capital commitments - White Mountains acquired a controlling interest in Bamboo on January 2, 2024, investing **$296.7 million** of equity, including **$36.0 million** to retire legacy debt and **$20.0 million** of primary capital, resulting in the recognition of **$371.4 million** in goodwill and other intangible assets[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Effective July 1, 2024, White Mountains deconsolidated Build America Mutual Assurance Company (BAM) as it no longer held primary beneficiary status, with BAM Surplus Notes subsequently accounted for at fair value, resulting in an unrealized loss of **$114.5 million** on deconsolidation[44](index=44&type=chunk)[45](index=45&type=chunk) - WM Outrigger Re renewed its collateralized reinsurance agreements for the 2024 and 2025 underwriting years, with White Mountains's capital commitment at **$130.0 million** for 2024 and **$150.0 million** for 2025[47](index=47&type=chunk)[48](index=48&type=chunk) - On April 1, 2025, White Mountains acquired a majority interest in Enterprise Solutions for **$58.3 million** cash consideration, recognizing **$95.4 million** in goodwill and other intangible assets[51](index=51&type=chunk)[52](index=52&type=chunk) [Note 3. Investment Securities](index=15&type=section&id=Note%203.%20Investment%20Securities) White Mountains's investment portfolio, primarily fixed maturity and short-term investments, common equity securities, and other long-term investments, generated increased net investment income and significant net realized and unrealized investment gains in the first six months of 2025, with the portfolio's fair value measurements categorized into Level 1, 2, and 3, and Level 3 investments, particularly Kudu's Participation Contracts, showing substantial carrying values and growth Net Investment Income (Pre-tax) | Metric (Millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :------------------------ | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Fixed maturity investments | $26.8 | $23.2 | 15.5% | $53.8 | $43.9 | 22.6% | | Short-term investments | $12.0 | $16.0 | -25.0% | $22.6 | $32.0 | -29.4% | | Other long-term investments | $23.1 | $18.4 | 25.5% | $45.3 | $38.9 | 16.5% | | Total net investment income | $61.4 | $57.4 | 7.0% | $121.0 | $114.4 | 5.8% | Net Realized and Unrealized Investment Gains (Losses) | Metric (Millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Net realized investment gains (losses) | $37.8 | $120.9 | -68.8% | $78.1 | $115.2 | -32.2% | | Net unrealized investment gains (losses) | $79.5 | $(181.1) | N/A | $89.2 | $51.4 | 73.5% | | Total net realized and unrealized investment gains (losses) | $117.3 | $(60.2) | N/A | $167.3 | $166.6 | 0.4% | Total Investments by Fair Value Level (Millions) | Investment Type | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Total fixed maturity investments | $2,635.9 | $2,511.6 | | Total short-term investments | $1,225.1 | $964.2 | | Total common equity securities | $435.0 | $650.0 | | Investment in MediaAlpha | $195.5 | $201.6 | | Total other long-term investments | $2,307.1 | $2,150.2 | | **Total investments** | **$6,798.6** | **$6,477.6** | | Level 1 | $1,870.8 | $1,838.6 | | Level 2 | $2,652.7 | $2,512.3 | | Level 3 | $1,392.8 | $1,262.7 | | NAV (practical expedient) | $882.3 | $864.0 | - Kudu's Participation Contracts, a significant component of other long-term investments, had a fair value of **$1,121.1 million** as of June 30, 2025, up from **$1,008.4 million** at December 31, 2024, with a weighted average discount rate of **19%** and terminal cash flow exit multiple of **14x**[74](index=74&type=chunk)[87](index=87&type=chunk) [Note 4. Goodwill and Other Intangible Assets](index=27&type=section&id=Note%204.%20Goodwill%20and%20Other%20Intangible%20Assets) Total goodwill and other intangible assets increased to $805.4 million as of June 30, 2025, from $720.3 million at December 31, 2024, primarily due to the acquisition of Enterprise Solutions, which added $95.4 million in goodwill, while amortization of other intangible assets totaled $10.3 million for the six months ended June 30, 2025 Goodwill and Other Intangible Assets (Millions) | Asset Type | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Total goodwill | $534.6 | $439.2 | | Total other intangible assets | $270.8 | $281.1 | | **Total goodwill and other intangible assets** | **$805.4** | **$720.3** | - The increase in goodwill for the six months ended June 30, 2025, was primarily due to the **$95.4 million** from the Enterprise Solutions Transaction, which was provisionally recorded entirely as goodwill[90](index=90&type=chunk) - Amortization of other intangible assets for the six months ended June 30, 2025, was **$10.3 million**[90](index=90&type=chunk) [Note 5. Loss and Loss Adjustment Expense Reserves](index=29&type=section&id=Note%205.%20Loss%20and%20Loss%20Adjustment%20Expense%20Reserves) The Ark/WM Outrigger segment reported net favorable prior year loss reserve development of $69.9 million for the six months ended June 30, 2025, driven by property, marine & energy, and specialty lines, partially offset by aviation losses, while P&C Insurance Distribution and Other Operations also recorded loss and LAE reserves and incurred expenses Ark/WM Outrigger Loss and LAE Reserve Activity (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gross beginning balance | $2,253.9 | $1,744.5 | $2,127.5 | $1,605.1 | | Net incurred loss and LAE | $164.0 | $175.7 | $397.5 | $355.7 | | Net paid loss and LAE | $(133.5) | $(83.1) | $(292.5) | $(183.8) | | Net favorable prior year loss reserve development | $(17.1) | $(6.9) | $(69.9) | $(7.2) | | Gross ending balance | $2,288.5 | $1,890.1 | $2,288.5 | $1,890.1 | - HG Re had no outstanding loss and LAE reserves or incurred loss and LAE for the periods presented[93](index=93&type=chunk) - The Bamboo Captive recorded **$28.8 million** in loss and LAE reserves as of June 30, 2025, and incurred **$12.6 million** for the six months ended June 30, 2025[94](index=94&type=chunk) - The Bamboo CRV recorded **$14.2 million** in loss and LAE reserves as of June 30, 2025, and incurred **$18.2 million** for the six months ended June 30, 2025[95](index=95&type=chunk) [Note 6. Third-Party Reinsurance](index=30&type=section&id=Note%206.%20Third-Party%20Reinsurance) The Ark/WM Outrigger segment experienced increases in gross and net written premiums for the three and six months ended June 30, 2025, compared to 2024, while net loss and LAE decreased in Q2 2025 but increased for the six-month period, and reinsurance recoverables significantly increased, with a majority from highly-rated reinsurers Ark/WM Outrigger Premiums and Losses (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :-------------------- | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Gross written premiums | $815.2 | $697.0 | 16.9% | $1,922.8 | $1,569.1 | 22.5% | | Net written premiums | $578.6 | $502.8 | 15.1% | $1,306.3 | $1,100.8 | 18.7% | | Net earned premiums | $364.2 | $318.3 | 14.4% | $722.2 | $621.1 | 16.3% | | Net loss and LAE | $164.0 | $175.7 | -6.8% | $397.5 | $355.7 | 11.7% | Ark/WM Outrigger Reinsurance Recoverables (Millions) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Reinsurance recoverables on unpaid losses | $468.5 | $434.4 | | Reinsurance recoverables on paid losses | $69.5 | $57.5 | | Ceded unearned premiums | $506.1 | $97.1 | | **Total reinsurance recoverables** | **$1,044.1** | **$589.0** | Ark/WM Outrigger Reinsurance Recoverables by A.M. Best Rating (June 30, 2025) | A.M. Best Rating | Gross (Millions) | Collateral (Millions) | Net (Millions) | % of Total | | :----------------- | :--------------- | :-------------------- | :------------- | :--------- | | A+ or better | $319.1 | $— | $319.1 | 70.6% | | A- to A | $113.0 | $— | $113.0 | 25.0% | | B++ or lower and not rated | $105.9 | $86.1 | $19.8 | 4.4% | | **Total** | **$538.0** | **$86.1** | **$451.9** | **100.0%** | [Note 7. Debt](index=31&type=section&id=Note%207.%20Debt) White Mountains's total debt increased to $694.6 million as of June 30, 2025, from $562.5 million at December 31, 2024, primarily due to the new Bamboo Credit Facility and an increase in Other Operations debt, while Kudu also amended its credit facility to increase capacity and reduce borrowing costs, and all debt instruments were in compliance with covenants Debt Outstanding (Millions) | Debt Type | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Ark 2021 Subordinated Notes | $158.9 | $154.5 | | HG Global Senior Notes | $147.6 | $147.4 | | Kudu Credit Facility | $246.8 | $238.6 | | Bamboo Credit Facility | $104.6 | $— | | Other Operations debt | $36.7 | $22.0 | | **Total debt** | **$694.6** | **$562.5** | - The Bamboo Credit Facility was established on January 24, 2025, with a **$110 million** term loan and **$10 million** revolving credit, maturing in January 2031[125](index=125&type=chunk) - Kudu amended its Credit Facility on March 18, 2025, reducing the required interest reserve and lowering the minimum debt service coverage ratio to **2.5 times**, which lowered borrowing costs and increased capacity[118](index=118&type=chunk) - The increase in Other Operations debt was primarily driven by the Enterprise Solutions Transaction[128](index=128&type=chunk) - White Mountains was in compliance with all debt covenants as of June 30, 2025[129](index=129&type=chunk) [Note 8. Income Taxes](index=35&type=section&id=Note%208.%20Income%20Taxes) White Mountains's effective tax rate for the three and six months ended June 30, 2025, was 7.3% and 9.0%, respectively, lower than the U.S. statutory rate due to forecasted income in lower-tax jurisdictions, and the company expects to be exempt from Bermuda's 15% corporate income tax until January 1, 2030, and recorded a net deferred tax asset of $73.0 million related to an economic transition adjustment - White Mountains's effective tax rate was **7.3%** for Q2 2025 and **9.0%** for H1 2025, lower than the U.S. statutory rate of **21.0%** due to income in lower-tax jurisdictions[133](index=133&type=chunk) - The company expects to be exempt from Bermuda's **15%** corporate income tax until January 1, 2030, and recognized a net deferred tax asset of **$73.0 million** related to an economic transition adjustment[131](index=131&type=chunk) - Certain subsidiaries are subject to the OECD Pillar Two initiative, with a forecasted top-up tax of **$2.0 million** for the twelve months ended December 31, 2025[132](index=132&type=chunk) [Note 9. Derivatives](index=36&type=section&id=Note%209.%20Derivatives) White Mountains utilizes interest rate cap agreements for its HG Global Senior Notes, Kudu Credit Facility, and Bamboo Credit Facility to limit exposure to interest rate increases, and these derivatives are accounted for at fair value, with changes recognized in interest expense - HG Global has two interest rate cap agreements (2022 and 2024) for its **$150.0 million** Senior Notes, with the 2024 cap effective July 25, 2025, and a maximum interest rate of **10.76%** per annum[139](index=139&type=chunk)[140](index=140&type=chunk) - Kudu entered into an interest rate cap agreement for its **$150.0 million** Credit Facility, effective September 30, 2024, with a maximum interest rate of **8.95%** per annum[144](index=144&type=chunk) - Bamboo entered into an interest rate cap agreement for its **$80.0 million** Credit Facility, effective March 31, 2025, with a maximum interest rate of **10.0%** per annum[147](index=147&type=chunk) - For the six months ended June 30, 2025, White Mountains recognized net unrealized losses of **$1.7 million** for HG Global's caps, **$0.7 million** for Kudu's cap, and **$0.2 million** for Bamboo's cap[143](index=143&type=chunk)[146](index=146&type=chunk)[149](index=149&type=chunk) [Note 10. Municipal Bond Guarantee Reinsurance](index=37&type=section&id=Note%2010.%20Municipal%20Bond%20Guarantee%20Reinsurance) HG Global provides first-loss reinsurance protection to BAM through the FLRT, with obligations secured by Collateral Trusts totaling $984.1 million as of June 30, 2025, and the BAM Surplus Notes, valued at $396.7 million, accrue 10.0% interest, with HG Global receiving a $22.2 million distribution from the Supplemental Trust in H1 2025 - HG Re provides first-loss reinsurance protection of up to **15%-of-par outstanding** for each policy assumed from BAM under the FLRT[152](index=152&type=chunk) - HG Re's obligations are secured by two Collateral Trusts (Supplemental Trust and Regulation 114 Trust), which held total assets of **$984.1 million** as of June 30, 2025[158](index=158&type=chunk)[162](index=162&type=chunk) - The BAM Surplus Notes, held by HG Global, were valued at **$396.7 million** as of June 30, 2025, and accrue interest at **10.0%** effective July 1, 2024[163](index=163&type=chunk)[168](index=168&type=chunk) - For the six months ended June 30, 2025, HG Re received a **$22.2 million** distribution from the Supplemental Trust, including **$15.2 million** in assigned accrued interest on BAM Surplus Notes and **$7.0 million** in cash[160](index=160&type=chunk) HG Global Insured Obligations (Millions) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Contracts outstanding | 16,449 | 15,884 | | Remaining weighted average contract period (in years) | 11.4 | 11.2 | | Outstanding par value of policies assumed | $19,391.0 | $18,503.3 | | Gross unearned insurance premiums | $307.9 | $297.3 | [Note 11. Earnings Per Share](index=41&type=section&id=Note%2011.%20Earnings%20Per%20Share) Basic and diluted earnings per share for White Mountains's common shareholders significantly improved to $47.75 in Q2 2025 from a loss of $(21.24) in Q2 2024, while for the six-month period, EPS decreased to $60.99 in 2025 from $70.93 in 2024 Earnings Per Share Attributable to White Mountains's Common Shareholders | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) attributable to White Mountains's common shareholders (Millions) | $122.9 | $(54.6) | $156.8 | $181.8 | | Basic earnings (loss) per share | $47.75 | $(21.24) | $60.99 | $70.93 | | Diluted earnings (loss) per share | $47.75 | $(21.24) | $60.99 | $70.93 | [Note 12. Employee Share-Based Incentive Compensation Plans](index=42&type=section&id=Note%2012.%20Employee%20Share-Based%20Incentive%20Compensation%20Plans) White Mountains's share-based incentive compensation plans, including performance shares and restricted shares, are designed to align employee interests with shareholder value, with performance shares tied to CVPS growth and typically paid in cash, while restricted shares vest over a 34-month service period, and the company granted 10,645 performance shares and restricted shares for the 2025-2027 cycle - Performance shares are conditional grants tied to company-wide performance targets, specifically the growth in compensation value per share (CVPS), and are typically paid in cash[180](index=180&type=chunk)[181](index=181&type=chunk) - Restricted shares are grants of common shares that generally vest at the end of a **34-month** service period[186](index=186&type=chunk) Performance Share Activity (Target Shares Outstanding) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Beginning of period | 32,392 | 34,007 | 34,859 | 37,031 | | New grants | — | 1,000 | 10,645 | 11,405 | | Shares paid or expired | — | — | (13,150) | (13,475) | | End of period | 32,392 | 34,992 | 32,392 | 34,992 | - For the 2022-2024 performance cycle, WTM performance share payments were made in March 2025 at **200%** of target[182](index=182&type=chunk) [Note 13. Noncontrolling Interests](index=44&type=section&id=Note%2013.%20Noncontrolling%20Interests) Noncontrolling interests in consolidated entities totaled $695.7 million as of June 30, 2025, an increase from $647.3 million at December 31, 2024, with Ark representing the largest portion of noncontrolling interests at $447.4 million, followed by Kudu and Bamboo Noncontrolling Interests (Millions) | Segment | June 30, 2025 Equity | June 30, 2025 Percentage | December 31, 2024 Equity | December 31, 2024 Percentage | | :---------------- | :------------------- | :----------------------- | :----------------------- | :--------------------------- | | Ark | $447.4 | 27.9% | $410.4 | 27.9% | | HG Global | $(12.4) | 3.1% | $(13.4) | 3.1% | | Kudu | $127.6 | 8.8% | $127.6 | 9.6% | | Bamboo | $93.1 | 27.2% | $113.6 | 27.2% | | Other | $40.0 | various | $9.1 | various | | **Total** | **$695.7** | | **$647.3** | | [Note 14. Segment Information](index=44&type=section&id=Note%2014.%20Segment%20Information) White Mountains's segments reported varied pre-tax financial results for the three and six months ended June 30, 2025, with Ark/WM Outrigger and Financial Guarantee showing strong pre-tax income growth, Asset Management maintaining consistent performance, P&C Insurance Distribution significantly improving, and Other Operations rebounding from a prior-year loss, and the majority of revenues from external customers originated in the United Kingdom and Bermuda Pre-tax Income (Loss) by Segment (Millions) | Segment | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :-------------------------- | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Ark/WM Outrigger | $97.5 | $58.5 | 66.7% | $143.9 | $101.4 | 41.9% | | Financial Guarantee | $16.7 | $(7.8) | N/A | $41.7 | $(22.9) | N/A | | Asset Management | $10.7 | $61.3 | -82.5% | $64.1 | $63.0 | 1.7% | | P&C Insurance Distribution | $16.1 | $6.4 | 151.6% | $22.4 | $7.3 | 206.8% | | Other Operations | $35.5 | $(153.1) | N/A | $(23.2) | $49.1 | N/A | | **Total pre-tax income (loss)** | **$176.5** | **$(34.7)** | **N/A** | **$248.9** | **$197.9** | **25.8%** | Revenues from External Customers by Country (Millions) | Country | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | United States | $117.0 | $48.1 | $189.7 | $85.6 | | United Kingdom | $229.0 | $193.7 | $444.5 | $371.1 | | Bermuda | $144.6 | $148.7 | $309.2 | $289.0 | | Other | $4.2 | $3.4 | $8.1 | $7.0 | | **Total** | **$494.8** | **$393.9** | **$951.5** | **$752.7** | [Note 15. Variable Interest Entities](index=50&type=section&id=Note%2015.%20Variable%20Interest%20Entities) White Mountains consolidates WM Outrigger Re and Bamboo CRV as Variable Interest Entities (VIEs) where it is the primary beneficiary, but it does not consolidate BAM (deconsolidated July 1, 2024), PassportCard/DavidShield, Elementum, or other limited partnerships, as it is not deemed the primary beneficiary for these entities, despite holding significant influence or variable interests - White Mountains consolidates WM Outrigger Re and Bamboo CRV because it is the primary beneficiary, holding both the power to direct significant activities and the obligation to absorb losses or right to receive returns[198](index=198&type=chunk)[206](index=206&type=chunk) - BAM was deconsolidated effective July 1, 2024, as White Mountains concluded it no longer had the power to direct BAM's activities that most significantly impact its economic performance[201](index=201&type=chunk) - White Mountains does not consolidate PassportCard/DavidShield (**53.8%** ownership) or Elementum (**26.6%** ownership) as it does not have unilateral power to direct their operations, but accounts for them under the equity method with a fair value option[204](index=204&type=chunk)[205](index=205&type=chunk) - Investments in limited partnerships are generally considered VIEs but are not consolidated as White Mountains does not have unilateral power to direct their operations; they are accounted for at fair value using NAV[207](index=207&type=chunk) [Note 16. Equity Method Eligible Investments](index=52&type=section&id=Note%2016.%20Equity%20Method%20Eligible%20Investments) White Mountains's equity method eligible investments, including Kudu's Participation Contracts, MediaAlpha, PassportCard/DavidShield, and Elementum, totaled $1,768.6 million as of June 30, 2025, and these investments generated $36.9 million in dividend and income distributions for the six months ended June 30, 2025 Equity Method Eligible Investments (Millions) | Investment | Ownership Interest (June 30, 2025) | Carrying Value (June 30, 2025) | Ownership Interest (December 31, 2024) | Carrying Value (December 31, 2024) | | :-------------------------- | :--------------------------------- | :----------------------------- | :------------------------------------- | :----------------------------------- | | Kudu's Participation Contracts | 4.1% - 30.0% | $1,121.1 | 4.1% - 30.0% | $1,008.4 | | Investment in MediaAlpha | 26.3% | $195.5 | 26.6% | $201.6 | | PassportCard/DavidShield | 53.8% | $155.0 | 53.8% | $150.0 | | Elementum | 26.6% | $35.0 | 26.6% | $35.0 | | Other equity method eligible investments | Under 50.0% | $257.0 | Under 50.0% | $243.7 | | **Total** | | **$1,763.6** | | **$1,638.7** | - White Mountains received **$36.9 million** in dividend and income distributions from equity method eligible investments for the six months ended June 30, 2025[209](index=209&type=chunk) [Note 17. Fair Value of Financial Instruments](index=52&type=section&id=Note%2017.%20Fair%20Value%20of%20Financial%20Instruments) White Mountains records most financial instruments at fair value, except for debt obligations, which are recorded at face value less unamortized costs, and the fair value of debt obligations, determined using discounted cash flow analyses, increased to $694.6 million as of June 30, 2025, from $562.5 million at December 31, 2024 Fair Value and Carrying Value of Debt Obligations (Millions) | Debt Type | Fair Value (June 30, 2025) | Carrying Value (June 30, 2025) | Fair Value (December 31, 2024) | Carrying Value (December 31, 2024) | | :-------------------------- | :------------------------- | :----------------------------- | :----------------------------- | :--------------------------------- | | Ark 2021 Subordinated Notes | $179.8 | $158.9 | $173.9 | $154.5 | | HG Global Senior Notes | $154.9 | $147.6 | $157.2 | $147.4 | | Kudu Credit Facility | $260.8 | $246.8 | $253.3 | $238.6 | | Bamboo Credit Facility | $106.8 | $104.6 | $— | $— | | Other Operations debt | $37.9 | $36.7 | $23.1 | $22.0 | | **Total Debt** | **$740.2** | **$694.6** | **$607.5** | **$562.5** | - Fair value estimates for debt obligations are based on Level 3 measurements using discounted cash flow analyses[210](index=210&type=chunk) [Note 18. Commitments and Contingencies](index=53&type=section&id=Note%2018.%20Commitments%20and%20Contingencies) White Mountains is routinely involved in claims-related litigation and arbitration, with costs reflected in loss and LAE reserves, and the company has no current non-claims related litigation expected to materially impact its financial condition, results of operations, or cash flows - White Mountains is subject to routine claims-related litigation and arbitration, with estimated costs reflected in loss and LAE reserves[212](index=212&type=chunk) - No current non-claims related litigation is expected to have a material adverse effect on White Mountains's financial condition, results of operations, or cash flows[212](index=212&type=chunk) [Note 19. Subsequent events](index=53&type=section&id=Note%2019.%20Subsequent%20events) Subsequent to June 30, 2025, White Mountains entered into an agreement to acquire a 51.0% controlling interest in Distinguished Programs, a specialty P&C MGA, for approximately $230.0 million in cash, expected to close in Q3 2025, and additionally, White Mountains invested $150 million into BroadStreet Partners, Inc. on July 18, 2025 - On July 4, 2025, White Mountains agreed to acquire a **51.0%** controlling interest in Distinguished Programs, a full-service MGA and program administrator, for approximately **$230.0 million** in cash, with closing expected in Q3 2025[213](index=213&type=chunk)[214](index=214&type=chunk) - On July 18, 2025, White Mountains invested **$150 million** into BroadStreet Partners, Inc., an insurance brokerage company[224](index=224&type=chunk) - Following these deployments, White Mountains's undeployed capital stands at approximately **$300 million**[224](index=224&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) White Mountains reported a 3% increase in book value per share for both Q2 and H1 2025, driven by strong operating results and investment returns, with key activities including the acquisition of Enterprise Solutions and agreements to acquire Distinguished Programs and invest in BroadStreet, and segment performance was robust, with Ark/WM Outrigger and P&C Insurance Distribution showing significant growth, while overall investment returns were positive, excluding MediaAlpha's impact [Overview](index=54&type=section&id=Overview) White Mountains's book value per share increased by 3% in both Q2 and H1 2025, reaching $1,804, driven by sound operating results and good investment returns, with significant transactions including the acquisition of Enterprise Solutions, an agreement to acquire Distinguished Programs, and an investment in BroadStreet Partners, Inc., leaving approximately $300 million in undeployed capital - Book value per share increased by **3%** in both the second quarter and first six months of 2025, reaching **$1,804** as of June 30, 2025[219](index=219&type=chunk) - Comprehensive income attributable to common shareholders was **$124 million** in Q2 2025 (vs. **$(55) million** in Q2 2024) and **$159 million** in H1 2025 (vs. **$182 million** in H1 2024)[221](index=221&type=chunk) - Acquisitions include Enterprise Solutions (April 1, 2025), an agreement to acquire Distinguished Programs (July 4, 2025), and an investment in BroadStreet Partners, Inc. (July 18, 2025)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - Undeployed capital stands at approximately **$300 million** after recent deployments[224](index=224&type=chunk) - Total consolidated portfolio return on invested assets was **2.7%** in Q2 2025 (excluding MediaAlpha: **2.3%**) and **4.5%** in H1 2025 (excluding MediaAlpha: **4.7%**)[234](index=234&type=chunk)[235](index=235&type=chunk) [Book Value Per Share](index=56&type=section&id=Book%20Value%20Per%20Share) White Mountains's book value per share increased to $1,803.57 as of June 30, 2025, from $1,745.87 at December 31, 2024, reflecting a 3.3% growth year-to-date, including dividends Book Value Per Share | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :------------------------------------------ | :------------ | :------------- | :---------------- | :------------ | | White Mountains's common shareholders' equity (Millions) | $4,644.5 | $4,509.6 | $4,483.7 | $4,422.6 | | Common shares outstanding (Thousands) | 2,575.1 | 2,573.7 | 2,568.1 | 2,568.3 | | **Book value per share** | **$1,803.57** | **$1,752.17** | **$1,745.87** | **$1,722.02** | | Year-to-date dividends paid per share | $1.00 | $1.00 | $1.00 | $1.00 | [Goodwill and Other Intangible Assets](index=57&type=section&id=Goodwill%20and%20Other%20Intangible%20Assets) Goodwill and other intangible assets included in White Mountains's common shareholders' equity increased to $585.5 million as of June 30, 2025, from $529.8 million at December 31, 2024, primarily due to the acquisition of Enterprise Solutions Goodwill and Other Intangible Assets (Millions) | Asset Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :------------------------------------------ | :------------ | :------------- | :---------------- | :------------ | | Total goodwill | $534.6 | $439.2 | $439.2 | $439.2 | | Total other intangible assets | $270.8 | $275.9 | $281.1 | $291.8 | | Total goodwill and other intangible assets | $805.4 | $715.1 | $720.3 | $731.0 | | Goodwill and other intangible assets included in White Mountains's common shareholders' equity | $585.5 | $525.9 | $529.8 | $537.8 | - The increase in goodwill for Other Operations to **$139.8 million** as of June 30, 2025, from **$44.4 million** at December 31, 2024, was due to the Enterprise Solutions Transaction[237](index=237&type=chunk) [Summary of Consolidated Results](index=58&type=section&id=Summary%20of%20Consolidated%20Results) White Mountains's consolidated results for Q2 and H1 2025 show significant revenue growth and a strong rebound in pre-tax income compared to 2024, with P&C Insurance and Reinsurance, Financial Guarantee, and P&C Insurance Distribution segments being key drivers of this improvement, while Other Operations also returned to profitability in Q2 2025 Consolidated Financial Results by Industry (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Total revenues | $689.2 | $395.4 | 74.3% | $1,267.0 | $1,042.7 | 21.5% | | Total expenses | $512.7 | $430.1 | 19.2% | $1,018.1 | $844.8 | 20.5% | | Total pre-tax income (loss) | $176.5 | $(34.7) | N/A | $248.9 | $197.9 | 25.8% | | Net income (loss) attributable to White Mountains's common shareholders | $122.9 | $(54.6) | N/A | $156.8 | $181.8 | -13.7% | | Comprehensive income (loss) attributable to White Mountains's common shareholders | $123.7 | $(54.6) | N/A | $158.8 | $181.6 | -12.5% | [I. SUMMARY OF OPERATIONS BY SEGMENT](index=59&type=section&id=I.%20SUMMARY%20OF%20OPERATIONS%20BY%20SEGMENT) This section provides a detailed breakdown of the financial performance for each of White Mountains's reportable segments: Ark/WM Outrigger, HG Global, Kudu, Bamboo, and Other Operations, highlighting key revenue drivers, expense trends, and pre-tax income contributions for the three and six months ended June 30, 2025 and 2024 [Ark/WM Outrigger](index=59&type=section&id=Ark%2FWM%20Outrigger) The Ark/WM Outrigger segment reported strong performance with combined ratios of 84% (Q2 2025) and 90% (H1 2025), driven by favorable prior year loss reserve development and premium growth, with gross written premiums increasing by 17% in Q2 2025 and 23% in H1 2025, primarily from new underwriting teams in property and specialty lines, and pre-tax income significantly increased to $97.5 million in Q2 2025 and $143.9 million in H1 2025 Ark/WM Outrigger Key Financials (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :-------------------- | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Gross written premiums | $815.2 | $697.0 | 16.9% | $1,922.8 | $1,569.1 | 22.5% | | Net earned premiums | $364.2 | $318.3 | 14.4% | $722.2 | $621.1 | 16.3% | | Pre-tax income (loss) | $97.5 | $58.5 | 66.7% | $143.9 | $101.4 | 41.9% | | Combined Ratio | 84.4% | 87.0% | -3.0% | 90.4% | 89.2% | 1.3% | - Ark's combined ratio included **five points** of net favorable prior year loss reserve development in Q2 2025 and **nine points** in H1 2025, primarily from property, marine & energy, and specialty lines, partially offset by aviation losses from the conflict in Ukraine[248](index=248&type=chunk)[258](index=258&type=chunk) - WM Outrigger Re's combined ratio was **44%** in Q2 2025 and **120%** in H1 2025, with H1 2025 including **$19 million** of catastrophe losses related to California wildfires[250](index=250&type=chunk)[261](index=261&type=chunk) - Ark's results for H1 2025 included a **$38 million** expense related to the increase in fair value of White Mountains's contingent consideration liability[260](index=260&type=chunk) [HG Global](index=68&type=section&id=HG%20Global) HG Global reported significant growth in gross written premiums and pre-tax income for both Q2 and H1 2025, with total par value of policies assumed increasing and gross pricing improving, especially in the primary market, and the fair value of BAM Surplus Notes increased, while HG Re received a $22 million distribution from the Supplemental Trust in H1 2025 HG Global Key Financials (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :-------------------- | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Gross written premiums | $19.2 | $11.6 | 65.5% | $25.9 | $20.5 | 26.3% | | Earned premiums | $7.1 | $7.5 | -5.3% | $15.3 | $14.0 | 9.3% | | Pre-tax income (loss) | $16.7 | $11.1 | 50.5% | $41.7 | $16.4 | 154.3% | | Total par value of policies assumed | $930.5 | $785.9 | 18.4% | $1,357.8 | $1,323.9 | 2.6% | | Total gross pricing | 206 bps | 148 bps | 39.2% | 191 bps | 155 bps | 23.2% | - The fair value of the BAM Surplus Notes increased to **$397 million** as of June 30, 2025, from **$389 million** as of March 31, 2025, due to accrued interest[279](index=279&type=chunk) - HG Re received a **$22 million** distribution from the Supplemental Trust in H1 2025, comprising **$15 million** in assigned accrued interest on BAM Surplus Notes and **$7 million** in cash[286](index=286&type=chunk) [Kudu](index=73&type=section&id=Kudu) Kudu reported total revenues of $20 million (Q2 2025) and $84 million (H1 2025), with pre-tax income of $11 million (Q2 2025) and $64 million (H1 2025), and adjusted EBITDA increased to $16 million (Q2 2025) and $32 million (H1 2025), driven by higher net investment income from new deployments and AUM growth, while Kudu deployed $69 million into one new asset management firm in 2025, bringing total deployments to $1.06 billion across 28 firms Kudu Key Financials (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :-------------------- | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Total revenues | $20.4 | $70.2 | -70.9% | $84.2 | $80.9 | 4.1% | | Pre-tax income (loss) | $10.7 | $61.3 | -82.5% | $64.1 | $63.0 | 1.7% | | Adjusted EBITDA | $16.2 | $12.4 | 30.6% | $32.0 | $26.3 | 21.7% | | Net investment income | $19.3 | $15.7 | 22.9% | $38.7 | $32.9 | 17.6% | - Kudu deployed **$69 million** into one new asset management firm in 2025, bringing total deployments to **$1.06 billion** across **28 firms** globally[292](index=292&type=chunk)[231](index=231&type=chunk) - The increase in net investment income was primarily due to higher dividends from existing participation contracts and amounts earned from **$171 million** of new deployments made subsequent to June 30, 2024[295](index=295&type=chunk)[296](index=296&type=chunk) [Bamboo](index=75&type=section&id=Bamboo) Bamboo reported significant growth in commission and fee revenues and pre-tax income for both Q2 and H1 2025, with MGA adjusted EBITDA more than doubling in both periods, and managed premiums increased by 59% in Q2 2025 and 61% in H1 2025, driven by renewal book growth and new business volume from additional fronted programs, while estimates for January 2025 California wildfires losses remain at $160 million Bamboo Key Financials (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :-------------------------- | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Commission and fee revenues | $59.1 | $32.7 | 80.7% | $103.3 | $54.6 | 89.2% | | Pre-tax income (loss) | $16.1 | $6.4 | 151.6% | $22.4 | $7.3 | 206.8% | | MGA adjusted EBITDA | $25.6 | $11.5 | 122.6% | $45.5 | $17.9 | 154.2% | | Managed premiums | $190.8 | $119.8 | 59.3% | $337.8 | $209.3 | 61.4% | - Bamboo's estimates for losses from the January 2025 California wildfires remain unchanged at approximately **$160 million** as of June 30, 2025[300](index=300&type=chunk) - Managed premiums increased due to strong client policy retention rates, approved rate increases, and the launch of additional fronted programs[302](index=302&type=chunk) [Other Operations](index=76&type=section&id=Other%20Operations) White Mountains's Other Operations reported a pre-tax income of $35.5 million in Q2 2025, a significant rebound from a $(153.1) million loss in Q2 2024, primarily due to unrealized investment gains from MediaAlpha and the acquisition of Enterprise Solutions, and for H1 2025, a pre-tax loss of $(23.2) million was reported, an improvement from the prior year's loss when excluding MediaAlpha's impact Other Operations Key Financials (Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (3 Months) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (6 Months) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :------------------ | :--------------------------- | :--------------------------- | :------------------ | | Total revenues | $134.2 | $(95.8) | N/A | $141.5 | $165.0 | -14.3% | | Pre-tax income (loss) | $35.5 | $(153.1) | N/A | $(23.2) | $49.1 | N/A | | Unrealized investment gains (losses) from investment in MediaAlpha | $30.5 | $(139.2) | N/A | $(6.1) | $71.5 | N/A | | Other revenues | $56.8 | $14.5 | 291.7% | $70.4 | $28.9 | 143.6% | | Cost of sales | $42.4 | $7.0 | 505.7% | $49.9 | $14.6 | 241.8% | - The increases in other revenues and cost of sales were primarily driven by the acquisition of Enterprise Solutions by WTM Partners in Q2 2025[307](index=307&type=chunk)[311](index=311&type=chunk) - General and administrative expenses decreased in H1 2025 due to lower long-term incentive compensation costs, partially offset by parent company transaction costs and the Enterprise Solutions acquisition[312](index=312&type=chunk) - The Bamboo CRV reported a **$7 million** pre-tax loss in H1 2025, including approximately **$12 million** related to the January 2025 California wildfires[313](index=313&type=chunk) [II. Summary of Investment Results](index=78&type=section&id=II.%20Summary%20of%20Investment%20Results) White Mountains's total consolidated portfolio returned 2.7% in Q2 2025 and 4.5% in H1 2025, excluding MediaAlpha, returns were 2.3% and 4.7%, respectively, driven by fixed income and other long-term investments, and the fixed income portfolio outperformed its benchmark in Q2 2025, while common equity securities underperformed the S&P 500, and foreign currency exposure on net assets totaled $316 million as of June 30, 2025 Pre-tax Time-Weighted Investment Returns | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Fixed income investments | 1.5% | 1.0% | 3.3% | 1.7% | | Bloomberg U.S. Intermediate Aggregate Index | 1.5% | 0.5% | 4.2% | 0.0% | | Common equity securities | 4.5% | 3.3% | 6.4% | 7.8% | | Investment in MediaAlpha | 18.5% | -36.7% | -3.0% | 15.6% | | Other long-term investments | 3.0% | 4.1% | 6.4% | 5.6% | | Total consolidated portfolio | 2.7% | -0.1% | 4.5% | 4.5% | | Total consolidated portfolio - excluding MediaAlpha | 2.3% | 2.2% | 4.7% | 3.5% | - The fixed income portfolio, including short-term investments, totaled **$3.9 billion** as of June 30, 2025, with a duration of **1.6 years**[317](index=317&type=chunk) - The decrease in common equity securities in H1 2025 was due to the sale of White Mountains's ETF portfolio in preparation for near-term capital deployments[321](index=321&type=chunk) Foreign Denominated Net Assets (Liabilities) by Segment (Millions) as of June 30, 2025 | Currency | Ark/WM Outrigger | Kudu | Other Operations | Total Fair Value | % of Total Shareholders' Equity | | :--------- | :--------------- | :--- | :--------------- | :--------------- | :------------------------------ | | CAD | $95.3 | $57.1 | $— | $152.4 | 2.9% | | AUD | $48.1 | $69.6 | $— | $117.7 | 2.2% | | GBP | $48.8 | $— | $— | $48.8 | 0.9% | | EUR | $(35.7) | $32.0 | $— | $(3.7) | -0.1% | | All other | $— | $— | $0.9 | $0.9 | — | | **Total** | **$156.5** | **$158.7** | **$0.9** | **$316.1** | **5.9%** | [III. Income Taxes](index=80&type=section&id=III.%20Income%20Taxes) White Mountains's effective tax rate for Q2 and H1 2025 was 7% and 9%, respectively, lower than the U.S. statutory rate due to income in lower-tax jurisdictions, and the company expects to be exempt from Bermuda's 15% corporate income tax until January 1, 2030, and from Luxembourg and U.K. Pillar Two UTPR until January 1, 2029, and January 1, 2030, respectively, and a net deferred tax asset of $73 million related to Bermuda's economic transition adjustment is maintained, though its future impact is uncertain due to OECD guidance - Effective tax rates were **7%** for Q2 2025 and **9%** for H1 2025, lower than the U.S. statutory rate of **21.0%** due to forecasted income in lower-tax jurisdictions[335](index=335&type=chunk) - White Mountains expects to be exempt from Bermuda's **15%** corporate income tax until January 1, 2030[329](index=329&type=chunk) - A net deferred tax asset of **$73 million** related to Bermuda's economic transition adjustment is maintained, but its future impact is uncertain due to January 2025 OECD Administrative Guidance[329](index=329&type=chunk)[333](index=333&type=chunk) - The company expects deferrals from Luxembourg and U.K. Pillar Two UTPR until January 1, 2029, and January 1, 2030, respectively[331](index=331&type=chunk)[332](index=332&type=chunk) [LIQUIDITY AND CAPITAL RESOURCES](index=82&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) White Mountains maintains adequate liquidity through cash balances, operating cash flows, and investment sales, with dividend capacity varying by subsidiary, and Ark paying $30 million to White Mountains in H1 2025, while total debt increased to $694.6 million, with a debt-to-total capital ratio of 11.5%, and the company has authorized share repurchases and recently established a new $250 million revolving credit facility - Management believes cash balances, operating cash flows, and routine investment sales/maturities are adequate to meet expected cash requirements[342](index=342&type=chunk) - Ark paid **$30 million** in dividends to White Mountains during the six months ended June 30, 2025[344](index=344&type=chunk) Capital Structure (Millions) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Total debt | $694.6 | $562.5 | | Noncontrolling interests | $695.7 | $647.3 | | Total White Mountains's common shareholders' equity | $4,644.5 | $4,483.7 | | **Total capital** | **$6,034.8** | **$5,693.5** | | Total debt to total capital | 11.5% | 9.9% | - A new **$250 million** senior unsecured revolving credit facility was established on July 16, 2025, currently undrawn[353](index=353&type=chunk) - White Mountains repurchased and retired **5,097** common shares for **$10 million** in H1 2025, primarily to satisfy employee income tax withholding[359](index=359&type=chunk) [NON-GAAP FINANCIAL MEASURES](index=84&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) This section defines and reconciles eight non-GAAP financial measures used by White Mountains to evaluate performance: Ark's tangible book value, Kudu's EBITDA and adjusted EBITDA, Bamboo's MGA pre-tax income (loss), MGA net income (loss), MGA EBITDA, MGA adjusted EBITDA, and total consolidated portfolio returns excluding MediaAlpha, and these measures provide insights into underlying business performance by adjusting for specific GAAP items - Ark's tangible book value adjusts GAAP book value by excluding goodwill, other intangible assets, related deferred tax liability, and contingent consideration liability[368](index=368&type=chunk) - Kudu's EBITDA and adjusted EBITDA are non-GAAP measures that add back interest, taxes, depreciation, and amortization, with adjusted EBITDA further excluding net realized/unrealized investment gains/losses, non-cash equity-based compensation, and transaction expenses[369](index=369&type=chunk)[370](index=370&type=chunk)[372](index=372&type=chunk) - Bamboo's MGA pre-tax income (loss), MGA net income (loss), MGA EBITDA, and MGA adjusted EBITDA exclude the results of the Bamboo Captive and other specific non-cash or restructuring expenses to focus on MGA performance[371](index=371&type=chunk)[373](index=373&type=chunk) - Total consolidated portfolio return excluding MediaAlpha removes the investment income and gains/losses from MediaAlpha to show underlying portfolio performance[374](index=374&type=chunk) [CRITICAL ACCOUNTING ESTIMATES](index=87&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) For a complete discussion of White Mountains's critical accounting estimates, refer to the Company's 2024 Annual Report on Form 10-K - Refer to the Company's 2024 Annual Report on Form 10-K for a complete discussion regarding White Mountains's critical accounting estimates[376](index=376&type=chunk) [FORWARD-LOOKING STATEMENTS](index=88&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section contains forward-looking statements regarding White Mountains's future expectations, including financial targets, business strategy, and operational plans, and these statements are based on management's assumptions but are subject to various risks and uncertainties that could cause actual results to differ materially, such as catastrophic events, market value fluctuations, regulatory changes, and competitive forces - Forward-looking statements include expectations regarding book value per share, business strategy, financial targets, incurred losses, and business expansion[378](index=378&type=chunk)[381](index=381&type=chunk) - Actual results may differ materially due to risks such as catastrophic events, inadequate loss reserves, market value of MediaAlpha, rating agency actions, and changes in laws or regulations[381](index=381&type=chunk) - White Mountains assumes no obligation to publicly update any forward-looking statements[380](index=380&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=87&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) For detailed quantitative and qualitative disclosures about market risk, refer to White Mountains's 2024 Annual Report on Form 10-K, specifically Item 7A - Refer to White Mountains's 2024 Annual Report on Form 10-K, Item 7A, for detailed disclosures about market risk[382](index=382&type=chunk) [Item 4. Controls and Procedures](index=87&type=section&id=Item%204.%20Controls%20and%20Procedures) White Mountains's Principal Executive Officer and Principal Financial Officer evaluated the effectiveness of its disclosure controls and procedures as of June 30, 2025, concluding they are adequate and effective, and no material changes to internal control over financial reporting occurred during Q2 2025 - The PEO and PFO concluded that White Mountains's disclosure controls and procedures were adequate and effective as of June 30, 2025[382](index=382&type=chunk) - No material changes to internal control over financial reporting occurred during the second quarter of 2025[383](index=383&type=chunk) [PART II. OTHER INFORMATION](index=87&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, issuer purchases of equity securities, defaults upon senior securities, other information, and a list of exhibits [Items 1 through 6.](index=89&type=section&id=Items%201%20through%206.) This section addresses legal proceedings, risk factors, equity security purchases, senior security defaults, other information, and exhibits, noting no material changes or share repurchases in Q2 2025 [Item 1. Legal Proceedings](index=89&type=section&id=Item%201.%20Legal%20Proceedings) There are no legal proceedings to report - No legal proceedings to report[384](index=384&type=chunk) [Item 1A. Risk Factors](index=89&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Registrant's 2024 Annual Report on Form 10-K - No material changes to risk factors previously disclosed in the 2024 Annual Report on Form 10-K[385](index=385&type=chunk) [Item 2. Issuer Purchases of Equity Securities](index=89&type=section&id=Item%202.%20Issuer%20Purchases%20of%20Equity%20Securities) White Mountains did not repurchase any common shares under its publicly announced plans during the second quarter of 2025, and as of June 30, 2025, the company may repurchase an additional 301,014 shares under existing Board authorizations Issuer Purchases of Equity Securities (Q2 2025) | Months | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under the Plans | | :----------------------- | :----------------------------- | :--------------------------- | :----------------------------------------------------------------- | :--------------------------------------------------------------- | | April 1 - April 30, 2025 | — | $— | — | 301,014 | | May 1 - May 31, 2025 | — | $— | — | 301,014 | | June 1 - June 30, 2025 | — | $— | — | 301,014 | | **Total** | **—** | **$—** | **—** | **301,014** | - The Board of Directors' repurchase authorizations do not have a stated expiration date[386](index=386&type=chunk) [Item 3. Defaults Upon Senior Securities](index=89&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities to report - No defaults upon senior securities[387](index=387&type=chunk) [Item 4. Mine Safety Disclosures](index=89&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) There are no mine safety disclosures to report - No mine safety disclosures[388](index=388&type=chunk) [Item 5. Other Information](index=90&type=section&id=Item%205.%20Other%20Information) White Mountains has an Insider Trading Policy designed to ensure compliance with relevant laws and regulations, and no trading plans under Rule 10b5-1(c) were adopted or terminated by directors or officers during Q2 2025 - The Company has an Insider Trading Policy to promote compliance with insider trading laws[389](index=389&type=chunk) - No Rule 10b5-1(c) trading plans were adopted or terminated by directors or officers during the second quarter of 2025[390](index=390&type=chunk) [Item 6. Exhibits](index=90&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including credit agreements, amendments to incentive plans, a unit purchase agreement, and officer certifications - Exhibits include the Credit Agreement dated July 16, 2025, amendments to the Long-Term Incentive Plan, the Unit Purchase Agreement for AQ Phoenix Parent, L.P., and officer certifications[391](index=391&type=chunk) [SIGNATURES](index=90&type=section&id=SIGNATURES) The report is duly signed on behalf of White Mountains Insurance Group, Ltd. by Michaela J. Hildreth, Managing Director and Chief Accounting Officer, on August 7, 2025 - The report was signed by Michaela J. Hildreth, Managing Director and Chief Accounting Officer, on August 7, 2025[394](index=394&type=chunk)

[Executive Summary](index=1&type=section&id=Executive%20Summary) White Mountains achieved a 3% BVPS increase in Q2 and YTD 2025, driven by improved comprehensive income from MediaAlpha gains and strong operating segment performance [Overall Financial Highlights](index=1&type=section&id=Overall%20Financial%20Highlights) White Mountains reported a 3% increase in book value per share (BVPS) for both Q2 2025 and the first six months of 2025, including dividends, with comprehensive income significantly improving due to unrealized investment gains from MediaAlpha | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :------------------------------------------------ | :------ | :------- | :------ | :------- | | Book Value Per Share Increase (incl. dividends) | 3% | 3% | | | | Comprehensive Income (Loss) (attributable to common shareholders) | $124M | $159M | $(55)M | $182M | | Unrealized Investment Gains (Losses) from MediaAlpha | $31M | $(6)M | $(139)M | $72M | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Rountree noted strong operating results and investment returns, with Ark, HG Global, and Bamboo achieving significant growth, and MediaAlpha contributing $31 million in gains - BVPS increased by **3%** in the quarter, driven by strong operating company results and good investment returns[3](index=3&type=chunk) - Ark achieved an **85%** combined ratio and **$815 million** in gross written premiums, up **17%** year-over-year[3](index=3&type=chunk) - HG Global generated a record **$19 million** in gross written premiums and grew book value by **2%**[3](index=3&type=chunk) - Bamboo had a record quarter with significant growth in managed premiums and adjusted EBITDA[3](index=3&type=chunk) - MediaAlpha's share price increased **19%** in the quarter, resulting in a **$31 million** mark-to-market gain[3](index=3&type=chunk) - Undeployed capital is approximately **$300 million**, following the acquisition of Distinguished Programs and the BroadStreet Partners transaction[3](index=3&type=chunk) [Segment Performance Review](index=1&type=section&id=Segment%20Performance%20Review) White Mountains's operating segments, including Ark, HG Global, Kudu, and Bamboo, showed varied performance, complemented by MediaAlpha investment and Other Operations results [Ark/WM Outrigger](index=1&type=section&id=Ark%2FWM%20Outrigger) Ark/WM Outrigger improved its combined ratio to 84% in Q2 2025, with gross written premiums increasing significantly, though WM Outrigger Re's ratio rose due to wildfire losses | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :---------------------- | :------ | :------- | :------ | :------- | | **Ark/WM Outrigger** | | | | | | Combined Ratio | 84% | 90% | 87% | 89% | | Gross Written Premiums | $815M | $1,923M | $697M | $1,569M | | Net Written Premiums | $579M | $1,306M | $503M | $1,101M | | Net Earned Premiums | $364M | $722M | $318M | $621M | | **Ark** | | | | | | Combined Ratio | 85% | 90% | 89% | 91% | | Pre-tax Income | $91M | $144M | $50M | $83M | | **WM Outrigger Re** | | | | | | Combined Ratio | 44% | 120% | 27% | 30% | | Pre-tax Income (Q2) | $6M | | $8M | | - Ark's combined ratio in H1 2025 included **13 points** of catastrophe losses from January 2025 California wildfires[5](index=5&type=chunk) - Ark's combined ratio included **five points** and **nine points** of net favorable prior year development in Q2 and H1 2025, respectively, primarily from property, marine & energy, and specialty lines[5](index=5&type=chunk) - WM Outrigger Re's catastrophe losses in H1 2025 included **$19 million** from California wildfires[8](index=8&type=chunk) [HG Global](index=2&type=section&id=HG%20Global) HG Global reported a strong Q2 2025, with gross written premiums up 66% to $19 million and pre-tax income more than doubling to $17 million | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :-------------------------------- | :------ | :------- | :------ | :------- | | Gross Written Premiums | $19M | $26M | $12M | $21M | | Earned Premiums | $7M | $15M | $8M | $14M | | Total Par Value of Policies Assumed | $931M | $1,358M | $786M | $1,324M | | Total Gross Pricing | 206 bps | 191 bps | 148 bps | 155 bps | | Pre-tax Income | $17M | $42M | $11M | $17M | | Net Realized & Unrealized Investment Gains (Losses) | $3M | $13M | $(2)M | $(9)M | - Gross written premiums increased **66%** year-over-year, driven by higher municipal bond issuance and primary market pricing[13](index=13&type=chunk) - The fair value of BAM surplus notes increased to **$397 million** as of June 30, 2025, due to accrued interest[12](index=12&type=chunk) [Kudu](index=3&type=section&id=Kudu) Kudu's Q2 2025 revenues and pre-tax income decreased due to lower investment gains, but adjusted EBITDA grew 35% to $16 million, despite an 8% ROE | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :-------------------------------- | :------ | :------- | :------ | :------- | | Total Revenues | $20M | $84M | $70M | $81M | | Pre-tax Income | $11M | $64M | $61M | $63M | | Adjusted EBITDA | $16M | $32M | $12M | $26M | | Net Investment Income | $19M | $39M | $16M | $33M | | Net Realized & Unrealized Investment Gains | $1M | $45M | $55M | $48M | | Return on Equity (as of June 30) | 8% | | | | - GAAP ROE dipped to **8%** due to lower realized and unrealized gains, while annualized adjusted EBITDA increased **1%**, reflecting continued underlying growth[16](index=16&type=chunk) - Kudu's investment pipeline remains active, with anticipated continued capital deployment through the rest of 2025[16](index=16&type=chunk) [Bamboo](index=3&type=section&id=Bamboo) Bamboo achieved record Q2 2025 performance, with commission and fee revenues up 80% to $59 million, pre-tax income doubling to $16 million, and MGA adjusted EBITDA surging to $26 million | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :-------------------------------- | :------ | :------- | :------ | :------- | | Commission and Fee Revenues | $59M | $103M | $33M | $55M | | Pre-tax Income | $16M | $22M | $6M | $7M | | MGA Pre-tax Income | $15M | $25M | $6M | $7M | | MGA Adjusted EBITDA | $26M | $46M | $12M | $18M | | Managed Premiums | $191M | $338M | $120M | $209M | - Managed premiums increased to **$613 million** on a trailing 12-month basis, up **72%** year-over-year[19](index=19&type=chunk) - Trailing 12-month MGA adjusted EBITDA increased threefold to **$80 million**[19](index=19&type=chunk) - Estimates for losses from the January 2025 California wildfires remain unchanged at approximately **$160 million** as of June 30, 2025[18](index=18&type=chunk) [MediaAlpha Investment](index=4&type=section&id=MediaAlpha%20Investment) White Mountains held 17.9 million MediaAlpha shares (26% ownership) with a $196 million carrying value, where each $1.00 share price change impacts BVPS by $7.00 | Metric | As of June 30, 2025 | As of March 31, 2025 | | :-------------------------------- | :------------------ | :------------------- | | Shares Owned | 17.9 million | | | Basic Ownership Interest | 26% | | | MediaAlpha Share Price | $10.95 | $9.24 | | Carrying Value of Investment | $196M | $165M | - A **$1.00** per share increase or decrease in MediaAlpha's share price results in an approximate **$7.00** per share increase or decrease in White Mountains's book value per share[19](index=19&type=chunk) [Other Operations](index=4&type=section&id=Other%20Operations) Other Operations reported a Q2 2025 pre-tax income of $36 million, a significant improvement from a $(153) million loss, driven by MediaAlpha gains and the Enterprise Solutions acquisition | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :------------------------------------------------ | :------ | :------- | :------ | :------- | | Pre-tax Income (Loss) | $36M | $(23)M | $(153)M | $49M | | Unrealized Investment Gains (Losses) from MediaAlpha | $31M | $(6)M | $(139)M | $72M | | Net Realized & Unrealized Investment Gains (Excl. MediaAlpha) | $32M | $35M | $9M | $31M | | Other Revenues | $57M | $70M | $15M | $29M | | Cost of Sales | $42M | $50M | $7M | $15M | | General and Administrative Expenses | $54M | $89M | $43M | $94M | | Bamboo CRV Pre-tax Income (Loss) | $1M | $(7)M | $2M | $2M | - The increase in other revenues and cost of sales was primarily driven by the acquisition of Enterprise Solutions by WTM Partners in Q2 2025[22](index=22&type=chunk) - The increase in general and administrative expenses in Q2 2025 was driven by parent company transaction costs and the Enterprise Solutions acquisition[23](index=23&type=chunk) - Bamboo CRV results for H1 2025 included **$12 million** of losses related to the January 2025 California wildfires[24](index=24&type=chunk) [Investment Performance](index=5&type=section&id=Investment%20Performance) The total consolidated portfolio returned 2.7% in Q2 2025 (2.3% excluding MediaAlpha), with fixed income matching its benchmark and equity trailing the S&P 500 | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :------------------------------------------ | :------ | :------- | :------ | :------- | | Total Consolidated Portfolio Return | 2.7% | 4.5% | (0.1)% | 4.5% | | Total Consolidated Portfolio Return (Excl. MediaAlpha) | 2.3% | 4.7% | 2.2% | 3.5% | - Excluding MediaAlpha, the fixed income portfolio returned **1.5%**, in-line with the Bloomberg Intermediate Aggregate Index[27](index=27&type=chunk) - The equity portfolio, excluding MediaAlpha, returned **3.4%**, trailing the S&P 500 Index return of **10.9%** in Q2 2025, primarily due to lower relative returns from market neutral positions and other long-term investments[27](index=27&type=chunk) [Additional Information](index=5&type=section&id=Additional%20Information) White Mountains, a Bermuda-domiciled financial services holding company listed on NYSE and BSX, expects to file its Form 10-Q with the SEC today - White Mountains is listed on the New York Stock Exchange (WTM) and the Bermuda Stock Exchange (WTM.BH)[28](index=28&type=chunk) - The company expects to file its Form 10-Q with the Securities and Exchange Commission today[28](index=28&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents White Mountains's condensed consolidated balance sheets, book value per share, statements of operations, comprehensive income, and earnings per share [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$11,822.9 million**, liabilities to **$6,482.7 million**, and equity to **$5,340.2 million** from December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :-------------------- | :------------ | :---------------- | :------------ | | Total Assets | $11,822.9M | $9,925.6M | $10,166.9M | | Total Liabilities | $6,482.7M | $4,794.6M | $5,294.7M | | Total Equity | $5,340.2M | $5,131.0M | $4,872.2M | - P&C Insurance and Reinsurance assets increased significantly to **$6,905.5 million** as of June 30, 2025, from **$5,299.0 million** at December 31, 2024, driven by increases in reinsurance recoverables and insurance premiums receivable[30](index=30&type=chunk) - P&C Insurance and Reinsurance liabilities also saw a substantial rise, with unearned insurance premiums increasing to **$1,847.3 million** from **$853.3 million** between December 31, 2024, and June 30, 2025[32](index=32&type=chunk) [Book Value Per Share](index=8&type=section&id=Book%20Value%20Per%20Share) Book value per share increased to **$1,803.57** as of June 30, 2025, representing a **2.9%** quarter-to-date and **3.4%** year-to-date growth, including dividends | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------- | :---------------- | :------------ | | Book Value Per Share | $1,803.57 | $1,752.17 | $1,745.87 | $1,722.02 | | Quarter-to-date change in book value per share (incl. dividends) | 2.9% | 0.4% | (2.8)% | (1.2)% | | Year-to-date change in book value per share (incl. dividends) | 3.4% | 0.4% | 5.5% | 4.0% | | Year-to-date dividends per share | $1.00 | $1.00 | $1.00 | $1.00 | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues significantly increased to **$689.2 million** in Q2 2025, leading to a pre-tax income of **$176.5 million** and positive net income of **$122.9 million** for common shareholders | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :------------------------------------------------ | :------ | :------- | :------ | :------- | | Total Revenues | $689.2M | $1,267.0M | $395.4M | $1,042.7M | | Total Expenses | $512.7M | $1,018.1M | $430.1M | $844.8M | | Pre-tax Income (Loss) | $176.5M | $248.9M | $(34.7)M | $197.9M | | Net Income (Loss) attributable to White Mountains's common shareholders | $122.9M | $156.8M | $(54.6)M | $181.8M | - P&C Insurance and Reinsurance revenues increased to **$447.9 million** in Q2 2025 from **$363.3 million** in Q2 2024, driven by higher earned insurance premiums and net realized/unrealized investment gains[36](index=36&type=chunk) - Other Operations revenues significantly improved from a loss of **$(95.8) million** in Q2 2024 to **$134.2 million** in Q2 2025, largely due to a reversal in investment gains/losses from MediaAlpha[36](index=36&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income attributable to common shareholders significantly improved to **$123.7 million** in Q2 2025 from a **$(54.6) million** loss in Q2 2024 | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :------------------------------------------------ | :------ | :------- | :------ | :------- | | Comprehensive Income (Loss) attributable to White Mountains's common shareholders | $123.7M | $158.8M | $(54.6)M | $181.6M | [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Basic and diluted EPS were **$47.75** for Q2 2025, a significant turnaround from a **$(21.24)** loss per share in Q2 2024 | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :------------------------------------------------ | :------ | :------- | :------ | :------- | | Basic Earnings (Loss) Per Share | $47.75 | $60.99 | $(21.24) | $70.93 | | Diluted Earnings (Loss) Per Share | $47.75 | $60.99 | $(21.24) | $70.93 | | Dividends Declared and Paid Per Common Share | $0 | $1.00 | $0 | $1.00 | [Segment Statements of Pre-Tax Income (Loss)](index=12&type=section&id=Segment%20Statements%20of%20Pre-Tax%20Income%20%28Loss%29) This section details the pre-tax income and loss for each operating segment on both a quarter-to-date and year-to-date basis [QTD Segment Statements of Pre-Tax Income (Loss)](index=12&type=section&id=QTD%20Segment%20Statements%20of%20Pre-Tax%20Income%20%28Loss%29) All segments reported positive pre-tax income in Q2 2025, contributing to a consolidated pre-tax income of **$176.5 million**, a significant improvement from Q2 2024 | Segment | Q2 2025 Pre-tax Income (Loss) | Q2 2024 Pre-tax Income (Loss) | | :----------------------- | :---------------------------- | :---------------------------- | | Ark | $91.3M | $50.1M | | WM Outrigger Re | $6.2M | $8.4M | | HG Global | $16.7M | $11.1M | | Kudu | $10.7M | $61.3M | | Bamboo | $16.1M | $6.4M | | Other Operations | $35.5M | $(153.1)M | | **Total** | **$176.5M** | **$(34.7)M** | - Other Operations significantly improved from a pre-tax loss of **$(153.1) million** in Q2 2024 to a pre-tax income of **$35.5 million** in Q2 2025, largely due to investment gains[44](index=44&type=chunk)[46](index=46&type=chunk) [YTD Segment Statements of Pre-Tax Income (Loss)](index=14&type=section&id=YTD%20Segment%20Statements%20of%20Pre-Tax%20Income%20%28Loss%29) Consolidated pre-tax income for YTD 2025 increased to **$248.9 million**, with positive contributions from most segments, and an improved loss in Other Operations | Segment | YTD 2025 Pre-tax Income (Loss) | YTD 2024 Pre-tax Income (Loss) | | :----------------------- | :----------------------------- | :----------------------------- | | Ark | $143.6M | $83.1M |\ | WM Outrigger Re | $0.3M | $18.3M |\ | HG Global | $41.7M | $16.6M |\ | Kudu | $64.1M | $63.0M |\ | Bamboo | $22.4M | $7.3M |\ | Other Operations | $(23.2)M | $49.1M |\ | **Total** | **$248.9M** | **$197.9M** | - Ark's pre-tax income for YTD 2025 significantly increased to **$143.6 million** from **$83.1 million** in YTD 2024[49](index=49&type=chunk)[51](index=51&type=chunk) - WM Outrigger Re's pre-tax income for YTD 2025 decreased substantially to **$0.3 million** from **$18.3 million** in YTD 2024, primarily due to catastrophe losses[49](index=49&type=chunk)[51](index=51&type=chunk) [Selected Financial Data by Segment](index=16&type=section&id=Selected%20Financial%20Data%20by%20Segment) This section provides selected financial data for the Ark/WM Outrigger, HG Global, Kudu, and Bamboo segments [Ark/WM Outrigger Selected Financial Data](index=16&type=section&id=Ark%2FWM%20Outrigger%20Selected%20Financial%20Data) Ark/WM Outrigger improved its Q2 2025 combined ratio to **84.4%** with strong gross written premium growth, though WM Outrigger Re's ratio increased due to higher losses | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------- | :------- | | **Ark/WM Outrigger Total** | | | | | | Gross Written Premiums | $815.2M | $697.0M | $1,922.8M | $1,569.1M | | Net Written Premiums | $578.6M | $502.8M | $1,306.3M | $1,100.8M | | Net Earned Premiums | $364.2M | $318.3M | $722.2M | $621.1M | | Combined Ratio | 84.4% | 87.0% | 90.4% | 89.2% | | **Ark** | | | | | | Combined Ratio | 85.2% | 88.5% | 89.5% | 90.9% | | **WM Outrigger Re** | | | | | | Combined Ratio | 43.7% | 26.7% | 120.4% | 29.8% | - Ark's gross written premiums increased by **17%** in Q2 2025 compared to Q2 2024[53](index=53&type=chunk) - WM Outrigger Re's loss and loss adjustment expense ratio for YTD 2025 was **114.7%**, significantly higher than **2.3%** in YTD 2024, contributing to its increased combined ratio[55](index=55&type=chunk) [HG Global Selected Financial Data](index=18&type=section&id=HG%20Global%20Selected%20Financial%20Data) HG Global showed strong Q2 2025 growth, with total par value of policies assumed increasing to **$930.5 million** and gross written premiums rising to **$19.2 million** | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | | :-------------------------------- | :------ | :------- | :------ | :------- | | Total Par Value of Policies Assumed | $930.5M | $1,357.8M | $785.9M | $1,323.9M | | Total Gross Written Premiums | $19.2M | $25.9M | $11.6M | $20.5M |\ | Total Gross Pricing | 206 bps | 191 bps | 148 bps | 155 bps | | Earned Premiums | $7.1M | $15.3M | $7.5M | $14.0M | - Gross pricing from the primary market increased to **199 bps** in Q2 2025 from **98 bps** in Q2 2024[57](index=57&type=chunk) - Unearned premiums, net of deferred acquisition costs, increased to **$217.5 million** as of June 30, 2025, from **$210.7 million** at December 31, 2024[57](index=57&type=chunk) [Kudu Selected Financial Data](index=19&type=section&id=Kudu%20Selected%20Financial%20Data) Kudu's Q2 2025 total revenues decreased to **$20.4 million** due to lower investment gains, but adjusted EBITDA increased to **$16.2 million**, with ROE at **7.8%** | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | TTM June 30, 2025 | | :-------------------------------- | :------ | :------- | :------ | :------- | :---------------- | | Total Revenues | $20.4M | $84.2M | $70.2M | $80.9M | $122.1M | | GAAP Pre-tax Income (Loss) | $10.7M | $64.1M | $61.3M | $63.0M | $82.4M | | Adjusted EBITDA | $16.2M | $32.0M | $12.4M | $26.3M | $60.2M | | Annualized Adjusted EBITDA | | | | | $65.3M | | Return on Equity | | | | | 7.8% | - The ending balance of Kudu's participation contracts was **$1,121.1 million** as of June 30, 2025, up from **$901.3 million** as of June 30, 2024[61](index=61&type=chunk) - Net unrealized investment gains (losses) on participation contracts (all other) were **$(8.6) million** in Q2 2025, compared to **$57.6 million** in Q2 2024[61](index=61&type=chunk) [Bamboo Selected Financial Data](index=21&type=section&id=Bamboo%20Selected%20Financial%20Data) Bamboo's Q2 2025 commission and fee revenues grew to **$59.1 million**, GAAP pre-tax income increased to **$16.1 million**, and MGA adjusted EBITDA rose to **$25.6 million** | Metric | Q2 2025 | YTD 2025 | Q2 2024 | YTD 2024 | TTM June 30, 2025 | | :-------------------------------- | :------ | :------- | :------ | :------- | :---------------- | | Commission and Fee Revenues | $59.1M | $103.3M | $32.7M | $54.6M | $183.3M | | Total Revenues | $62.5M | $123.9M | $42.0M | $73.1M | $230.6M | | GAAP Pre-tax Income (Loss) | $16.1M | $22.4M | $6.4M | $7.3M | $47.8M | | MGA Adjusted EBITDA | $25.6M | $45.5M | $11.5M | $17.9M | $80.3M | - Broker commission expenses increased to **$19.8 million** in Q2 2025 from **$12.7 million** in Q2 2024, reflecting business growth[63](index=63&type=chunk) - Amortization of other intangible assets for MGA EBITDA was **$4.0 million** in Q2 2025, contributing to the adjusted EBITDA calculation[63](index=63&type=chunk) [Non-GAAP Financial Measures (Regulation G)](index=22&type=section&id=Non-GAAP%20Financial%20Measures%20%28Regulation%20G%29) This section defines and reconciles non-GAAP financial measures for Kudu, Bamboo, and investment portfolio returns, providing alternative performance insights [Kudu Non-GAAP Measures](index=22&type=section&id=Kudu%20Non-GAAP%20Measures) This section defines Kudu's non-GAAP measures, including EBITDA, Adjusted EBITDA, Annualized Revenue, and Cash Revenue Yield, used to evaluate performance - EBITDA is GAAP net income (loss) adjusted for interest expense, income tax, depreciation, and amortization of other intangible assets[64](index=64&type=chunk) - Adjusted EBITDA further excludes net realized and unrealized investment gains (losses) on participation contracts, non-cash equity-based compensation, and transaction expenses[64](index=64&type=chunk)[68](index=68&type=chunk) - Annualized Adjusted EBITDA annualizes partial year revenues from acquired participation contracts and removes partial year revenues from sold contracts[65](index=65&type=chunk) - Cash Revenue Yield is annualized revenue as a percentage of total net capital drawn and invested, providing a cash-based performance indicator[66](index=66&type=chunk) [Bamboo Non-GAAP Measures](index=22&type=section&id=Bamboo%20Non-GAAP%20Measures) This section outlines Bamboo's non-GAAP measures, including MGA pre-tax income, MGA EBITDA, and MGA Adjusted EBITDA, to clarify MGA operational performance - MGA pre-tax income (loss) and MGA net income (loss) exclude the results of the Bamboo captive from consolidated GAAP figures[67](index=67&type=chunk) - MGA EBITDA adds back interest expense, income tax, depreciation, and amortization of other intangible assets to MGA net income (loss)[69](index=69&type=chunk) - MGA Adjusted EBITDA further excludes non-cash equity-based compensation, software implementation expenses, and restructuring expenses[70](index=70&type=chunk)[72](index=72&type=chunk) [Investment Portfolio Return Non-GAAP Measures](index=23&type=section&id=Investment%20Portfolio%20Return%20Non-GAAP%20Measures) This section details non-GAAP measures for investment portfolio returns, excluding MediaAlpha's impact to show underlying portfolio performance - Total consolidated portfolio return excluding MediaAlpha removes net investment income and net realized/unrealized investment gains (losses) from the MediaAlpha investment[71](index=71&type=chunk) - Total equity portfolio return excluding MediaAlpha similarly removes the MediaAlpha investment impact to show underlying equity portfolio performance[71](index=71&type=chunk) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------------------ | :------ | :------ | :------- | :------- | | Total consolidated portfolio return | 2.7% | (0.1)% | 4.5% | 4.5% | | Total consolidated portfolio return excluding MediaAlpha | 2.3% | 2.2% | 4.7% | 3.5% | | Total equity portfolio return (Q2) | 4.2% | | | | | Total equity portfolio return excluding MediaAlpha (Q2) | 3.4% | | | | [Safe Harbor Statement](index=24&type=section&id=Safe%20Harbor%20Statement) This safe harbor statement cautions that forward-looking statements are subject to risks like catastrophic events, market fluctuations, and regulatory changes, and White Mountains disclaims any update obligation - The release contains forward-looking statements regarding future activities, events, or developments, identified by words like 'could', 'will', 'believe', 'intend', 'expect', 'anticipate', 'project', 'estimate', 'predict'[73](index=73&type=chunk) - Key risks and uncertainties include claims from catastrophic events (hurricanes, wildfires, cyber attacks), inadequate loss reserves, market value of MediaAlpha investment, rating agency actions, economic conditions, and regulatory changes[74](index=74&type=chunk)[76](index=76&type=chunk) - White Mountains assumes no obligation to publicly update any forward-looking statements[75](index=75&type=chunk)

Summary of Waratah Minerals (WTM) Conference Call Company Overview - Waratah Minerals is focused on gold exploration in the Lachlan Fold Belt, particularly near Cadia Valley and Cowal, which are significant gold mining areas [3][12][34]. Key Points and Arguments - **Share Price Surge**: The company's share price increased by 41% on the day of the conference, indicating strong market interest and excitement around recent developments [1]. - **Exploration Strategy**: Waratah Minerals has been executing a unique exploration strategy over the past eighteen months, differentiating itself from previous explorers in the area [3][5]. - **Significant Discoveries**: The company reported notable drill results, including hits of 250 grams per meter, which are indicative of substantial gold endowment in the Spur Gold Corridor [4][7]. - **Proof of Concept**: The company has achieved proof of concept, demonstrating serious metal endowment and positioning itself to accelerate discovery events [7][30]. - **Geological Insights**: The exploration strategy focuses on the margins of magnetic highs, which are associated with mineralization, rather than drilling directly into the main intrusive complexes [16][21]. - **Comparison to Successful Mines**: The Spur Gold Corridor is compared to the GRE46 ore body at Evolution's Cowal Mine, which has seen significant success, suggesting a similar potential for Waratah's discoveries [22][32]. - **Technical Team**: The company has a strong technical team with experience in the region, enhancing its exploration capabilities [6][33]. - **Future Plans**: Waratah plans to increase the number of drill rigs and continue both extensional and infill drilling to build resources quickly [36][37]. Additional Important Content - **Market Context**: The conference highlighted the competitive landscape, with major mining companies like AngloGold and Newmont showing interest in the region, indicating a robust investment environment [13][14]. - **Visible Gold and Mineral Associations**: The presence of visible gold and associations with elements like tellurium and bismuth point to the fertility of the mineral system [25][29]. - **Cash Position**: The company is in a strong cash position, allowing for continued investment in exploration and development [35]. This summary encapsulates the key insights and developments discussed during the Waratah Minerals conference call, emphasizing the company's strategic direction and potential in the gold exploration sector.

Company Overview - Waratah Minerals has 234 million shares on issue with ASX code WTM[5] - The share price as of August 1, 2025, was A$0.30, resulting in a market capitalization of $70 million[5] - The company held $7.5 million in cash at bank as of June 30, 2025[5] - Board and Management hold 11.2% of shares (fully diluted)[5] Spur Project Highlights - The Spur Project is located in the Cadia-Spur district, surrounded by major mining companies, indicating strategic mineral district[12, 14] - The project has a district-scale land position with 100% ownership[15] - Exploration has identified a large epithermal-porphyry corridor with two high-value exploration targets: epithermal gold and porphyry gold-copper[16] - Drilling results include 11m @ 10.82 g/t Au from 154m (SPRC002), 89m @ 1.73 g/t Au, 0.08% Cu from 115m (SPRC007), and 196m @ 0.54% CuEq, 0.35% Cu, 0.23 Au g/t from 1m (BZD001)[18] - Stepout drilling at the Spur Gold Corridor – Consols Zone, returned 208.7m @ 1.17 g/t Au from 514m, including 89m @ 1.96 g/t Au from 614m and 38m @ 3.61 g/t Au from 665m[47] - Porphyry copper-gold mineralization was intersected at Breccia West, with results including 84m @ 0.62% CuEq, 0.40% Cu, 0.26g/t Au from 29m (BZD001)[55] Macquarie Arc and Analogues - The Macquarie Arc hosts world-class gold-copper mines, with A$1.6 billion in mining M&A and A$300 million in JVs since 2023[11] - The Spur Project shares exploration criteria similarities with Cadia Valley (Newmont) and Cowal (Evolution Mining)[60, 63]

Summary of Waratah Minerals Conference Call Company Overview - Waratah Minerals is a gold and copper exploration company focused on the Spur project, which is believed to be evolving into a world-class discovery [2][3] Key Highlights - The Spur project was acquired 18 months ago and has shown consistent success in exploration [2] - The company has a strong technical team with experience in significant global discoveries [3] - There is a strategic influx of investment from major companies into the region, indicating a robust exploration environment [3] Exploration Strategy - The exploration strategy is based on the understanding that mineralization occurs near major intrusive complexes [4] - The company has increased its drilling capacity to three rigs, focusing on multiple exploration fronts [4][7] - Recent drilling has revealed significant gold intercepts, including 57 meters at 2.5 grams per ton [6] Financial Position - The company is well-funded, with recent capital raises attracting North American institutional investors [5] - The share price has begun to reflect the positive developments in the exploration results [6] Geological Insights - The geological model indicates that mineralization is likely located on the edges of magnetic highs, which has been validated through recent drilling [14][15] - The company has drilled approximately 25,000 meters, with a shift towards more core-based drilling techniques [13] Comparisons and Analogues - The Spur project shows similarities to the Cowal and Cadia Valley systems, which are known for their significant gold endowments [9][17] - Cowal is currently producing approximately $70 million in free cash flow per quarter, highlighting the potential profitability of similar discoveries [17] Future Plans - The company is ramping up its geometallurgical work and resource definition drilling [18] - There is a focus on high-grade zones within the Spur Gold Corridor, with ongoing exploration to define the extent of mineralization [19][20] Conclusion - Waratah Minerals is positioned in a promising exploration area with a strong technical team and financial backing, aiming to capitalize on the emerging discoveries at the Spur project [2][3][5]