Group 1: Market Overview - The oil shock from the war in Iran has led to prices exceeding $100 per barrel, with expectations that this level will persist for the foreseeable future [1] - Approximately 20% of the global oil supply has been stranded due to fighting in the Strait of Hormuz, contributing to rapid price increases [1][2] Group 2: Investment Strategies - Investors are seeking low-beta stocks with strong dividends and predictable income streams as safe havens amid market volatility [2] - A focus on companies with a minimum Benzinga Edge Value Score of 85 and bullish signals is emphasized for potential investment opportunities [3] Group 3: Recommended Stocks - **White Mountain Insurance Group Ltd.**: Benzinga Edge Value Score of 96.38, trading at 5 times earnings, showing bullish momentum with support at the 50-day moving average [4] - **APA Corp.**: Benzinga Edge Value Score of 93.44, potential for dividend increase due to free cash flow boost, supported by a strong bullish trend [5] - **Northern Oil and Gas Inc.**: Benzinga Edge Value Score of 92.84, recent breakout above key moving averages, indicating a potential upswing [6] - **Toll Brothers Inc.**: Benzinga Edge Value Score of 91.14, trading at 10.7 times earnings, testing support levels that have historically led to buying opportunities [7] - **Edison International**: Benzinga Edge Value Score of 90.71, showing aggressive upward movement with stable dividends and upside potential [8]

Financial Performance - Comprehensive income attributable to common shareholders was $1,109 million in 2025, significantly up from $230 million in 2024, largely due to the net gain on the sale of the Bamboo Group [309]. - White Mountains reported total revenues of $1,943.8 million for the year ended December 31, 2025, an increase from $1,750.9 million in 2024 [355][356]. - Pre-tax income for White Mountains was $310.2 million in 2025, an increase from $298.8 million in 2024, representing a growth of about 4.7% [355][356]. - The net income attributable to White Mountains's common shareholders was $1,106.4 million in 2024, significantly up from $230.4 million in 2023, representing a 380.5% increase [347]. - White Mountains's total revenues increased to $3,735 million in 2024 from $2,239 million in 2023, marking a 67.0% growth [347]. Asset and Investment Growth - As of December 31, 2025, total assets for White Mountains amounted to $6,354.1 million, an increase from $5,299.0 million in 2024, reflecting a growth of approximately 19.9% [377][378]. - Total investments increased to $3,926.5 million in 2025 from $3,139.7 million in 2024, representing a growth of about 25.1% [377][378]. - The total gross written premiums from the primary market were $43.4 million in 2025, compared to $36.7 million in 2024 [397]. - Kudu deployed a total of $1.2 billion into 30 asset and wealth management firms globally, with combined assets under management of approximately $153 billion [403]. Shareholder Equity and Dividends - White Mountains's common shareholders' equity increased to $1,360.4 million in 2025 from $1,223.8 million in 2024, reflecting a growth of approximately 11.1% [377][378]. - White Mountains declared and paid a $3 million cash dividend to its common shareholders in 2025 [502]. - Ark paid a $41 million dividend to shareholders in 2025, including $30 million to White Mountains [479]. - WM Outrigger Re had $232 million of statutory capital and surplus as of December 31, 2025, and distributed $10 million to White Mountains during 2025 [480]. Sales and Acquisitions - White Mountains completed the sale of approximately 77.3% of its equity interest in the Bamboo Group for net cash proceeds of $848 million on December 5, 2025 [310]. - The acquisition of Distinguished, a full-service MGA, was completed for $225 million in cash, with an additional $50 million in incremental debt [311]. - On April 1, 2025, White Mountains acquired Enterprise Solutions for $58 million in cash consideration [505]. Premiums and Underwriting Performance - The Ark/WM Outrigger segment reported gross written premiums of $2,557 million in 2025, up from $2,207 million in 2024, with a combined ratio of 81% [315]. - Ark reported gross written premiums of $2,557 million and pre-tax income of $265 million in 2025, compared to $2,207 million and $253 million in 2024, respectively [317]. - Direct written premiums for Ark reached $1,260.1 million in 2025, compared to $1,101.5 million in 2024, marking a significant increase of approximately 14.4% [355][356]. - The combined ratio for the Ark/WM Outrigger segment improved to 81.4% in 2025, compared to 81.8% in 2024, indicating better underwriting performance [358][359]. Cash Flow and Financial Obligations - White Mountains reported net cash flows from operations of $551 million for the year ended December 31, 2025, a decrease from $587 million in 2024 [501]. - The total debt of White Mountains increased to $837 million as of December 31, 2025, from $562.5 million in 2024 [490]. - The primary sources of cash for the company include distributions from subsidiaries, net investment income, and proceeds from sales, while primary uses include general and administrative expenses and debt obligations [474]. Investment Returns - As of December 31, 2025, White Mountains's total consolidated portfolio return on invested assets was 9.1%, including $30 million of unrealized investment gains from MediaAlpha [329]. - The fixed income portfolio totaled $4.7 billion as of December 31, 2025, representing 56% of total invested assets, with a return of 5.9% [441][442]. - The portfolio of common equity securities, MediaAlpha investment, and other long-term investments totaled $3.7 billion as of December 31, 2025, with a return of 13.1% [443][444]. - The common equity securities portfolio returned 10.6% in 2025, underperforming the S&P 500 Index return of 17.9% [446]. Operational Performance - White Mountains's Other Operations reported pre-tax income of $810 million in 2025, significantly up from $9 million in 2024, primarily due to the Bamboo Sale Transaction which resulted in a net gain of $816 million [426]. - General and administrative expenses for White Mountains's Other Operations increased to $237 million in 2025 from $170 million in 2024, driven by higher incentive compensation costs and transaction costs [428]. - Bamboo generated total revenues of $246.3 million from January 1, 2025, to December 5, 2025, compared to $179.8 million for the year ended December 31, 2024 [413].

Core Insights - Bishop Street Underwriters has received a strategic structured capital investment of $125 million from White Mountains Insurance Group, which will support its growth objectives in 2026 and beyond [1][5] - In its 2025 results, Bishop Street reported gross written premiums exceeding $650 million and maintained a portfolio loss ratio below 50% [2][4] - White Mountains reported gross written premiums of $268 million for its property and casualty re/insurance segment Ark/WM Outrigger, with a combined ratio of 77% for the fourth quarter of 2025 [3] Company Performance - Bishop Street's performance in 2025 included surpassing $650 million in gross written premiums and achieving industry-leading organic growth while keeping a sub-50% portfolio loss ratio [2][4] - The partnership with Kalepa, specializing in AI-powered underwriting solutions, aims to enhance support for Bishop Street's London-based managing general agents [2] Strategic Partnership - Chad Levine, CEO of Bishop Street, expressed enthusiasm about White Mountains joining as a strategic growth partner, emphasizing the momentum and commitment to backing elite underwriters [4] - White Mountains' CEO, Liam Caffrey, highlighted Bishop Street's emergence as an industry-leading MGA platform, indicating confidence in its ability to capitalize on growth opportunities [4] - The partnership is expected to leverage White Mountains' expertise in scaling successful MGAs and unlock new opportunities for Bishop Street and its operating partners [4]

Core Insights - Bishop Street Underwriters has completed a strategic structured capital investment of $125 million from White Mountains Insurance Group, marking a significant partnership aimed at accelerating growth and expanding its global footprint in 2026 [1][2]. Company Performance - In 2025, Bishop Street achieved over $650 million in gross written premium, demonstrating industry-leading organic growth and maintaining a portfolio loss ratio below 50% [2]. Strategic Partnership - The partnership with White Mountains is expected to enhance Bishop Street's capabilities, leveraging White Mountains' extensive experience in scaling Managing General Agents (MGAs) and deep knowledge of the insurance landscape [2]. - White Mountains views Bishop Street as an emerging industry leader with a strong executive team capable of capitalizing on growth opportunities in the insurance distribution sector [2]. Investment Rationale - The investment from White Mountains is seen as a long-term commitment, providing Bishop Street with the necessary resources and expertise to achieve its growth objectives in 2026 and beyond [2][5].

Exhibit 99.1 CONTACT: Rob Seelig (603) 640-2212 WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS HAMILTON, Bermuda (February 6, 2026) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $2,188 as of December 31, 2025, an increase of 18% for the fourth quarter of 2025 and 25% for the year ended December 31, 2025, including dividends. Liam Caffrey, CEO, commented, "We had an excellent year, with BVPS growth of 18% in the quarter and 25% for the year. The largest contributor in b ...

Core Viewpoint - White Mountains Insurance Group, Ltd. has completed a "modified Dutch auction" tender offer, purchasing shares at a final price of $2,050.00 per share, totaling approximately $131.3 million for 64,064 shares, which represents about 2.5% of its outstanding shares as of November 19, 2025 [1][2]. Group 1 - The tender offer expired on December 19, 2025, at midnight New York City time [1]. - The company will have approximately 2,479,677 common shares outstanding after the payment for the accepted shares [2]. - Payment for the shares purchased will be made promptly following the tender offer [2]. Group 2 - Shareholders seeking additional information can contact D.F. King & Co., the information agent for the tender offer [3]. - The dealer managers for the tender offer were BofA Securities, Inc. and Barclays Capital Inc. [3]. - White Mountains is listed on the New York Stock Exchange under the symbol "WTM" and on the Bermuda Stock Exchange under "WTM-BH" [3].

Core Viewpoint - White Mountains Insurance Group, Ltd. announced the preliminary results of its modified Dutch auction tender offer to purchase up to $300 million in common shares, which expired on December 19, 2025 [1] Group 1: Tender Offer Details - A total of 67,186 shares were properly tendered at or below the purchase price of $2,050 per share, including 16,589 shares tendered by notice of guaranteed delivery [2] - The company expects to purchase all validly tendered shares for approximately $137.7 million, representing about 2.6% of White Mountains's shares outstanding as of November 19, 2025 [2] - The final number of shares to be purchased and the final purchase price will be announced after the completion of the confirmation process by the depositary [3] Group 2: Outstanding Shares and Contact Information - Following the payment for the accepted shares, the company expects to have approximately 2,476,555 common shares outstanding [4] - Shareholders seeking additional information about the tender offer can contact D.F. King & Co. or the dealer managers BofA Securities, Inc. and Barclays Capital Inc. [4]

Core Viewpoint - White Mountains Insurance Group, Ltd. has completed the sale of a controlling interest in Bamboo to affiliates of funds advised by CVC Capital Partners [1] Group 1 - The transaction marks a significant strategic move for White Mountains Insurance Group [1] - The sale involves a controlling interest, indicating a major shift in ownership and potential operational direction for Bamboo [1]

Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 2.03% in the third quarter, compared with the Russell 3000’s 8.18% and the Russell 2000’s 12.39%. For more information on the fund’s best picks in 2025, please check its top five holdings. In its third-quarter 2025 investor letter, Longleaf Partners Small-Cap Fund highlighted stocks such as White Mountains Insurance Gr ...

Core Insights - The article discusses the growing momentum around the issue of banning Congressional stock trading, highlighting that both retail investors and members of Congress are questioning the practice [1][2]. Stock Analysis - **LCI Industries (NYSE: LCII)**: This company, which manufactures components for the RV, marine, and housing industries, saw a significant stock increase of 24.2% following a trade by Congressman Tony Wied, who reported a purchase between $1 million and $5 million at an average price of $92.02. The RV industry is projected to see sales of approximately 337,000 units by the end of 2025, indicating potential growth [5][6][7]. - **LGI Homes (NASDAQ: LGIH)**: Focused on first-time homebuyers, LGI Homes' stock rose over 28% after Congressman Tim Moore purchased between $15,000 and $50,000 at an average price of $40.83. Analysts have set a consensus price target of $72.13, suggesting a potential gain of over 36% from its closing price on November 28. This aligns with signs of recovery in the housing market, although growth is limited to specific regions [8][10][11]. - **White Mountains Insurance Group (NYSE: WTM)**: This diversified insurance holding company saw its stock increase by 10.6% after Congressman Michael McCaul made two purchases between $15,000 and $50,000. The stock's performance is supported by strong earnings and a buyback plan, with the company initiating a self-tender offer to purchase up to $300 million in common shares [12][13][14].