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Core Viewpoint - White Mountains Insurance Group, Ltd. has announced an agreement to acquire a 51% controlling interest in Distinguished Programs, a managing general agent (MGA) and program administrator for specialty property and casualty insurance, for approximately $230 million [1][4][4]. Company Overview - Distinguished Programs is an MGA and program manager that places over $550 million in premiums annually across 12 specialty property and casualty programs, including commercial real estate, hotels and restaurants, community associations, environmental and construction professional, cyber, surety, executive lines, inland marine, and fine arts and collectibles [2][6]. - The company has been operational since 1995 and manages all aspects of the insurance placement process, earning commissions based on volume and profitability [6]. Transaction Details - White Mountains will acquire approximately 50% of Distinguished's outstanding equity interests, increasing its ownership from about 1% to 51% [4]. - The transaction is expected to close in the third quarter of 2025, pending regulatory approvals and customary closing conditions [4]. Management and Stakeholders - Aquiline Capital Partners, the current controlling equityholder, will retain a significant minority equity stake in Distinguished [3]. - The existing executive management team of Distinguished, led by industry veterans Bill Malloy, Jason Rotman, and Steve Sitterly, will continue to lead the business and remain significant equityholders [3][4].

Summary of White Mountains Insurance Group (WTM) 2025 Investor Day Company Overview - **Company**: White Mountains Insurance Group (WTM) - **Event**: 2025 Investor Day held on June 6, 2025 Key Financial Highlights - **2024 Performance**: - Adjusted book value per share increased by 8% - Stock price rose by 29% - Investment portfolio grew by 5.4% - Strong operating results from ARC, Outrigger, and Bamboo [5][6][7] - **Capital Deployment**: - No new capital deployments in 2024 - Two investments in 2025: minority investment in Broadstreet (large insurance broker) and control investment in Enterprise Solutions [6][7] Industry Insights - **P&C Industry Performance**: - 2024 was a strong year for the Property and Casualty (P&C) industry - WTM's P&C businesses (ARC and Bamboo) outperformed peers, while non-P&C businesses lagged [7] - **Investment Strategy**: - Focus on compounding per share values over long periods - Targeting a full equity return for shareholders, aiming for a ten-year T-bill plus 700 basis points [7] Capital and Financial Position - **Current Capital**: - Total capital of $5.8 billion, primarily in shareholders' equity - No financial leverage at the parent level, but prudent leverage at operating businesses [12][13] - **Undeployed Capital**: - Approximately $550 million at the end of Q1 2025, pro forma for Broadstreet and Enterprise Solutions acquisitions [12][13] Operating Businesses Overview - **ARC**: - Specialty P&C insurance and reinsurance business - Achieved a combined ratio of 83% and book value growth in the high 20s [22][23] - Gross written premium increased by mid-20s percentage year-on-year [26] - **Outrigger**: - Sidecar vehicle established to capture opportunities in property cat risks - Earned a 37% return in 2023, projected 32% for 2025 [48][49] - **Kudu**: - Provides capital solutions to boutique asset and wealth managers - Approaching self-sustainability with $150 million of annual deployments [81][82] Market Dynamics - **Property Market**: - Observed softening in property rates despite significant losses from events like California wildfires - Capital influx leading to a more competitive environment [57][60] - **Casualty Market**: - Rates rising by 5% to 10%, but concerns about adequacy in the context of social inflation [71][76] Strategic Focus - **Investment Philosophy**: - Emphasis on control positions in insurance and financial services, with over 95% of capital in these sectors [16][17] - **Management Alignment**: - Significant ownership by management teams to align incentives [18] Additional Insights - **Geopolitical Risks**: - Ongoing uncertainties in global markets, particularly related to geopolitical tensions, are seen as potential opportunities [39][41] - **Technological Advancements**: - Anticipation of efficiency gains through AI and continued focus on cyber insurance as a growth area [44] This summary encapsulates the key points discussed during the White Mountains Insurance Group's 2025 Investor Day, highlighting financial performance, industry insights, and strategic focus areas.

White Mountains Insurance Group, Ltd. 2025 Annual Investor Presentation Forward-Looking Statements Forward-Looking Statements This presentation may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this presentation which address activities, events or developments which White Mountains expects or anticipates will or ma ...

Financial Performance - White Mountains reported a book value per share of $1,752 as of March 31, 2025, reflecting a 0.4% increase from the previous quarter[200]. - Comprehensive income attributable to common shareholders was $35 million in Q1 2025, a significant decrease from $236 million in Q1 2024, primarily due to unrealized investment losses from MediaAlpha[203]. - White Mountains reported total revenues of $577.8 million for Q1 2025, a decrease of 10.7% from $647.3 million in Q1 2024[218]. - The net income attributable to common shareholders was $33.9 million in Q1 2025, a significant decline of 85.7% compared to $236.4 million in Q1 2024[218]. - Total expenses for White Mountains increased to $505.4 million in Q1 2025, up from $414.7 million in Q1 2024, marking a 21.9% rise[218]. - Total consolidated portfolio return in Q1 2024 was 4.6%, including $211 million of unrealized gains from MediaAlpha; excluding MediaAlpha, the return was 1.2%[265]. - Total consolidated portfolio return for Q1 2025 was 1.7%, down from 4.6% in Q1 2024[313]. - Total consolidated portfolio return excluding MediaAlpha was 2.3% in Q1 2025, compared to 1.2% in Q1 2024[313]. Segment Performance - The Ark/WM Outrigger segment's gross written premiums increased to $1,108 million in Q1 2025 from $872 million in Q1 2024, with a combined ratio of 97% compared to 91% in the prior year[205]. - The P&C Insurance and Reinsurance segment generated revenues of $413.2 million in Q1 2025, up 22.7% from $336.8 million in Q1 2024[218]. - The Ark/WM Outrigger segment's combined ratio increased to 97% in Q1 2025 from 91% in Q1 2024[224]. - Gross written premiums for the Ark/WM Outrigger segment were $1,108 million in Q1 2025, up from $872 million in Q1 2024, representing a 27% increase[224]. - The combined ratio for the Ark/WM Outrigger segment was 96.5% in Q1 2025, compared to 91.4% in Q1 2024, indicating a decline in underwriting performance[231]. - WM Outrigger Re's combined ratio surged to 166% in Q1 2025 from 32% in Q1 2024, primarily due to catastrophe losses[228]. Investment Activities - Kudu reported total revenues of $64 million and pre-tax income of $53 million in Q1 2025, a substantial increase from $11 million and $2 million, respectively, in Q1 2024[210]. - Kudu has deployed $1.06 billion into 28 asset and wealth management firms globally, with combined assets under management of approximately $128 billion as of March 31, 2025[211]. - Kudu's net realized and unrealized investment gains in Q1 2025 were $44 million, a recovery from losses of $(7) million in Q1 2024, driven by improved fair value of Participation Contracts[249]. - The fixed income portfolio totaled $3.6 billion as of March 31, 2025, representing 54% of total invested assets, with a return of 1.7% compared to 0.7% in Q1 2024[266][267]. - The portfolio of common equity securities, MediaAlpha investment, and other long-term investments returned 1.6% in Q1 2025, including $37 million of unrealized losses from MediaAlpha, while the return was 9.5% in Q1 2024[268]. Acquisitions and Dividends - White Mountains acquired a majority interest in Enterprise Electric, LLC on April 1, 2025, marking its first acquisition by WTM Partners[204]. - During Q1 2025, Ark declared a $41 million dividend, with $30 million paid to White Mountains[286]. - Bamboo paid $90 million in dividends to shareholders during Q1 2025, with $65 million paid to White Mountains[293]. - GAIL has the ability to pay a dividend of up to $337 million in 2025, which is 25% of its statutory capital and surplus of $1,347 million as of December 31, 2024[285]. Catastrophe Losses - The Ark segment incurred $75 million in catastrophe losses related to the January 2025 California wildfires, impacting its combined ratio[225]. - Bamboo estimates losses from the January 2025 California wildfires at approximately $160 million, with the majority absorbed by reinsurance partners[254]. Cash and Debt Management - As of March 31, 2025, White Mountains had $566 million of net unrestricted cash, short-term investments, and fixed maturity investments[294]. - Total debt increased to $676.1 million as of March 31, 2025, compared to $562.5 million as of December 31, 2024, resulting in a total debt to total capital ratio of 11.6%[295]. - Cash used for operations was $40 million in Q1 2025, compared to net cash provided from operations of $37 million in Q1 2024[301]. Operational Improvements - Bamboo's MGA adjusted EBITDA was $20 million in Q1 2025, compared to $6 million in Q1 2024, indicating significant operational improvement[253]. - General and administrative expenses in White Mountains's Other Operations decreased to $36 million in Q1 2025 from $50 million in Q1 2024, reflecting lower compensation costs[261]. Regulatory and Compliance - White Mountains's disclosure controls and procedures were evaluated as adequate and effective as of March 31, 2025[321]. - There were no changes to internal control over financial reporting that materially affected White Mountains during Q1 2025[322]. - No legal proceedings were reported by White Mountains[323].

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) In Q1 2025, book value per share slightly increased to $1,752, but comprehensive income attributable to shareholders sharply dropped to $35 million due to MediaAlpha's unrealized loss, causing basic earnings per share to fall to $13.19 Book Value Per Share Comparison | Metric | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Book Value Per Share | $1,752.17 | $1,745.87 | $1,742.33 | | QTD Change (incl. dividends) | 0.4% | (2.8)% | 5.3% | Q1 Financial Performance Summary | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Comprehensive Income (Shareholders) | $35.1 million | $236.2 million | | Basic Earnings Per Share | $13.19 | $92.33 | - Effective 2025, White Mountains will no longer report adjusted book value per share, as the deconsolidation of BAM has rendered most adjustments obsolete[3](index=3&type=chunk) [CEO's Summary & Strategic Overview](index=1&type=section&id=CEO's%20Summary%20%26%20Strategic%20Overview) The CEO reported solid Q1 2025 operating results and investment returns, despite MediaAlpha's share price decline, with key units Ark, Kudu, and Bamboo demonstrating strong growth, and approximately $550 million in undeployed capital available - Ark posted a **94% combined ratio** and grew gross written premiums by **27%** year-over-year[3](index=3&type=chunk) - Bamboo doubled its managed premiums on a trailing 12-month basis and tripled its MGA adjusted EBITDA year-over-year[3](index=3&type=chunk) - The decline in MediaAlpha's share price resulted in a **$37 million** mark-to-market loss[3](index=3&type=chunk) - Undeployed capital stands at approximately **$550 million** following new investments in BroadStreet Partners and Enterprise Solutions[3](index=3&type=chunk) [Investment Portfolio Performance](index=5&type=section&id=Investment%20Portfolio%20Performance) The total consolidated portfolio returned 1.7% in Q1 2025, a decline from Q1 2024 due to MediaAlpha, though excluding MediaAlpha, the portfolio returned 2.3%, outperforming benchmarks Portfolio Return Comparison (Q1) | Portfolio Return | 2025 | 2024 | | :--- | :--- | :--- | | Total Consolidated | 1.7% | 4.6% | | Excluding MediaAlpha | 2.3% | 1.2% | - Excluding MediaAlpha, the equity portfolio returned **3.1%**, significantly outperforming the S&P 500 Index return of **-4.3%**[27](index=27&type=chunk) - The fixed income portfolio returned **1.7%**, lagging the Bloomberg Intermediate Aggregate Index return of **2.6%**[27](index=27&type=chunk) [Share Repurchases](index=4&type=section&id=Share%20Repurchases) In Q1 2025, the company repurchased 5,097 common shares for $10 million at an average price of $1,945.06, representing 110% of book value per share, primarily for employee tax withholding obligations Q1 Share Repurchase Activity | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Shares Repurchased | 5,097 | 5,269 | | Cost | $10 million | $8 million | | Avg. Price / Share | $1,945.06 | $1,505.01 | | Price / BVPS | 110% | 86% | [Segment Performance Analysis](index=1&type=section&id=Segment%20Performance%20Analysis) [Ark/WM Outrigger](index=1&type=section&id=Ark%2FWM%20Outrigger) The Ark/WM Outrigger segment's combined ratio increased to 97% in Q1 2025 due to catastrophe losses at WM Outrigger Re, despite strong top-line growth with gross written premiums rising to $1.1 billion Ark/WM Outrigger Key Metrics (Q1) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Gross Written Premiums | $1,108 million | $872 million | | Net Written Premiums | $728 million | $598 million | | Net Earned Premiums | $358 million | $303 million | | Combined Ratio | 97% | 91% | [Ark](index=2&type=section&id=Ark) Ark maintained a 94% combined ratio, absorbing $75 million in catastrophe losses, while gross written premiums grew 27% to $1.1 billion, driving pre-tax income to $52 million - The **94% combined ratio** included **25 points** of catastrophe losses from California wildfires and **14 points** of net favorable prior year development[6](index=6&type=chunk) - Gross written premiums increased **27%** to **$1,108 million**, driven by new underwriting teams and expansion in property and specialty lines[7](index=7&type=chunk)[9](index=9&type=chunk) - Pre-tax income increased to **$52 million** in Q1 2025 from **$33 million** in Q1 2024[8](index=8&type=chunk) [WM Outrigger Re](index=2&type=section&id=WM%20Outrigger%20Re) WM Outrigger Re's combined ratio soared to 166% due to $19 million in net losses from California wildfires, resulting in a $6 million pre-tax loss for the quarter - The combined ratio deteriorated to **166%** in Q1 2025, compared to **32%** in Q1 2024[9](index=9&type=chunk) - The segment reported a pre-tax loss of **$6 million** in Q1 2025, a reversal from a **$10 million** pre-tax income in Q1 2024[10](index=10&type=chunk) [HG Global](index=2&type=section&id=HG%20Global) HG Global's gross written premiums declined 25% to $7 million due to lower primary market activity, yet pre-tax income surged to $25 million, driven by a $10 million net investment gain HG Global Key Metrics (Q1) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Gross Written Premiums | $7 million | $9 million | | Pre-tax Income | $25 million | $6 million | | Net Investment Gains (Losses) | $10 million | $(7) million | - The decrease in gross written premiums was driven by lower primary market activity, though this was partially offset by increased secondary market volume[13](index=13&type=chunk) [Kudu](index=3&type=section&id=Kudu) Kudu reported strong results with pre-tax income increasing to $53 million, driven by $44 million in investment gains, and Adjusted EBITDA growing to $16 million, with annualized adjusted EBITDA rising 7% to $65 million Kudu Key Metrics (Q1) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenues | $64 million | $11 million | | Pre-tax Income | $53 million | $2 million | | Adjusted EBITDA | $16 million | $14 million | | Net Investment Gains (Losses) | $44 million | $(7) million | - On a trailing 12-month basis, return on equity increased to **13%** and annualized adjusted EBITDA increased by **7%** to **$65 million**[15](index=15&type=chunk) [Bamboo](index=3&type=section&id=Bamboo) Bamboo achieved exceptional Q1 2025 growth, doubling commission and fee revenues to $44 million and tripling MGA adjusted EBITDA to $20 million, with wildfire losses well-contained by reinsurance Bamboo Key Metrics (Q1) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Commission & Fee Revenues | $44 million | $22 million | | Pre-tax Income | $6 million | $1 million | | MGA Adjusted EBITDA | $20 million | $6 million | | Managed Premiums | $147 million | $90 million | - Estimated losses from the January 2025 California wildfires total approximately **$160 million**, the bulk of which will be absorbed by reinsurance partners[18](index=18&type=chunk) - Trailing 12 months managed premiums increased **96%** year-over-year to **$542 million**[19](index=19&type=chunk) [MediaAlpha](index=4&type=section&id=MediaAlpha) White Mountains's investment in MediaAlpha was a significant Q1 2025 headwind, as the investee's share price fell 18%, resulting in a $37 million unrealized loss and reducing the carrying value to $165 million - As of March 31, 2025, White Mountains owned a **27%** basic interest in MediaAlpha[20](index=20&type=chunk) MediaAlpha Investment Value | Date | Share Price | WTM Carrying Value | | :--- | :--- | :--- | | Dec 31, 2024 | $11.29 | $202 million | | Mar 31, 2025 | $9.24 | $165 million | - Each **$1.00** change in MediaAlpha's share price results in an approximate **$7.00** change in White Mountains's book value per share[20](index=20&type=chunk) [Other Operations](index=4&type=section&id=Other%20Operations) The Other Operations segment reported a $59 million pre-tax loss, primarily due to a $37 million unrealized loss from the MediaAlpha investment, while general and administrative expenses declined to $36 million Other Operations Performance (Q1) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Pre-tax Income (Loss) | $(59) million | $202 million | | Unrealized Gains (Losses) from MediaAlpha | $(37) million | $211 million | | General & Administrative Expenses | $36 million | $50 million | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $11.0 billion, total liabilities rose to $5.9 billion, and total equity remained relatively stable at $5.1 billion Key Balance Sheet Items (in millions) | Item | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Total Investments | $6,547.3 | $6,477.6 | $6,328.1 | | Total Assets | $11,004.9 | $9,925.6 | $9,590.3 | | Total Liabilities | $5,865.2 | $4,794.6 | $4,699.7 | | Total Equity | $5,139.7 | $5,131.0 | $4,890.6 | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) In Q1 2025, total revenues decreased to $577.8 million while total expenses rose to $505.4 million, leading to a significant decline in net income attributable to common shareholders to $33.9 million Q1 Statement of Operations Summary (in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $577.8 | $647.3 | | Total Expenses | $505.4 | $414.7 | | Pre-tax Income | $72.4 | $232.6 | | Net Income (to Common Shareholders) | $33.9 | $236.4 | [Condensed Consolidated Statements of Comprehensive Income](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income attributable to common shareholders for Q1 2025 was $35.1 million, a substantial decrease from Q1 2024, primarily due to lower net income impacted by investment performance Q1 Comprehensive Income (in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income (to Common Shareholders) | $33.9 | $236.4 | | Comprehensive Income (to Common Shareholders) | $35.1 | $236.2 | [Non-GAAP Financial Measures & Reconciliations](index=16&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) The company uses non-GAAP measures like Adjusted EBITDA for Kudu and Bamboo to clarify underlying operational performance by excluding non-cash and volatile items, and also presents portfolio returns excluding MediaAlpha's impact [Kudu Non-GAAP Reconciliation](index=16&type=section&id=Kudu%20Non-GAAP%20Reconciliation) Kudu's non-GAAP metrics, including Adjusted EBITDA, are reconciled from GAAP net income, with Q1 2025 Adjusted EBITDA at $15.8 million, primarily adjusted for investment gains/losses - Adjusted EBITDA is a non-GAAP measure that excludes items such as net realized and unrealized investment gains/losses, non-cash equity-based compensation, and transaction expenses from GAAP net income[56](index=56&type=chunk)[60](index=60&type=chunk) Kudu Reconciliation: GAAP Pre-tax Income to Adjusted EBITDA (Q1 2025, in millions) | Metric | Amount | | :--- | :--- | | GAAP pre-tax income | $53.4 | | Add: Interest expense | $6.4 | | Add: Income tax expense | $11.6 | | Add: Amortization | $0.1 | | **EBITDA** | **$59.9** | | Exclude: Net investment gains | $(44.0) | | Exclude: Transaction expenses | $(0.1) | | **Adjusted EBITDA** | **$15.8** | [Bamboo Non-GAAP Reconciliation](index=18&type=section&id=Bamboo%20Non-GAAP%20Reconciliation) Bamboo's performance is presented using non-GAAP MGA Adjusted EBITDA, which isolates the managing general agent business, showing a significant increase to $19.9 million in Q1 2025 - MGA non-GAAP measures, such as MGA pre-tax income and MGA Adjusted EBITDA, exclude the results of the Bamboo captive to better evaluate the performance of the MGA business[59](index=59&type=chunk) Bamboo Reconciliation: GAAP Pre-tax Income to MGA Adjusted EBITDA (Q1 2025, in millions) | Metric | Amount | | :--- | :--- | | GAAP pre-tax income | $6.3 | | Exclude: Net income, Bamboo captive | $3.9 | | **MGA Net Income** | **$5.8** | | Add: Interest, Taxes, D&A, etc. | ... | | **MGA Adjusted EBITDA** | **$19.9** | [Portfolio Return Excluding MediaAlpha](index=20&type=section&id=Portfolio%20Return%20Excluding%20MediaAlpha) To clarify core investment performance, the company presents portfolio returns excluding MediaAlpha's impact, showing a total consolidated return of 2.3% for Q1 2025 compared to the reported 1.7% Reconciliation of Total Consolidated Portfolio Return (Q1) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total consolidated portfolio return | 1.7% | 4.6% | | Remove MediaAlpha impact | 0.6% | (3.4)% | | **Total return excluding MediaAlpha** | **2.3%** | **1.2%** |

Core Insights - The author has extensive experience in executive management, particularly in the insurance and reinsurance sectors, with a focus on global and Asia Pacific markets, climate change, and ESG [1] Group 1 - The author holds an honours degree in economics and politics, emphasizing economic development [1] - The author has 36 years of experience in executive management, indicating a deep understanding of the industry [1] - The author's investment activities are conducted in a personal capacity, suggesting independence in analysis [1]

Core Insights - Sutton Specialty Insurance Company and Sutton National Insurance Company, along with Bamboo Ide8 Insurance Services, announced the renewal of Bamboo's reinsurance program, which includes the successful closing of the Greengrove Re Ltd. Series 2025-1 catastrophe bond and the Greenshoots Re Ltd. Series 2025-1 sidecar transaction [1][5] Group 1: Greengrove Re Ltd. Catastrophe Bond - Greengrove Re Ltd. issued a $100 million catastrophe bond with a spread of 7.75%, an initial base expected loss of 1.44%, and an indemnity trigger over a three-year term, maturing on April 7, 2028 [2] - The offering reflects a 33% increase from the initial $75 million placement target, with the final spread priced at the lower end of the initial price guidance of 7.50% to 8.50% [2] Group 2: Greenshoots Re Ltd. Sidecar Transaction - Greenshoots Re Ltd. issued $70 million of preference shares for a sidecar transaction supported by several institutional investors [4] - Sutton National entered into a quota share reinsurance contract with Greenshoots Re Ltd., allowing participation in the underwriting results of Bamboo's business written on behalf of Sutton National [4] Group 3: Strategic Importance and Market Response - The transactions are seen as a milestone in Bamboo's history and partnership with Sutton National, aimed at addressing the coverage needs of California homeowners [5] - Investor support for these transactions is viewed as a validation of Bamboo's business model and approach to catastrophe risk management [5][6]

Core Insights - White Mountains Partners has acquired a majority interest in Enterprise Electric, LLC, a leading provider of specialty electrical contracting services, founded in 2003 and headquartered in Nashville, Tennessee [1][2] - Enterprise Solutions specializes in designing, engineering, prefabricating, and installing electrical infrastructure for various commercial and institutional markets, including healthcare, manufacturing, education, and data centers [1][3] - The acquisition is seen as a strategic move for White Mountains Partners to extend its long-term, value-oriented approach into attractive sectors beyond insurance [2][4] Company Overview - Enterprise Solutions is characterized as an electrical engineering and construction merit shop, providing a comprehensive range of services from electrical design and construction to fabrication and sustainability [3] - The company has built a strong reputation for innovative solutions and efficient execution of technically complex projects [2] Strategic Intent - The partnership aims to accelerate Enterprise Solutions' growth strategy by entering new geographies, expanding into adjacent markets, and executing bolt-on acquisitions [2] - White Mountains Partners is focused on providing institutional capital to family, founder, and entrepreneur-owned businesses in essential services, light industrial, and specialty consumer sectors [4]