[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]

Company Overview - Waratah Minerals (ASX:WTM) has 234 million shares on issue[6] - The share price was A$0.29 as of July 17, 2025, resulting in a market capitalization of A$67.7 million[6] - The company had A$9 million in cash at bank as of May 27, 2025[6] - Board and Management hold 11.2% of the fully diluted shares[6] - Top 20 shareholders own 50.7% of the company[6] Spur Project Highlights - The Spur Gold-Copper Project is located in the Cadia-Spur district, surrounded by major mining companies[12, 14] - The project has a district-scale land position and untapped geological potential[12, 15] - The company has a clear exploration strategy targeting wallrock-hosted epithermal-porphyry settings[20] - 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] - Extensive shallow epithermal gold has been identified at surface[28] - Porphyry Cu-Au mineralization has been intersected at Breccia West, including 84m @ 0.62% CuEq, 0.40% Cu, 0.26g/t Au from 29m (BZD001)[42, 46] Investment Highlights - The company is exploring for world-class gold-copper deposits[3] - The company has an experienced team with a track record of discovery[3, 7] - The company is strategically positioned in a major gold-copper district[3] - The company has achieved discovery 'Proof of Concept' with epithermal-porphyry gold-copper mineralization[3]

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.

Financial Performance - White Mountains grew Adjusted Book Value Per Share (ABVPS) by 8% in 2024, reaching $1,834, but fell short of its target of 11%[11] - The company's total capital stood at $58 billion as of 1Q25, with $05 billion in undeployed capital, representing 9% of total capital[17] - The investment portfolio totaled $48 billion as of 1Q25, comprising $23 billion in policyholder funds and $25 billion in shareholder funds[74] Key Operating Businesses - Ark/WM Outrigger achieved a combined ratio of 83% in 2024 and grew Tangible Book Value by 28%[27] - Kudu has deployed over $1 billion of gross capital into 28 managers, with a goal of $150 million in annual deployments[41] - Bamboo MGA's Adjusted EBITDA reached $53 million in 2024, more than 7 times the previous year, and managed premiums grew to $484 million, more than double year-over-year[56] HG Global/BAM - HG Global experienced a 6% growth in Adjusted Book Value in 2024[50] - BAM's total premiums were $136 million, up 4% year-over-year, while par insured reached $20 billion, a 26% increase[50] MediaAlpha - MediaAlpha's transaction value reached $15 billion in 2024, up 25 times year-over-year, with Adjusted EBITDA of $96 million, a 35 times increase[63]

HAMILTON, Bermuda, May 19, 2025 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) will hold its Annual Investor Information Meeting on: Date: Friday, 6 June, 2025 Time: 10:00 a.m. (Eastern Time) Location: Mandarin Ballroom, 36th Floor Mandarin Oriental Hotel 80 Columbus Circle at 60th Street New York NY 10023 Investors and other interested parties can participate either in person or via Webcast. Manning Rountree, CEO, said, "We will discuss White Mountains's operations and our outlook for th ...

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].