White Mountains Insurance Group, Ltd. (WTM): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the actual engine driving White Mountains Insurance Group, Ltd. (WTM), and honestly, it's not just an insurer; it's a highly disciplined capital allocator. After two decades analyzing these structures, I see WTM as a machine that uses its $4.8 billion common shareholders' equity as of September 30, 2025, to opportunistically buy and back niche businesses-think specialty P&C via Ark or asset managers through Kudu-rather than just underwriting risk. We'll break down how this focus on high-quality, opportunistic acquisitions, which generated a 4.5% consolidated portfolio return in 1H 2025, defines their entire strategy, from their key partnerships with firms like Aquiline Capital Partners to their unique revenue streams from fee income and investment gains. Dive in below to see the full nine-block map of how they turn capital into shareholder value.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Key Partnerships

You're looking at the structure of White Mountains Insurance Group, Ltd.'s key alliances as of late 2025. These partnerships are crucial for capital deployment, risk management, and platform growth across their diverse portfolio.

Aquiline Capital Partners: This firm remains a partner following White Mountains Insurance Group, Ltd.'s acquisition of a majority stake in Distinguished Programs. Aquiline Capital Partners, the former controlling equityholder, will retain a significant minority stake in Distinguished Programs after the transaction closes in Q3 2025.

Reinsurance Partners: The relationship with reinsurance partners is formalized through the WM Outrigger Re sidecar, which supports White Mountains Insurance Group, Ltd.'s subsidiary, Ark Bermuda. For the 2025 calendar year, this sidecar secured $230 million in total investor capital. White Mountains Insurance Group, Ltd.'s own capital commitment toward the 2025 underwriting year was $150 million, an increase from its $130 million investment in 2024. Through September 30, 2025, the WM Outrigger Re segment generated $40 million in pre-tax income from the 2025 underwriting year.

The scale of the reinsurance activity supported by these partners can be seen in the gross written premiums for the Ark/WM Outrigger segment:

Metric	Q3 2025	First Nine Months 2025
Gross Written Premiums	$366 million	Approximately $2.29 billion
Net Written Premiums	$287 million	$1.51 billion

Boutique Asset Managers: White Mountains Insurance Group, Ltd. supports these firms through its subsidiary, Kudu Investment Management, LLC. Kudu provides capital solutions, generally structured as minority preferred equity stakes with distribution rights tied to gross revenues. On January 14, 2025, White Mountains Insurance Group, Ltd. backed Kudu's passive, minority investment in Homestead Capital USA LLC, a U.S. farmland asset manager. As of September 30, 2025, White Mountains Insurance Group, Ltd. owned 91.2% of Kudu's basic units outstanding. Kudu's performance in Q1 2025 showed:

• Total revenues of $64 million.
• Pre-tax income of $53 million.
• Adjusted EBITDA of $16 million.

Insurance Carriers: These are the underlying carriers for the Managing General Agent (MGA) and Program Administrator business, such as Distinguished Programs. Distinguished Programs places over $550 million in annual premiums across its portfolio. Ark, another key operation, underwrites coverages through specific syndicates and entities, including:

• Lloyd's Syndicates 4020 and 3902.
• Additional Central Settlement Number 3832.
• Group Ark Insurance Limited in Bermuda.

Ark's gross written premiums in Q1 2025 were $1.1 billion, and in Q2 2025, they reached $815 million.

BroadStreet Partners: White Mountains Insurance Group, Ltd. closed a transaction with BroadStreet Partners in July 2025. This followed a strategic investment of $150 million completed on July 18, 2025. BroadStreet Partners is a middle-market insurance brokerage.

The key investment details for the major distribution/MGA partnerships are summarized below. This defintely shows where capital is being actively deployed.

Partner Entity	Transaction Type	Investment/Stake Size	WTM Ownership Post-Transaction
BroadStreet Partners	Strategic Investment	$150 million	Not specified as majority/minority control
Distinguished Programs	Majority Stake Acquisition	$230 million for 50% stake	51% controlling interest

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Key Activities

You're looking at the core engine of White Mountains Insurance Group, Ltd. (WTM) right now, focusing on what they actually do with their capital and underwriting capacity as of late 2025. It's all about deploying capital opportunistically, managing specialty risks, and generating investment income.

Opportunistic Capital Deployment

White Mountains Insurance Group, Ltd. continues to use its capital to acquire or invest in businesses that fit its specialty distribution and underwriting model. The company entered into an agreement to acquire a majority stake in Distinguished Programs, an MGA and program administrator for specialty property & casualty insurance, for a transaction valued at $230 million. This deal, expected to close in the third quarter of 2025, will bring White Mountains Insurance Group, Ltd.'s ownership in Distinguished Programs to a controlling 51% interest, up from the approximately 1% already held. This reflects a strategy of investing in specialty distribution platforms, particularly MGAs operating in niche segments. As of March 31, 2025, the company maintained a robust undeployed capital position of roughly $550 million. Furthermore, the company signed a definitive agreement on October 3, 2025, to sell a controlling interest in Bamboo, valuing it at $1.75 billion, expecting net cash proceeds of approximately $840 million.

Specialty Underwriting and Municipal Bond Reinsurance

The specialty underwriting activity is primarily managed through the Ark/WM Outrigger segment. This segment is key for managing property and casualty insurance and reinsurance risks. The activity also includes providing credit protection via HG Global and managing the BAM surplus notes related to municipal bonds. The fair value of the BAM surplus notes stood at $389 million as of March 31, 2025. HG Global reported pre-tax income of $25 million in the first quarter of 2025, with gross written premiums of $7 million in that same quarter.

Here's a look at the performance metrics for the specialty underwriting operations through the first nine months of 2025:

Metric	Ark/WM Outrigger (9M 2025)	Ark (9M 2025)	WM Outrigger Re (9M 2025)
Combined Ratio	83%	84%	63%
Gross Written Premiums (GWP)	Approximately $2.29 billion	$2.29 billion	$84 million
Net Earned Premiums	$1.20 billion	$1.20 billion	$63 million

The first half of 2025 saw catastrophe losses of $19 million net of reinstatement premiums related to the California wildfires.

Investment Portfolio Management and Capital Solutions

Generating returns from the investment portfolio is a central activity, managed by White Mountains Advisors. The total consolidated portfolio return for the first six months of 2025 was 4.5%. Excluding the impact of MediaAlpha, the total consolidated portfolio return for the first six months of 2025 was 4.7%.

The capital solutions activity is executed through Kudu Investment Management, which provides permanent capital solutions. Kudu's activity in the first half of 2025 included:

• Total revenues of $84 million.
• Pre-tax income of $64 million.
• Adjusted EBITDA of $32 million.

For the second quarter of 2025 specifically, Kudu reported total revenues of $20 million and pre-tax income of $11 million. White Mountains Insurance Group, Ltd. backed Kudu's passive, minority investment in Homestead Capital USA LLC on January 14, 2025. White Mountains Insurance Group, Ltd. had previously agreed to contribute an additional $50 million of equity capital to Kudu in May 2022.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Key Resources

You're looking at the core assets White Mountains Insurance Group, Ltd. (WTM) relies on to execute its strategy as of late 2025. These aren't just line items; they are the actual financial muscle and operational platforms driving the business.

Strong Capital Base

The foundation of White Mountains Insurance Group, Ltd.'s operations is its significant capital position, which allows for both underwriting capacity and strategic investment.

• Common shareholders' equity stood at $4.8 billion as of September 30, 2025.
• Total assets were approximately $12.0 billion at the same date.
• Book value per share was $1,851 as of September 30, 2025.

Undeployed Capital

This is the readily available cash earmarked for growth through acquisitions or other capital deployment activities. It signals immediate strategic flexibility.

• Approximately $300 million in undeployed capital was available following recent deployments as of August 2025.
• This figure followed the closing of the transaction with BroadStreet Partners and the announcement of the Distinguished Programs acquisition in July 2025.

Portfolio of Subsidiaries

White Mountains Insurance Group, Ltd. operates through a collection of specialized businesses, each contributing to the overall financial profile. The recent acquisition of a majority stake in Distinguished Programs is a key addition.

Here's a snapshot of some key operating segments and recent activity:

Subsidiary/Segment	Key Metric/Status (2025 Data)	Financial Detail
Ark	Gross Written Premiums (Q2 2025)	$815 million
Ark/WM Outrigger	Combined Ratio (Q2 2025)	85%
HG Global	Gross Written Premiums (Q2 2025)	$19 million (a record second quarter)
Distinguished Programs	Acquisition Stake/Cost	51% controlling interest for approximately $230 million in cash
Kudu	GAAP Return on Equity (First Six Months 2025)	8%

Investment Expertise

The management of the consolidated investment portfolio is a critical resource, aimed at generating returns to supplement underwriting profits. While you mentioned White Mountains Advisors, the tangible results reflect this expertise.

• The total consolidated portfolio return for the second quarter of 2025 was 2.7%.
• Excluding the investment in MediaAlpha, the total consolidated portfolio return for Q2 2025 was 2.3%.
• For the first six months of 2025, the total consolidated portfolio return was 4.5%.

Technology Platforms

Data-enabled underwriting capabilities are embedded within the subsidiaries, supporting profitable risk selection in niche areas. This is a clear strategic asset.

• Bamboo, the P&C Insurance Distribution segment, exemplifies this with its technology-enabled underwriting platform.
• Bamboo saw its premiums surge 63% year-over-year to $147 million in Q1 2025.

Finance: draft the Q3 2025 investment portfolio performance summary by next Tuesday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Value Propositions

Disciplined Capital Allocation: Focus on high-quality, opportunistic acquisitions for shareholder value.

White Mountains Insurance Group, Ltd. (WTM) emphasizes deploying capital into what management views as high-quality, opportunistic investments. The company made new capital deployments into BroadStreet Partners and Enterprise Solutions during 2025. Furthermore, the company repurchased and retired 5,097 of its common shares for $10 million at an average share price of $1,945.06. Following the announced sale of a control stake in Bamboo, the undeployed capital position is expected to increase from roughly $0.3 billion to $1.1 billion.

Niche Market Specialization: Expertise in specialty P&C, municipal bond reinsurance, and asset manager finance.

The value proposition is heavily weighted toward specialized, often less correlated, business lines. The specialty P&C and reinsurance arm, Ark, posted a 76% combined ratio for the third quarter of 2025. For the first nine months of 2025, Ark's gross written premiums reached $2.3 billion. The WM Outrigger Re segment, supporting Ark's underwriting with collateralized reinsurance, reported a 38% combined ratio in the third quarter of 2025. The company also closed its $224 million acquisition of Distinguished, a specialty managing general agent and programme administrator, on September 2, 2025.

The following table details key performance metrics from the specialty and investment-related segments as of late 2025:

Segment/Metric	Period End Date	Financial/Statistical Number
Ark Combined Ratio	Q3 2025	76%
Ark Gross Written Premiums	Q3 2025	$366 million
WM Outrigger Re Pre-Tax Income (Current Underwriting Year)	September 30, 2025	$40 million
Outrigger Re Investor Capital Secured (2025)	January 1, 2025	$230 million
Kudu Trailing 12-Month Return on Equity	Q3 2025	9%
Kudu Pre-Tax Income (First Six Months 2025)	June 30, 2025	$64 million

Stable Capital Partner: Providing long-term, non-controlling capital to asset management firms (Kudu).

White Mountains Insurance Group, Ltd. provides capital through its Kudu investment management unit. Kudu produced a 9% return on equity on a trailing 12-month basis as of the third quarter of 2025. For the first six months of 2025, Kudu reported total revenues of $84 million and pre-tax income of $64 million. The fair value of Kudu's portfolio of participation contracts grew during the period.

Financial Strength: Excellent balance sheet with total assets of approximately $12.0 billion.

The company maintains a strong balance sheet position as of the end of the third quarter of 2025. White Mountains has total assets of approximately $12.0 billion as of September 30, 2025. Common shareholders' equity stood at $4.8 billion on the same date. The reported book value per share was $1,851 as of September 30, 2025.

The company's consolidated investment portfolio, excluding MediaAlpha, was up 2.0% in the third quarter of 2025.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Customer Relationships

You're looking at how White Mountains Insurance Group, Ltd. (WTM) manages its connections with the entities it works with, which are primarily institutional and partnership-based.

Partnership-Driven: Kudu's Model

The relationship with Kudu Investment Management, LLC, which provides permanent capital solutions to asset and wealth managers, is a prime example of a strategic, long-term partnership. White Mountains Insurance Group, Ltd. continues to back Kudu, welcoming MassMutual as an equity investor alongside them in May 2022. White Mountains Insurance Group, Ltd. agreed to contribute an additional $50 million of equity capital to Kudu in May 2022. Following that transaction, White Mountains Insurance Group, Ltd.'s equity ownership in Kudu decreased from 99% to 89%. As of March 31, 2022, Kudu-affiliated asset and wealth managers collectively invested $65 billion on behalf of investors.

Here's a snapshot of the capital structure supporting this partnership:

Metric	Value	Date/Context
Additional Equity Capital Contributed by WTM to Kudu	$50 million	May 2022
WTM Equity Ownership in Kudu Post-Transaction	89%	May 2022
Assets Managed by Kudu-Affiliated Managers	$65 billion	As of March 31, 2022

Institutional B2B

White Mountains Insurance Group, Ltd. engages directly with large institutional counterparties through its reinsurance and insurance distribution segments. The HG Global/BAM segment, for instance, services clients by providing insurance on municipal bonds used to finance public works like schools and transportation facilities. The reinsurers and specialty underwriters form the core of these business-to-business relationships.

We see the scale of these relationships reflected in the gross written premiums reported by key subsidiaries:

• Ark/WM Outrigger reported gross written premiums of $815 million for the second quarter of 2025.
• HG Global generated gross written premiums of $19 million in the second quarter of 2025.
• Ark produced a combined ratio of 76% in Q3 2025 and 85% in Q2 2025.

Managed Autonomy

A key element of White Mountains Insurance Group, Ltd.'s operational relationship is granting significant operational freedom to its subsidiary management teams. The CEO noted sound results from the operating companies, suggesting management teams are leading day-to-day execution. This structure allows specialized teams to focus on their respective markets.

The performance indicators from these autonomous units show their operational focus:

• Bamboo reported a record quarter with significant growth in adjusted EBITDA.
• MediaAlpha's share price increased 19% in Q2 2025, generating a $31 million mark-to-market gain for White Mountains Insurance Group, Ltd. in that quarter.

Investor Relations

Managing confidence with shareholders is critical, especially given the company's strategy of opportunistic acquisitions and capital deployment. A concrete action to manage this relationship was the announcement of a significant capital return program in late 2025. White Mountains Insurance Group, Ltd. commenced a modified Dutch auction self-tender offer to purchase up to $300 million in value of its common shares. The offer price range was set between $1,850 and $2,050 per share, with an expiration date of December 19, 2025.

The context for this capital deployment is important:

• Book value per share (BVPS) was $1,851 as of September 30, 2025.
• The expected impact from the sale of approximately 77% of Bamboo adds about $325 per share, projecting a pro forma BVPS of $2,176 as of September 30, 2025.
• The share repurchase offer, if fully subscribed at the low end of $1,850, could buy approximately 162,162 shares (about 6.4% of outstanding shares).
• Institutional investors held approximately 88.65% of the company's stock as of November 2025.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Channels

You're looking at how White Mountains Insurance Group, Ltd. (WTM) gets its products and services to the market, which is a mix of direct operations, partnerships, and capital deployment. It's defintely not a one-size-fits-all approach.

Direct Operating Subsidiaries form the core of the underwriting channel, moving risk onto the balance sheet through their own operations.

The Ark/WM Outrigger segment showed significant premium flow through the first half of 2025. For the second quarter of 2025, Gross Written Premiums (GWP) hit $815 million, contributing to a first-six-months GWP total of $1,923 million. The segment achieved a combined ratio of 85% for Q2 2025. Catastrophe losses in the first six months of 2025, including those from the California wildfires, totaled $19 million net of reinstatement premiums. HG Global, another direct operation, posted Q2 2025 GWP of $19 million, following Q1 2025 GWP of $7 million.

The channels for these direct operations can be summarized by their recent performance metrics:

• Ark/WM Outrigger Q2 2025 GWP: $815 million
• Ark/WM Outrigger First Six Months 2025 GWP: $1,923 million
• Ark/WM Outrigger Q2 2025 Combined Ratio: 85%
• HG Global Q2 2025 GWP: $19 million

Program Administrators (MGAs) represent a key distribution partnership channel, exemplified by the recent acquisition activity.

White Mountains Insurance Group, Ltd. entered an agreement in July 2025 to acquire a 51% controlling interest in Distinguished Programs for $230 million. Distinguished Programs is an MGA and program manager placing in excess of $550 million in annual premiums. This transaction, expected to close in Q3 of 2025, immediately expands WTM's reach through an established MGA platform.

Here's a look at the scope of the Distinguished Programs channel as of the July 2025 agreement:

Metric	Value
Acquisition Stake Percentage	51%
Acquisition Cost	$230 million
Annual Premiums Placed (In Excess Of)	$550 million
Portfolio Programs Count	12 specialty property and casualty programs

Reinsurance Brokers provide essential access to the global reinsurance market for risk placement, which supports the capacity and structure of the direct underwriting subsidiaries like Ark/WM Outrigger. While the specific broker fees or volume placed through this channel aren't itemized separately, this access is fundamental to managing the net retained risk profile.

Direct Investment Team activities, primarily executed through Kudu Investment Management, serve as a channel for deploying capital into private market solutions, which then generates fee and investment income that flows back to White Mountains Insurance Group, Ltd.

For the second quarter of 2025, Kudu contributed $20 million in revenue and $11 million in pre-tax income, with an Adjusted EBITDA of $16 million. Looking at the first six months of 2025, Kudu generated total revenues of $84 million and pre-tax income of $64 million, with an Adjusted EBITDA of $32 million. The fair value of Kudu's portfolio grew 4% on a same store basis in the trailing twelve months as of Q1 2025. Following recent deployments, White Mountains' undeployed capital stood at roughly $300 million as of August 7, 2025, ready for sourcing and executing further capital solutions deals.

Kudu's financial contribution channel metrics for the first six months of 2025 include:

• Total Revenues: $84 million
• Pre-tax Income: $64 million
• Adjusted EBITDA: $32 million

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Customer Segments

You're looking at the core client groups White Mountains Insurance Group, Ltd. (WTM) serves across its distinct operating segments as of late 2025. The business model clearly segments its focus, from providing capital to asset managers to offering specialized insurance capacity.

Boutique Asset and Wealth Management Firms: Seeking generational ownership and growth capital

This customer segment is primarily served by the Kudu segment. Kudu provides capital solutions for these firms for specific needs like generational ownership transfers and acquisition/growth finance. As of the first quarter of 2025, Kudu reported total revenues of $64 million. On a trailing 12 months basis leading up to Q1 2025, the segment's return on equity increased to 13%, and its annualized adjusted EBITDA increased by 7% to $65 million.

Public Entities/Municipalities: Issuers of public purpose bonds requiring credit enhancement

The HG Global/BAM segment targets this group by providing reinsurance, specifically focusing on single risk limits for public investment grade municipal bonds used to finance projects like schools, utilities, and transportation facilities. For the second quarter of 2025, HG Global recorded gross written premiums of $19 million, marking a record quarter for that period. This compares to $7 million in gross written premiums reported in the first quarter of 2025.

Specialty Commercial Clients: Businesses needing P&C coverage for complex risks (e.g., Cyber, Commercial Real Estate)

The Ark/WM Outrigger segment addresses the need for property and specialty insurance and reinsurance capacity. For the second quarter of 2025, Ark produced $815 million in gross written premiums, which was up 17% year-over-year. The combined ratio for Ark in Q2 2025 improved to 85%. WM Outrigger Re, part of this structure, reported gross written premiums of $43 million in the second quarter of 2025.

Ceding Insurers: Companies seeking reinsurance capacity for property and specialty risks

This group relies on White Mountains Insurance Group, Ltd. through its reinsurance offerings, largely within the Ark/WM Outrigger segment. The segment's gross written premiums for the first six months of 2025 reached $1,923 million, up from $1,569 million in the first six months of 2024. The net earned premiums for the first six months of 2025 were $722 million.

Here's a quick look at the scale of the operations supporting these segments as of September 30, 2025, and key segment performance metrics from mid-2025.

Metric	Value as of September 30, 2025	Segment/Period Reference
Total Assets	$12.0 billion	Consolidated
Common Shareholders' Equity	$4.8 billion	Consolidated
Book Value Per Share	$1,851	As of September 30, 2025
Undeployed Capital	Approximately $300 million	Following July 2025 Acquisitions

The insurance operations show significant premium volume, which directly relates to the volume of business flowing from specialty commercial clients and ceding insurers.

• Ark Q2 2025 Gross Written Premiums: $815 million
• Ark First Six Months 2025 Gross Written Premiums: $1,923 million
• Bamboo First Six Months 2025 Managed Premiums: $338 million
• HG Global Q2 2025 Gross Written Premiums: $19 million

To be defintely clear on the financial health supporting these customer relationships, the consolidated portfolio return for the first six months of 2025 was 4.5%, or 4.7% excluding the MediaAlpha investment.

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Cost Structure

You're analyzing the cost base for White Mountains Insurance Group, Ltd. (WTM) as of late 2025. The structure is heavily weighted toward claims, which is typical for a property and casualty reinsurer, but there's also significant cost coming from its growing non-insurance operations.

Loss and Loss Adjustment Expenses (LAE) represent the primary cost driver for the insurance segments like Ark/WM Outrigger. For the first quarter of 2025, total expenses in this category rose to $505.4 million. This cost is managed through strong underwriting discipline, as evidenced by Ark posting a 94% combined ratio in Q1 2025, though WM Outrigger Re's ratio was significantly higher at 166% due to catastrophe losses, including those from the January 2025 California wildfires.

Acquisition Expenses are the costs associated with securing new insurance business, primarily commissions and fees. For the first six months of 2025, the Financial Guarantee (HG Global) segment reported $3.9 million in acquisition expenses.

General and Administrative (G&A) Costs cover the operational overhead at the holding company level and across subsidiaries. For the Other Operations segment, G&A expenses were $36 million in the first quarter of 2025, down from $50 million in Q1 2024, largely due to lower incentive compensation costs. However, for the second quarter of 2025, G&A expenses for Other Operations climbed to $54 million, reflecting transaction-related costs associated with the acquisition of Enterprise Solutions.

Investment Management Costs are less explicitly detailed as a single line item, but the performance of Kudu Investment Management gives insight into the costs associated with managing alternative assets. For the second quarter of 2025, Kudu contributed $11 million in pre-tax income on $20 million in revenue.

Cost of Sales is a notable expense within the Other Operations segment, which has grown due to recent acquisitions like Enterprise Solutions. For the first six months of 2025, Other Operations reported a Cost of Sales of $50 million. This compares to just $15 million for the same period in 2024.

Here's a quick look at some of the key, period-specific cost figures we have for White Mountains Insurance Group, Ltd. as of mid-2025:

Cost Category	Period	Amount (USD)
Loss and Loss Adjustment Expenses (LAE)	Q1 2025	$505.4 million
Cost of Sales (Other Operations)	First Six Months of 2025	$50 million
General and Administrative (Other Operations)	Q2 2025	$54 million
Acquisition Expenses (HG Global)	First Six Months of 2025	$3.9 million

The growth in Cost of Sales in the Other Operations segment is definitely something to watch, as it rose from $15 million in H1 2024 to $50 million in H1 2025, driven by the Enterprise Solutions acquisition.

The structure of these costs highlights a dual focus for White Mountains Insurance Group, Ltd.:

• Managing core insurance risk costs, primarily LAE.
• Absorbing operational and acquisition-related costs in its growing non-insurance ventures.
• Generating revenue through fee-based models, as seen with Bamboo's commission and fee revenues reaching $44 million in Q1 2025.

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Revenue Streams

You're looking at how White Mountains Insurance Group, Ltd. (WTM) converts its operations into actual dollars coming in the door. It's a mix of insurance underwriting, investment management, and fee-based services, which is typical for this sector.

The overall picture shows significant scale, with the Total Trailing 12-Month Revenue reported as $2.49 billion as of September 30, 2025. This TTM figure gives you a good sense of the annualized run rate leading into the end of the year.

Here's a quick look at the major components contributing to revenue during the first half of 2025 (1H 2025), which helps map out the primary drivers:

Revenue Component	Amount (1H 2025)
Gross Written Premiums (GWP) Contribution	Approx. $1.923 billion
Kudu Total Revenues	$84 million
Net Realized/Unrealized Investment Gains	$45 million

Gross Written Premiums (GWP)

The core insurance operations, primarily through Ark/WM Outrigger, drive the largest top-line number. Ark/WM Outrigger GWP was $1.923 billion in the first six months of 2025. To give you a bit more granularity on that, Ark alone wrote $1.1 billion of GWP in the first quarter of 2025, and then added another $815 million in the second quarter of 2025. That underwriting activity is the foundation.

Investment Income and Gains

Investment results are a crucial, though sometimes volatile, part of the revenue mix. For the first half of 2025, the net realized/unrealized investment gains component specifically amounted to $45 million. This figure reflects market movements in the portfolio, separate from the regular investment income earned on assets.

Fee and Commission Income

You see revenue flowing in through services provided by subsidiaries. Distinguished Programs, for example, earns commissions directly on the premiums it places with reinsurers or other partners. This stream provides a more consistent, fee-based offset to the underwriting and investment results.

Capital Solutions Revenue

The capital solutions segment, managed by Kudu Investment Management, is another distinct revenue source. Kudu generated total revenues of $84 million in the first six months of 2025. This revenue is driven by fees and participation in investment returns from the capital deployed through Kudu's various strategies.

Finance: draft 13-week cash view by Friday.