WHITE MOUNTAINS INSURANCE GROUP LTD Q1 FY26 Results

Book value per share ended the quarter at $2,170, down roughly 1% from year-end. Solid operating results were more than offset by a mark-to-market decline in our investment in MediaAlpha. Ark posted a 91% combined ratio and generated $1.1 billion of gross written premiums. Kudu grew adjusted EBITDA and produced a 12% return on equity on a trailing 12 months basis. HG Global assumed $8 million of gross written premiums and grew book value by 2%. Distinguished grew managed premiums by 7% year-over-year and has now launched four new programs since our acquisition. Excluding MediaAlpha, the investment portfolio returned 1.0%, ahead of benchmarks, with modest gains in both equities and fixed income. In February, we deployed $125 million of capital into Bishop Street Underwriters and more recently announced two acquisitions by WTM Partners. Including these deployments, undeployed capital is roughly $0.8 billion.

We are off to a good start in 2026, producing a combined ratio of 91% and gross written premiums of $1.1 billion. Market conditions continue to soften, but we still see opportunities to drive profitable growth, including through the addition of new teams and classes of business.

Despite heightened volatility in global financial markets, Kudu delivered a solid first quarter that reflects both the resilience of our portfolio and investment discipline. We closed one new deal in the quarter and continue to pursue an active pipeline.

HG Global had a strong start to the year, with gross written premiums increasing 24% during the first quarter. The growth in written premiums was driven primarily by an increase in primary market activity and secondary market pricing.

Distinguished had a flattish quarter. Overall ScaleCo growth was muted, with strong premium growth in the environmental program offset by a decline in the umbrella program amid continued market pressure. During the quarter, we continued to execute well on our inorganic de novo build strategy, launching one new program. We also continue to invest in technology and talent across the platform to drive organic growth over the medium-term.

Excluding MediaAlpha, the total portfolio returned 1.0% in the quarter. Absolute and relative results were solid amid challenging financial markets. The fixed income portfolio returned 0.5%, ahead of the longer-duration Bloomberg Intermediate Aggregate Index return of 0.1%. Excluding MediaAlpha, the equity portfolio returned 1.6%, ahead of the S&P 500 Index return of -4.3%. Relative results were driven by gains from our portfolio of other long-term investments.”