WHITE MOUNTAINS INSURANCE GROUP LTD

White Mountains Insurance Group reported a significant increase in net income attributable to common shareholders for Q2 2026 to $199.5 million, up from $122.9 million in Q2 2025, with basic EPS rising to $80.58. Year-to-date net income also increased to $172.3 million. Total revenues for Q2 2026 grew to $844.6 million. However, the company reported negative operating cash flow of $25.0 million for the first six months of 2026, compared to positive cash flow in the prior year. The company also completed the sale of the Bamboo Group and made acquisitions of Distinguished and Basesix.

White Mountains Insurance Group reported strong second quarter 2026 results, with book value per share increasing 4% to $2,258. Comprehensive income attributable to common shareholders rose to $199 million, driven by significant net realized and unrealized investment gains. The company repurchased $191 million in shares and deployed $132 million into new acquisitions for WTM Partners, while Ark and Kudu segments also showed robust performance.

White Mountains Insurance Group Ltd. held its 2026 Annual General Meeting on May 21, 2026. Shareholders re-elected four Class II Directors to terms ending in 2029 and approved the advisory resolution on executive compensation with 98% of votes cast in favor. Additionally, PricewaterhouseCoopers LLP was approved as the Company's Independent Registered Public Accounting Firm for 2026. Steven M. Yi also concluded his tenure as a director, not standing for re-election.

White Mountains' direct subsidiary, HG Global Ltd. (HGG), completed a private placement of $200 million fixed rate senior secured notes. The proceeds will be used to repay HGG's existing $150 million floating rate term loan, cover associated fees, and fund a dividend to White Mountains and other HGG equity holders. This refinancing replaces debt with a 9.93% floating rate with new notes at a fixed rate of 7.39% maturing in 2036.

White Mountains Insurance Group reported a net loss attributable to common shareholders of $27.2 million, or $(12.59) per share, for the first quarter of 2026, a significant decline from net income of $33.9 million, or $13.19 per share, in the same period last year. Total revenues decreased to $517.8 million, while total expenses rose to $543.3 million. The company's results were impacted by the sale of the Bamboo Group in December 2025, which contributed an incremental gain of $2.4 million in Q1 2026, and the acquisition of Distinguished in September 2025, which added $40.3 million in revenues.

White Mountains Insurance Group reported a 1% decrease in book value per share to $2,170 for Q1 2026. The company posted a comprehensive loss of $(27) million, primarily due to a $(65) million unrealized investment loss from MediaAlpha. Despite this, the Ark/WM Outrigger segment improved its combined ratio to 91%, and Kudu's adjusted EBITDA grew to $17 million. The company also deployed $125 million into Bishop Street Underwriters and announced two Q2 acquisitions by WTM Partners.