WHITE MOUNTAINS INSURANCE GROUP, LTD.

White Mountains Insurance Group, Ltd. is an exempted Bermuda limited liability company that acquires and operates businesses and assets in the insurance, financial services, and related sectors, with the intent to dispose of them when attractive exit valuations are available. As of December 31, 2025, White Mountains primarily operated in five areas: property and casualty insurance and reinsurance, municipal bond guarantee reinsurance, capital solutions for asset and wealth management firms, specialty insurance distribution, and other operations. Its property and casualty insurance and reinsurance business is conducted through Ark Insurance Holdings Limited and its subsidiaries (Ark) and Outrigger Re Ltd. Segregated Account 2023-1 (WM Outrigger Re). The municipal bond guarantee reinsurance business operates through HG Global Ltd. and its reinsurance subsidiary HG Re Ltd. (HG Global). White Mountains provides capital solutions for asset and wealth management firms via Kudu Investment Management, LLC and its subsidiaries (Kudu). Its specialty insurance distribution business is conducted through WM Phoenix Parent, L.P. and its subsidiaries, operating as Distinguished Programs (Distinguished). The company's headquarters is in Hamilton, Bermuda, and its principal executive office is in Hanover, New Hampshire.