White Mountains Insurance Group has recently released its 10-K report, providing a detailed look at the company's performance and financials. White Mountains Insurance Group, Ltd. operates through four segments: Ark/WM Outrigger, HG Global, Kudu, and Bamboo. The Ark/WM Outrigger segment offers insurance and reinsurance products, while HG Global provides reinsurance to BAM, focusing on single risk limits for small-to-medium sized, and public investment grade municipal bonds. Kudu offers capital solutions for boutique asset and wealth managers, and Bamboo operates a tech* and data-enabled insurance distribution platform for homeowners' insurance.
In the year ended December 31, 2025, White Mountains reported a book value per share of $2,188, representing a 25% increase for the year, including dividends. Comprehensive income attributable to common shareholders was $1,109 million in 2025, largely driven by the net gain on the sale of the Bamboo Group, compared to $230 million in 2024. The company completed the sale of a controlling financial interest in the Bamboo Group to affiliates of funds advised by CVC, resulting in net cash proceeds at closing of $848 million. White Mountains also closed its transaction to acquire a controlling financial interest in Distinguished, a full-service MGA and program administrator for specialty property & casualty insurance, among other strategic transactions.
The Ark/WM Outrigger segment's combined ratio was 81% in 2025, compared to 82% in 2024. Ark reported gross written premiums of $2,557 million, net written premiums of $1,812 million, and net earned premiums of $1,697 million in 2025. Ark's pre-tax income was $310 million in 2025, compared to $299 million in 2024. Ark's results included net realized and unrealized investment gains of $125 million in 2025, compared to $50 million in 2024. HG Global reported pre-tax income of $45 million in 2025, compared to a loss of $(66) million in 2024, with total gross pricing at 194 basis points in 2025.
Kudu reported total revenues of $183 million, pre-tax income of $140 million, and adjusted EBITDA of $65 million in 2025, compared to total revenues of $119 million, pre-tax income of $81 million, and adjusted EBITDA of $55 million in 2024. Bamboo reported commission and fee revenues of $211 million and pre-tax income of $40 million in the period from January 1, 2025, through December 5, 2025, the date of sale. Managed premiums for Bamboo were $705 million in the same period, representing growth in the renewal book and new business volume.
As of December 31, 2025, White Mountains owned 17.9 million shares of MediaAlpha, representing a 27.4% basic ownership interest based on the total class A and class B common shares outstanding. The carrying value of White Mountains's investment in MediaAlpha was $231 million as of December 31, 2025. White Mountains's total consolidated portfolio return on invested assets was 9.1% in 2025, including unrealized investment gains from its investment in MediaAlpha.
In the year ended December 31, 2024, White Mountains ended with a book value per share of $1,746, representing a 6% increase for the year, including dividends. Comprehensive income attributable to common shareholders was $230 million in 2024, compared to $511 million in 2023. Results in 2024 were driven primarily by solid results from White Mountains's operating businesses and good returns in the investment portfolio.
The 10-K report provides a comprehensive view of White Mountains Insurance Group's financial performance and strategic transactions, offering insights into the company's growth and profitability in the insurance and financial services industry. As a result of these announcements, the company's shares have moved -0.27% on the market, and are now trading at a price of $2056.36. For the full picture, make sure to review WHITE MOUNTAINS INSURANCE GROUP's 10-K report.
