Business Context and Reporting Period
Company: White Mountains Insurance Group, Ltd.
Filing Type: Form 8-K (Current Report)
Date of Report: November 6, 2025
Reporting Period: Three and nine months ended September 30, 2025.
Context: This filing announces the release of financial results for the specified periods via a press release (Exhibit 99.1). The report details the use of various non-GAAP financial measures to evaluate the performance of specific subsidiaries: Kudu, Bamboo, and Distinguished.
Key Financial Metrics
The filing provides specific reconciliation data for non-GAAP measures but does not contain consolidated GAAP revenue, net income, or cash flow figures for the parent company in the text provided.
Bamboo MGA Pre-Tax Income (Loss)
| Period | 2025 (Millions) | 2024 (Millions) |
|---|---|---|
| Three Months Ended Sept 30 | $14.9 | $13.6 |
| Nine Months Ended Sept 30 | $40.1 | $20.9 |
Note: These figures exclude the results of the Bamboo captive, which is consolidated under GAAP.
Portfolio Returns (Excluding MediaAlpha)
| Period | 2025 (%) | 2024 (%) |
|---|---|---|
| Total Consolidated Portfolio Return (3 Months) | 2.0% | 3.3% |
| Total Consolidated Portfolio Return (9 Months) | 6.8% | 6.9% |
| Total Equity Portfolio Return (3 Months) | 2.7% | N/A |
Other Metrics: The filing text does not provide clear values for consolidated revenue, profit, cash flow, margins, debt, or liquidity. It references 14 non-GAAP measures (including EBITDA and adjusted EBITDA for Kudu, Bamboo, and Distinguished) but only provides reconciliation tables for Bamboo pre-tax income and portfolio returns.
Material Changes Versus Prior Period
- Bamboo MGA Pre-Tax Income: Increased significantly year-over-year. For the nine months ended September 30, 2025, income was $40.1 million compared to $20.9 million in the same period in 2024. For the three-month period, income rose from $13.6 million to $14.9 million.
- Portfolio Returns: The total consolidated portfolio return excluding MediaAlpha for the nine months ended September 30, 2025, was 6.8%, slightly down from 6.9% in the prior year. The three-month return was 2.0%, down from 3.3% in the prior year.
Guidance, Outlook, and Risks
Management Commentary: Management states that the reported non-GAAP measures are useful for evaluating the performance of Kudu, Bamboo, and Distinguished. Specifically, excluding the Bamboo captive and Distinguished's GrowthCo vertical is intended to show the performance of established programs and MGA operations.
Non-GAAP Adjustments: The filing details adjustments made to GAAP figures to derive non-GAAP metrics, including:
- Kudu: Excludes net realized/unrealized investment gains/losses on participation contracts, non-cash equity-based compensation, and transaction expenses.
- Bamboo: Excludes non-cash equity-based compensation, software implementation expenses, restructuring expenses, and transaction expenses.
- Distinguished: Excludes non-cash equity-based compensation and results from the GrowthCo vertical.
- Portfolio: Excludes investment results from MediaAlpha to show underlying portfolio performance.
Risks and Contingencies: The filing text does not explicitly list new risks or contingencies beyond the standard disclosure of non-GAAP measure limitations.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for full consolidated GAAP financial statements, as the 8-K text only provides specific non-GAAP reconciliations.
- Verify the reconciliation of Kudu's GAAP net income to EBITDA and adjusted EBITDA on page 20 of Exhibit 99.1.
- Verify the reconciliation of Bamboo's GAAP net income to MGA net income and EBITDA on page 22 of Exhibit 99.1.
- Verify the reconciliation of Distinguished's GAAP net income to ScaleCo metrics on page 23 of Exhibit 99.1.
- Confirm the specific impact of the MediaAlpha investment on total portfolio returns by comparing GAAP vs. non-GAAP figures in the full press release.