Business Context and Reporting Period
Company: White Mountains Insurance Group, Ltd.
Filing Type: Form 8-K (Current Report)
Date of Report: February 6, 2026
Reporting Period: Results announced for the three months and year ended December 31, 2025.
This filing serves to announce the release of a press release (Exhibit 99.1) detailing financial results. The registrant is incorporated in Bermuda and trades on the NYSE (WTM) and Bermuda Stock Exchange (WTM.BH).
Key Financial Metrics
The filing provides specific non-GAAP reconciliations for subsidiaries and portfolio returns. Consolidated GAAP revenue, profit, cash flow, debt, and liquidity figures are not explicitly stated in this text but are referenced as being contained in the attached press release.
Subsidiary Performance (Non-GAAP)
| Subsidiary / Metric | Three Months Ended Dec 31, 2025 | Three Months Ended Dec 31, 2024 | Year Ended Dec 31, 2025 | Year Ended Dec 31, 2024 |
|---|---|---|---|---|
| Bamboo MGA Pre-tax Income (in millions) | $1.0 | $10.8 | $41.1 | $31.7 |
| Bamboo Consolidated GAAP Pre-tax Income (in millions) | $2.7 | $9.9 | $40.1 | $32.7 |
Investment Portfolio Returns
| Metric | Three Months Ended Dec 31, 2025 | Three Months Ended Dec 31, 2024 | Year Ended Dec 31, 2025 | Year Ended Dec 31, 2024 |
|---|---|---|---|---|
| Total Consolidated Portfolio Return | 2.3% | (2.3)% | 9.1% | 6.9% |
| Total Consolidated Portfolio Return (excl. MediaAlpha) | 2.0% | (0.4)% | 8.9% | 6.5% |
| Total Equity Portfolio Return | 3.9% | N/A | 13.1% | N/A |
| Total Equity Portfolio Return (excl. MediaAlpha) | 3.2% | N/A | 13.0% | N/A |
Material Changes and Non-GAAP Measures
The filing details 14 non-GAAP financial measures used to evaluate specific business units (Kudu, Bamboo, Distinguished) and the investment portfolio. Key adjustments include:
- Kudu: Adjustments for net realized/unrealized investment gains/losses on participation contracts, non-cash equity-based compensation, and transaction expenses. Annualized metrics adjust for partial-year revenues from acquisitions or divestitures.
- Bamboo: MGA metrics exclude the results of the Bamboo captive. Adjustments include software implementation, restructuring, and transaction expenses.
- Distinguished: ScaleCo metrics exclude the GrowthCo vertical (start-up programs). Adjustments include non-cash equity compensation and transaction expenses.
- Portfolio: Returns excluding MediaAlpha are provided to show underlying performance without the impact of that specific investment.
Material Change Observation: Bamboo's MGA pre-tax income decreased significantly from $10.8 million in Q4 2024 to $1.0 million in Q4 2025, despite a slight increase in consolidated GAAP pre-tax income ($9.9M to $2.7M) due to the impact of the captive entity.
Guidance, Outlook, and Risks
Management Commentary: Management states that these non-GAAP measures are useful for evaluating the performance of specific business units and understanding the full earnings profile of Kudu and the established programs of Distinguished.
Guidance and Outlook: The filing text does not provide specific forward-looking guidance, earnings forecasts, or strategic outlook statements beyond the announcement of past results.
Risks and Contingencies: No specific risks or contingencies are detailed in this 8-K text. The filing notes that certain information constitutes non-GAAP measures and refers investors to the attached press release for reconciliations.
Investor Verification Checklist
- Review Exhibit 99.1: The full press release is required to obtain consolidated GAAP revenue, net income, cash flow, and liquidity figures, which are absent from this summary text.
- Verify Reconciliations: Check pages 20, 22, and 23 of the attached press release for the detailed reconciliation of GAAP to non-GAAP measures for Kudu, Bamboo, and Distinguished.
- Assess MediaAlpha Impact: Analyze the specific contribution of MediaAlpha to the investment portfolio, as its exclusion materially alters the reported return percentages.
- Understand Bamboo Captive: Investigate the performance of the Bamboo captive entity, as its inclusion/exclusion significantly impacts the reported pre-tax income for the Bamboo segment.