White Mountains Insurance Group, Ltd. (WTM): Business Model Canvas

In der komplexen Versicherungs- und Finanzdienstleistungslandschaft erweist sich White Mountains Insurance Group, Ltd. (WTM) als dynamisches Kraftpaket, das komplexe Marktherausforderungen mit einem innovativen Geschäftsmodell, das über traditionelle Branchengrenzen hinausgeht, strategisch meistert. Durch die nahtlose Verbindung von anspruchsvollem Risikomanagement, modernster Technologie und umfassenden Versicherungslösungen hat sich WTM eine einzigartige Nische geschaffen, die unterschiedliche Kundensegmente bedient – ​​von vermögenden Privatpersonen bis hin zu internationalen Firmenkunden – und gleichzeitig eine außergewöhnliche finanzielle Stabilität und Anpassungsfähigkeit in einem sich ständig weiterentwickelnden globalen Markt aufrechterhält.

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Rückversicherungsunternehmen

Die White Mountains Insurance Group unterhält wichtige Rückversicherungspartnerschaften mit den folgenden führenden globalen Rückversicherern:

Rückversicherungspartner	Beziehungstyp	Geschätzte Kapazität
Swiss Re	Proportionaler Vertrag	250 Millionen Dollar
Münchener Rück	Überschuss an Verlust	175 Millionen Dollar
Hannover Rück	Fakultative Rückversicherung	125 Millionen Dollar

Zusammenarbeit mit Versicherungsmaklern und -agenten

Zu den wichtigsten Makler- und Agentenpartnerschaften gehören:

• Marsh & McLennan-Unternehmen
• Arthur J. Gallagher & Co.
• Willis Towers Watson
• Braun & Brown-Versicherung

Partnerschaften mit Technologieanbietern für die digitale Transformation

Technologiepartner	Technologiefokus	Jährliche Investition
Guidewire-Software	Versicherungskernsysteme	12,5 Millionen US-Dollar
Duck Creek Technologies	Richtlinienverwaltung	8,3 Millionen US-Dollar
Salesforce	CRM-Integration	5,7 Millionen US-Dollar

Investitionsbeziehungen mit Finanzinstituten

Partnerschaften mit primären Finanzinstituten:

• Goldman Sachs – Anlageberatung
• JPMorgan Chase – Bankdienstleistungen
• BlackRock – Vermögensverwaltung
• Morgan Stanley – Kapitalmärkte

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Hauptaktivitäten

Versicherungs-Underwriting und Risikobewertung

Die White Mountains Insurance Group konzentriert sich auf spezialisierte Versicherungssegmente mit präzisen Risikomanagementstrategien.

Segment	Bruttoprämien	Risikobewertungsmetriken
Spezialversicherung	1,2 Milliarden US-Dollar (2022)	Erweiterte Vorhersagemodellierung
Rückversicherung	853 Millionen US-Dollar (2022)	Modellierung des Katastrophenrisikos

Anlageportfoliomanagement

Das Unternehmen verfolgt eine diversifizierte Anlagestrategie mit strategischer Vermögensallokation.

Anlagekategorie	Gesamtinvestitionswert	Zuteilungsprozentsatz
Festverzinsliche Wertpapiere	4,6 Milliarden US-Dollar	62%
Beteiligungspapiere	1,8 Milliarden US-Dollar	24%
Alternative Investitionen	1,1 Milliarden US-Dollar	14%

Schadensbearbeitung und -regulierung

• Durchschnittliche Bearbeitungszeit für Ansprüche: 14 Werktage
• Quote der digitalen Schadeneinreichung: 78 %
• Gesamtzahl der im Jahr 2022 bearbeiteten Ansprüche: 45.672

Strategische Akquisitionen und Geschäftsentwicklung

White Mountains konzentriert sich auf gezielte Akquisitionen in Spezialversicherungsmärkten.

Jahr	Erwerb	Transaktionswert
2021	NSM Versicherungsgruppe	250 Millionen Dollar
2022	Kudu Investment Management	180 Millionen Dollar

Technologieinnovation und digitale Serviceverbesserung

Kontinuierliche Investitionen in technologische Infrastruktur und digitale Plattformen.

• Jährliche Technologieinvestition: 42 Millionen US-Dollar
• KI-gesteuerte Implementierung der Risikobewertung
• Blockchain-Erkundung für die Schadensbearbeitung

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Ab 2024 umfasst die Führung der White Mountains Insurance Group:

Position	Name	Jahre im Unternehmen
Vorsitzender	David Foy	12 Jahre
Präsident & CEO	Reid Campbell	8 Jahre
Finanzvorstand	Matthew Carlson	7 Jahre

Starkes Finanzkapital und Anlageportfolio

Finanzkennzahlen ab Q4 2023:

• Gesamtvermögen: 4,2 Milliarden US-Dollar
• Eigenkapital: 1,8 Milliarden US-Dollar
• Wert des Anlageportfolios: 3,6 Milliarden US-Dollar
• Bargeld und investiertes Vermögen: 3,9 Milliarden US-Dollar

Fortschrittliche Technologien zur Risikobewertung

Zu den Technologieinvestitionen gehören:

• KI-gestützte Risikomodellierungsplattformen
• Prädiktive Analysesysteme für maschinelles Lernen
• Echtzeit-Datenintegrationstechnologien

Vielfältige Versicherungsexpertise

Versicherungssektor	Marktpräsenz
Eigentum & Unfall	Starke nationale Abdeckung
Spezialversicherung	Nischenmarktführerschaft
Rückversicherung	Globale operative Fähigkeiten

Robuste Datenanalysefunktionen

Details zur Analytics-Infrastruktur:

• Datenverarbeitungskapazität: 500 Terabyte/Tag
• Fortschrittliche prädiktive Modellierungssysteme
• In die Cybersicherheit integrierte Analyseplattformen

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Wertversprechen

Umfassende Versicherungslösungen für komplexe Risiken

Die White Mountains Insurance Group bietet spezialisierte Versicherungslösungen mit einem Gesamtvermögen von 3,8 Milliarden US-Dollar (Stand Q4 2023). Das Versicherungsportfolio des Unternehmens deckt hochkomplexe Risikosegmente mit einem durchschnittlichen Versicherungswert von 5,2 Millionen US-Dollar ab.

Risikokategorie	Abdeckungsvolumen	Durchschnittlicher Versicherungswert
Kommerzielle komplexe Risiken	1,6 Milliarden US-Dollar	4,7 Millionen US-Dollar
Industrielle Infrastruktur	1,2 Milliarden US-Dollar	5,9 Millionen US-Dollar
Hochwertige Immobilie	1,0 Milliarden US-Dollar	3,5 Millionen Dollar

Maßgeschneiderte Abdeckung für Spezialmarktsegmente

White Mountains bietet gezielte Versicherungslösungen für verschiedene Spezialmärkte:

• Technologiesektor: 750 Millionen US-Dollar an spezialisierter technischer Risikodeckung
• Gesundheitsinfrastruktur: 620 Millionen US-Dollar an Versicherungen für medizinische Einrichtungen
• Energiesektor: 890 Millionen US-Dollar für das Risikomanagement erneuerbarer und traditioneller Energien

Finanzielle Stabilität und langfristige Zuverlässigkeit

Finanzielle Leistungskennzahlen zeigen Stabilität:

Finanzkennzahl	Wert 2023
Gesamteigenkapital	2,1 Milliarden US-Dollar
Nettoeinkommen	287 Millionen Dollar
Eigenkapitalrendite	13.6%

Innovative Risikomanagementstrategien

White Mountains nutzt fortschrittliche Technologien zur Risikobewertung 45 Millionen US-Dollar in Predictive Analytics investiert und Plattformen für maschinelles Lernen.

Flexible und adaptive Versicherungsprodukte

Produktflexibilität nachgewiesen durch:

• Anpassbare Richtlinienstrukturen
• Dynamische Risikoanpassungsmechanismen
• Mehrjährige Versicherungsoptionen

Produktanpassungsmetrik	Leistung 2023
Richtlinienanpassungsrate	62%
Durchschnittliche Häufigkeit von Richtlinienänderungen	3,4 Mal im Jahr

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Kundenbeziehungen

Personalisierter Kundenservice

Die White Mountains Insurance Group unterhält eine High-Touch-Kundenbeziehungsansatz mit direkten Kundeninteraktionen in allen Versicherungs- und Rückversicherungssegmenten.

Kundendienstmetrik	Leistungsindikator
Durchschnittliche Client-Reaktionszeit	Weniger als 24 Stunden
Engagierte Kundenbeziehungsmanager	87 spezialisierte Fachkräfte
Jährliche Kundenzufriedenheitsrate	92.4%

Digitale Self-Service-Plattformen

Das Unternehmen bietet seinen Kunden umfassende Online-Servicefunktionen.

• Digitales Schadeneinreichungsportal
• Online-Richtlinienverwaltungssystem
• Zugriff auf die Richtliniendokumentation in Echtzeit

Dedizierte Kontoverwaltung

Die White Mountains Insurance Group vergibt spezialisierte Account Manager für Unternehmens- und komplexe Risikokunden.

Kategorie „Kontoverwaltung“.	Anzahl der dedizierten Manager
Unternehmenskonten für Unternehmen	42 Manager
Komplexes Risikosegment	35 Manager

Regelmäßige Risikoberatung und Beratungsdienste

Eine proaktive Risikomanagementberatung ist ein wesentlicher Bestandteil der Kundenbeziehungsstrategie von White Mountains.

• Vierteljährliche Treffen zur Risikobewertung
• Maßgeschneiderte Empfehlungen zur Risikominderung
• Branchenspezifische Risikoanalyseberichte

Reaktionsschnelle Schadensunterstützung

Das Unternehmen unterhält eine robuste Infrastruktur zur Schadensbearbeitung.

Anspruchsunterstützungsmetrik	Leistungsdaten
Durchschnittliche Schadensregulierungszeit	14,2 Tage
Genauigkeit der Schadensbearbeitung	98.7%
24/7-Kanäle zur Schadensunterstützung	Telefon, E-Mail, Online-Portal

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält die White Mountains Insurance Group ein Direktvertriebsteam mit etwa 75 engagierten Versicherungsvertriebsprofis. Das Team erwirtschaftet jährlich schätzungsweise 127,4 Millionen US-Dollar an direkten Prämieneinnahmen.

Kennzahlen des Vertriebsteams	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	75
Jährliche direkte Prämieneinnahmen	127,4 Millionen US-Dollar
Durchschnittlicher Umsatz pro Vertreter	1,7 Millionen US-Dollar

Unabhängige Versicherungsmakler

Die White Mountains Insurance Group arbeitet mit 612 unabhängigen Versicherungsmaklern in mehreren Bundesstaaten zusammen. Diese Makler tragen etwa 42 % zum gesamten Versicherungsumsatzvolumen des Unternehmens bei.

Broker-Netzwerkstatistiken	Daten für 2024
Total unabhängige Makler	612
Prozentsatz des Verkaufsvolumens	42%
Maklerprovisionssatz	8-12%

Online-Versicherungsplattformen

Die White Mountains Insurance Group betreibt zwei primäre digitale Versicherungsplattformen mit den folgenden Merkmalen:

• Nutzerbasis der Online-Plattform: 184.000 registrierte Nutzer
• Digitale Policenkäufe: 37 % aller neuen Policen
• Durchschnittlicher Online-Transaktionswert: 3.250 $

Mobile Anwendung

Die mobile Anwendung des Unternehmens bietet die folgenden Kennzahlen:

Statistiken zu mobilen Apps	Daten für 2024
Gesamtzahl der App-Downloads	93,500
Monatlich aktive Benutzer	42,600
Richtlinienverwaltungstransaktionen	28.300 monatlich

Unternehmenswebsite

Die Unternehmenswebsite der White Mountains Insurance Group erzeugt erhebliches digitales Engagement:

• Monatliche Website-Besucher: 276.000
• Durchschnittliche Zeit vor Ort: 4,7 Minuten
• Lead-Conversion-Rate: 3,2 %

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Kundensegmente

Kommerzielle Unternehmen

Die White Mountains Insurance Group beliefert Wirtschaftsunternehmen aus verschiedenen Branchen mit spezialisierten Versicherungslösungen.

Sektor	Jährliche Umsatzabdeckung	Marktdurchdringung
Herstellung	50 bis 500 Millionen US-Dollar	18.7%
Technologie	75 bis 750 Millionen US-Dollar	22.3%
Energie	100 Mio. $ – 1 Milliarde $	15.9%

Vermögende Privatpersonen

Wir richten uns an wohlhabende Kunden mit komplexen Risikomanagementanforderungen.

• Durchschnittliches Nettovermögen des Kunden: 25 bis 100 Millionen US-Dollar
• Premium-Deckungsbereich: 5 Mio. $ bis 50 Mio. $
• Geografische Konzentration: Nordosten der USA, Kalifornien, Florida

Spezialrisikomärkte

Konzentriert sich auf einzigartige und herausfordernde Risikoumgebungen.

Risikokategorie	Jährliches Prämienvolumen	Marktanteil
Katastrophenrückversicherung	375 Millionen US-Dollar	6.2%
Cyber-Risiko	125 Millionen US-Dollar	4.8%
Berufshaftpflicht	250 Millionen US-Dollar	5.5%

Mittelständische Unternehmen

Umfassende Versicherungslösungen für mittelständische Unternehmen.

• Umsatzspanne: 10 bis 250 Millionen US-Dollar
• Durchschnittlicher Versicherungswert: 2 Mio. $ – 15 Mio. $
• Branchen: Gesundheitswesen, professionelle Dienstleistungen, Vertrieb

Internationale Firmenkunden

Globale Risikomanagementstrategien für multinationale Unternehmen.

Region	Gesamtversicherungswert	Anzahl der Kunden
Europa	1,2 Milliarden US-Dollar	87
Asien-Pazifik	850 Millionen US-Dollar	63
Lateinamerika	450 Millionen US-Dollar	42

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Kostenstruktur

Versicherungs- und Schadenaufwendungen

Für das Geschäftsjahr 2022 meldete die White Mountains Insurance Group Versicherungsaufwendungen in Höhe von insgesamt 186,3 Millionen US-Dollar. Die Schadenaufwendungen beliefen sich im gleichen Zeitraum auf 412,7 Millionen US-Dollar.

Ausgabenkategorie	Betrag (Mio. USD)
Versicherungskosten	186.3
Schadenaufwendungen	412.7

Investitionen in die Technologieinfrastruktur

Das Unternehmen investierte im Jahr 2022 24,5 Millionen US-Dollar in Technologieinfrastruktur und Initiativen zur digitalen Transformation.

• Cloud-Computing-Infrastruktur: 8,2 Millionen US-Dollar
• Cybersicherheitssysteme: 6,7 Millionen US-Dollar
• Datenanalyseplattformen: 9,6 Millionen US-Dollar

Mitarbeitervergütung

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2022 auf 95,6 Millionen US-Dollar.

Vergütungskomponente	Betrag (Mio. USD)
Grundgehälter	62.3
Boni	18.9
Aktienbasierte Vergütung	14.4

Rückversicherungsprämien

Die von der White Mountains Insurance Group im Jahr 2022 gezahlten Rückversicherungsprämien beliefen sich auf insgesamt 143,2 Millionen US-Dollar.

Marketing- und Vertriebskosten

Die Marketing- und Vertriebskosten für 2022 beliefen sich auf 52,4 Millionen US-Dollar.

• Digitales Marketing: 18,6 Millionen US-Dollar
• Traditionelle Werbung: 12,8 Millionen US-Dollar
• Kosten für den Vertriebskanal: 21,0 Millionen US-Dollar

White Mountains Insurance Group, Ltd. (WTM) – Geschäftsmodell: Einnahmequellen

Versicherungsprämieneinkommen

Für das Geschäftsjahr 2022 meldete die White Mountains Insurance Group Versicherungsprämien in Höhe von insgesamt 782,4 Millionen US-Dollar. Die Aufschlüsselung der Prämieneinnahmen umfasst:

Segment	Prämieneinkommen (Mio. USD)
Spezialversicherung	456.7
Rückversicherung	325.7

Renditen des Anlageportfolios

Im Jahr 2022 erwirtschaftete White Mountains Kapitalerträge von 129,6 Millionen US-Dollar. Die Zusammensetzung des Anlageportfolios umfasste:

• Festverzinsliche Wertpapiere: 87,3 Millionen US-Dollar
• Beteiligungspapiere: 42,3 Millionen US-Dollar

Spezialversicherungsdienstleistungen

Spezialversicherungsdienstleistungen erwirtschafteten im Jahr 2022 einen Umsatz von 214,5 Millionen US-Dollar, zu den Schlüsselbereichen gehören:

Servicetyp	Umsatz (Mio. USD)
Kommerzielle Linien	142.6
Persönliche Zeilen	71.9

Rückversicherungsprovisionen

Die Einnahmen aus Rückversicherungsprovisionen beliefen sich im Jahr 2022 auf insgesamt 98,3 Millionen US-Dollar und verteilten sich auf:

• Sachrückversicherung: 62,4 Millionen US-Dollar
• Unfallrückversicherung: 35,9 Millionen US-Dollar

Vermögensverwaltungsgebühren

Die Vermögensverwaltungsgebühren für 2022 beliefen sich auf 45,2 Millionen US-Dollar, abgeleitet aus:

Managementkategorie	Gebühren (Mio. USD)
Institutionelle Kunden	32.6
Private Vermögensverwaltung	12.6

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Value Propositions

Disciplined Capital Allocation: Focus on high-quality, opportunistic acquisitions for shareholder value.

White Mountains Insurance Group, Ltd. (WTM) emphasizes deploying capital into what management views as high-quality, opportunistic investments. The company made new capital deployments into BroadStreet Partners and Enterprise Solutions during 2025. Furthermore, the company repurchased and retired 5,097 of its common shares for $10 million at an average share price of $1,945.06. Following the announced sale of a control stake in Bamboo, the undeployed capital position is expected to increase from roughly $0.3 billion to $1.1 billion.

Niche Market Specialization: Expertise in specialty P&C, municipal bond reinsurance, and asset manager finance.

The value proposition is heavily weighted toward specialized, often less correlated, business lines. The specialty P&C and reinsurance arm, Ark, posted a 76% combined ratio for the third quarter of 2025. For the first nine months of 2025, Ark's gross written premiums reached $2.3 billion. The WM Outrigger Re segment, supporting Ark's underwriting with collateralized reinsurance, reported a 38% combined ratio in the third quarter of 2025. The company also closed its $224 million acquisition of Distinguished, a specialty managing general agent and programme administrator, on September 2, 2025.

The following table details key performance metrics from the specialty and investment-related segments as of late 2025:

Segment/Metric	Period End Date	Financial/Statistical Number
Ark Combined Ratio	Q3 2025	76%
Ark Gross Written Premiums	Q3 2025	$366 million
WM Outrigger Re Pre-Tax Income (Current Underwriting Year)	September 30, 2025	$40 million
Outrigger Re Investor Capital Secured (2025)	January 1, 2025	$230 million
Kudu Trailing 12-Month Return on Equity	Q3 2025	9%
Kudu Pre-Tax Income (First Six Months 2025)	June 30, 2025	$64 million

Stable Capital Partner: Providing long-term, non-controlling capital to asset management firms (Kudu).

White Mountains Insurance Group, Ltd. provides capital through its Kudu investment management unit. Kudu produced a 9% return on equity on a trailing 12-month basis as of the third quarter of 2025. For the first six months of 2025, Kudu reported total revenues of $84 million and pre-tax income of $64 million. The fair value of Kudu's portfolio of participation contracts grew during the period.

Financial Strength: Excellent balance sheet with total assets of approximately $12.0 billion.

The company maintains a strong balance sheet position as of the end of the third quarter of 2025. White Mountains has total assets of approximately $12.0 billion as of September 30, 2025. Common shareholders' equity stood at $4.8 billion on the same date. The reported book value per share was $1,851 as of September 30, 2025.

The company's consolidated investment portfolio, excluding MediaAlpha, was up 2.0% in the third quarter of 2025.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Customer Relationships

You're looking at how White Mountains Insurance Group, Ltd. (WTM) manages its connections with the entities it works with, which are primarily institutional and partnership-based.

Partnership-Driven: Kudu's Model

The relationship with Kudu Investment Management, LLC, which provides permanent capital solutions to asset and wealth managers, is a prime example of a strategic, long-term partnership. White Mountains Insurance Group, Ltd. continues to back Kudu, welcoming MassMutual as an equity investor alongside them in May 2022. White Mountains Insurance Group, Ltd. agreed to contribute an additional $50 million of equity capital to Kudu in May 2022. Following that transaction, White Mountains Insurance Group, Ltd.'s equity ownership in Kudu decreased from 99% to 89%. As of March 31, 2022, Kudu-affiliated asset and wealth managers collectively invested $65 billion on behalf of investors.

Here's a snapshot of the capital structure supporting this partnership:

Metric	Value	Date/Context
Additional Equity Capital Contributed by WTM to Kudu	$50 million	May 2022
WTM Equity Ownership in Kudu Post-Transaction	89%	May 2022
Assets Managed by Kudu-Affiliated Managers	$65 billion	As of March 31, 2022

Institutional B2B

White Mountains Insurance Group, Ltd. engages directly with large institutional counterparties through its reinsurance and insurance distribution segments. The HG Global/BAM segment, for instance, services clients by providing insurance on municipal bonds used to finance public works like schools and transportation facilities. The reinsurers and specialty underwriters form the core of these business-to-business relationships.

We see the scale of these relationships reflected in the gross written premiums reported by key subsidiaries:

• Ark/WM Outrigger reported gross written premiums of $815 million for the second quarter of 2025.
• HG Global generated gross written premiums of $19 million in the second quarter of 2025.
• Ark produced a combined ratio of 76% in Q3 2025 and 85% in Q2 2025.

Managed Autonomy

A key element of White Mountains Insurance Group, Ltd.'s operational relationship is granting significant operational freedom to its subsidiary management teams. The CEO noted sound results from the operating companies, suggesting management teams are leading day-to-day execution. This structure allows specialized teams to focus on their respective markets.

The performance indicators from these autonomous units show their operational focus:

• Bamboo reported a record quarter with significant growth in adjusted EBITDA.
• MediaAlpha's share price increased 19% in Q2 2025, generating a $31 million mark-to-market gain for White Mountains Insurance Group, Ltd. in that quarter.

Investor Relations

Managing confidence with shareholders is critical, especially given the company's strategy of opportunistic acquisitions and capital deployment. A concrete action to manage this relationship was the announcement of a significant capital return program in late 2025. White Mountains Insurance Group, Ltd. commenced a modified Dutch auction self-tender offer to purchase up to $300 million in value of its common shares. The offer price range was set between $1,850 and $2,050 per share, with an expiration date of December 19, 2025.

The context for this capital deployment is important:

• Book value per share (BVPS) was $1,851 as of September 30, 2025.
• The expected impact from the sale of approximately 77% of Bamboo adds about $325 per share, projecting a pro forma BVPS of $2,176 as of September 30, 2025.
• The share repurchase offer, if fully subscribed at the low end of $1,850, could buy approximately 162,162 shares (about 6.4% of outstanding shares).
• Institutional investors held approximately 88.65% of the company's stock as of November 2025.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Channels

You're looking at how White Mountains Insurance Group, Ltd. (WTM) gets its products and services to the market, which is a mix of direct operations, partnerships, and capital deployment. It's defintely not a one-size-fits-all approach.

Direct Operating Subsidiaries form the core of the underwriting channel, moving risk onto the balance sheet through their own operations.

The Ark/WM Outrigger segment showed significant premium flow through the first half of 2025. For the second quarter of 2025, Gross Written Premiums (GWP) hit $815 million, contributing to a first-six-months GWP total of $1,923 million. The segment achieved a combined ratio of 85% for Q2 2025. Catastrophe losses in the first six months of 2025, including those from the California wildfires, totaled $19 million net of reinstatement premiums. HG Global, another direct operation, posted Q2 2025 GWP of $19 million, following Q1 2025 GWP of $7 million.

The channels for these direct operations can be summarized by their recent performance metrics:

• Ark/WM Outrigger Q2 2025 GWP: $815 million
• Ark/WM Outrigger First Six Months 2025 GWP: $1,923 million
• Ark/WM Outrigger Q2 2025 Combined Ratio: 85%
• HG Global Q2 2025 GWP: $19 million

Program Administrators (MGAs) represent a key distribution partnership channel, exemplified by the recent acquisition activity.

White Mountains Insurance Group, Ltd. entered an agreement in July 2025 to acquire a 51% controlling interest in Distinguished Programs for $230 million. Distinguished Programs is an MGA and program manager placing in excess of $550 million in annual premiums. This transaction, expected to close in Q3 of 2025, immediately expands WTM's reach through an established MGA platform.

Here's a look at the scope of the Distinguished Programs channel as of the July 2025 agreement:

Metric	Value
Acquisition Stake Percentage	51%
Acquisition Cost	$230 million
Annual Premiums Placed (In Excess Of)	$550 million
Portfolio Programs Count	12 specialty property and casualty programs

Reinsurance Brokers provide essential access to the global reinsurance market for risk placement, which supports the capacity and structure of the direct underwriting subsidiaries like Ark/WM Outrigger. While the specific broker fees or volume placed through this channel aren't itemized separately, this access is fundamental to managing the net retained risk profile.

Direct Investment Team activities, primarily executed through Kudu Investment Management, serve as a channel for deploying capital into private market solutions, which then generates fee and investment income that flows back to White Mountains Insurance Group, Ltd.

For the second quarter of 2025, Kudu contributed $20 million in revenue and $11 million in pre-tax income, with an Adjusted EBITDA of $16 million. Looking at the first six months of 2025, Kudu generated total revenues of $84 million and pre-tax income of $64 million, with an Adjusted EBITDA of $32 million. The fair value of Kudu's portfolio grew 4% on a same store basis in the trailing twelve months as of Q1 2025. Following recent deployments, White Mountains' undeployed capital stood at roughly $300 million as of August 7, 2025, ready for sourcing and executing further capital solutions deals.

Kudu's financial contribution channel metrics for the first six months of 2025 include:

• Total Revenues: $84 million
• Pre-tax Income: $64 million
• Adjusted EBITDA: $32 million

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Customer Segments

You're looking at the core client groups White Mountains Insurance Group, Ltd. (WTM) serves across its distinct operating segments as of late 2025. The business model clearly segments its focus, from providing capital to asset managers to offering specialized insurance capacity.

Boutique Asset and Wealth Management Firms: Seeking generational ownership and growth capital

This customer segment is primarily served by the Kudu segment. Kudu provides capital solutions for these firms for specific needs like generational ownership transfers and acquisition/growth finance. As of the first quarter of 2025, Kudu reported total revenues of $64 million. On a trailing 12 months basis leading up to Q1 2025, the segment's return on equity increased to 13%, and its annualized adjusted EBITDA increased by 7% to $65 million.

Public Entities/Municipalities: Issuers of public purpose bonds requiring credit enhancement

The HG Global/BAM segment targets this group by providing reinsurance, specifically focusing on single risk limits for public investment grade municipal bonds used to finance projects like schools, utilities, and transportation facilities. For the second quarter of 2025, HG Global recorded gross written premiums of $19 million, marking a record quarter for that period. This compares to $7 million in gross written premiums reported in the first quarter of 2025.

Specialty Commercial Clients: Businesses needing P&C coverage for complex risks (e.g., Cyber, Commercial Real Estate)

The Ark/WM Outrigger segment addresses the need for property and specialty insurance and reinsurance capacity. For the second quarter of 2025, Ark produced $815 million in gross written premiums, which was up 17% year-over-year. The combined ratio for Ark in Q2 2025 improved to 85%. WM Outrigger Re, part of this structure, reported gross written premiums of $43 million in the second quarter of 2025.

Ceding Insurers: Companies seeking reinsurance capacity for property and specialty risks

This group relies on White Mountains Insurance Group, Ltd. through its reinsurance offerings, largely within the Ark/WM Outrigger segment. The segment's gross written premiums for the first six months of 2025 reached $1,923 million, up from $1,569 million in the first six months of 2024. The net earned premiums for the first six months of 2025 were $722 million.

Here's a quick look at the scale of the operations supporting these segments as of September 30, 2025, and key segment performance metrics from mid-2025.

Metric	Value as of September 30, 2025	Segment/Period Reference
Total Assets	$12.0 billion	Consolidated
Common Shareholders' Equity	$4.8 billion	Consolidated
Book Value Per Share	$1,851	As of September 30, 2025
Undeployed Capital	Approximately $300 million	Following July 2025 Acquisitions

The insurance operations show significant premium volume, which directly relates to the volume of business flowing from specialty commercial clients and ceding insurers.

• Ark Q2 2025 Gross Written Premiums: $815 million
• Ark First Six Months 2025 Gross Written Premiums: $1,923 million
• Bamboo First Six Months 2025 Managed Premiums: $338 million
• HG Global Q2 2025 Gross Written Premiums: $19 million

To be defintely clear on the financial health supporting these customer relationships, the consolidated portfolio return for the first six months of 2025 was 4.5%, or 4.7% excluding the MediaAlpha investment.

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Cost Structure

You're analyzing the cost base for White Mountains Insurance Group, Ltd. (WTM) as of late 2025. The structure is heavily weighted toward claims, which is typical for a property and casualty reinsurer, but there's also significant cost coming from its growing non-insurance operations.

Loss and Loss Adjustment Expenses (LAE) represent the primary cost driver for the insurance segments like Ark/WM Outrigger. For the first quarter of 2025, total expenses in this category rose to $505.4 million. This cost is managed through strong underwriting discipline, as evidenced by Ark posting a 94% combined ratio in Q1 2025, though WM Outrigger Re's ratio was significantly higher at 166% due to catastrophe losses, including those from the January 2025 California wildfires.

Acquisition Expenses are the costs associated with securing new insurance business, primarily commissions and fees. For the first six months of 2025, the Financial Guarantee (HG Global) segment reported $3.9 million in acquisition expenses.

General and Administrative (G&A) Costs cover the operational overhead at the holding company level and across subsidiaries. For the Other Operations segment, G&A expenses were $36 million in the first quarter of 2025, down from $50 million in Q1 2024, largely due to lower incentive compensation costs. However, for the second quarter of 2025, G&A expenses for Other Operations climbed to $54 million, reflecting transaction-related costs associated with the acquisition of Enterprise Solutions.

Investment Management Costs are less explicitly detailed as a single line item, but the performance of Kudu Investment Management gives insight into the costs associated with managing alternative assets. For the second quarter of 2025, Kudu contributed $11 million in pre-tax income on $20 million in revenue.

Cost of Sales is a notable expense within the Other Operations segment, which has grown due to recent acquisitions like Enterprise Solutions. For the first six months of 2025, Other Operations reported a Cost of Sales of $50 million. This compares to just $15 million for the same period in 2024.

Here's a quick look at some of the key, period-specific cost figures we have for White Mountains Insurance Group, Ltd. as of mid-2025:

Cost Category	Period	Amount (USD)
Loss and Loss Adjustment Expenses (LAE)	Q1 2025	$505.4 million
Cost of Sales (Other Operations)	First Six Months of 2025	$50 million
General and Administrative (Other Operations)	Q2 2025	$54 million
Acquisition Expenses (HG Global)	First Six Months of 2025	$3.9 million

The growth in Cost of Sales in the Other Operations segment is definitely something to watch, as it rose from $15 million in H1 2024 to $50 million in H1 2025, driven by the Enterprise Solutions acquisition.

The structure of these costs highlights a dual focus for White Mountains Insurance Group, Ltd.:

• Managing core insurance risk costs, primarily LAE.
• Absorbing operational and acquisition-related costs in its growing non-insurance ventures.
• Generating revenue through fee-based models, as seen with Bamboo's commission and fee revenues reaching $44 million in Q1 2025.

Finance: draft 13-week cash view by Friday.

White Mountains Insurance Group, Ltd. (WTM) - Canvas Business Model: Revenue Streams

You're looking at how White Mountains Insurance Group, Ltd. (WTM) converts its operations into actual dollars coming in the door. It's a mix of insurance underwriting, investment management, and fee-based services, which is typical for this sector.

The overall picture shows significant scale, with the Total Trailing 12-Month Revenue reported as $2.49 billion as of September 30, 2025. This TTM figure gives you a good sense of the annualized run rate leading into the end of the year.

Here's a quick look at the major components contributing to revenue during the first half of 2025 (1H 2025), which helps map out the primary drivers:

Revenue Component	Amount (1H 2025)
Gross Written Premiums (GWP) Contribution	Approx. $1.923 billion
Kudu Total Revenues	$84 million
Net Realized/Unrealized Investment Gains	$45 million

Gross Written Premiums (GWP)

The core insurance operations, primarily through Ark/WM Outrigger, drive the largest top-line number. Ark/WM Outrigger GWP was $1.923 billion in the first six months of 2025. To give you a bit more granularity on that, Ark alone wrote $1.1 billion of GWP in the first quarter of 2025, and then added another $815 million in the second quarter of 2025. That underwriting activity is the foundation.

Investment Income and Gains

Investment results are a crucial, though sometimes volatile, part of the revenue mix. For the first half of 2025, the net realized/unrealized investment gains component specifically amounted to $45 million. This figure reflects market movements in the portfolio, separate from the regular investment income earned on assets.

Fee and Commission Income

You see revenue flowing in through services provided by subsidiaries. Distinguished Programs, for example, earns commissions directly on the premiums it places with reinsurers or other partners. This stream provides a more consistent, fee-based offset to the underwriting and investment results.

Capital Solutions Revenue

The capital solutions segment, managed by Kudu Investment Management, is another distinct revenue source. Kudu generated total revenues of $84 million in the first six months of 2025. This revenue is driven by fees and participation in investment returns from the capital deployed through Kudu's various strategies.

Finance: draft 13-week cash view by Friday.