White Mountains Insurance Group, Ltd. (WTM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe des services d'assurance et financiers, White Mountains Insurance Group, Ltd. (WTM) apparaît comme une centrale dynamique, naviguant stratégiquement sur les défis du marché complexe avec un modèle commercial innovant qui transcende les limites traditionnelles de l'industrie. En mélangeant de manière transparente la gestion des risques sophistiquée, la technologie de pointe et les solutions d'assurance complètes, WTM a taillé un créneau distinctif qui sert divers segments de clientèle - des particuliers élevés à des clients internationaux - tout en maintenant une stabilité financière exceptionnelle et une adaptabilité dans la fin un marché mondial en constante évolution.

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les entreprises de réassurance

White Mountains Insurance Group maintient des partenariats de réassurance critiques avec les réassureurs mondiaux de premier niveau:

Partenaire de réassurance	Type de relation	Capacité estimée
Suisse re	Traité proportionnel	250 millions de dollars
Munich re	Excès de perte	175 millions de dollars
Hanover re	Réassurance facultative	125 millions de dollars

Collaboration avec les courtiers et agents d'assurance

Les partenariats clés du courtier et des agents comprennent:

• Marais & Compagnies McLennan
• Arthur J. Gallagher & Co.
• Willis Towers Watson
• Brun & Assurance brune

Partenariats avec les fournisseurs de technologies pour la transformation numérique

Partenaire technologique	Focus technologique	Investissement annuel
Logiciel Guidewire	Systèmes de base d'assurance	12,5 millions de dollars
Duck Creek Technologies	Administration politique	8,3 millions de dollars
Salesforce	Intégration CRM	5,7 millions de dollars

Relations d'investissement avec les institutions financières

Partenariats principaux de l'institution financière:

• Goldman Sachs - Advisory en investissement
• JPMorgan Chase - Services bancaires
• BlackRock - Gestion des actifs
• Morgan Stanley - Marchés des capitaux

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: Activités clés

Souscription d'assurance et évaluation des risques

White Mountains Insurance Group se concentre sur des segments d'assurance spécialisés avec des stratégies précises de gestion des risques.

Segment	Primes écrites brutes	Métriques d'évaluation des risques
Assurance spécialisée	1,2 milliard de dollars (2022)	Modélisation prédictive avancée
Réassurance	853 millions de dollars (2022)	Modélisation des risques de catastrophe

Gestion du portefeuille d'investissement

La Société maintient une stratégie d'investissement diversifiée avec une allocation stratégique d'actifs.

Catégorie d'investissement	Valeur d'investissement totale	Pourcentage d'allocation
Titres à revenu fixe	4,6 milliards de dollars	62%
Titres de capitaux propres	1,8 milliard de dollars	24%
Investissements alternatifs	1,1 milliard de dollars	14%

Traitement et règlement des réclamations

• Temps de traitement moyen des réclamations: 14 jours ouvrables
• Taux de soumission des réclamations numériques: 78%
• Total des réclamations traitées en 2022: 45 672

Acquisitions stratégiques et développement commercial

Les montagnes blanches se concentrent sur les acquisitions ciblées sur les marchés de l'assurance spécialisée.

Année	Acquisition	Valeur de transaction
2021	Groupe d'assurance NSM	250 millions de dollars
2022	Gestion des investissements de Kudu	180 millions de dollars

Innovation technologique et amélioration des services numériques

Investissement continu dans les infrastructures technologiques et les plateformes numériques.

• Investissement technologique annuel: 42 millions de dollars
• Mise en œuvre d'évaluation des risques dirigée par l'IA
• Exploration de la blockchain pour le traitement des réclamations

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

En 2024, le leadership du groupe d'assurance des montagnes de White Mountains comprend:

Position	Nom	Années en entreprise
Président	David Foy	12 ans
Président & PDG	Reid Campbell	8 ans
Directeur financier	Matthew Carlson	7 ans

Portfolio financier financier financier et d'investissement

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 4,2 milliards de dollars
• Présentation des actionnaires: 1,8 milliard de dollars
• Valeur du portefeuille d'investissement: 3,6 milliards de dollars
• Cash et actifs investis: 3,9 milliards de dollars

Technologies d'évaluation des risques avancés

Les investissements technologiques comprennent:

• Plates-formes de modélisation des risques alimentées par l'IA
• Systèmes d'analyse prédictive de l'apprentissage automatique
• Technologies d'intégration de données en temps réel

Expertise en assurance diversifiée

Secteur de l'assurance	Présence du marché
Propriété & Victime	Couverture nationale forte
Assurance spécialisée	Leadership du marché de la niche
Réassurance	Capacités opérationnelles mondiales

Capacités d'analyse de données robustes

Détails de l'infrastructure analytique:

• Capacité de traitement des données: 500 téraoctets / jour
• Systèmes de modélisation prédictive avancés
• Plateformes d'analyse intégrées à la cybersécurité

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance complètes pour des risques complexes

White Mountains Insurance Group fournit des solutions d'assurance spécialisées avec 3,8 milliards de dollars d'actifs totaux au quatrième trimestre 2023. Le portefeuille d'assurance de la société couvre les segments de risque à haute complexité d'une valeur moyenne de 5,2 millions de dollars.

Catégorie de risque	Volume de couverture	Valeur de politique moyenne
Risques complexes commerciaux	1,6 milliard de dollars	4,7 millions de dollars
Infrastructure industrielle	1,2 milliard de dollars	5,9 millions de dollars
Propriété de grande valeur	1,0 milliard de dollars	3,5 millions de dollars

Couverture personnalisée pour les segments de marché spécialisés

White Mountains propose des solutions d'assurance ciblées sur les marchés spécialisés:

• Secteur de la technologie: 750 millions de dollars en couverture de risque de technologie spécialisée
• Infrastructure de soins de santé: 620 millions de dollars en assurance médicale
• Secteur de l'énergie: 890 millions de dollars en gestion des risques d'énergie renouvelables et traditionnels

Stabilité financière et fiabilité à long terme

Les mesures de performance financière démontrent la stabilité:

Métrique financière	Valeur 2023
Total des capitaux propres des actionnaires	2,1 milliards de dollars
Revenu net	287 millions de dollars
Retour des capitaux propres	13.6%

Stratégies de gestion des risques innovants

Les montagnes blanches utilisent des technologies avancées d'évaluation des risques avec 45 millions de dollars investis dans l'analyse prédictive et les plates-formes d'apprentissage automatique.

Produits d'assurance flexibles et adaptatifs

Flexibilité du produit démontré:

• Structures de stratégie personnalisables
• Mécanismes d'ajustement des risques dynamiques
• Options de couverture pluriannuelles

Métrique d'adaptation des produits	Performance de 2023
Taux de personnalisation des politiques	62%
Fréquence moyenne de modification de la politique	3,4 fois par an

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: relations avec les clients

Service client personnalisé

Le groupe d'assurance des montagnes blanches maintient un Approche de la relation client de touche élevée avec les interactions directes des clients à travers ses segments d'assurance et de réassurance.

Métrique du service client	Indicateur de performance
Temps de réponse moyen du client	Moins de 24 heures
Gestionnaires de relations clients dédiés	87 professionnels spécialisés
Taux de satisfaction annuel du client	92.4%

Plates-formes de libre-service numériques

L'entreprise offre des capacités de service en ligne complètes pour les clients.

• Portail de soumission des revendications numériques
• Système de gestion des politiques en ligne
• Accès de documentation de politique en temps réel

Gestion de compte dédiée

Le groupe d'assurance des montagnes blanches alloue gestionnaires de comptes spécialisés pour les clients des risques d'entreprise et complexes.

Catégorie de gestion des comptes	Nombre de gestionnaires dédiés
Comptes d'entreprise d'entreprise	42 gestionnaires
Segment de risque complexe	35 gestionnaires

Consultation et services de conseil réguliers des risques

La consultation de la gestion des risques proactive fait partie intégrante de la stratégie de relation client des montagnes de White.

• Réunions d'évaluation des risques trimestriels
• Recommandations d'atténuation des risques personnalisés
• Rapports d'analyse des risques spécifiques à l'industrie

Soutien des réclamations réactives

La société maintient un Infrastructure de traitement des réclamations robustes.

Réclamations Métrique de soutien	Données de performance
Temps de règlement des réclamations moyennes	14,2 jours
Précision du traitement des réclamations	98.7%
24/7 réclame les canaux de soutien	Téléphone, e-mail, portail en ligne

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, White Mountains Insurance Group maintient une équipe de vente directe avec environ 75 professionnels des ventes d'assurance dédiés. L'équipe génère chaque année 127,4 millions de dollars de revenus directs.

Métriques de l'équipe de vente	2024 données
Représentants des ventes totales	75
Revenus de primes directes annuelles	127,4 millions de dollars
Ventes moyennes par représentant	1,7 million de dollars

Brokers d'assurance indépendante

White Mountains Insurance Group s'associe à 612 courtiers d'assurance indépendants dans plusieurs États. Ces courtiers contribuent environ 42% du volume total des ventes d'assurance de la société.

Statistiques du réseau de courtiers	2024 données
Brokers indépendants totaux	612
Pourcentage du volume des ventes	42%
Taux de commission des courtiers	8-12%

Plateformes d'assurance en ligne

White Mountains Insurance Group exploite deux principales plateformes d'assurance numérique avec les caractéristiques suivantes:

• Base d'utilisateurs de plate-forme en ligne: 184 000 utilisateurs enregistrés
• Achats de la politique numérique: 37% du total de nouvelles politiques
• Valeur de transaction en ligne moyenne: 3 250 $

Application mobile

L'application mobile de l'entreprise propose les mesures suivantes:

Statistiques des applications mobiles	2024 données
Total des téléchargements d'applications	93,500
Utilisateurs actifs mensuels	42,600
Transactions de gestion des politiques	28 300 mois

Site Web de l'entreprise

Le site Web d'entreprise de White Mountains Insurance Group génère un engagement numérique important:

• Visiteurs mensuels du site Web: 276 000
• Temps moyen sur le site: 4,7 minutes
• Taux de conversion de plomb: 3,2%

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: segments de clientèle

Entreprises commerciales

White Mountains Insurance Group dessert les entreprises commerciales dans plusieurs secteurs avec des solutions d'assurance spécialisées.

Secteur	Couverture annuelle des revenus	Pénétration du marché
Fabrication	50 M $ - 500 M $	18.7%
Technologie	75 M $ - 750 M $	22.3%
Énergie	100 millions de dollars - 1 milliard de dollars	15.9%

Individus à haute nette

Ciblant les clients riches ayant des besoins complexes de gestion des risques.

• Valeur nette moyenne du client: 25 M $ - 100 M $
• Gamme de couverture premium: 5 millions de dollars - 50 M $
• Concentration géographique: nord-est des États-Unis, Californie, Floride

Marchés des risques spécialisés

Axé sur des environnements de risques uniques et difficiles.

Catégorie de risque	Volume de prime annuel	Part de marché
Réassurance de la catastrophe	375 M $	6.2%
Cyber-risque	125 M $	4.8%
Responsabilité professionnelle	250 M $	5.5%

Entreprises du marché intermédiaire

Solutions d'assurance complètes pour les entreprises de taille moyenne.

• Gamme de revenus: 10 millions de dollars - 250 M $
• Valeur moyenne de la politique: 2 M $ - 15 M $
• Vertical de l'industrie: soins de santé, services professionnels, distribution

Clients internationaux

Stratégies mondiales de gestion des risques pour les sociétés multinationales.

Région	Valeur totale assurée	Nombre de clients
Europe	1,2 milliard de dollars	87
Asie-Pacifique	850 M $	63
l'Amérique latine	450 M $	42

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: Structure des coûts

Dépenses de souscription et de réclamation

Pour l'exercice 2022, White Mountains Insurance Group a déclaré des frais de souscription totaux de 186,3 millions de dollars. Les dépenses des réclamations pour la même période étaient de 412,7 millions de dollars.

Catégorie de dépenses	Montant ($ m)
Frais de souscription	186.3
Réclamations	412.7

Investissements infrastructures technologiques

La société a investi 24,5 millions de dollars dans les initiatives d'infrastructure technologique et de transformation numérique en 2022.

• Infrastructure de cloud computing: 8,2 millions de dollars
• Systèmes de cybersécurité: 6,7 millions de dollars
• Plateformes d'analyse de données: 9,6 millions de dollars

Compensation des employés

La rémunération totale des employés pour 2022 était de 95,6 millions de dollars.

Composant de compensation	Montant ($ m)
Salaires de base	62.3
Bonus	18.9
Compensation en stock	14.4

Primes de réassurance

Les primes de réassurance payées par White Mountains Insurance Group en 2022 ont totalisé 143,2 millions de dollars.

Coûts de marketing et de distribution

Les frais de marketing et de distribution pour 2022 s'élevaient à 52,4 millions de dollars.

• Marketing numérique: 18,6 millions de dollars
• Publicité traditionnelle: 12,8 millions de dollars
• Dépenses du canal de distribution: 21,0 millions de dollars

White Mountains Insurance Group, Ltd. (WTM) - Modèle d'entreprise: Strots de revenus

Revenu de prime d'assurance

Pour l'exercice 2022, White Mountains Insurance Group a déclaré des primes d'assurance totales de 782,4 millions de dollars. La rupture du revenu premium comprend:

Segment	Revenu premium ($ m)
Assurance spécialisée	456.7
Réassurance	325.7

Returns du portefeuille d'investissement

En 2022, les montagnes blanches ont généré des revenus de placement de 129,6 millions de dollars. La composition du portefeuille d'investissement comprenait:

• Titres à revenu fixe: 87,3 millions de dollars
• Titres de capitaux propres: 42,3 millions de dollars

Services d'assurance spécialisés

Les services d'assurance spécialisée ont généré 214,5 millions de dollars de revenus pour l'année 2022, avec des domaines clés, notamment:

Type de service	Revenus ($ m)
Lignes commerciales	142.6
Lignes personnelles	71.9

Commissions de réassurance

Les revenus de la Commission de réassurance pour 2022 ont totalisé 98,3 millions de dollars, avec distribution à travers:

• Réassurance immobilière: 62,4 millions de dollars
• Réassurance des victimes: 35,9 millions de dollars

Frais de gestion des actifs

Les frais de gestion des actifs pour 2022 s'élevaient à 45,2 millions de dollars, dérivés de:

Catégorie de gestion	Frais ($ m)
Clients institutionnels	32.6
Gestion de patrimoine privée	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.