White Mountains Insurance Group (WTM) Investor Day 2025 summary

Financial performance and capital allocation

• Adjusted book value per share rose 8% to $1,834 in 2024, with a 29.3% increase in stock price; focus remains on compounding per-share value over time.

• Strong operating results at Ark, Outrigger, and Bamboo; investment portfolio returned 5.4% in 2024, outperforming benchmarks.

• Since 2017, $3.2B of capital redeployed and $2.1B returned to shareholders; total capital is $5.8B with $0.5B undeployed as of 1Q25.

• No parent-level financial leverage; consolidated debt-to-total capital ratio is 12%, up slightly due to Kudu and Bamboo.

• Portfolio remains diversified, with Ark/Outrigger as the largest capital position (27% of book value), followed by Kudu and HG Global (17% each), and Bamboo.

Key operating businesses and developments

• Ark delivered 28% tangible book value growth, 83% combined ratio, and 16% YOY premium growth in 2024; Outrigger Re renewed for 2025 with modeled returns of 32%.

• Kudu surpassed $1B in portfolio value, deployed $104M in 2024 and $69M in 1Q25, with TTM GAAP ROE of 13%.

• BAM/HG Global saw record par insured, 6% adjusted book value growth, $136M premiums, and increased claims-paying resources to $1.8B.

• Bamboo doubled managed premiums to $484M and grew EBITDA over 7x in 2024, with strong wildfire response and new capital attracted.

• MediaAlpha posted record operating results in 2024, with TTM Adjusted EBITDA up 224% YOY in 1Q25; PassportCard/DavidShield core premiums declined 3% in 2024 but rebounded in 1Q25.

New investments and future plans

• Minority investment in BroadStreet Partners ($150M, expected close 3Q25) and control investment in Enterprise Solutions ($65M for 66%) mark new capital deployments in 2025.

• White Mountains Partners launched to diversify into essential services, light industrial, and specialty consumer sectors, targeting up to $500M equity deployment.

• Investment portfolio ($4.8B) remains conservatively managed, with shorter duration fixed income and higher equity exposure (20% in equities/alternatives, 41% of equity) than peers.

• Ongoing focus on growing per-share value, maintaining owner-aligned management, and adapting capital allocation to market cycles.

• Emphasis on talent development and patient, intelligent capital deployment.