White Mountains Insurance Group
Builds and supports insurance, reinsurance, and financial-services businesses.
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Profile
Owns and supports specialty-insurance, reinsurance, asset-management-related, and adjacent financial-services businesses. Flexible capital, management autonomy, and a history of acquisitions and disposals define its portfolio approach.
Owns and supports specialty-insurance, reinsurance, asset-management-related, and adjacent financial-services businesses. Its stated approach is to take control positions, back autonomous management teams with flexible capital, and provide operating and M&A resources.
Current and recent platforms include Ark, Kudu, Bamboo, and Distinguished Programs, alongside other operating businesses. Its history spans insurers, reinsurers, brokerages, financial guarantors, service companies, investment advisers, and insurance-linked consumer, media, and technology businesses.
Bermuda domicile and a Hanover, New Hampshire principal executive office frame a portfolio built through acquisitions, operating support, and selected disposals. Long-term ownership without predetermined exit dates coexists with portfolio recycling, including a retained minority interest after the Bamboo control sale.
Company facts
Key statistics
Year to date +4.6% · Average volume (30d) 20.0K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.75 | $0.81 | +7.4% | $844.6M | $844.6M | 0.0% | +1.38% |
| May 6, 2026Q1 FY26 | −$4.00 | $12.59 | +414.4% | $515.4M | $515.4M | 0.0% | +0.60% |
| Feb 6, 2026Q4 FY25 | $379.45 | $39.77 | −89.5% | $576.1M | $576.1M | 0.0% | −3.95% |
| Nov 6, 2025Q3 FY25 | $57.00 | $72.21 | +26.7% | — | $864.2M | — | +0.87% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $577.8M | $689.2M | $864.2M | $576.1M | $515.4M | $844.6M | |
| Gross profit | $203.4M | $403.4M | $466.9M | $380.7M | $308.4M | $669.0M | |
| Operating income | $72.4M | $176.5M | $178.8M | $901.0M | −$25.5M | $256.0M | |
| Net income | $33.9M | $122.9M | $113.8M | $835.8M | −$31.1M | $199.5M | |
| Diluted EPS | $13.19 | $47.73 | $44.19 | $327.23 | −$12.59 | $80.58 | |
| Gross margin | 35.2% | 58.5% | 54.0% | 66.1% | 59.8% | 79.2% | |
| Operating margin | 12.5% | 25.6% | 20.7% | 156.4% | -4.9% | 30.3% |
Fiscal years (4-quarter sums)FY21 $778.2M · FY22 $1.16B · FY23 $2.17B · FY24 $2.35B · FY25 $2.71B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.79B · Total debt $932.5M · Total assets $13.77B · Shareholders' equity $5.39B
Dividends
Raised for 16 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Mar 16, 2026 | Mar 16 | Mar 25 | $1.00 | |
| Mar 17, 2025 | Mar 17 | Mar 26 | $1.00 | |
| Mar 8, 2024 | Mar 11 | Mar 20 | $1.00 | |
| Mar 10, 2023 | Mar 13 | Mar 22 | $1.00 | |
| Mar 11, 2022 | Mar 14 | Mar 23 | $1.00 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 2.48M · Float 2.37M · 95.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Dimensional Fund Advisors LP | 159.0K | 6.42% | 13F | Aug 11, 2026 |
| Neuberger Berman Group LLC | 119.1K | 4.81% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 117.9K | 4.76% | 13F | Aug 7, 2026 |
| River Road Asset Management, LLC | 115.9K | 4.68% | 13F | Jul 17, 2026 |
| Vanguard Portfolio Management LLC | 112.0K | 4.52% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 19, 2025 | George Manning Rountree | director, officer: Chief Executive Officer | −5,000 | $2,050.00 |
| Dec 19, 2025 | Reid Tarlton Campbell | director | −10,000 | $2,050.00 |
| Dec 16, 2025 | Philip A. Gelston | director | −165 | $2,048.51 |
Peers
- Arch Capital Group
Broad overlap in global specialty insurance and reinsurance
- RenaissanceRe
Direct overlap in property, casualty, and specialty reinsurance
- Markel Group
Specialty insurance rival with a diversified ownership model
- Affiliated Managers Group
Capital partner to independent asset and wealth managers
- Assured Guaranty
Direct rival in U.S. municipal bond insurance and reinsurance
- Ryan Specialty
Specialty MGA, program administration, and distribution rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| White Mountains Insurance Group | $2,135.41 | +0.02% | $5.29B | 4.9 | — | 1.9 | +22.6% |
| Arch Capital Group | $97.15 | −1.71% | $34.53B | 7.7 | 10.5 | 1.8 | −22.3% |
| RenaissanceRe | $330.74 | +0.01% | $13.74B | 5.7 | 8.3 | 1.3 | −28.5% |
| Markel Group | $1,818.69 | −0.07% | $22.53B | 10.0 | 15.8 | 1.3 | +17.6% |
| Affiliated Managers Group | $370.87 | −0.02% | $9.80B | 12.8 | 9.4 | 3.9 | +29.9% |
| Assured Guaranty | $75.53 | −0.03% | $3.34B | 10.3 | 11.3 | 3.8 | −2.0% |
| Ryan Specialty | $43.63 | −0.52% | $5.68B | 56.4 | 19.2 | 1.8 | +7.2% |
| Median | 10.2 | 10.9 | 1.8 | +2.6% |