White Mountains is a Bermuda-based holding company that acquires, builds, and sells businesses in insurance and financial services. Its core strategy is opportunistic and value-oriented: buy businesses at attractive prices, grow them, and exit when valuations are compelling. White Mountains operates through four main businesses. Ark is a specialty property and casualty insurer and reinsurer operating through Lloyd's of London and a Bermuda platform, underwriting niche lines including property, specialty (aviation, cyber, space), marine & energy, and casualty — earning money through underwriting profits and investment income on float. HG Global provides first-loss reinsurance to BAM, the only mutual municipal bond insurer in the U.S., and derives value primarily from $1.0B held in collateral trusts and surplus notes paying 10% interest. Kudu deploys capital into boutique asset and wealth management firms via noncontrolling revenue and earnings participation contracts, earning a cash yield averaging 9.3% at initial deployment across roughly 30 firms with combined AUM of ~$153B. Distinguished, acquired in late 2025, is a capital-light MGA and program administrator for specialty P&C insurance, earning commissions on premium volume without retaining insurance risk. White Mountains also holds minority stakes in several businesses and recently launched WTM Partners, an initiative to invest up to $500M in non-insurance businesses such as essential services and light industrial. The company manages a conservative, short-duration fixed income portfolio alongside these operating assets.