Held for Sale

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Held for Sale

Held for Sale

Bamboo

On October 2, 2025, White Mountains entered into the Bamboo Sale Transaction to sell approximately 77% of its equity interest in Bamboo for cash and retain the remainder. The Bamboo Sale Transaction values Bamboo at an enterprise value of $1.75 billion. As a result of the Bamboo Sale Transaction, the Bamboo Group’s assets and liabilities have been presented as held for sale in White Mountains’s consolidated balance sheet as of September 30, 2025. Amounts as of December 31, 2024 have been reclassified to conform to the current period’s presentation. The Bamboo Sale Transaction is expected to close in the fourth quarter of 2025. Completion of the Bamboo Sale Transaction is subject to the receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the Bamboo Sale Transaction. See Note 2 — “Significant Transactions.

Summary of Reclassified Balances and Related Items

Net Assets Held for Sale

The following table summarizes the Bamboo Group’s assets and liabilities classified as held for sale as of September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, the amounts presented exclude $6.2 million and $6.5 million of short-term investments, cash and other assets classified as assets held for sale and $4.3 million and $5.9 million of other liabilities classified as liabilities held for sale related to an Other Operating Business.

Millions	September 30, 2025		December 31, 2024
Assets held for sale
Fixed maturity investments, at fair value	$	37.7	$	40.7
Short-term investments, at fair value	25.5		17.3
Total investments	63.2		58.0
Cash (restricted $100.2 and $59.5)	136.5		74.5
Premiums, commissions and fees receivable	77.4		70.0
Goodwill and other intangible assets	343.0		355.0
Other assets	41.9		28.2
Total assets held for sale	$	662.0	$	585.7
Liabilities held for sale
Loss and loss adjustment expense reserves	$	28.5	$	17.8
Unearned insurance premiums	18.0		31.5
Premiums and commissions payable	114.8		88.1
Debt	104.6		—
Other liabilities	46.4		30.3
Total liabilities held for sale	312.3		167.7
Net assets held for sale	$	349.7	$	418.0