Common Shareholders’ Equity and Noncontrolling Interests

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Shareholders’ Equity and Noncontrolling Interests

Common Shareholders’ Equity and Noncontrolling Interests

Common Shares Repurchased and Retired

The Company’s Board of Directors has authorized it to repurchase its common shares from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated transactions. The repurchase authorizations do not have a stated expiration date. As of December 31, 2025, White Mountains may repurchase an additional 269,594 shares under these board authorizations. In addition, from time to time White Mountains has also repurchased its common shares through self-tender offers that were separately authorized by its Board of Directors.

During 2025, the Company repurchased 100,581 common shares for $202.5 million at an average share price of $2,013.67, which included 31,420 common shares repurchased under the board authorizations for $59.2 million at an average share price of $1,884.27 and 5,097 common shares repurchased to satisfy employee income tax withholding pursuant to employee benefit plans. In addition, on December 24, 2025, White Mountains completed a “modified Dutch auction” self-tender offer, through which it repurchased 64,064 of its common shares at a purchase price of $2,082.60 per share ($2,050.00 excluding expenses) for a total cost of approximately $133.4 million, including expenses.

During 2024, the Company repurchased 5,269 common shares for $7.9 million at an average share price of $1,505.01. The common shares were repurchased to satisfy employee income tax withholding pursuant to employee benefit plans.

During 2023, the Company repurchased 24,165 common shares for $32.7 million at an average share price of $1,354.88, which included 19,536 common shares repurchased under the board authorizations for $26.2 million at an average share price of $1,340.79 and 4,629 common shares repurchased to satisfy employee income tax withholding pursuant to employee benefit plans.

Common Shares Issued

During 2025, the Company issued a total of 12,110 common shares, which consisted of 10,670 restricted shares issued to key personnel and 1,440 shares issued to directors of the Company.

During 2024, the Company issued a total of 13,100 common shares, which consisted of 11,405 restricted shares issued to key personnel and 1,695 shares issued to directors of the Company.

During 2023, the Company issued a total of 12,461 common shares, which consisted of 10,895 restricted shares issued to key personnel and 1,566 shares issued to directors of the Company.

Dividends on Common Shares

For the years ended December 31, 2025, 2024 and 2023, the Company declared and paid cash dividends totaling $2.6 million, $2.5 million and $2.6 million (or $1.00 per common share).

Noncontrolling Interests

Noncontrolling interests consist of the ownership interests of noncontrolling shareholders in consolidated entities. White Mountains has both redeemable and nonredeemable noncontrolling interests. Noncontrolling interests with optional redemption features that are not within White Mountains’s control are classified as redeemable noncontrolling interests, which are considered temporary equity and presented as mezzanine equity on the balance sheet. Noncontrolling interests that do not have any redemption features are classified as nonredeemable noncontrolling interests, which are considered permanent equity and included in White Mountains’s total equity on the balance sheet. Nonredeemable noncontrolling interests are presented separately from White Mountains’s common shareholders’ equity.

Redeemable Noncontrolling Interests

On September 5, 2028, the third anniversary of the closing of the Distinguished Transaction, certain noncontrolling unitholders will have the option to sell additional units representing 31.4% of Distinguished’s basic units outstanding to White Mountains at the same unit price paid in the Distinguished Transaction less aggregate per unit distributions. As of December 31, 2025, the carrying value of the redeemable noncontrolling interests was $131.5 million, and the redemption value would be $131.5 million if exercised in full.

Nonredeemable Noncontrolling Interests

The following table presents the balance of noncontrolling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by noncontrolling shareholders as of December 31, 2025 and 2024:

	December 31, 2025				December 31, 2024
$ in Millions	Nonredeemable Noncontrolling Percentage (1)		Nonredeemable Noncontrolling Equity		Nonredeemable Noncontrolling Percentage (1)		Nonredeemable Noncontrolling Equity
Nonredeemable noncontrolling interests:
Ark (2)	27.9	%	$	465.2	27.9	%	$	410.4
HG Global	3.1	%	(18.4)		3.1	%	(13.4)
Kudu (3)	8.8	%	141.2		9.6	%	127.6
Bamboo	—	%	—		27.2	%	113.6
Distinguished (4)	13.1	%	73.7		—		—
Other	various		36.5		various		9.1
Total nonredeemable noncontrolling interests			$	698.2			$	647.3

(1) The noncontrolling percentage represents the basic ownership interests held by noncontrolling shareholders with the exception of HG Global, for which

the noncontrolling percentage represents the preferred share ownership held by noncontrolling shareholders.

(2) As of December 31, 2025 and 2024, Ark’s noncontrolling equity includes $58.6 and $42.9 related to management’s equity incentives.

(3) As of December 31, 2025 and 2024, Kudu’s noncontrolling equity includes $52.3 and $47.9 related to management’s equity incentives.

(4) As of December 31, 2025, Distinguished’s nonredeemable noncontrolling interests include $33.3 related to management’s equity incentives.