White Mountains Insurance Group LTD
White Mountains Insurance Group, Ltd. is a Bermuda-based investment holding company focused on insurance and related financial services. Founded in 1980, the firm operates through subsidiaries spanning property & casualty insurance, reinsurance, insurance-linked securities, and asset management. Through segments such as HG Global/BAM, Ark/WM Outrigger, and Kudu, White Mountains provides insurance for municipal bonds, reinsurance solutions across property, marine, energy, and specialty lines, and capital solutions for boutique asset managers. The group employs approximately 893 staff and serves a broad set of insurance, asset management, and financial services clients—primarily in the United States.
Investment Strategy
White Mountains pursues an opportunistic, patient investment strategy with a focus on long-term value creation in insurance and financial services. The group leverages a permanent capital base to support subsidiaries through market cycles, building enduring partnerships with management teams. Investments include direct insurance operations, reinsurance, catastrophe bonds, and structured finance exposures, as well as minority stakes in boutique asset managers via its Kudu segment. The firm aims to deploy capital judiciously, seeking growth, strategic acquisitions, and generational ownership transfers, particularly in the insurance and asset management sectors.
Top Holdings
Equity Positions (1)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
M MAX | MEDIAALPHA INC | 100.00% | $195.5M | 17,856,614 | $31.63 | $10.95 | +$30.5M |