WTM News & Events

White Mountains announced the final results of its "modified Dutch auction" tender offer. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 19, 2025. Based on the final count by the depositary for the tender offer, 64,064 shares were properly tendered and not properly withdrawn at or below the final purchase price of $2,050.00 per share. The company is purchasing all validly tendered shares for approximately $131.3M. The shares purchased in the tender offer represent approximately 2.5% of White Mountains's shares outstanding as of November 19, 2025. Payment for the shares purchased under the tender offer will be made promptly.The company expects to have approximately 2,479,677 common shares outstanding as of the time immediately following payment for the accepted shares.

White Mountains Insurance Group announced the preliminary results of its "modified Dutch auction" tender offer to purchase up to $300M in value of its common shares. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 19, 2025. Based on a preliminary count by the depositary for the tender offer, 67,186 shares were properly tendered and not properly withdrawn at or below the purchase price of $2,050 per share, including 16,589 shares that were tendered by notice of guaranteed delivery. The company expects to purchase all validly tendered shares for approximately $137.7M. The shares expected to be purchased in the tender offer represent approximately 2.6% of White Mountains's shares outstanding as of November 19, 2025.

White Mountains Insurance Group announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform providing homeowners' insurance and related products to the residential property market in California and Texas, to funds advised by CVC Capital Partners. The transaction values Bamboo at $1.75B. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840M. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250M based on the transaction. The transaction is expected to close by the end of the fourth quarter of 2025. The closing is subject to regulatory approvals and other customary closing conditions. The closing is not subject to a financing condition.

White Mountains Insurance Group announced that its Board of Directors has unanimously elected Liam Caffrey as CEO, effective January 1, 2026. In addition, Caffrey will join the White Mountains Board at that time. Caffrey, who currently serves as President and CFO of White Mountains, will succeed current CEO Manning Rountree, who will retire as CEO and a member of the White Mountains Board on December 31, 2025. Caffrey joined White Mountains as CFO in 2022. Prior to that, he spent nine years in various finance and operating roles at Aon PLC. Prior to joining Aon, he served as a principal at McKinsey & Company.