White Mountains Insurance Group reports $39 million net loss

Cover page 2 changes

3 unchanged paragraphs

For the period ended June September 30, 2026

21 unchanged paragraphs

As of August 3, November 2, 2026, 2,386,721 2,386,823 common shares with a par value of $1.00 per share were outstanding (which includes 31,665 restricted common shares that were not vested at such date).

2 unchanged paragraphs

Financial Statements (Unaudited) 7 changes

Consolidated Balance Sheets, June September 30, 2026 and December 31, 2025

Consolidated Statements of Operations, Three and Six Nine Months Ended June September 30, 2026 and 2025

Consolidated Statements of Comprehensive Income, Three and Six Nine Months Ended

June September 30, 2026 and 2025

Consolidated Statements of Changes in Equity, Three and Six Nine Months Ended

June September 30, 2026 and 2025

Consolidated Statements of Cash Flows, Six Nine Months Ended June September 30, 2026 and 2025

Financial statements 355 changes

2 unchanged paragraphs

Millions, except share and per share amounts June September 30, 2026 December 31, 2025

1 unchanged paragraph

Fixed maturity investments, at fair value $ 2,011.9 1,971.4 $ 1,917.9

Common equity securities, at fair value 407.7 345.0 452.3

Short-term investments, at fair value 536.9 633.1 866.6

Other long-term investments 769.0 868.0 689.7

Total investments 3,725.5 3,817.5 3,926.5

Cash (restricted $ 25.2 28.6 and $ 1.1 )

Reinsurance recoverables 1,394.0 1,076.1 836.1

Insurance premiums receivable 1,473.2 1,222.1 848.4

Deferred acquisition costs 327.9 264.8 211.1

1 unchanged paragraph

Other assets 265.6 344.6 134.7

Total P&C Insurance and Reinsurance assets 7,570.2 7,147.3 6,354.1

1 unchanged paragraph

Short-term investments, at fair value 114.4 120.9 21.9

Other long-term investments 1,344.6 1,319.1 1,291.4

Total investments 1,459.0 1,440.0 1,313.3

Accrued investment income 21.6 22.0 25.3

1 unchanged paragraph

Other assets 7.3 7.6 21.5

Total Asset Management assets 1,496.9 1,478.2 1,402.3

1 unchanged paragraph

Other assets 6.0 5.2

Fixed maturity investments, at fair value 715.1 707.6 693.4

Short-term investments, at fair value 34.2 40.7 90.8

Total investments 749.3 748.3 784.2

BAM Surplus Notes, at fair value 352.8 335.5 339.0

Insurance premiums receivable 9.8 13.6 11.4

Deferred acquisition costs 98.5 102.0 96.9

Other assets 5.7 5.2

Total Financial Guarantee assets 1,216.6 1,205.7 1,236.8

1 unchanged paragraph

Total investments 79.4 94.0

Other assets 26.4 15.3

Short-term investments, at fair value 79.4 70.6 94.0

Total investments 70.6 94.0

Cash (restricted $ 3.6 3.8 and $ 0.1 )

Premiums, commissions and fees receivable 69.8 52.2 45.7

Goodwill and other intangible assets 565.1 558.7 577.7

Other assets 35.1 15.3

Total Specialty Insurance Distribution assets 744.8 720.9 735.4

3 unchanged paragraphs

Accounts receivable 78.8 39.5

Contract assets 36.3 17.8

Other assets 43.5 28.7

Other assets 104.3 95.9

Accounts receivable 88.7 39.5

Contract assets 37.1 17.8

Goodwill and other intangible assets 269.6 262.7 91.5

Other assets 42.2 28.7

Total Services, Industrial and Consumer assets 434.9 441.5 182.4

Fixed maturity investments, at fair value 312.9 361.8 159.2

Common equity securities, at fair value 169.1 204.0 30.7

Investment in MediaAlpha, at fair value 224.5 170.9 231.2

Short-term investments, at fair value 211.5 236.8 806.9

Other long-term investments 1,202.6 1,230.4 977.4

Total investments 2,120.6 2,203.9 2,205.4

Goodwill and other intangible assets 48.9 47.9 50.8

Other assets 91.1 95.9

Assets held for sale - Other 4.9 5.0

Total Other Operations assets 2,303.3 2,369.0 2,395.5

Total assets $ 13,766.7 13,362.6 $ 12,306.5

3 unchanged paragraphs

Millions, except share and per share amounts June September 30, 2026 December 31, 2025

1 unchanged paragraph

Reinsurance payable 642.8 286.2

Other liabilities 208.0 247.2

Loss and loss adjustment expense reserves $ 2,623.8 2,747.4 $ 2,481.0

Unearned insurance premiums 1,860.4 1,427.4 1,026.1

Reinsurance payable 492.3 286.2

Contingent consideration 370.0 400.0 328.3

Other liabilities 233.7 247.2

Total P&C Insurance and Reinsurance liabilities 5,864.0 5,459.8 4,528.5

1 unchanged paragraph

Other liabilities 116.7 96.5

Other liabilities 122.6 96.5

Total Asset Management liabilities 467.4 473.5 446.9

1 unchanged paragraph

Other liabilities 20.1 23.8

Unearned insurance premiums 331.8 342.5 327.9

Other liabilities 26.7 23.8

Total Financial Guarantee liabilities 549.3 566.6 499.5

1 unchanged paragraph

Other liabilities 77.3 85.0

Premiums and commissions payable 114.0 87.9 81.3

Other liabilities 88.6 85.0

Total Specialty Insurance Distribution liabilities 332.2 317.4 307.1

1 unchanged paragraph

Contract liabilities 35.6 24.8

Other liabilities 81.2 47.2

Other liabilities 40.3 55.4

Contract liabilities 43.2 24.8

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

7 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

6 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

5 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

and 275 more changes in the filing

Note 1: Basis of Presentation and Significant Accounting Policies 11 changes

1 unchanged paragraph

White Mountains Insurance Group, Ltd. (the "Company" or the "Registrant") is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and other affiliates. The Company's headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon Richmond House, 2 Church Street, 12 Par-la-Ville Road, Hamilton, Pembroke, Bermuda, HM 11. 08. The Company's website is www.whitemountains.com. The information contained on the Company's website is not incorporated by reference into, and is not a part of, this report.

3 unchanged paragraphs

As of June September 30, 2026, White Mountains conducted its operations through five reportable segments: (1) Ark/WM Outrigger, (2) Kudu, (3) HG Global, (4) Distinguished and (5) WTM Partners, with its remaining operating businesses, holding companies and other assets included in Other Operations. Beginning in second quarter of 2026, in conjunction with its recent acquisitions, WTM Partners is presented as a separate reportable segment. White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company's subsidiaries and affiliates; (ii) the manner in which the Company's subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the Company's chief operating decision maker ("CODM") and its Board of Directors. See Note 14 — "Segment Information."

The Ark/WM Outrigger segment consists of Ark Insurance Holdings Limited and its subsidiaries (collectively, "Ark") and Outrigger Re Ltd. Segregated Account 2023-1 ("WM Outrigger Re") (collectively with Ark, "Ark/WM Outrigger"). Ark is a specialty property and casualty insurance and reinsurance company that offers a wide range of niche insurance and reinsurance products, including property, specialty, marine & energy, casualty and accident & health. Ark underwrites select coverages through Lloyd's Syndicates 4020 and 3902 and Additional Central Settlement Number ("ACSN") 3832 (collectively, the "Syndicates") and its wholly-owned subsidiary Group Ark Insurance Limited ("GAIL"). As of June September 30, 2026 and December 31, 2025, White Mountains owned 72.1 % and 72.1 % of Ark on a basic shares outstanding basis ( 62.4 51.9 % and 61.9 % after taking account of management's equity incentives). The decrease in White Mountains's ownership taking account of management's equity incentives relates to new equity incentives granted in the third quarter of 2026 tied to future value creation beginning in 2026. Ark's management equity incentives are structured so that they are subject to a vesting period and participate in Ark's value creation above a compounding return hurdle. The remaining shares are owned by current and former employees of Ark. In the future, management rollover shareholders could earn additional shares in Ark if and to the extent that White Mountains achieves certain thresholds for its multiple of invested capital ("MOIC") return. The liability related to these additional shares is recorded as contingent consideration. If fully earned, these shares would represent an additional 12.4 10.6 % of the shares outstanding as of June September 30, 2026, and White Mountains would own 53.5 45.6 % of Ark on a fully-diluted/fully-converted basis. The liability related to these additional shares is recorded as contingent consideration.

White Mountains's fully-diluted/fully-converted ownership percentage understates its economic interest in Ark since the calculation treats management's equity incentives, which are subject to a compounding return hurdle, as if they were full value shares. In the future, Ark may choose to convert vested management equity incentives to basic shares and repurchase certain other management owned shares, which would increase White Mountains's fully-diluted/fully-converted ownership. White Mountains has the majority voting power of Ark's Board of Directors. As a result, White Mountains will continue to control Ark even if its ownership percentage falls below 50.0 %.

Outrigger Re Ltd. is a Bermuda special purpose insurer and segregated accounts company that provides collateralized reinsurance protection on Ark's Bermuda global property catastrophe excess of loss portfolio for underwriting years beginning in 2023. As of June September 30, 2026 and December 31, 2025, White Mountains owned 100.0 % of the preferred equity of its segregated cell, WM Outrigger Re, which participated in the 2023 through 2025 underwriting years. White Mountains consolidates WM Outrigger Re in its financial statements. During the fourth quarter of 2025, Ark renewed Outrigger Re Ltd. for the 2026 underwriting year with $ 70.0 million of unaffiliated third-party capital. Ark increased its use of traditional quota share reinsurance for 2026, reducing the need for capacity from Outrigger Re Ltd. For the first six months of 2026, White Mountains received $ 144.9 million of distributions, primarily a return of capital related to its non-renewal for the 2026 underwriting year.

The Kudu segment consists of Kudu Investment Management, LLC and its subsidiaries (collectively, "Kudu"). Kudu provides capital solutions for boutique asset and wealth managers for a variety of purposes including generational ownership transfers, management buyouts, acquisition and growth finance and legacy partner liquidity. Kudu also provides strategic advice to managers from time to time. Kudu's capital solutions are generally structured as noncontrolling equity interests in the form of revenue and earnings participation contracts ("Participation Contracts") and designed to generate immediate cash yields. As of June September 30, 2026 and December 31, 2025, White Mountains owned 91.3 % and 91.2 % of Kudu's basic units outstanding ( 78.4 % and 77.9 % on a fully-diluted/fully-converted basis, taking account of management's equity incentives). White Mountains's fully-diluted/fully-converted ownership percentage understates its economic interest in Kudu since the calculation treats management's equity incentives, which are subject to a compounding return hurdle, as if they were full value shares.

The HG Global segment consists of HG Global Ltd. and its wholly-owned subsidiaries (collectively, "HG Global"). HG Global was established to fund the startup of Build America Mutual Assurance Company ("BAM") and, through its reinsurance subsidiary, HG Re Ltd. ("HG Re"), to provide first-loss reinsurance protection of up to 15 %-of-par outstanding for each policy assumed from BAM. HG Global, together with its subsidiaries, funded the initial capitalization of BAM through the purchase of $ 503.0 million of surplus notes issued by BAM (the "BAM Surplus Notes"). As of June September 30, 2026 and December 31, 2025, White Mountains owned 96.9 % of HG Global's preferred equity and 88.4 % of its common equity.

The Distinguished segment consists of WM Phoenix Parent L.P. and its subsidiaries d/b/a Distinguished Programs (collectively, "Distinguished"). Distinguished is a full-service managing general agent ("MGA") and program administrator for specialty property and casualty insurance. Distinguished places insurance across a diversified portfolio of programs broadly grouped into two verticals. The ScaleCo vertical consists of established programs, primarily focused on real estate and hospitality end markets. The GrowthCo vertical consists of start-up programs, focused on a diversified set of specialty property and casualty insurance products across multiple industries. On behalf of its insurance carrier partners, Distinguished manages various aspects of the placement process, including product development, marketing, underwriting and policy issuance. Distinguished earns commissions based on the volume and profitability of the insurance that it places. Distinguished does not retain insurance risk. On September 2, 2025, White Mountains acquired a controlling financial interest in Distinguished. See Note 2 — "Significant Transactions." As of June September 30, 2026 and December 31, 2025, White Mountains owned 55.3 % and 55.5 % of Distinguished on a basic units outstanding basis ( 43.3 % and 43.6 % on a fully-diluted/fully-converted basis, taking account of management's equity incentives). White Mountains's fully-diluted/fully-converted ownership percentage understates its economic interest in Distinguished since the calculation treats management's equity incentives, which are subject to a compounding return hurdle, as if they were full value shares. WM Phoenix GP, LLC, an indirect wholly-owned subsidiary of the Company, is the general partner of WM Phoenix Parent L.P. As the general partner, White Mountains has control over all activities of Distinguished subject to consent rights held by certain limited partners. As a result, White Mountains will continue to control Distinguished even if its economic interest falls below 50.0 %. See Note 2 15 — "Significant Transactions." "Variable Interest Entities."

The WTM Partners segment consists of White Mountains Partners LLC and its operating companies (collectively, "WTM Partners"). WTM Partners acquires and manages businesses on behalf of White Mountains in non-financial services sectors including essential services, light industrial and specialty consumer. WTM Partners's operating companies include (i) Enterprise Electric, LLC and its subsidiary (collectively, "Enterprise Solutions") and (ii) BaseSix Systems LLC and its subsidiary (collectively, "Basesix"). On April 1, 2025, WTM Partners acquired a controlling financial interest in Enterprise Solutions, a provider of specialty electrical contracting services. On April 1, 2026, WTM Partners acquired a controlling financial interest in Basesix, a low voltage electrical systems integrator. See Note 2 — "Significant Transactions." As of June September 30, 2026 and December 31, 2025, WTM Partners owned 71.9 % and 65.5 % of Enterprise Solutions on a basic units outstanding basis ( 66.8 % and 59.0 % on a fully-diluted/fully-converted basis, taking account of management's equity incentives). As of June September 30, 2026, WTM Partners owned 84.4 % of Basesix on both a basic units outstanding and basis ( 71.7 % on a fully-diluted/fully-converted basis, taking account of management's equity incentives). White Mountains's fully-diluted/fully-converted ownership percentage understates its economic interests in Enterprise Solutions and Basesix since the calculation treats management's equity incentives, which are subject to a compounding return hurdle, as if they were full value shares.

4 unchanged paragraphs

WTM Partners recognizes product and service revenues, consisting of construction revenues from specialty electrical contracting services and low voltage electrical systems integration services provided to commercial and institutional customers, when it has satisfied its performance obligations and control of the promised goods or services has been transferred to the customer. Product and service revenues are recognized over time using the cost-to-cost percentage of completion input method, based on the ratio of contract costs incurred to date compared to total estimated contract costs. Contract costs incurred to date and expected total contract costs are monitored during the term of the contract. WTM Partners's billings are generally based on contractual terms and may not coincide with its progress in a project. WTM Partners records accounts receivable for amounts billed to the customer, net of a provision an allowance for amounts estimated to be uncollectible receivables, including expected credit losses. If the recognized revenue is greater than the amount billed to the customer, a contract asset is recorded. Contract assets also include amounts billed under retainage provisions that cannot be collected until the contract work has been completed and approved. If the amount billed to the customer is greater than the recognized revenue, a contract liability is recorded.

WTM Partners incurs various expenses directly related to the performance of its construction contracts, which are recorded in cost of sales. These costs consist primarily of materials, salaries and related expenses, costs paid to subcontractors and other direct and indirect job-related costs. These expenses are recognized as incurred.

Note 2: Significant Transactions 10 changes

2 unchanged paragraphs

On September 2, 2025, White Mountains acquired a controlling financial interest in Distinguished (the "Distinguished Transaction"). White Mountains funded the Distinguished Transaction through a combination of cash on hand and new borrowings by Distinguished. White Mountains paid $ 224.8 million of cash consideration, including a post-closing purchase price adjustment of $ 0.5 million. In addition, Distinguished borrowed $ 50.0 million of incremental debt and utilized $ 6.8 million of cash on hand as part of the transaction. At closing, White Mountains owned 55.5 %, inclusive of its 1.7 % previously-held interest, of Distinguished on a basic units outstanding basis ( 43.6 % on a fully-diluted/fully-converted basis, taking account of management's equity incentives). At closing, 4.2 % of the basic units outstanding are owned by Distinguished management ( 24.7 % on a fully-diluted/fully-converted basis). As part of the Distinguished Transaction, WM Phoenix GP, LLC, an indirect wholly-owned subsidiary of the Company, became the general partner of Distinguished. As the general partner, White Mountains has control over all activities of Distinguished subject to consent rights held by certain limited partners. As a result, White Mountains will continue to control Distinguished even if its economic interest falls below 50.0 %. See Note 15 — "Variable Interest Entities."

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 31.3 % of Distinguished's basic units outstanding as of June September 30, 2026 to White Mountains at the same unit price paid in the Distinguished Transaction less aggregate per unit distributions. As of June September 30, 2026, the redemption value would be $ 131.5 million if exercised in full. Noncontrolling interests with optional redemption features that are not within White Mountains's control are classified as redeemable noncontrolling interests. See Note 13 — "Noncontrolling Interests." In addition, White Mountains will have the parallel option to purchase such units at 1.35 times the unit price paid in the Distinguished Transaction less aggregate per unit distributions.

1 unchanged paragraph

The following table presents additional details of the net assets acquired as of the September 2, 2025 acquisition date:

18 unchanged paragraphs

On April 1, 2025, WTM Partners acquired a controlling financial interest in Enterprise Solutions (the "Enterprise Solutions Transaction"). This was the first acquisition by WTM Partners. Enterprise Solutions provides specialty electrical contracting services to commercial and institutional customers. WTM Partners funded the Enterprise Solutions Transaction through a combination of cash on hand and new borrowings by Enterprise Solutions. WTM Partners paid $ 58.3 58.1 million of cash consideration, which included a post-acquisition capital contribution of $ 1.5 million and a post-closing purchase price reduction of $ 0.2 million. In addition, Enterprise Solutions borrowed $ 15.0 million in new debt as part of the transaction. At closing, WTM Partners owned 65.5 % of Enterprise Solutions on a basic units outstanding basis ( 59.0 % on a fully-diluted/fully-converted basis, taking account of management's equity incentives).

WTM Partners recognized total assets acquired related to the Enterprise Solutions Transaction of $ 176.4 million, including $ 57.7 million of goodwill and $ 37.6 million of other intangible assets, total liabilities assumed of $ 74.4 million and noncontrolling interests of $ 30.6 million. Total assets acquired included $ 57.7 million of goodwill and $ 37.6 million of other intangible assets. In connection with the acquisition, WTM Partners incurred transaction costs of $ 3.0 million.

On May 1, 2026, Enterprise Solutions acquired a controlling financial interest in Hawkeye Electric, LLC ("Hawkeye Electric") (the "Hawkeye Electric Transaction"). Hawkeye Electric provides specialty electrical contracting services to commercial and institutional customers. Enterprise Solutions funded the Hawkeye Electric Transaction through a combination of equity contributions of $ 34.9 million from WTM Partners and $ 6.0 million from noncontrolling interest holders as well as new borrowings. Enterprise Solutions paid $ 67.2 66.8 million of cash consideration, including which included net debt financing of $ 26.3 million and a post-closing purchase price reduction of $ 0.4 million. In addition, Hawkeye Electric utilized $ 5.9 million of cash on hand as part of the transaction. At closing, Enterprise Solutions owned 100 100.0 % of Hawkeye Electric.

WTM Partners recognized total assets acquired related to the Hawkeye Electric of $ 85.5 million and total liabilities assumed Transaction of $ 12.4 85.1 million, reflecting provisional acquisition date fair values. Total assets acquired included including $ 54.6 32.2 million of goodwill and $ 22.0 million of other intangible assets, and total liabilities assumed of $ 12.4 million, reflecting provisional acquisition date fair values. In connection with the acquisition, WTM Partners incurred transaction costs of $ 2.1 2.2 million.

On April 1, 2026, WTM Partners acquired a controlling financial interest in Basesix (the "Basesix Transaction"). Basesix provides low voltage electrical systems integration services to commercial and institutional customers. WTM Partners funded the Basesix Transaction through a combination of cash on hand and new borrowings by Basesix. WTM Partners paid $ 96.8 95.5 million of cash consideration, which included a post-acquisition capital contribution of $ 1.0 million and a post-closing purchase price reduction of $ 1.3 million. In addition, Basesix borrowed $ 20.0 million in new debt as part of the transaction. At closing, WTM Partners owned 84.4 % of Basesix on both a basic units outstanding and fully-diluted/fully-converted basis.

WTM Partners recognized total assets acquired related to the Basesix Transaction of $ 158.9 157.9 million, including $ 73.2 million of goodwill and $ 51.4 million of other intangible assets, total liabilities assumed of $ 17.7 18.2 million and noncontrolling interests of $ 17.8 million, reflecting provisional acquisition date fair values. Total assets acquired included $ 126.0 17.7 million, of goodwill and other intangible assets, reflecting provisional acquisition date fair values. In connection with the acquisition, WTM Partners incurred transaction costs of $ 2.6 2.8 million.

1 unchanged paragraph

White Mountains's unaudited pro forma revenues were $ 851.8 million and $ 1,409.8 2,050.9 million for the three and six nine months ended June September 30, 2026 compared to and $ 777.0 929.1 million and $ 1,469.3 2,398.4 million for the three and six nine months ended June September 30, 2025. There were no pro forma revenue adjustments for the three months ended September 30, 2026. The pro forma revenues include revenues from Distinguished, Enterprise Solutions, Basesix and Hawkeye Electric as if the acquisitions had occurred on January 1, 2025. The pro forma revenues are presented for comparative purposes only and are not necessarily indicative of the operating results that White Mountains would have recognized had the acquisitions actually been completed on January 1, 2025. The pro forma revenues have been calculated after applying White Mountains's accounting policies and do not include any material, nonrecurring pro forma adjustments. Impacts to White Mountains's unaudited pro forma earnings were not material to the amounts previously reported.

Note 3: Investment Securities 206 changes

White Mountains's portfolio of investment securities held for general investment purposes consists of fixed maturity investments, short-term investments, common equity securities, its investment in MediaAlpha and other long-term investments. White Mountains's portfolio of fixed maturity investments, including those within short-term investments, is classified as trading securities. Trading securities are reported at fair value as of the balance sheet date. Short-term investments also include interest-bearing money market funds and certificates of deposit that are carried at fair value. White Mountains's portfolio of common equity securities, its investment in MediaAlpha and other long-term investments are measured at fair value. Other long-term investments consist primarily of unconsolidated entities, including Kudu's Participation Contracts, the Bamboo SPV, the BroadStreet SPV, PassportCard/DavidShield and Bishop Street, as well as private equity funds and hedge funds, a bank loan fund, and Lloyd's trust deposits and an equity infrastructure fund. White Mountains has generally taken the fair value option for its equity method eligible investments. See Note 16 — " Equity Method Eligible Investments. " Net realized and unrealized investment gains (losses) are reported in pre-tax revenues.

4 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

The following table presents pre-tax net investment income for the three and six nine months ended June September 30, 2026 and 2025:

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Fixed maturity investments $ 31.8 $ 26.8 $ 62.4 $ 53.8

Short-term investments 11.3 12.0 26.9 22.6

Common equity securities .4 .2 .9 .6

Other long-term investments 27.9 23.1 53.1 45.3

Total investment income 71.4 62.1 143.3 122.3

Third-party investment expenses ( .5 ) ( .7 ) ( 1.0 ) ( 1.3 )

Net investment income, pre-tax $ 70.9 $ 61.4 $ 142.3 $ 121.0

Fixed maturity investments $ 34.3 $ 28.9 $ 96.7 $ 82.7

Short-term investments 9.8 11.8 36.7 34.4

Common equity securities .5 — 1.4 .6

Other long-term investments 26.6 19.1 79.7 64.4

Total investment income 71.2 59.8 214.5 182.1

Third-party investment expenses ( .6 ) ( .6 ) ( 1.6 ) ( 1.9 )

Net investment income, pre-tax $ 70.6 $ 59.2 $ 212.9 $ 180.2

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

The following table presents net realized and unrealized investment gains (losses) for the three and six nine months ended June September 30, 2026 and 2025:

Three Months Ended September 30, Nine Months Ended September 30,

2 unchanged paragraphs

Fixed maturity investments $ ( 1.9 ) $ ( 1.8 ) $ ( .9 ) $ ( 1.9 )

Short-term investments .1 .3 .1 .5

Common equity securities 1.2 33.1 12.4 67.7

Other long-term investments 35.1 6.2 37.2 11.8

Fixed maturity investments $ ( .5 ) $ .7 $ ( 1.4 ) $ ( 1.2 )

Short-term investments ( .6 ) .5 ( .5 ) 1.0

Common equity securities 7.5 — 19.9 67.7

Other long-term investments 11.5 20.2 48.7 32.0

2 unchanged paragraphs

Fixed maturity investments ( 3.8 ) 17.2 ( 26.8 ) 39.4

Short-term investments — .5 ( .7 ) .5

Common equity securities 42.3 ( 9.5 ) 6.4 ( 31.6 )

Investment in MediaAlpha 58.4 30.5 ( 6.8 ) ( 6.1 )

Other long-term investments 77.6 40.8 133.7 87.0

Net unrealized investment gains (losses) 174.5 79.5 105.8 89.2

Fixed maturity investments ( 72.5 ) 13.0 ( 99.3 ) 52.4

Short-term investments ( .1 ) ( .4 ) ( .8 ) .1

Common equity securities ( 5.7 ) 2.6 .7 ( 29.0 )

Investment in MediaAlpha ( 53.6 ) 7.7 ( 60.4 ) 1.6

Other long-term investments ( 9.0 ) 39.6 124.7 126.6

Net unrealized investment gains (losses) ( 140.9 ) 62.5 ( 35.1 ) 151.7

2 unchanged paragraphs

Net realized and unrealized investment gains (losses) $ ( 5.6 ) $ 16.2 $ ( 28.3 ) $ 38.5

Net realized and unrealized investment gains (losses) $ ( 73.7 ) $ 13.8 $ ( 102.0 ) $ 52.3

Less: net realized and unrealized gains (losses) on investment securities sold during the period ( .5 ) ( .6 .9 ) .8 ( 2.1 3.9 ) 1.1 3.3

2 unchanged paragraphs

Net realized and unrealized investment gains (losses) on common equity securities $ 43.5 1.8 $ 23.6 2.6 $ 18.8 20.6 $ 36.1 38.7

1 unchanged paragraph

investment in MediaAlpha 58.4 30.5 ( 6.8 ) ( 6.1 )

Three Months Ended June 30, Six Months Ended June 30,

investment in MediaAlpha ( 53.6 ) 7.7 ( 60.4 ) 1.6

Total net realized and unrealized investment gains (losses) 101.9 54.1 12.0 30.0 ( 51.8 ) 10.3 ( 39.8 ) 40.3

Less: net realized and unrealized gains (losses) on investment securities sold during the period 1.0 9.4 .8 — .6 ( 2.7 ) 6.4

Net unrealized investment gains (losses) recognized during the period on investment securities held at the end of the period $ 100.9 ( 52.6 ) $ 44.7 10.3 $ 12.6 ( 37.1 ) $ 23.6 33.9 (1) For the three months ended June September 30, 2026 and 2025, White Mountains recognized gross realized investment gains of $ 38.3 21.0 and $ 40.6 21.9 and gross realized investment losses of $( 3.8 3.1 ) and $( 2.8 0.5 ) on sales of investment securities. For the six nine months ended June September 30, 2026 and 2025, White Mountains recognized gross realized investment gains of $ 57.7 78.7 and $ 82.0 103.9 and gross realized investment losses of $( 8.9 12.0 ) and $( 3.9 4.4 ) on sales of investment securities.

(2) For the three months ended June September 30, 2026 and 2025, includes $( 1.0 1.9 ) and $( 30.1 2.4 ) of net realized and unrealized investment gains (losses) related to foreign currency exchange. For the six nine months ended June September 30, 2026 and 2025, includes $( 5.4 7.2 ) and $ 37.3 34.9 of net realized and unrealized investment gains (losses) related to foreign currency exchange.

The following table presents total net unrealized gains (losses) attributable to Level 3 investments for the three and six nine months ended June September 30, 2026 and 2025 for investments still held at the end of the period:

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Total net unrealized investment gains (losses) recognized during the period on Level 3 investments held at the end of period $ ( 2.8 ) $ 42.0 $ 121.0 $ 103.6

The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses) and carrying value of White Mountains's fixed maturity investments as of June September 30, 2026 and December 31, 2025:

1 unchanged paragraph

U.S. Government and agency obligations $ 445.5 $ .1 $ ( 2.9 ) $ — $ 442.7

Debt securities issued by corporations 1,818.0 4.3 ( 19.0 ) 1.4 1,804.7

Mortgage and asset-backed securities 426.8 1.7 ( 18.2 ) — 410.3

Collateralized loan obligations 337.2 .6 — ( .1 ) 337.7

Foreign government and agency obligations 43.4 .1 ( .1 ) 1.1 44.5

U.S. Government and agency obligations $ 459.3 $ — $ ( 10.8 ) $ — $ 448.5

Debt securities issued by corporations 1,837.4 .4 ( 57.5 ) 1.2 1,781.5

Mortgage and asset-backed securities 429.5 — ( 36.7 ) — 392.8

Collateralized loan obligations 379.4 .5 ( .1 ) ( 1.4 ) 378.4

Foreign government and agency obligations 38.7 — ( .3 ) 1.2 39.6

8 unchanged paragraphs

The following table presents the cost or amortized cost and carrying value of White Mountains's fixed maturity investments by contractual maturity as of June September 30, 2026 and December 31, 2025. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without penalties.

June September 30, 2026 December 31, 2025

1 unchanged paragraph

Due in one year or less $ 360.4 345.5 $ 361.0 345.5 $ 455.3 $ 455.2

Due after one year through five years 1,635.7 1,623.4 1,658.1 1,610.0 1,349.8 1,354.1

Due after five years through ten years 296.8 293.5 310.1 293.4 199.0 199.3

Due after ten years 14.0 14.0 21.7 20.7 21.7 21.9

1 unchanged paragraph

collateralized loan obligations 764.0 748.0 808.9 771.2 749.0 740.0

Total fixed maturity investments $ 3,070.9 3,144.3 $ 3,039.9 3,040.8 $ 2,774.8 $ 2,770.5

The weighted average duration of White Mountains's fixed maturity investments was 2.8 years and 2.5 years as of June September 30, 2026 and December 31, 2025. Including short-term investments, the weighted average duration was 2.1 2.0 years and 1.5 years as of June September 30, 2026 and December 31, 2025.

The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses) and carrying value of common equity securities, White Mountains's investment in MediaAlpha and other long-term investments as of June September 30, 2026 and December 31, 2025:

1 unchanged paragraph

Common equity securities $ 471.7 $ 106.8 $ — $ ( 1.7 ) $ 576.8

Other long-term investments $ 2,602.9 $ 862.3 $ ( 134.9 ) $ ( 14.1 ) $ 3,316.2

Common equity securities $ 449.6 $ 99.9 $ — $ ( .5 ) $ 549.0

Investment in MediaAlpha $ 59.2 $ 165.3 111.7 $ — $ — $ 224.5 170.9

8 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

6 unchanged paragraphs

1 unchanged paragraph

23 unchanged paragraphs

4 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

13 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

6 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

16 unchanged paragraphs

and 126 more changes in the filing

Note 4: Goodwill and Other Intangible Assets 52 changes

1 unchanged paragraph

The following tables present the economic life, acquisition date fair value, accumulated amortization, impairments and net carrying value for goodwill and other intangible assets as of June September 30, 2026 and December 31, 2025:

6 unchanged paragraphs

Total goodwill 805.0 — 9.1 795.9

Total goodwill 729.8 — 9.1 720.7

3 unchanged paragraphs

Subtotal 188.8 21.6 — 167.2

Customer relationships 7.0 28.5 5.2 — 23.3

Subtotal 37.6 6.3 — 31.3

Subtotal 41.2 27.1 .5 13.6

Total other intangible assets 445.5 57.2 .5 387.8

Trade names 10.0 24.3 2.0 2.6 — 22.3 21.7

Agency relationships 8.0 127.9 13.5 17.5 — 114.4 110.4

Developed technology 5.0 36.6 6.1 7.9 — 30.5 28.7

Subtotal 188.8 28.0 — 160.8

Trade names 10.0 9.1 1.1 19.0 1.8 — 8.0 17.2

Customer relationships 8.4 92.0 9.6 — 82.4

Subtotal 111.0 11.4 — 99.6

Trade names 13.0 13.3 7.6 7.9 .2 5.5 5.2

Customer relationships 11.0 24.8 17.5 18.1 .3 7.0 6.4

Other 11.7 3.1 2.0 2.1 — 1.1 1.0

Subtotal 41.2 28.1 .5 12.6

Total other intangible assets 518.9 69.7 .5 448.7

2 unchanged paragraphs

(2) The relative fair values of goodwill and other intangible assets recognized in connection with the acquisitions of Basesix and Hawkeye Electric had not yet been finalized. All amounts were reflected as goodwill as of June 30, 2026. See Note 2 — "Significant Transactions."

16 unchanged paragraphs

Other 11.8 3.1 2.0 1.9 — 1.1 1.2

Subtotal 41.2 25.3 25.2 .5 15.4 15.5

5 unchanged paragraphs

The following tables present the change in goodwill and other intangible assets for the three and six nine months ended June September 30, 2026 and 2025:

Three Months Ended June September 30,

1 unchanged paragraph

Beginning balance $ 615.3 $ 396.4 $ 1,011.7 $ 439.2 $ 275.9 $ 715.1

Amortization — ( 8.6 ) ( 8.6 ) — ( 5.1 ) ( 5.1 )

Ending balance $ 795.9 $ 387.8 $ 1,183.7 $ 534.6 $ 270.8 $ 805.4 (1) During the three months ended June 30, 2026, amounts relate to the acquisitions of Basesix and Hawkeye Electric, for which the relative fair values of goodwill and other intangible assets had not yet been finalized. All amounts were reflected as goodwill as of June 30, 2026. See Note 2 — "Significant Transactions."

Six Months Ended June 30,

Beginning balance $ 795.9 $ 387.8 $ 1,183.7 $ 534.6 $ 270.8 $ 805.4

Acquisition of businesses (1)(2) (1)

Attribution of acquisition date fair

value estimates between goodwill

and other intangible assets (2)

Measurement period adjustments (3)

Amortization — ( 12.5 ) ( 12.5 ) — ( 7.8 ) ( 7.8 )

Ending balance $ 720.7 $ 448.7 $ 1,169.4 $ 1,092.3 $ 300.6 $ 1,392.9 (1) During the three months ended September 30, 2025, amounts relate to the acquisitions of Distinguished and Enterprise Solutions. All amounts related to Distinguished were reflected as goodwill as of September 30, 2025. See Note 2 — "Significant Transactions."

(2) During the three months ended June September 30, 2026, amounts relate to the acquisitions of Basesix and Hawkeye Electric. During the three months ended September 30, 2025, amounts relate to the acquisition of Enterprise Solutions. for which the relative fair values of goodwill and other intangible assets had not yet been finalized. All amounts were reflected as goodwill as of June 30, 2025. See Note 2 — "Significant Transactions."

(3) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the three months ended September 30, 2026, adjustments relate to the acquisitions of Basesix and Hawkeye Electric. See Note 2 — "Significant Transactions."

Nine Months Ended September 30,

2 unchanged paragraphs

Acquisitions of businesses (1)(2) (1)

Attribution of acquisition date fair

value estimates between goodwill

and other intangible assets (2)

1 unchanged paragraph

Amortization — ( 18.3 ) ( 18.3 ) — ( 10.3 ) ( 10.3 )

Ending balance $ 795.9 $ 387.8 $ 1,183.7 $ 534.6 $ 270.8 $ 805.4 (1) During the six months ended June 30, 2026, amounts relate to the acquisitions of Basesix and Hawkeye Electric, for which the relative fair values of goodwill and other intangible assets had not yet been finalized. All amounts were reflected as goodwill as of June 30, 2026. See Note 2 — "Significant Transactions."

(2) During the six months ended June 30, 2025, amounts relate to the acquisition of Enterprise Solutions, for which the relative fair values of goodwill and other intangible assets had not yet been finalized. All amounts were reflected as goodwill as of June 30, 2025. See Note 2 — "Significant Transactions."

Amortization — ( 30.8 ) ( 30.8 ) — ( 18.1 ) ( 18.1 )

Ending balance $ 720.7 $ 448.7 $ 1,169.4 $ 1,092.3 $ 300.6 $ 1,392.9 (1) During the nine months ended September 30, 2026, amounts relate to the acquisitions of Basesix and Hawkeye Electric. During the nine months ended September 30, 2025, amounts relate to the acquisitions of Distinguished and Enterprise Solutions. All amounts related to Distinguished were reflected as goodwill as of September 30, 2025. See Note 2 — "Significant Transactions."

(2) During the nine months ended September 30, 2026, amounts relate to the acquisitions of Basesix and Hawkeye Electric. During the nine months ended September 30, 2025, amounts relate to the acquisition of Enterprise Solutions. See Note 2 — "Significant Transactions."

(3) Measurement period adjustments relate to updated information about acquisition date fair values of assets acquired and liabilities assumed. During the nine months ended September 30, 2026, adjustments relate to the acquisitions of Distinguished, Transaction. Basesix and Hawkeye Electric. See Note 2 — "Significant Transactions."

During the three and six nine months ended June September 30, 2026 and 2025, White Mountains did not recognize any impairments to goodwill and other intangible assets.

Note 5: Loss and Loss Adjustment Expense Reserves 27 changes

Three Months Ended June 30, Six Months Ended June 30,

The following table summarizes presents the loss and loss adjustment expense ("LAE") reserve activity of for the Ark/WM Outrigger segment for the three and six nine months ended June September 30, 2026 and 2025:

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Gross beginning balance $ 2,585.6 2,623.8 $ 2,253.9 2,288.5 $ 2,481.0 $ 2,127.5

Less: beginning reinsurance recoverable on unpaid losses ( 528.6 570.0 ) ( 480.6 468.5 ) ( 508.3 ) ( 434.4 )

Net loss and LAE reserves 2,057.0 1,773.3 2,053.8 1,820.0 1,972.7 1,693.1

1 unchanged paragraph

Current year losses 204.1 181.1 429.1 467.4

Prior year losses ( 28.5 ) ( 17.1 ) ( 46.8 ) ( 69.9 )

Net incurred loss and LAE 175.6 164.0 382.3 397.5

Current year losses 249.8 254.7 678.9 722.1

Prior year losses ( 19.7 ) ( .1 ) ( 66.5 ) ( 70.0 )

Net incurred loss and LAE 230.1 254.6 612.4 652.1

1 unchanged paragraph

Current year losses ( 36.5 ) ( 29.5 ) ( 46.9 ) ( 112.7 )

Prior year losses ( 141.4 ) ( 104.0 ) ( 249.9 ) ( 179.8 )

Net paid loss and LAE ( 177.9 ) ( 133.5 ) ( 296.8 ) ( 292.5 )

Current year losses ( 50.8 ) ( 33.3 ) ( 97.7 ) ( 146.0 )

Prior year losses ( 93.9 ) ( 84.9 ) ( 343.8 ) ( 264.7 )

Net paid loss and LAE ( 144.7 ) ( 118.2 ) ( 441.5 ) ( 410.7 )

1 unchanged paragraph

to loss and LAE reserves ( .9 ) 16.2 ( 4.4 ) 21.9

Net ending balance 2,053.8 1,820.0 2,053.8 1,820.0

Gross ending balance $ 2,623.8 $ 2,288.5 $ 2,623.8 $ 2,288.5

to loss and LAE reserves ( .6 ) ( 1.0 ) ( 5.0 ) 20.9

Net ending balance 2,138.6 1,955.4 2,138.6 1,955.4

Plus: ending reinsurance recoverable on unpaid losses 570.0 468.5 570.0 468.5 608.8 522.5 608.8 522.5

Gross ending balance $ 2,747.4 $ 2,477.9 $ 2,747.4 $ 2,477.9

For the three and six nine months ended June September 30, 2026, the Ark/WM Outrigger segment experienced $ 28.5 19.7 million and $ 46.8 66.5 million of net favorable prior year loss reserve development, driven primarily by favorable development in the property and specialty lines of business. For the three and six nine months ended June September 30, 2025, the Ark/WM Outrigger segment experienced $ 17.1 0.1 million and $ 69.9 70.0 million of net favorable prior year loss reserve development, driven primarily by favorable development in the property marine & energy and specialty lines of business, partially offset by unfavorable development related to aviation losses from the conflict in Ukraine and Russia.

As of June September 30, 2026 and December 31, 2025, HG Re did not have any outstanding loss and LAE reserves. For the three and six nine months ended June September 30, 2026 and 2025, HG Re did no t not recognize any incurred loss and LAE.

Note 6: Third-Party Reinsurance 40 changes

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

The following table summarizes presents the effects of reinsurance on written and earned premiums and loss and LAE for the Ark/WM Outrigger segment for the three and six nine months ended June September 30, 2026 and 2025:

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Direct $ 373.6 $ 356.6 $ 730.9 $ 773.4

Assumed 403.9 458.6 1,137.5 1,149.4

Gross written premiums 777.5 815.2 1,868.4 1,922.8

Net written premiums $ 537.4 $ 578.6 $ 1,127.5 $ 1,306.3

Direct $ 288.2 $ 260.1 $ 554.9 $ 506.4

Assumed 242.3 209.0 479.1 423.1

Gross earned premiums 530.5 469.1 1,034.0 929.5

Net earned premiums $ 376.2 $ 364.2 $ 750.0 $ 722.2

Gross $ 354.8 $ 197.0 $ 618.8 $ 520.2

Net loss and LAE $ 175.6 $ 164.0 $ 382.3 $ 397.5

Direct $ 302.4 $ 240.0 $ 1,033.3 $ 1,013.4

Assumed 83.6 126.4 1,221.1 1,275.8

Gross written premiums 386.0 366.4 2,254.4 2,289.2

Net written premiums $ 337.1 $ 287.0 $ 1,464.6 $ 1,593.3

Direct $ 372.4 $ 334.3 $ 927.3 $ 840.7

Assumed 446.5 451.8 925.6 874.9

Gross earned premiums 818.9 786.1 1,852.9 1,715.6

Net earned premiums $ 508.8 $ 542.2 $ 1,258.8 $ 1,264.4

Gross $ 340.1 $ 332.0 $ 958.9 $ 852.2

Net loss and LAE $ 230.1 $ 254.6 $ 612.4 $ 652.1

(1) The three months ended June September 30, 2026 and 2025 exclude written premiums of $( 0.4 0.8 ) and $ 42.6 3.6 , and the six nine months ended June September 30, 2026 and 2025 exclude written premiums of $( 0.4 1.2 ) and $ 80.1 83.7 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains's consolidated financial statements.

(2) The three months ended June September 30, 2026 and 2025 exclude earned premiums of $( 0.8 ) and $ 7.1 43.6 , and the six nine months ended June September 30, 2026 and 2025 exclude earned premiums of $ 3.5 2.7 and $ 19.1 62.7 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains's consolidated financial statements.

(3) The three months ended June September 30, 2026 and 2025 exclude loss and LAE of $ 0.1 ) 0.0 and $ 1.7 2.2 , and the six nine months ended June September 30, 2026 and 2025 exclude $ 0.2 and $ 21.9 24.1 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains's consolidated financial statements.

The following table presents the Ark/WM Outrigger segment's reinsurance recoverables as of June September 30, 2026 and December 31, 2025:

June September 30, 2026 December 31, 2025

4 unchanged paragraphs

(1) The reinsurance recoverables on unpaid losses exclude $ 25.0 23.4 and $ 29.5 ceded by Ark to WM Outrigger Re as of June September 30, 2026 and December 31, 2025, which eliminate in White Mountains's consolidated financial statements.

(2) The reinsurance recoverables on paid losses exclude $ 2.6 1.6 and $ 5.2 ceded by Ark to WM Outrigger Re as of June September 30, 2026 and December 31, 2025, which eliminate in White Mountains's consolidated financial statements.

(3) The ceded unearned premiums exclude $ 0.0 and $ 3.9 ceded by Ark to WM Outrigger Re as of June September 30, 2026 and December 31, 2025, which eliminate in White Mountains's consolidated financial statements.

1 unchanged paragraph

The following table presents the Ark/WM Outrigger segment's gross and net reinsurance recoverables by the reinsurers' A.M. Best Company, Inc. ("A.M. Best") ratings as of June September 30, 2026:

$ in Millions As of June September 30, 2026

2 unchanged paragraphs

A+ or better $ 467.8 $ — $ 467.8 68.6 %

A- to A 202.6 — 202.6 29.7

A+ or better $ 407.2 $ — $ 407.2 65.3 %

A- to A 207.9 — 207.9 33.3

1 unchanged paragraph

Total $ 727.0 $ 45.3 $ 681.7 100.0 %

Total $ 670.3 $ 46.6 $ 623.7 100.0 %

1 unchanged paragraph

(2) Excludes $ 27.6 25.0 ceded by Ark to WM Outrigger Re as of June September 30, 2026, which eliminates in White Mountains's consolidated financial statements.

Note 7: Debt 53 changes

The following table presents White Mountains's debt outstanding as of June September 30, 2026 and December 31, 2025:

$ in Millions June September 30, 2026 Effective

1 unchanged paragraph

Ark 2021 Subordinated Notes Tranche 1 $ 44.9 44.7 $ 45.8

2 unchanged paragraphs

Unamortized issuance cost ( 2.9 2.7 ) ( 3.1 )

2 unchanged paragraphs

Unamortized issuance cost ( 7.6 7.4 ) ( 7.9 )

Kudu Credit Facility, carrying value 350.7 8.0 350.9 8.1 % 350.4 8.9 %

2 unchanged paragraphs

HG Global 2026 Senior Notes, carrying value 197.4 7.5 % — N/A

8 unchanged paragraphs

WTM Partners Debt 67.5 64.1 19.6

1 unchanged paragraph

WTM Partners Debt, carrying value 66.5 6.9 63.1 7.3 % 19.4 7.1 %

Other Operations Debt 18.3 17.6 19.1

1 unchanged paragraph

Total debt $ 932.5 $ 837.0

Other Operations Debt, carrying value 18.0 9.3 17.3 9.2 % 18.9 9.3 %

Total debt $ 928.6 $ 837.0

3 unchanged paragraphs

On July 13, 2021, Ark issued € 39.1 million ($ 46.3 million based upon the foreign currency exchange spot rate as of the date of the transaction) face value floating rate unsecured subordinated notes ("Ark 2021 Subordinated Notes Tranche 1"). The Ark 2021 Subordinated Notes Tranche 1, which mature on July 13, 2041, accrue interest at a floating rate equal to the three-month Euro Interbank Offered Rate ("EURIBOR") plus a stated margin of 5.75 % per annum.

4 unchanged paragraphs

If the payments of principal and interest under the Ark 2021 Subordinated Notes become subject to tax withholding in Bermuda, the Ark 2021 Subordinated Notes require the payment of is required to pay additional amounts such that the amount received by the noteholders is the same as would have been received absent the tax withholding being imposed. The Ark 2021 Subordinated Notes Tranche 3 require the payment of additional interest of 1.0 % per annum upon the occurrence of a premium load event until such event is remedied. Premium load events include the failure to meet payment obligations of the Ark 2021 Subordinated Notes Tranche 3 when due, failure of GAIL to maintain an GAIL's investment grade credit rating, failure to maintain 120 % of GAIL's Bermuda solvency capital requirement, failure of GAIL to maintain a GAIL's debt to capital ratio below 40 %, late filing of GAIL's or Ark's financial information, and making a restricted payment or distribution on GAIL's common stock or other securities that rank junior or pari passu with the Ark 2021 Subordinated Notes Tranche 3 when a different premium load event exists or will be caused by the restricted payment. As of June September 30, 2026, there were no premium load events.

As of June September 30, 2026, the Ark 2021 Subordinated Notes Tranche 1 had an outstanding balance of € 39.1 million ($ 44.9 44.7 million based upon the foreign exchange spot rate as of June September 30, 2026), the Ark 2021 Subordinated Notes Tranche 2 had an outstanding balance of $ 47.0 million, and the Ark 2021 Subordinated Notes Tranche 3 had an outstanding balance of $ 70.0 million.

3 unchanged paragraphs

As of June September 30, 2026, the Citibank LOC Facility had an outstanding balance of $ 67.4 58.5 million and cash and investments pledged as collateral of $ 76.0 64.8 million. As of June September 30, 2026, the Lloyds LOC Facility had an outstanding balance of $ 24.0 million and cash and investments pledged as collateral of $ 31.2 26.3 million. Ark's uncommitted secured standby letter of credit facility agreements contain various representations, warranties and affirmative and negative covenants that White Mountains considers to be customary for such borrowings.

2 unchanged paragraphs

From July 1, 2024 through July 21, 2025, interest on the Kudu Credit Facility accrued at a floating rate equal to the three-month SOFR plus a stated margin of 4.45 % per annum with no SOFR benchmark adjustment. Effective July 21, 2025, the Kudu Credit Facility accrues interest at the greater of (i) the fixed rate equal to the interpolated yield on U.S. Treasuries at the time of each future borrowing plus a stated margin of 3.10 % or (ii) 7.25 %. The interest rate on the $ 253.3 million outstanding balance as of July 21, 2025 was reduced from a then floating rate of 8.75 % to a fixed rate of 7.65 %. In 2024, Kudu entered into an interest rate cap to limit its exposure to the risk of interest rate increases on the Kudu Credit Facility, which was cancelled in July 2026. See Note 9 — "Derivatives."

The Kudu Credit Facility requires Kudu to maintain an interest reserve account of two times the interest accrued for the most recent quarterly interest period. As of June September 30, 2026 and December 31, 2025, the interest reserve account held short-term investments of $ 9.8 9.6 million and $ 7.6 million.

The Kudu Credit Facility requires Kudu to maintain a maximum loan-to-value ratio of the outstanding balance to the sum of the fair market value of Kudu's other long-term investments and cash held in certain accounts (the "LTV Percentage") for annual periods beginning on July 21, 2025 as follows: 40 % in years 0-6, 25 % in years 7-8, 15 % in years 9-11 and 0 % thereafter. As of June September 30, 2026, Kudu had a 26.5 27 % LTV Percentage.

The Kudu Credit Facility requires Kudu to maintain a minimum debt service coverage ratio of 2.5 times for 2025 and thereafter. As of June September 30, 2026, Kudu had a debt service coverage ratio of 4.0 times.

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

The following table presents the change in debt under the Kudu Credit Facility for the three and six nine months ended June September 30, 2026 and 2025:

Three Months Ended September 30, Nine Months Ended September 30,

3 unchanged paragraphs

Borrowings — — — 8.0

Borrowings — 29.0 — 37.0

Ending balance $ 358.3 $ 253.3 282.3 $ 358.3 $ 253.3 282.3

3 unchanged paragraphs

The HG Global 2026 Senior Notes accrue interest at a fixed rate of 7.39 % per annum. Prior to the extinguishment on May 14, 2026, the HG Global 2022 Senior Notes accrued interest at a floating rate of 9.93 %, based on the three-month SOFR plus a SOFR benchmark adjustment of 0.26 % and a stated margin of 6.0 % per annum. In 2024, HG Global entered into an interest rate cap to limit its exposure to the risk of interest rate increases on the HG Global 2022 Senior Notes, which was cancelled in July 2026. See Note 9 — "Derivatives."

The HG Global 2026 Senior Notes require HG Global to maintain an interest reserve account equal to the annual interest expense. Prior to extinguishment, the HG Global 2022 Senior Notes required HG Global to maintain an interest reserve account equal to two years of annual interest expense. As of June September 30, 2026 and December 31, 2025, the interest reserve account held short-term investments of $ 14.9 15.0 million and $ 30.4 million.

If the payments of principal and interest under the HG Global 2026 Senior Notes if payments of principal and interest become subject to tax withholding on behalf of a relevant governmental authority, for certain indemnified taxes, the HG Global 2026 Senior Notes require the payment of is required to pay additional amounts such that the amount received by the noteholders is the same as would have been received absent the tax withholding being imposed. The HG Global 2026 Senior Notes require the payment of additional interest of 2.0 % per annum if certain conditions of default are met, including failing to make payments or violating any affirmative or negative covenants.

1 unchanged paragraph

As of June September 30, 2026, the HG Global 2026 Senior Notes had an outstanding balance of $ 200.0 million.

1 unchanged paragraph

On July 4, 2025, Distinguished entered into an amended credit facility (the "Distinguished Credit Facility"). The amendment waived certain change of control prepayment provisions and provided $ 50.0 million of incremental term loan principal for purposes of consummating the Distinguished Transaction. The $ 50.0 million of incremental term loan principal was subsequently drawn on September 2, 2025 in connection with the closing of the Distinguished Transaction. The Distinguished Credit Facility is comprised of a term loan of $ 141.0 million, a delayed-draw term loan of $ 40.0 million and a revolving credit loan commitment of $ 15.0 million. The Distinguished Credit Facility matures on October 10, 2029. As of September 30, 2026, the revolving credit and delayed draw term loans were undrawn. The delayed draw term loan had an availability period through October 10, 2026, which expired without being drawn.

Distinguished was required to make payments of principal on a quarterly basis totaling $ 0.4 million for 2025, increasing to $ 1.4 million annually thereafter. On an annual basis, Distinguished may also be required to use a percentage of excess cash flows to repay outstanding principal plus accrued interest if Distinguished's total leverage ratio, calculated as total indebtedness less unrestricted cash over bank adjusted EBITDA , rises above 3.75 times. To date, no repayments have been required under this provision. The next annual determination will occur in the second quarter of 2027. Distinguished has the option to prepay, in whole or in part, the Distinguished Credit Facility at the outstanding principal plus accrued interest. The delayed draw term loan may be drawn on or before October 10, 2026. As of June 30, 2026, the revolving credit and delayed draw term loans were undrawn.

Interest on the Distinguished Credit Facility accrues at a floating rate equal to the three-month SOFR plus a stated margin ranging from 5.25 % to 5.5 % per annum based on Distinguished's total leverage ratio. As of June September 30, 2026, the stated margin was 5.5 %. On September 16, 2025, Distinguished entered into an interest rate cap to limit its exposure to the risk of interest rate increases on the Distinguished Credit Facility. See Note 9 — "Derivatives."

The following table presents the change in debt under the Distinguished Credit Facility for the three and six nine months ended June September 30, 2026 as well as the period from September 2, 2025 to September 30, 2025:

1 unchanged paragraph

June 30, 2026 Six Months Ended

September 30, 2026 Nine Months Ended

September 30, 2026 September 2, 2025 - September 30, 2025

1 unchanged paragraph

Beginning balance $ 131.1 $ 131.4

Repayments ( .4 ) ( .7 )

Ending balance $ 130.7 $ 130.7

Beginning balance $ 130.7 $ 131.4 $ 90.2 (1)

Borrowings — — 50.0 (2)

Repayments ( .3 ) ( 1.0 ) ( .4 )

Ending balance $ 130.4 $ 130.4 $ 139.8

(1) Represents the outstanding balance of the Distinguished Credit Facility assumed in the Distinguished Transaction. See Note 2 — "Significant Transactions."

(2) Represents the $ 50.0 of incremental term loan drawn in connection with the closing of the Distinguished Transaction. See Note 2 — "Significant Transactions."

If the payments of principal and interest under the Distinguished Credit Facility become subject to tax withholding under any applicable law, Distinguished is required to pay additional amounts such that the amount received by the noteholders is the same as would have been received absent the tax withholding being imposed.

The Distinguished Credit Facility is secured by all property of the loan parties and contains various representations, warranties and affirmative and negative covenants that White Mountains considers to be customary for such borrowings, including a maximum total leverage ratio of 5.5 times. As of June September 30, 2026, Distinguished's total leverage ratio was 4.8 times.

As of June September 30, 2026, WTM Partners had debt with an outstanding balance of $ 67.5 64.1 million, which consisted of two secured credit facilities (collectively, "WTM Partners Debt").

1 unchanged paragraph

As of June September 30, 2026, White Mountains's Other Operations had debt with an outstanding balance of $ 18.3 17.6 million, which consisted of four secured credit facilities (collectively, "Other Operations Debt").

On July 16, 2025, the Company entered into a credit agreement, which established a senior unsecured revolving credit facility of up to $ 250.0 million that matures on July 16, 2028 (the "WTM Credit Facility"). As of June September 30, 2026, the WTM Credit Facility was undrawn. White Mountains may borrow undrawn balances until July 16, 2028, subject to customary terms and conditions, including key covenants tied to White Mountains's minimum net worth and debt to total capital ratio. Interest on any future borrowings under the WTM Credit Facility will accrue at a floating rate generally equal to the SOFR term rate plus a stated margin ranging from 1.1 % to 1.5 % per annum.

1 unchanged paragraph

As of June September 30, 2026, White Mountains was in compliance, in all material respects, with all of the covenants under its debt instruments.

Note 8: Income Taxes 5 changes

1 unchanged paragraph

As of June September 30, 2026, the primary jurisdictions in which the Company's subsidiaries and branches operated and were subject to tax include the United States, the United Kingdom, Luxembourg and Israel.

4 unchanged paragraphs

White Mountains's income tax expense related to pre-tax income loss from continuing operations for the three and six months ended June September 30, 2026, represented an effective tax rate of 9.7 % and 11.1 ( 27.6 )%. The effective tax rate was different from the U.S. statutory rate of 21.0%, driven primarily by full year forecasted (i) pre-tax income in jurisdictions with lower from continuing operations being near break-even, which allows small tax rates than amounts to dramatically change the United States effective tax rate, (ii) unrealized gains on U.S. investments held by a U.K. company, which are subject to U.S. tax but not U.K. tax, and (iii) full valuation allowances on deferred tax assets at certain U.S. operations, partially offset by full year forecasted income in jurisdictions with lower tax rates than the United States.

White Mountains's income tax expense related to pre-tax income from continuing operations for the three and six nine months ended June September 30, 2025, 2026, represented an effective tax rate of 7.3 % and 9.0 15.4 %. The effective tax rate was different from the U.S. statutory rate of 21.0%, driven primarily by full year forecasted income in jurisdictions with lower tax rates than the United States, partially offset by (i) tax expense on unrealized gains of U.S. investments held by a U.K. company, which are subject to U.S. tax but not U.K. tax and (ii) full valuation allowances on deferred tax assets at certain U.S. operations.

White Mountains's income tax expense related to pre-tax income from continuing operations for the three and nine months ended September 30, 2025, represented an effective tax rate of 9.6 % and 9.3 %. The effective tax rate was different from the U.S. statutory rate of 21.0%, driven primarily by full year forecasted income in jurisdictions with lower tax rates than the United States.

In arriving at the effective tax rate for the three and six nine months ended June September 30, 2026 and 2025, White Mountains forecasted all income and expense items, including the change in net realized and unrealized investment gains (losses), for the years ending December 31, 2026 and 2025.

2 unchanged paragraphs

Note 9: Derivatives 6 changes

Kudu Interest Rate Cap

On September 17, 2024, Kudu entered into an interest rate cap agreement, effective on September 30, 2024, to limit its exposure to the risk of interest rate increases on the Kudu Credit Facility (the "Kudu Interest Rate Cap"). The notional amount of the Kudu Interest Rate Cap was $ 150.0 million, and the termination date was September 30, 2027. Kudu paid an initial premium of $ 0.9 million for the Kudu Interest Rate Cap. Effective July 23, 2026, Kudu cancelled the Kudu Interest Rate Cap and received $ 0.1 million.

HG Global Interest Rate Cap

On August 22, 2024, HG Global entered into an interest rate cap agreement, effective July 25, 2025, to limit its exposure to the risk of interest rate increases on the HG Global 2022 Senior Notes (the "HG Global 2024 Interest Rate Cap"). The notional amount of the HG Global 2024 Interest Rate Cap was $ 150.0 million, and the termination date was July 25, 2028. HG Global paid an initial premium of $ 1.3 million for the HG Global 2024 Interest Rate Cap. Effective July 23, 2026, HG Global cancelled the HG Global 2024 Interest Rate Cap and received $ 0.4 million.

2 unchanged paragraphs

Under the Distinguished Interest Rate Cap, if the one-month SOFR on a monthly determination date exceeds 5.0 %, Distinguished will receive a payment from the counterparty for the difference on the subsequent settlement date. As of June September 30, 2026, the one-month SOFR was 3.7%. 3.9%. For the three and six nine months ended June September 30, 2026, Distinguished did not receive any payments related to the periodic settlement of the Distinguished Interest Rate Cap.

1 unchanged paragraph

For the three and six nine months ended June September 30, 2026, Distinguished recognized a net unrealized gain of $ 0.1 0.2 million and $ 0.1 0.3 million related to the change in fair value on the Distinguished Interest Rate Cap within interest expense. For the period from September 2, 2025, the date of acquisition, through September 30, 2025, White Mountains recognized no gain or loss related to the change in fair value on the Distinguished Interest Rate Cap. As of June September 30, 2026 and December 31, 2025, the fair value of the Distinguished Interest Rate Cap was $ 0.2 0.4 million and $ 0.1 million. White Mountains classifies the Distinguished Interest Rate Cap as a Level 2 measurement.

Note 10: Municipal Bond Guarantee Reinsurance 41 changes

5 unchanged paragraphs

For the three and six nine months ended June September 30, 2026, HG Re recognized gross written premiums of $ 11.0 19.3 million and $ 19.3 38.6 million and earned premiums of $ 7.7 8.6 million and $ 15.4 24.0 million. For the three and six nine months ended June September 30, 2025, HG Re recognized gross written premiums of $ 19.2 15.9 million and $ 25.9 41.8 million and earned premiums of $ 7.1 7.5 million and $ 15.3 22.8 million.

HG Re is party to an excess of loss reinsurance agreement (the "XOLT") with BAM, under which HG Re provides last-dollar protection for exposures on municipal bonds insured by BAM in excess of the New York State Department of Financial Services ("NYDFS") single issuer limits. As of June September 30, 2026, the XOLT is subject to an aggregate limit equal to the lesser of $ 125.0 million or the assets held in the supplemental collateral trust (the "Supplemental Trust") at any point in time. The XOLT is accounted for using deposit accounting, as the agreement does not meet the risk transfer requirements necessary to be accounted for as reinsurance. Accordingly, any financing revenues related to the XOLT are recorded in other revenues.

For the three and six nine months ended June September 30, 2026 and 2025, other revenues recognized by HG Re related to the XOLT were insignificant.

1 unchanged paragraph

On a monthly basis, BAM deposits cash equal to ceded premiums net of ceding commissions, due to HG Re under the FLRT directly into the Regulation 114 Trust. The Regulation 114 Trust target balance is equal to HG Re's unearned premiums and unpaid loss and LAE reserves, if any. If, at the end of any quarter, the Regulation 114 Trust balance is below the target balance, funds will be withdrawn from the Supplemental Trust and deposited into the Regulation 114 Trust in an amount equal to the shortfall. If, at the end of any quarter, the Regulation 114 Trust balance is above 102 % of the target balance, funds will be withdrawn from the Regulation 114 Trust and deposited into the Supplemental Trust. The Regulation 114 Trust balance as of June September 30, 2026 and December 31, 2025 was $ 409.3 400.7 million and $ 399.4 million, which consisted of cash, investments and accrued investment income.

The Supplemental Trust target balance is $ 603.0 million, less the amount of cash and securities in the Regulation 114 Trust in excess of its target balance (the "Supplemental Trust Target Balance"). If, at the end of any quarter, the Supplemental Trust balance exceeds the Supplemental Trust Target Balance, such excess may be distributed to HG Re. The distribution will be made first as an assignment of accrued interest on the BAM Surplus Notes and second in cash and/or fixed income securities. For the three and six nine months ended June September 30, 2026, HG Re received a distribution distributions from the Supplemental Trust of $ 13.8 13.5 million and $ 28.8 42.3 million, which consisted of an assignment of $ 6.9 million and $ 14.0 million assignments of accrued interest on the BAM Surplus Notes of $ 6.9 million and a $ 20.9 million and cash distribution distributions of $ 6.9 6.6 million and $ 14.8 21.4 million. For the three and six nine months ended June September 30, 2025, HG Re received a distribution distributions from the Supplemental Trust of $ 22.2 15.4 million and $ 37.6 million, which consisted of an assignment assignments of accrued interest on the BAM Surplus Notes of $ 15.2 7.5 million and a $ 22.7 million and cash distribution distributions of $ 7.0 7.9 million and $ 14.9 million.

As the BAM Surplus Notes are repaid over time, the BAM Surplus Notes will be replaced in the Supplemental Trust by cash and fixed income securities. The Supplemental Trust balance as of June September 30, 2026 and December 31, 2025 was $ 604.4 591.9 million and $ 607.1 million, which included $ 320.7 313.7 million and $ 323.3 million of cash, investments and accrued investment income, $ 276.8 271.5 million and $ 276.8 million of BAM Surplus Notes at nominal value and $ 6.9 6.7 million and $ 7.0 million of accrued interest receivable on the BAM Surplus Notes at nominal value.

As of June September 30, 2026 and December 31, 2025, the Collateral Trusts held total assets of $ 1,013.7 992.6 million and $ 1,006.5 million.

Through June 30, 2024, the interest rate on the BAM Surplus Notes was a variable rate equal to the one-year U.S. Treasury rate plus 300 basis points, set annually, with each payment applied pro rata between outstanding principal and interest. Accordingly, in 2024, the interest rate on the BAM Surplus Notes was 8.2 % through June 30, 2024. Effective July 1, 2024 and through maturity, HG Global and BAM amended the interest rate on the BAM Surplus Notes to be 10.0 %, with a higher proportion of each payment to be applied to outstanding principal.

1 unchanged paragraph

During the three and six months ended June 30, 2026 and 2025, HG Global did not receive any payments of principal or interest on the BAM Surplus Notes.

Three Months Ended June 30, Six Months Ended June 30,

During the three and nine months ended September 30, 2026, HG Global received a cash payment of principal and interest on the BAM Surplus Notes of $ 8.0 million. Of this payment, $ 5.3 million was a repayment of principal held in the Supplemental Trust, $ 0.1 million was a payment of accrued interest held in the Supplemental Trust and $ 2.6 million was a payment of accrued interest held outside the Supplemental Trust. During the three and nine months ended September 30, 2025, HG Global received a cash payment of principal and interest on the BAM Surplus Notes of $ 8.0 million. Of this payment, $ 5.6 million was a repayment of principal held in the Supplemental Trust, $ 0.1 million was a payment of accrued interest held in the Supplemental Trust and $ 2.3 million was a payment of accrued interest held outside the Supplemental Trust.

As of June September 30, 2026 and December 31, 2025, the principal balance on the BAM Surplus Notes was $ 271.5 million and $ 276.8 million, for both periods, and total interest receivable on the BAM Surplus Notes was $ 227.5 231.6 million and $ 213.7 million, all at nominal value. For the three and six nine months ended June September 30, 2026, White Mountains accrued $ 6.9 6.8 million and $ 13.8 20.6 million of interest income on the BAM Surplus Notes. For the three and six nine months ended June September 30, 2025, White Mountains accrued $ 7.5 million and $ 15.0 22.5 million of interest income on the BAM Surplus Notes.

Upon the deconsolidation of BAM in July 2024, White Mountains elected the fair value option for the BAM Surplus Notes. The BAM Surplus Notes are classified as a Level 3 measurement. White Mountains values the BAM Surplus Notes each quarter using a discounted cash flow analysis.

The discounted cash flow analysis used to value the BAM Surplus Notes depends on key inputs, such as projections of future revenues and earnings for BAM, expected payments on the BAM Surplus Notes through maturity and a discount rate to reflect time value and related uncertainty of the repayment pattern. The expected payments on the BAM Surplus Notes are based on management judgment, considering current performance, budgets and projected future results. These expected payments depend on BAM's ability to generate excess cash flows from its operations, driven primarily by assumptions regarding future trends for the issuance of municipal bonds, interest rates, credit spreads, insured market penetration, competitive activity in the market for municipal bond insurance and other factors affecting the demand for and pricing of BAM's municipal bond insurance, as well as BAM's investment returns. The discount rate, which is a significant unobservable input used in estimating the fair value of the BAM Surplus Notes, considers comparably-rated companies and instruments, adjusted for risks specific to BAM and the BAM Surplus Notes. As of June September 30, 2026 and December 31, 2025, White Mountains concluded that a discount rate which is a significant unobservable input used in estimating the fair value of the BAM Surplus Notes, of 8.20 9.00 % and 8.05 % was appropriate. The change in the discount rate was driven primarily by an increase in market interest rates.

When making its fair value selection, White Mountains considers all available information, facts and circumstances specific to BAM's business and industry and any infrequent or unusual results for the period. As of June September 30, 2026 and December 31, 2025, White Mountains recognized the BAM Surplus Notes at a fair value of $ 352.8 335.5 million and $ 339.0 million. The increase decrease was driven primarily by a $ 16.1 million decrease in fair value and an $ 8.0 million cash payment of principal and interest, partially offset by $ 20.6 million of accrued interest. during The six months ended June 30, 2026. decrease in fair value was driven primarily by the impact of higher interest rates on the discount rate. The recorded fair values represent management's best estimate and are within the range of reasonable values derived from the discounted cash flow analysis.

The following table presents the changes in the nominal value and fair value of the BAM Surplus Notes for the three and six nine months ended June September 30, 2026 and 2025:

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Beginning nominal value $ 497.4 $ 503.2 $ 490.5 $ 495.7

Ending Beginning nominal value 504.3 510.7 $ 504.3 $ 510.7 $ 490.5 $ 495.7

Interest income from BAM Surplus Notes 6.9 6.8 7.5 13.8 15.0 20.6 22.5

Payments of principal and interest ( 8.0 ) ( 8.0 ) ( 8.0 ) ( 8.0 )

Ending nominal value 503.1 510.2 503.1 510.2

1 unchanged paragraph

Change in fair value of BAM Surplus Notes ( 16.1 ) — ( 16.1 ) —

Ending fair value discount ( 151.5 167.6 ) ( 114.0 ) ( 151.5 167.6 ) ( 114.0 )

BAM Surplus Notes, at fair value $ 352.8 335.5 $ 396.7 396.2 $ 352.8 335.5 $ 396.7 396.2

1 unchanged paragraph

The following table presents the HG Global segment's insured obligations as of June September 30, 2026 and December 31, 2025:

June September 30, 2026 December 31, 2025

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

and 14 more changes in the filing

Note 11: Earnings Per Share 20 changes

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

and 20 more changes in the filing

Note 12: Employee Share-Based Incentive Compensation Plans 22 changes

1 unchanged paragraph

2 unchanged paragraphs

8 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

5 unchanged paragraphs

1 unchanged paragraph

and 22 more changes in the filing

Note 13: Noncontrolling Interests 9 changes

2 unchanged paragraphs

1 unchanged paragraph

5 unchanged paragraphs

2 unchanged paragraphs

and 9 more changes in the filing

Note 14: Segment Information 165 changes

2 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

9 unchanged paragraphs

1 unchanged paragraph

and 165 more changes in the filing

Note 15: Variable Interest Entities 8 changes

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

and 8 more changes in the filing

Note 16: Equity Method Eligible Investments 4 changes

1 unchanged paragraph

5 unchanged paragraphs

6 unchanged paragraphs

and 4 more changes in the filing

Note 17: Fair Value of Financial Instruments 7 changes

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

and 7 more changes in the filing

Note 19: Held for Sale 1 change

1 unchanged paragraph

and 1 more change in the filing

MD&A 837 changes

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

5 unchanged paragraphs

30 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

9 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

4 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

4 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

7 unchanged paragraphs

1 unchanged paragraph

9 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

5 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

4 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

4 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

and 837 more changes in the filing

Controls and procedures 2 changes

and 2 more changes in the filing

Issuer Purchases of Equity Securities 9 changes

5 unchanged paragraphs

and 9 more changes in the filing

Other information 1 change

2 unchanged paragraphs

and 1 more change in the filing

Exhibits 2 changes

1 unchanged paragraph

8 unchanged paragraphs

2 unchanged paragraphs

and 2 more changes in the filing