White Mountains Insurance Group (WTM) reported fourth‑quarter and full‑year 2025 results on February 6, 2026, showing a book value per share of $2,188 as of December 31, 2025. The figure represents an 18% increase for the quarter and a 25% rise for the year, largely attributable to a net gain of $816 million from the sale of a controlling interest in Bamboo to CVC Capital Partners on December 8, 2025. The transaction added roughly $320 to book value per share and generated $840 million in net cash proceeds, with a retained 15% equity stake valued at $250 million.
The company’s comprehensive income attributable to common shareholders reached $837 million for the quarter and $1.109 billion for the full year, compared with $131 million and $230 million in the same periods of 2024. The dramatic turnaround reflects the one‑time gain from Bamboo and a rebound in operating performance across WTM’s insurance platforms.
Segment results underscored the strength of WTM’s core businesses. Ark/WM Outrigger posted gross written premiums of $2.557 billion, up 16% year‑over‑year, and improved its combined ratio to 81% from 82% in 2024, indicating tighter underwriting and pricing control. HG Global generated $61 million in gross written premiums, while Kudu delivered a 13% return on equity and grew its participation‑contract portfolio by 8% on a same‑store basis. Distinguished added $145 million in managed premiums during the quarter, reflecting continued demand for its specialty insurance solutions.
White Mountains also completed a $193 million share‑repurchase program in Q4, including a self‑tender offer, and reported roughly $1.0 billion in undeployed capital as of year‑end. The investment portfolio returned 2.0% in Q4 and 8.9% for the full year, contributing to the overall positive financial picture and providing a buffer for future strategic initiatives.
CEO Liam Caffrey highlighted the Bamboo sale as the primary driver of the year‑long book‑value growth, noting that “the net gain from the sale added roughly $320 to BVPS in 2025.” He added that solid results at Ark/WM Outrigger, HG Global, Kudu, and Distinguished, combined with strong investment returns, underpinned the company’s robust earnings and reinforced confidence in its long‑term strategy.
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