---
schema_version: "secwatch.filing_event.v1"
accession: "0000776867-22-000008"
form_type: "8-K"
ticker: "WTM"
cik: "0000776867"
company_name: "WHITE MOUNTAINS INSURANCE GROUP LTD"
filed_at: "2022-05-26T23:59:59+00:00"
generated_at: "2026-06-25T06:58:29.547149+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Kudu raises $114M from MassMutual and White Mountains; WTM ownership drops to 89%

## Summary
- MassMutual invests $64M, WM Regent (White Mountains) invests $50M at ~1.3x Dec 2021 equity.
- White Mountains' ownership in Kudu decreases from 99% to 89% post-transaction.
- Kudu-affiliated managers have $65B AUM; Kudu completed 4 transactions in past 12 months.
- Kudu has raised >$800M equity/debt since inception; MassMutual provided $350M credit facility in 2021.
- Transaction values Kudu go-forward portfolio at 1.3x Dec 2021 equity, excluding $54M from two exited cos.

## SEC filing metadata
- accession: 0000776867-22-000008
- form_type: 8-K
- ticker: WTM
- cik: 0000776867
- company_name: WHITE MOUNTAINS INSURANCE GROUP LTD
- filed_at: 2022-05-26T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/776867/000077686722000008/0000776867-22-000008-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/776867/000077686722000008/wtm-20220526.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000776867-22-000008
- JSON: https://secwatch.observer/filing/0000776867-22-000008.json
- Plain text: https://secwatch.observer/filing/0000776867-22-000008.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.