secwatch.observer — SEC 8-K summary
======================================

Issuer:     WHITE MOUNTAINS INSURANCE GROUP LTD (WTM)
CIK:        0000776867
Form:       8-K
Filed at:   2026-05-06T23:59:59+00:00
Accession:  0001628280-26-030930
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

White Mountains Q1 book value per share down 1% to $2,170; comprehensive loss $27M
--------------------------------------------------------------------------------

- Book value per share $2,170, down 0.8% in quarter; comprehensive loss $(27)M vs $35M income a year ago.
- Ark/WM Outrigger combined ratio improved to 91% from 97%; Ark's 91% includes 7 pts catastrophe losses from Iran war.
- Kudu adjusted EBITDA $17M, trailing 12-mo ROE 12%; HG Global gross written premiums up 24% to $8M.
- MediaAlpha carrying value fell to $166M from $231M at year-end due to share price drop to $9.30.
- Deployed $125M into Bishop Street Underwriters; two WTM Partner acquisitions in Q2 (BaseSix ~$97M, Hawkeye ~$35M).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776867/000162828026030930/0001628280-26-030930-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776867/000162828026030930/wtm-20260506.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-030930

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer