WTM

White Mountains is a diversified insurance and financial-services holding company run as a long-term, book-value-per-share compounder in the Berkshire mold — acquiring, building and opportunistically monetizing insurance and specialty-finance businesses, alongside investment stakes such as MediaAlpha. FY2025 was an exceptional year: revenue rose 66.8% to $3.73B and net income surged 380% to $1.11B ($430.14 diluted EPS), producing a strong 20.4% return on equity and lifting stockholders' equity 21.0% to $5.43B. The balance sheet is conservative (liabilities/equity just 1.12x), and management bought back $203M of stock (shares down 3.7%) — a meaningful return for a company that prioritizes per-share value.

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