What smart money is saying about White Mountains Insurance Group
2 funds in our archive have pitched White Mountains Insurance Group, most recently Cooke & Bieler SMID Cap Value Equity Strategy in June 2026.
White Mountains Insurance Group, Ltd. provides insurance services in the United States, the United Kingdom, Bermuda, and internationally. It operates through Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations segments. The company offers property insurance and reinsurance; specialty insurance and reinsurance consisting of aviation, contingency, cyber, fine art and specie, mortgage, nuclear, political and credit, space, surety, and terrorism and political violence; marine and energy insurance and reinsurance; casualty insurance and reinsurance, such as medical malpractice, and professional and general liability; and accident and health insurance and reinsurance, which includes personal accident, sickness, disability, travel, short-term life, and medical products through brokers, managing general agents (MGA), and reinsurance intermediaries. It also provides municipal bond guarantee reinsurance, which focuses on single risk limits for small-to-medium sized, and public investment grade municipal bonds that are issued to finance public purpose projects, including schools, utilities, and transportation facilities. In addition, the company offers capital solutions for boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisition and growth finance, and legacy partner liquidity; strategic advice; investment management; and specialty electrical contracting services. Further, it operates as a full-service MGA and program administrator for specialty property and casualty insurance for the real estate and hospitality end markets, and start-up programs; and an MGA for leisure travel and global expatriate medical insurance in Israel, the European Union, and Australia. The company was formerly known as Fund American Enterprises Holdings, Inc. and changed its name to White Mountains Insurance Group, Ltd. in 1999. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.
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Position history
Between Q2 2025 and Q3 2026, 12 fund letters reported a position in White Mountains Insurance Group, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 7 | 0 | 0 | 1 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q2 2025 | 3 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 12 positions
- September 2026
“Second, we own more stocks than usual that have performed well but been “stuck” or down this year for reasons that do not make long-term sense. The good news is that these companies are on offense and have great track records of value per share growth, which should win over the long-term. For example, long-time investments CNX, Graham Holdings and White Mountains have grown their value per share at a 15-20% CAGR over the last 5+ years and are able to keep doing so.”
White Mountains Insurance Group - June 2026
Listed in Longleaf Partners Small-Cap Fund’s reported holdings.
White Mountains Insurance Group - June 2026
“Top 3 Detractors from Relative Performance White Mountains Insurance Group Ltd (WTM) – WTM lagged during an otherwise uneventful quarter following strong prior- period performance driven by the Bamboo transaction.”
White Mountains Insurance Group - June 2026
“White Mountains Insurance Group Ltd (WTM) – WTM lagged during an otherwise uneventful quarter following strong prior- period performance driven by the Bamboo transaction. The shares also benefited less from the broader market rebound after proving relatively defensive earlier in the year. We remain confident in management's disciplined capital allocation and ability to compound book value per share over the long term.”
White Mountains Insurance Group - June 2026
“Stock selection was weakest within Financials holdings such as Fiserv and White Mountains Insurance.”
White Mountains Insurance Group - June 2026
“Stock selection was weakest within Financials holdings such as MarketAxess and White Mountains Insurance.”
White Mountains Insurance Group - June 2026
“Largest Detractors MarketAxess (MKTX), a leading operator of electronic xed income marketplaces with particular strength in corporate credit markets and international bond markets, was the largest detractor. Despite a favorable rst quarter earnings report, the stock sold o sharply amid fears that AI and tokenization might transform xed income markets and erode their competitive position. While MKTX faces robust competition from its larger peer Tradeweb Markets (TW) and privately held Trumid, we believe new technologies are more likely to benet existing players than displace them. Most bonds are still traded over the phone as market participants seek to limit information leakage and assess market sentiment. To the extent the industry migrates to AI-driven trading, these trades are almost certain to be executed electronically, accessing existing liquidity pools. On the other hand, tokenization, at least in its current form, oers more in the way of settlement and post trade eciencies than improved trading liquidity. White Mountains Insurance (WTM), a holding company that owns insurance and nancial services-related businesses, was the second-largest detractor.”
White Mountains Insurance Group - June 2026
“White Mountains Insurance (WTM), a holding company that owns insurance and nancial services-related businesses, was the second-largest detractor.”
White Mountains Insurance Group - December 2025
“White Mountains Insurance Group (WTM) – WTM was a top performer after announcing the sale of a controlling stake in its retail brokerage platform, Bamboo, generating a roughly 4x return in just two years.”
White Mountains Insurance Group - June 2025
“We are steadfast in maintaining our position in the company.”
White Mountains Insurance Group - June 2025
“White Mountains Insurance Group Ltd (WTM) – WTM was a bottom name due to industry headwinds.”
White Mountains Insurance Group - June 2025
“Top 3 Detractors from Relative Performance Murphy USA, Inc. (MUSA) – MUSA was a bottom performer after reporting softer market share gains in Q1 due to lower retail fuel prices. With that said, the long-term components of our thesis remain intact: structurally higher industry fuel margins, everyday low price driving profitable market share gains, and value-creating capital allocation. Saia, Inc. (SAIA) – SAIA remained weak this quarter as the lingering “freight recession” drags on for almost its third year. We remain convicted in our ownership of SAIA due to its solid balance sheet and strong network growth plan. We believe the company could be a multi-year compounder, assuming the freight industry returns to normal demand patterns. White Mountains Insurance Group Ltd (WTM) – WTM was a bottom name after facing industry headwinds. For U.S. P&C insurers, performance was mundane in 2Q, whereas the rest of the market had a rebound. We remain confident in the company’s ability to deliver outsized growth in book value per share over time through prudent capital allocation.”
White Mountains Insurance Group
Fund coverage · 2 theses
White Mountains Insurance is a holding company with solid operating results, but its shares were pressured by mark-to-market losses and limited monetizations.
Read the full thesisWhite Mountains Insurance Group, Ltd. is a compelling long-term investment due to its undervalued diverse portfolio and strong financial fundamentals, indicating significant potential for value realization.
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