WTMHIGH SIGNALOPERATIONAL10-K

White Mountains underwent a major business transformation, replacing its property and casualty insurance distribution business (Bamboo) with a specialty insurance distribution business (Distinguished Programs) while experiencing substantial revenue growth.

This represents a significant strategic pivot in White Mountains' distribution business model, moving away from the Bamboo operations that were prominently featured in prior filings to focus on Distinguished Programs as their specialty insurance distribution platform. The elimination of Bamboo from the business description and its replacement with Distinguished Programs suggests either a major acquisition, divestiture, or restructuring that fundamentally altered the company's operational footprint.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

The financial results reflect substantial business expansion, with revenue growing meaningfully from $2.2B to $3.7B, supported by higher net interest income that rose to $126.5M despite increased interest expense of $78.4M. The balance sheet expanded proportionally, with total assets growing to $12.3B and stockholders' equity strengthening to $5.4B, while debt increased to $837.0M and cash positions improved to $161.0M, indicating the company funded significant growth through a combination of debt and operational cash generation.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+66.8%
$2.2B→$3.7B

Strong top-line growth of 66.8% — accelerating demand or successful expansion into new markets.

Net Interest Income
P&L
+49.2%
$84.8M→$126.5M

Net interest income grew 49.2% — benefiting from rate environment or loan book expansion.

Total Debt
Balance Sheet
+48.8%
$562.5M→$837.0M

Debt increased 48.8% — substantial leverage increase; assess whether deployed for growth or covering losses.

Cash & Equivalents
Balance Sheet
+46%
$110.3M→$161.0M

Cash position surged 46% — strong cash generation or capital raise providing significant financial cushion.

Interest Expense
P&L
+28.9%
$60.8M→$78.4M

Interest costs rose 28.9% — monitor debt levels and coverage ratio in rising rate environment.

Total Liabilities
Balance Sheet
+26.2%
$4.8B→$6.1B

Liabilities increased 26.2% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+24%
$9.9B→$12.3B

Asset base grew 24% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+21%
$4.5B→$5.4B

Equity base grew 21% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Dividends Paid
Cash Flow
-14.8%
$5.4M→$4.6M

Dividend reduced 14.8% — monitor management commentary on capital allocation priorities.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 23, 2026, 2,467,055 common shares, par value of $1.00 per share, were outstanding (which includes 22,075 restricted common shares that were not vested at such date).
Business 1 General 1 Ark /WM Outrigger 2 HG Global 11 Kudu 17 Distinguished 18 Other Operation s 19 Investments 22 Regulation 23 Ratings 28 Human Capital 28 ITEM 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 45 Results of Operations 45 Liquidity and Capital Resources 80 Transactions with Related Persons 85 Non-GAAP Financial Measures 85 Critical Accounting Estimates 87 Forward-Looking Statements 101 ITEM 7A.
White Mountains s specialty insurance distribution business is conducted through its subsidiary WM Phoenix Parent, L.P.
and its subsidiaries d/b/a Distinguished Programs (collectively, Distinguished ).
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REMOVED
As of February 24, 2025, 2,563,051 common shares, par value of $1.00 per share, were outstanding (which includes 22,240 restricted common shares that were not vested at such date).
Business 1 General 1 Ark /WM Outrigger 2 HG Global 11 Kudu 17 Bamboo 17 Other Operation s 19 Investments 21 Discontinued Operations 21 Regulation 22 Ratings 28 Human Capital 28 ITEM 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 45 Results of Operations 45 Liquidity and Capital Resources 74 Transactions with Related Persons 79 Non-GAAP Financial Measures 79 Critical Accounting Estimates 81 Forward-Looking Statements 101 ITEM 7A.
White Mountains s property and casualty insurance distribution business is conducted through its subsidiary PM Holdings LLC ( Bamboo Holdings ) and its subsidiaries Bamboo Ide8 Insurance Services LLC ( Bamboo MGA ) and Ide8 Re Inc.
( Bamboo Captive ) (collectively with Bamboo Holdings and Bamboo MGA, Bamboo ).
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