On the Record · White Mountains Insurance Group

White Mountains Insurance Group acquisitions, on the record

The businesses White Mountains Insurance Group bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

Business	Deal	When	Value
Bamboo Ide8 Insurance Services LLC ("Bamboo MGA") and Ide8 Limited ("Bamboo Captive") through PM Holdings LLC ("Bamboo Holdings") Word for word“On January 2, 2024, White Mountains closed the Bamboo Transaction in accordance with the terms of the Bamboo Merger Agreement, investing $297 million in equity into Bamboo, which included a contribution of $36 million to retire Bamboo’s legacy credit facility and a contribution of $20 million of primary capital.” 10-K for 2023	agreed acquisition	—	investing $297 million in equity into Bamboo
Ark Word for word“On January 1, 2021, White Mountains acquired a controlling ownership interest in Ark (the “Ark Transaction”).” 10-K for 2023	acquisition	On January 1, 2021	—
Kudu Transaction equity raise (Kudu) Word for word“On May 26, 2022, Kudu raised $115 million of equity capital (the “Kudu Transaction”) from Massachusetts Mutual Life Insurance Company (“Mass Mutual”), White Mountains and Kudu management.” 10-K for 2023	acquisition	On May 26, 2022	$115 million
Bamboo Word for word“On January 2, 2024, White Mountains closed the Bamboo Transaction in accordance with the terms of the Bamboo Merger Agreement, investing $297 million of equity into Bamboo, which included the contribution of $36 million to retire Bamboo’s legacy credit facility and the contribution of $20 million of primary capital.” 10-K for 2024	acquisition	On January 2, 2024	$297 million of equity
NSM Group (White Mountains Catskill Holdings, Inc. and NSM Insurance HoldCo, LLC) Word for word“On August 1, 2022, White Mountains Holdings (Luxembourg) S.à r.l. (“WTM Holdings Seller”), an indirect wholly-owned subsidiary of White Mountains, completed the previously announced sale of White Mountains Catskill Holdings, Inc. and NSM Insurance HoldCo, LLC (“NSM”) (collectively with White Mountains Catskill Holdings, Inc., the “NSM Group”) to Riser Merger Sub, Inc., an affiliate of The Carlyle Group Inc. (the “NSM Transaction”), pursuant to the terms of the securities purchase agreement, dated May 9, 2022.” 10-K for 2024	divestiture	On August 1, 2022	—
BAM (deconsolidation) Word for word“Effective July 1, 2024, White Mountains no longer consolidates BAM.” 10-K for 2024	divestiture	Effective July 1, 2024	—

As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year ended	Cash paid for acquisitions (net of cash acquired)	Cash received from selling businesses	Goodwill from acquisitions
2016-12-31	—	—	$7.6 million
2017-12-31	—	—	$0
2021-12-31	−$10.6 million	—	—
2022-12-31	$67.9 million	$1.39 billion	$59.5 million
2023-12-31	$0	$17.3 million	$0
2024-12-31	$231.8 million	$0	$270.4 million
2025-12-31	$349.5 million	$746.5 million	$690.8 million

Deal filings since 2016

2026-05-15 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-12-08 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2025-10-03 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-07-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-10-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2022-08-05 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2022-05-10 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-03-16 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2021-01-04 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2020-12-15 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-10-01 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-04-02 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-09-28 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-09-28 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2017-05-02 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-04-18 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2016-02-04 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets

Read from White Mountains Insurance Group’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.