Pc Insurance & Reinsurance (Ark/Wm Outrigger) was White Mountains Insurance’s largest segment in fiscal 2025, bringing in $169.20M of $337.60M (50%).
| Segment | FY 2011 | FY 2012 | FY 2015 | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Onebeacon | — | — | — | — | |||||||
| Sirius Group | — | — | — | — | |||||||
| Pc Insurance & Reinsurance (Ark/Wm Outrigger) | $2.02B | $2.61B | $3.00B | $169.20M | |||||||
| Ark | — | — | — | — | |||||||
| Nsm | — | — | — | — | |||||||
| Other Operations | — | — | — | — | |||||||
| Other | — | — | — | — | |||||||
| Mediaalpha | — | — | — | — | |||||||
| Asset Management (Kudu) | $237.00M | — | — | — | |||||||
| Hg Global-Bam | — | — | — | — | |||||||
| Pc Insurance Distribution (Bamboo) | — | — | $78.80M | $53.40M | |||||||
| Bamboo Captive | — | — | $78.80M | $53.40M | |||||||
| Bamboo Crv | — | — | $65.40M | — | |||||||
| Kudu | — | — | — | — | |||||||
| Financial Guarantee (Hg Global) | -$92.80M | $52.00M | $63.40M | $61.60M | |||||||
| Hg Global/Bam - | — | — | — | — | |||||||
| Hg/Bam | — | — | — | — | |||||||
| Other Segments | — | — | — | — | |||||||
| Total | $2.16B | $2.66B | $3.29B | $337.60M |
White Mountains Insurance brought in $337.60M from its four segments in fiscal 2025, the year ended December 31, 2025. White Mountains Insurance regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $3.29B. Pc Insurance & Reinsurance (Ark/Wm Outrigger) was the largest at $169.20M (50.1%), ahead of Financial Guarantee (Hg Global) at $61.60M (18.2%) and Pc Insurance Distribution (Bamboo) at $53.40M (15.8%). The remaining segment, Bamboo Captive, brought in $53.40M.
Compared with fiscal 2024, every segment above 2% of revenue shrank. Financial Guarantee (Hg Global) held up best, down 2.8% to $61.60M, and Pc Insurance & Reinsurance (Ark/Wm Outrigger) fell the most, down 94.4% to $169.20M.
White Mountains Insurance began breaking out Pc Insurance Distribution (Bamboo) in fiscal 2024 and Bamboo Captive in fiscal 2024. White Mountains Insurance stopped reporting Asset Management (Kudu) ($237.00M in fiscal 2022) and Bamboo Crv ($65.40M in fiscal 2024) as separate segments.
United Kingdom was White Mountains Insurance’s largest region in fiscal 2024, bringing in $1.91B of $3.38B (57%).
| Geography | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| United Kingdom | $1.28B | $1.58B | $1.91B |
| Bermuda | $864.80M | $1.29B | $1.46B |
| United States | $11.60M | $10.40M | $5.60M |
| Total | $2.15B | $2.88B | $3.38B |
White Mountains Insurance brought in $3.38B from its three regions in fiscal 2024, the year ended December 31, 2024. That was up 17.4% from $2.88B in fiscal 2023. United Kingdom was the largest at $1.91B (56.6%), ahead of Bermuda at $1.46B (43.3%) and United States at $5.60M (0.2%).
Compared with fiscal 2023, United Kingdom grew 20.9% to $1.91B and Bermuda grew 13.7% to $1.46B. From fiscal 2022 to 2024, combined revenue from these regions grew from $2.15B to $3.38B, a compound annual growth rate of 25.3%. United Kingdom's share of the total fell from 59.3% to 56.6%.
Mediaalpha was White Mountains Insurance’s largest revenue line in fiscal 2015, bringing in $211.00M of $224.00M (94%).
| Legal Entity | FY 2015 |
|---|---|
| Mediaalpha | $211.00M |
| Other | $13.00M |
| Total | $224.00M |
White Mountains Insurance brought in $224.00M from its two revenue lines in fiscal 2015, the year ended December 31, 2015. Mediaalpha was the largest at $211.00M (94.2%), ahead of Other at $13.00M (5.8%).
White Mountains Insurance (WTM) reports its revenue by segment, by geography and by legal entity. In fiscal 2025, Pc Insurance & Reinsurance (Ark/Wm Outrigger) was its largest segment, bringing in $169.20M (50.1% of the total), followed by Financial Guarantee (Hg Global) at $61.60M (18.2%).
Pc Insurance & Reinsurance (Ark/Wm Outrigger) was White Mountains Insurance's largest segment in fiscal 2025, bringing in $169.20M, or 50.1% of the $337.60M total across its four segments.
United Kingdom was White Mountains Insurance's largest region in fiscal 2024, bringing in $1.91B, or 56.6% of the $3.38B total across its three regions.
Mediaalpha was White Mountains Insurance's largest revenue line in fiscal 2015, bringing in $211.00M, or 94.2% of the $224.00M total across its two revenue lines.
United Kingdom grew faster than Bermuda in fiscal 2024, up 20.9% from $1.58B to $1.91B. Bermuda grew 13.7% to $1.46B.
Every figure comes from White Mountains Insurance's annual financial filings, as reported. Each line keeps the name White Mountains Insurance gives it, and years follow its fiscal calendar.
White Mountains Insurance's revenue by segment goes back to fiscal 2011, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.