White Mountains Insurance Group is a Bermuda-based holding company that pursues opportunistic acquisitions and operates a diversified portfolio of insurance, reinsurance, financial services, and related businesses, exiting positions when valuations are attractive. The company's core operations include specialty property and casualty insurance and reinsurance through Ark, municipal bond reinsurance through HG Global, capital solutions for asset managers through Kudu, and specialty insurance distribution through Distinguished, while also maintaining minority stakes in various insurance platforms and related financial services businesses. White Mountains generates revenue through insurance and reinsurance premiums, earned commissions, investment income on a diversified portfolio, and distributions from capital partnerships, employing disciplined underwriting and portfolio management to target long-term after-tax total returns.