White Mountains announces preliminary results of ‘modified Dutch auction’

White Mountains (WTM) Insurance Group announced the preliminary results of its “modified Dutch auction” tender offer to purchase up to $300M in value of its common shares. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on December 19, 2025. Based on a preliminary count by the depositary for the tender offer, 67,186 shares were properly tendered and not properly withdrawn at or below the purchase price of $2,050 per share, including 16,589 shares that were tendered by notice of guaranteed delivery. The company expects to purchase all validly tendered shares for approximately $137.7M. The shares expected to be purchased in the tender offer represent approximately 2.6% of White Mountains’s shares outstanding as of November 19, 2025.