White Mountains Insurance Group (WTM) Proxy Filing summary

Executive summary

• Achieved 6% growth in book value per share and 8% in adjusted book value per share in 2024, with total shareholder return of 29%.

• Operating businesses delivered strong results: Ark grew gross written premiums by 16% and pre-tax income to $299M; Bamboo managed premiums up 125%; Kudu portfolio value exceeded $1B.

• Investment portfolio returned 6.9%, outperforming benchmarks.

• Ongoing shareholder engagement reached 72% of shares, with feedback influencing compensation, governance, and ESG disclosures.

Voting matters and shareholder proposals

• Four proposals: election of three directors (Class I, term ending 2028), advisory vote on executive compensation, approval of amended long-term incentive plan, and appointment of PwC as auditor for 2025.

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• Board comprises 10 directors, 70% independent, with 30% gender and 20% racial/ethnic diversity.

• Three new directors added since 2023; average tenure is 4.8 years.

• Board led by an independent chairman; 100% committee independence for key committees.

• Annual board and committee self-evaluations; robust share ownership guidelines (5x retainer for directors, 10x salary for CEO/EVPs).

• Shareholders can call a special meeting at 10% ownership.