白山保险集团 2025年度报告

FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE Securities EXCHANGE ACT OF 1934 For thefiscal year ended December 31, 2025 OR TRANSITIONREPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ______________ Commissionfile number: 1-8993 A.Full title of the plan and the address of the plan, if different from that of the issuer namedbelow: White Mountains Retirement Plan B.Name of issuer of the securities held pursuant to the plan and the address of its principalexecutive office: White Mountains Insurance Group, Ltd.23 South Main Street, Suite 3BHanover, NH 03755 REQUIRED INFORMATION 1.Not applicable. 2.Not applicable. 3.Not applicable. 4.The White Mountains Retirement Plan (the "Plan") is subject to the requirements of the Employee RetirementIncome Security Act of 1974 ("ERISA"). Pursuant to Section 103 of ERISA and the regulations thereunder, thePlan is not required to include an opinion of an independent qualified public accountant because the Plan iseligible tofile as a small plan under the applicable Form 5500 rules and satisfies the conditions for the smallplan audit waiver. Attached hereto is a copy of the Plan's Summary Annual Report and Schedule I to the Form Summary Annual Report and Schedule I to the Form 5500 SUMMARY ANNUAL REPORT FORWHITE MOUNTAINS RETIREMENT PLAN This is a summary of the annual report Form 5500 Annual Return/Report of Employee Benefit Plan of White Mountains RetirementPlan and Employer Identification Number 57-1163892/Plan Number 001 for the plan year 01/01/2025 through 12/31/2025. The Form5500 annual report has beenfiled with the Employee Benefits Security Administration, as required under the Employee RetirementIncome Security Act of 1974 (ERISA). Your plan is a single employer, defined contribution plan with the following characteristics: profit Basic Financial Statement Benefits under the plan are provided by a trust fund. Plan expenses were $763,201. These expenses included $1,324 inadministrative expenses and $761,877 in benefits paid to participants and beneficiaries, and $0 in other expenses. A total of 95 personswere participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to The value of plan assets, after subtracting liabilities of the plan, was $56,845,596 as of the end of the plan year, compared to$47,599,790 as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of $9,245,806. Thischange includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of theplan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. Information Regarding Plan Assets The U.S. Department of Labor’s regulations require that an independent qualified public accountant audit the plan’sfinancialstatements unless certain conditions are met for the audit requirement to be waived. This plan met the audit waiver conditions for theplan year beginning 01/01/2025 and therefore has not had an audit performed. The plan’s assets were held in individual participant accounts with investments directed by participants and beneficiaries and withaccount statements from regulatedfinancial institutions furnished to the participant or beneficiary at least annually, qualifying employersecurities and loans to participants and other qualifying assets. General information regarding the audit waiver conditions applicable to the plan can be found on the U.S. Department of Labor Website at https://www.dol.gov/agencies/ebsa under the heading "Frequently Asked Questions." Your Rights to Additional Information You have the right to receive a copy of the full annual report, or any part thereof, on request. To obtain a copy of the full annualreport, or any part thereof, write or call the office of Human Resource Department, who is a representative of the plan administrator, at23 South Main Street Suite 3B, Hanover, NH 03755 and phone number, 603-640-2200. The charge to cover copying costs will be $5.00 for You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilitiesof the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If yourequest a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as You also have the legally protected right to examine the annual report at the main office of the plan: 23 South Main Street Suite 3B,Hanover, NH 03755, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Laborupon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure