Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-22

White Mountains Insurance Group Ltd (WTM)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$8,064,309
G. Manning Rountree total, FY2025
31st
CEO pay percentile vs peers
69:1
CEO-to-median pay ratio
98.19%
Say-on-pay support, latest vote
Companies that benchmark against WTM
6 companies name WTM as a compensation peer

Each company listed discloses WTM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named WTM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
G. Manning Rountree$600,000$0$5,954,618$0$1,200,000$0$309,691$8,064,309
Chief Executive Officer
Liam Caffrey600,00003,755,99001,200,0000389,5015,945,491
President & Chief Financial Officer
Giles Harrison600,000250,0003,297,94201,200,000020,8085,368,750
Executive Vice President & Chief Strategy Officer
Robert Seelig600,00003,023,11401,200,0000119,0204,942,134
Executive Vice President & General Counsel
Michaela Hildreth600,00002,290,23801,200,000023,0584,113,296
Managing Director & Chief Accounting Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
G. Manning Rountree$8,064,309$7,422,958$7,577,001+641,351
Liam Caffrey5,945,4915,681,074
Giles Harrison5,368,750
Robert Seelig4,942,1344,402,298
Michaela Hildreth4,113,2962,951,1633,137,711+1,162,133

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Weston M. HicksDirector2026-05-21A190$0$0CommonForm 4 ↗
David A. TannerDirector2026-05-21A13500CommonForm 4 ↗
Margaret DillonDirector2026-05-21A13500CommonForm 4 ↗
John ChuDirector2026-05-21A13500CommonForm 4 ↗
Suzanne F. ShankDirector2026-05-21A13500CommonForm 4 ↗
Mary C. ChoksiDirector2026-05-21A13500CommonForm 4 ↗
Philip A. GelstonDirector2026-05-21A13500CommonForm 4 ↗
Peter M. CarlsonDirector2026-05-21A13500CommonForm 4 ↗
Reid T. CampbellDirector2026-05-21A13500CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
G. Manning RountreeRSA1,6252,977,309$600,000
G. Manning RountreePSA01,6252,977,309
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
G. Manning RountreePSU3,425$14,244,956
Liam CaffreyPSU2,1508,942,079
Robert SeeligPSU1,7257,174,454
G. Manning RountreePSU5,42511,273,313
Giles HarrisonPSU1,9007,902,314
Robert SeeligPSU2,7255,662,632
Michaela HildrethPSU1,2255,094,824
Michaela HildrethPSU1,8253,792,405
Liam CaffreyPSU3,4007,065,302
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation policies are designed with the primary goal of creating incentives for superior growth in our values per share over long periods of time. We believe that this goal is best pursued by utilizing a pay-for-performance program that closely aligns the financial interests of management with those of our shareholders while rewarding appropriate risk taking.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-211,993,89436,7063,71898.19%Passed
20252025-05-222,089,68352,31310,48297.56%Passed
20242024-05-231,981,167129,3646,61993.87%Passed
20232023-05-251,678,679366,5111,53682.08%Passed
20222022-05-261,997,678453,4462,46381.5%Passed
20212021-05-272,502,80750,4313,44798.02%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2198.19%a
20252025-05-2297.56%b
20242024-05-2393.87%c

a. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not be counted as votes cast for or against any of the items presented.”.

b. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on the outcome of the vote on this proposal.”.

c. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not be counted as votes cast for or against any of the items presented.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)69 : 1
CEO total compensation$8,064,309
Median employee compensation$117,549
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Weston M. HicksIndependent · Board Chair · Audit$250,000$377,507$0$0$627,507
Reid T. CampbellIndependent · Finance135,000269,64800103,701508,349
Peter M. CarlsonIndependent · Audit (Chair) · Executive185,000269,648008,519463,167
Philip A. GelstonIndependent · Compensation/Nominating & Governance (Chair) · Audit175,000269,648003,000447,648
Mary C. ChoksiIndependent · Finance (Chair)160,000269,6480010,000439,648
Margaret DillonIndependent · Compensation/Nominating & Governance · Audit150,000269,64800419,648
David A. TannerIndependent · Audit · Finance150,000269,64800419,648
Suzanne F. ShankIndependent · Compensation/Nominating & Governance · Finance135,000269,64800404,648
Steven M. YiIndependent · Finance · Not standing for re-election135,000269,64800404,648
Liam P. CaffreyEmployee director · Finance · Executive · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$135,000
Annual equity retainer$269,648
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,475,000
Equity awards (grant-date value)$2,534,691
All other compensation$125,220
Total cost of the board$4,134,911

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies White Mountains Insurance Group Ltd names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including White Mountains Insurance Group Ltd.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1W.R. Berkley2025W. Robert Berkley, Jr.$1,097,800$3,850,038$0$11,176,030$16,823,866
2Arch Capital Group2025Nicolas Papadopoulo1,300,0005,520,5061,820,1865,200,00014,626,320
3Markel Corp2025Thomas Gayner1,100,0009,226,08103,740,00014,124,065
4Assured Guaranty2025Dominic Frederico1,250,0009,413,23102,510,95513,841,716
5RenaissanceRe Holdings2025Kevin O'Donnell1,270,0005,014,73205,118,75012,951,841
6Hanover2025John Roche1,138,4624,603,5571,400,0233,220,00010,486,571
7SiriusPoint2025Scott Egan1,169,7404,134,12301,600,1599,824,137
8Axis Capital2025Vincent Tizzio1,100,0005,299,64103,070,3759,642,025
9Everest Group2025Jim Williamson1,227,1165,150,59002,200,0008,952,500
10White Mountains Insurance Group Ltd2025G. Manning Rountree600,0005,954,61801,200,0008,064,309
11RLI Corp.2025Craig Kliethermes677,5960831,8056,075,3197,691,732
12Enstar2023Dominic Silvester2,500,000003,821,9597,492,326
13Kinsale2025Michael Kehoe1,250,0002,749,589007,423,891
14Selective Insurance Group2025John Marchioni1,050,0004,000,07601,575,0006,858,564

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
White Mountains Insurance Group Ltd200%PSU 50 · RSU 50Nonot disclosed
Arch Capital Group200%PSU 55 · Options 25 · RSU 20NoPay Governance LLC
Assured Guaranty201%PSU 60 · RSU 40Yes — TSR relative to Russell Midcap Index - Financials 55th percentileFW Cook
Axis Capital159.5%PSU 60 · RSU 40NoFrederick W. Cook & Co.
Enstar102%not disclosedNoMcLagan (Aon plc)
Everest Group88%PSU 50 · RSU 50Yes — 3Yr Relative Change in TSR Compared to Peersnot disclosed
Hanover140%PSU 50 · RSU 25 · Options 25NoCompensation Advisory Partners LLC
Kinsale272%RSU 100not disclosedSemler Brossy
Markel Corpnot disclosedPSU 75 · RSU 25NoCompensation Advisory Partners LLC (CAP)
RenaissanceRe Holdings175%PSU 50 · RSU 50NoMercer
RLI Corp.not disclosedOptions 100not disclosedLockton Financial Advisors, LLC
Selective Insurance Group150.0%RSU 75 · Cash LTI 25Yes — Cumulative TSR over the three-year performance periodExequity LLP
SiriusPoint151.3%PSU 75 · RSU 25NoMercer
W.R. Berkleynot disclosednot disclosedNoMeridian

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at White Mountains Insurance Group Ltd in fiscal 2025?
As disclosed, G. Manning Rountree was the highest-paid executive at White Mountains Insurance Group Ltd in fiscal 2025.
How does White Mountains Insurance Group Ltd's chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay was at the 31st percentile of disclosed peers.
What is White Mountains Insurance Group Ltd's CEO-to-median employee pay ratio?
The company reported a CEO-to-median employee pay ratio of 69:1.
How did shareholders vote on White Mountains Insurance Group Ltd's executive compensation?
Shareholders voted 98.19% in support of the latest executive compensation plan.
How much does White Mountains Insurance Group Ltd spend in total on board compensation for fiscal 2025?
The filing shows total board compensation for fiscal 2025 was $4,134,911.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, G. Manning RountreeDEF 14A2026-04-010001104659-26-038487Section “Summary Compensation Table”. As printed: 8,064,309. Filing ↗machine: r1 · c17 · span 467331–467340
2Section 01, Liam CaffreyDEF 14A2026-04-010001104659-26-038487Section “Summary Compensation Table”. As printed: 5,945,491. Filing ↗machine: r4 · c17 · span 476554–476563
3Section 01, Giles HarrisonDEF 14A2026-04-010001104659-26-038487Section “Summary Compensation Table”. As printed: 5,368,750. Filing ↗machine: r7 · c17 · span 485738–485747
4Section 01, Robert SeeligDEF 14A2026-04-010001104659-26-038487Section “Summary Compensation Table”. As printed: 4,942,134. Filing ↗machine: r10 · c17 · span 494479–494488
5Section 01, Michaela HildrethDEF 14A2026-04-010001104659-26-038487Section “Summary Compensation Table”. As printed: 4,113,296. Filing ↗machine: r13 · c17 · span 503680–503689
6Section 03, G. Manning Rountree RSADEF 14A2026-04-010001104659-26-038487Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r2 · c5 · span 559753–559760
7Section 03, G. Manning Rountree PSADEF 14A2026-04-010001104659-26-038487Section “FROM OUR COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t62 · r3 · c3 · span 410878–410887
8Section 07, pay ratioDEF 14A2026-04-010001104659-26-038487Section “CEO Pay Ratio”. As printed: 69 : 1. Filing ↗machine: t125 · r1 · c2 · span 824373–824381
9Section 08, Weston M. HicksDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 627,507. Filing ↗machine: t120 · r6 · c13 · span 809646–809653
10Section 08, Reid T. CampbellDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 508,349. Filing ↗machine: t120 · r1 · c13 · span 795204–795211
11Section 08, Peter M. CarlsonDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 463,167. Filing ↗machine: t120 · r2 · c13 · span 798084–798091
12Section 08, Philip A. GelstonDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 447,648. Filing ↗machine: t120 · r5 · c13 · span 806755–806762
13Section 08, Mary C. ChoksiDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 439,648. Filing ↗machine: t120 · r3 · c13 · span 800959–800966
14Section 08, Margaret DillonDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 419,648. Filing ↗machine: t120 · r4 · c13 · span 803856–803863
15Section 08, David A. TannerDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 419,648. Filing ↗machine: t120 · r8 · c13 · span 815437–815444
16Section 08, Suzanne F. ShankDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 404,648. Filing ↗machine: t120 · r7 · c13 · span 812540–812547
17Section 08, Steven M. YiDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 404,648. Filing ↗machine: t120 · r9 · c13 · span 818327–818334
18Section 08, Liam P. CaffreyDEF 14A2026-04-010001104659-26-038487Section “Director Compensation”. As printed: 0. Filing ↗
19Section 02, Weston M. Hicks 2026-05-21Form 42026-05-220000776867-26-000043Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, David A. Tanner 2026-05-21Form 42026-05-220000776867-26-000045Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Margaret Dillon 2026-05-21Form 42026-05-220000776867-26-000041Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, John Chu 2026-05-21Form 42026-05-220000776867-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Suzanne F. Shank 2026-05-21Form 42026-05-220000776867-26-000044Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Mary C. Choksi 2026-05-21Form 42026-05-220000776867-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Philip A. Gelston 2026-05-21Form 42026-05-220000776867-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Peter M. Carlson 2026-05-21Form 42026-05-220000776867-26-000037Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Reid T. Campbell 2026-05-21Form 42026-05-220000776867-26-000036Insider equity transaction reported since the proxy statement. Filing ↗
28Section 06, 2026 voteForm 8-K2026-05-210001628280-26-037284Item 5.07 · say-on-pay result. As reported: 98.19% (votes for as printed: 1,993,894 (98%)). Filing ↗
29Section 06, 2025 voteForm 8-K2025-05-220000776867-25-000007Item 5.07 · say-on-pay result. As reported: 97.56% (votes for as printed: 2,089,683 (98%)). Filing ↗
30Section 06, 2024 voteForm 8-K2024-05-230000776867-24-000011Item 5.07 · say-on-pay result. As reported: 93.87% (votes for as printed: 1,981,167 (94%)). Filing ↗
31Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
32Section 09b board cost (computed)ComputedcomputedCash 1,475,000 + equity 2,534,691 + all other 125,220 = 4,134,911, summed across the director compensation table rows.machine: formula: Σ = 4,134,911
33W.R. Berkley, Section 10b CEO totalDEF 14A2026-04-220001193125-26-170583CEO total compensation as printed in W.R. Berkley's own proxy. As printed: 16,823,866. Filing ↗machine: t411 · r4 · c21 · span 915307–915317
34Arch Capital Group, Section 10b CEO totalDEF 14A2026-03-240000947484-26-000038CEO total compensation as printed in Arch Capital Group's own proxy. As printed: 14,626,320. Filing ↗machine: t151 · r2 · c13 · span 2735621–2735631
35Markel Corp, Section 10b CEO totalDEF 14A2026-04-020001096343-26-000033CEO total compensation as printed in Markel Corp's own proxy. As printed: 14,124,065. Filing ↗machine: r2 · c45 · span 566440–566451
36Assured Guaranty, Section 10b CEO totalDEF 14A2026-03-180001273813-26-000028CEO total compensation as printed in Assured Guaranty's own proxy. As printed: 13,841,716. Filing ↗machine: r2 · c18 · span 998629–998640
37RenaissanceRe Holdings, Section 10b CEO totalDEF 14A2026-03-180000913144-26-000060CEO total compensation as printed in RenaissanceRe Holdings's own proxy. As printed: 12,951,841. Filing ↗machine: t172 · r3 · c7 · span 1829363–1829373
38Hanover, Section 10b CEO totalDEF 14A2026-03-260001193125-26-125009CEO total compensation as printed in Hanover's own proxy. As printed: 10,486,571. Filing ↗machine: t68 · r4 · c7 · span 1352246–1352256
39SiriusPoint, Section 10b CEO totalDEF 14A2026-04-100001174947-26-000480CEO total compensation as printed in SiriusPoint's own proxy. As printed: 9,824,137. Filing ↗machine: t194 · r1 · c8 · span 1029632–1029641
40Axis Capital, Section 10b CEO totalDEF 14A2026-04-020001214816-26-000149CEO total compensation as printed in Axis Capital's own proxy. As printed: 9,642,025. Filing ↗machine: t201 · r4 · c7 · span 1076146–1076155
41Everest Group, Section 10b CEO totalDEF 14A2026-04-100001628280-26-024596CEO total compensation as printed in Everest Group's own proxy. As printed: 8,952,500. Filing ↗machine: t42 · r4 · c17 · span 2079880–2079889
42White Mountains Insurance Group Ltd (subject), Section 10b CEO totalDEF 14A2026-04-010001104659-26-038487CEO total compensation as printed in White Mountains Insurance Group Ltd's own proxy. As printed: 8,064,309. Filing ↗machine: r1 · c17 · span 467331–467340
43RLI Corp., Section 10b CEO totalDEF 14A2026-03-260001104659-26-035213CEO total compensation as printed in RLI Corp.'s own proxy. As printed: 7,691,732. Filing ↗machine: t146 · r9 · c18 · span 1221310–1221319
44Enstar, Section 10b CEO totalDEF 14A2024-04-260001363829-24-000099CEO total compensation as printed in Enstar's own proxy. As printed: 7,492,326. Filing ↗machine: span 1533666–1533675
45Kinsale, Section 10b CEO totalDEF 14A2026-04-090001669162-26-000020CEO total compensation as printed in Kinsale's own proxy. As printed: 7,423,891. Filing ↗machine: r3 · c42 · span 299293–299302
46Selective Insurance Group, Section 10b CEO totalDEF 14A2026-03-260001104659-26-034953CEO total compensation as printed in Selective Insurance Group's own proxy. As printed: 6,858,564. Filing ↗machine: span 752843–752852
47Section 10a, Arch Capital Group reciprocityDEF 14A0000947484-26-000038Arch Capital Group's most recent proxy was read; its disclosed peer group does not include White Mountains Insurance Group Ltd. Filing ↗
48Section 10a, RLI Corp. reciprocityDEF 14A0001104659-26-035213RLI Corp.'s most recent proxy was read; its disclosed peer group does not include White Mountains Insurance Group Ltd. Filing ↗
49Section 10a, Everest Group reciprocityDEF 14A0001628280-26-024596Everest Group's most recent proxy was read; its disclosed peer group does not include White Mountains Insurance Group Ltd. Filing ↗
50Section 10a, Hanover reciprocityDEF 14A0001193125-26-125009Hanover's most recent proxy was read; its disclosed peer group does not include White Mountains Insurance Group Ltd. Filing ↗
51Section 10a, SiriusPoint reciprocityDEF 14A0001174947-26-000480SiriusPoint names White Mountains Insurance Group Ltd in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, W.R. Berkley reciprocityDEF 14A0001193125-26-170583W.R. Berkley's most recent proxy was read; its disclosed peer group does not include White Mountains Insurance Group Ltd. Filing ↗
53Section 10a, Assured Guaranty reciprocityDEF 14A0001273813-26-000028Assured Guaranty names White Mountains Insurance Group Ltd in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, Enstar reciprocityDEF 14A0001363829-24-000099Enstar names White Mountains Insurance Group Ltd in its own disclosed peer group (read from its most recent proxy). Filing ↗
55Section 10a, RenaissanceRe Holdings reciprocityDEF 14A0000913144-26-000060RenaissanceRe Holdings's most recent proxy was read; its disclosed peer group does not include White Mountains Insurance Group Ltd. Filing ↗