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Majority Stake in Distinguished Programs Acquired by White Mountains

1. White Mountains will acquire a majority stake in Distinguished Programs. 2. Distinguished's growth strategy will continue under current management with no major changes. 3. The acquisition supports Distinguished's presence in specialty insurance markets. 4. White Mountains brings expertise to enhance Distinguished's growth opportunities. 5. Key investors, including Aquiline Capital, will retain minority stakes.

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Why Bullish?

The acquisition signifies strong growth potential for WTM, backed by an experienced management team. Historical similar acquisitions have positively impacted stock prices within the insurance sector.

How important is it?

The acquisition enhances WTM's market position and growth trajectory, making it highly relevant.

Why Long Term?

The strategic partnership will foster growth over time, as Distinguished expands its market position. Past acquisitions in the insurance sector typically take time to realize full benefits.

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NEW YORK--(BUSINESS WIRE)--Distinguished Programs (“Distinguished” or the “Company”), a national specialty insurance MGA and program manager, is pleased to announce that it has entered into a definitive agreement in which White Mountains Insurance Group, Ltd. (“White Mountains”) will acquire a majority stake in the Company. White Mountains will support Distinguished’s continued organic and inorganic growth strategy. Distinguished will continue to be led by industry veterans Bill Malloy (CEO), Jason Rotman (President) and Steve Sitterly (COO), and no major changes in management or strategy are foreseen as part of the transaction. Key existing shareholders, including Aquiline Capital, will remain significant minority owners. Since its founding in 1995, Distinguished has grown into one of the largest independent program managers in the U.S. The Company underwrites and distributes specialty property & casualty insurance products across 12 programs such as commercial real estate, hotels & restaurants, community associations, environmental & construction professional, cyber, surety, executive lines, inland marine and fine arts & collectibles. “White Mountains has deep insurance expertise and a strong track record helping insurance distribution companies like us scale successfully,” said Jason Rotman, President of Distinguished. “Following several years working alongside the Aquiline team, Bill, Steve and I are very excited to now have White Mountains as a partner during our next phase of growth.” “We’ve been keen observers of Distinguished’s recent progress, and we are pleased to make this acquisition alongside fellow shareholders and a seasoned management team we’ve known for many years,” said Manning Rountree, CEO of White Mountains. “They are well-positioned in an attractive and dynamic market, and we look forward to partnering with the team to capitalize on the organic and inorganic growth opportunities ahead.” Igno van Waesberghe, Managing Partner at Aquiline, said “We are very excited for Distinguished Program’s next phase of success. Bill, Jason and Steve have all been long-standing members of the Aquiline community and we were privileged to support them as the leaders of Distinguished. It has been a pleasure to work with them to help them bring together an exceptional team who have institutionalized the business and transformed it into an industry leader. I'm very pleased that we will continue to remain close to Distinguished as partners and shareholders.” Cravath, Swaine & Moore LLP acted as legal advisor to White Mountains. Willkie Farr & Gallagher LLP acted as legal advisor to the Company and Aquiline. Mayer Brown LLP acted as legal advisor the Company’s management team. Guy Carpenter Capital & Advisory provided a fairness opinion to Aquiline. About Distinguished Programs Distinguished Programs is a leading national MGA and program manager for specialty property & casualty insurance. The company places insurance in niche sectors such as commercial real estate, hotels & restaurants, community associations, environmental & construction professional, cyber, surety, executive lines, inland marine and fine arts & collectibles. On behalf of its insurance carrier partners, Distinguished typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance and claims. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees. www.distinguished.com About White Mountains White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbols WTM and WTM.BH. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. About Aquiline Aquiline Capital Partners LP (“Aquiline”) is a private investment firm based in New York, London, and Philadelphia, that is dedicated to financial services and technology. As of March 31, 2025, Aquiline has approximately $12 billion of assets under management and has deployed approximately $7.4 billion of capital across the firm’s three strategies in private equity, venture, and credit. For more information about Aquiline, its investment professionals, and its portfolio companies, visit: www.aquiline.com.

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