White Mountains Insurance Group, a Bermuda-domiciled holding company, is primarily engaged in opportunistic acquisitions within the insurance, financial services, and related sectors. Its main insurance operations include Ark, a specialty property and casualty insurer and reinsurer active in the UK’s Lloyd’s market. While White Mountains states it does not “meaningfully impact the environment through its operations” and considers climate change in its risk modelling and pricing, its involvement in the climate crisis is more subtle but equally concerning. Through Ark, White Mountains explicitly underwrites “marine & energy” business, which includes fossil fuel activities. The company’s ESG statements acknowledge climate change risks for its insurance businesses but lack explicit, overarching commitments to divest from or cease underwriting all new fossil fuel projects.