White Mountains Insurance Group conducts its business primarily in four areas: municipal bond insurance, specialty insurance distribution, capital solutions for asset management firms, and other operations. Co.'s municipal bond insurance business is conducted through its subsidiary HG Global Ltd. and its reinsurance subsidiary HG Re Ltd. (collectively, HG Global). HG Global funds the startup of and provides reinsurance to Build America Mutual Assurance Company, a mutual municipal bond insurance company. Co.'s specialty insurance distribution business is conducted through its subsidiary NSM Insurance HoldCo, LLC and its subsidiaries. Co. provides capital solutions for asset management firms.