Financial stocks were advancing premarket Friday, with the Financial Select Sector SPDR Fund (XLF) 0.7% higher.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 2.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 2.1% lower.

White Mountains Insurance (WTM) stock was up more than 3% after the company said it has started a 'modified Dutch auction' self-tender offer to repurchase up to $300 million of its common shares at prices between $1,850 and $2,050 per share, in cash and without interest.

Bowhead Specialty (BOW) shares were down more than 1% after the company said it has priced a public offering of $150 million worth of its 7.750% senior notes due 2030.

Blackstone-managed (BX) funds have sold a majority stake in DESOTEC, a provider of air, soil and water filtration systems and services, to EQT, the companies said. Blackstone shares were 1.4% higher premarket.