White Mountains outlines quarterly earnings
White Mountains outlines quarterly earnings | Insurance Business America
Insurance News
White Mountains outlines quarterly earnings
Comprehensive income up
Insurance News
By
Terry Gangcuangco
White Mountains Insurance Group “had a good first quarter,” according to chief executive Manning Rountree (pictured).
Here are the group’s financial results for the three months ended March 31:
Metric and source
Q1 2024
Q1 2023
Revenues – Ark/WM Outrigger
$336.8 million
$287.5 million
Revenues – HG Global/BAM
$7.9 million
$32.7 million
Revenues – Kudu
$10.7 million
$43.8 million
Revenues – Bamboo
$31.1 million
–
Revenues – other operations
$260.8 million
$167.9 million
Revenues – total
$647.3 million
$531.9 million
Net income
$221.8 million
$187.2 million
Net income attributable to White Mountain’s common shareholders
$236.4 million
$179.5 million
Comprehensive income
$236.1 million
$180.7 million
Comprehensive income attributable to White Mountain’s common shareholders
$236.2 million
$180.3 million
Commenting on the group numbers, Rountree (pictured) said: “We had a good first quarter, with ABVPS (adjusted book value per share) up 6%. Our position in MediaAlpha was a key driver. Away from MediaAlpha, we had solid operating and investment results.
“Ark delivered a 94% combined ratio while writing $872 million of gross written premiums in the quarter, up 8% year-over-year. BAM produced $22 million of gross written premiums and member surplus contributions in the quarter. Kudu grew net investment income and adjusted EBITDA year-over-year. Bamboo had a strong first quarter under our ownership, more than tripling managed premiums year-over-year.
“MediaAlpha’s share price was up roughly $9 in the quarter, producing a $211 million unrealized gain. Excluding MediaAlpha, the investment portfolio returned 1.2% in the quarter, with gains in both fixed income and equities. Undeployed capital now stands at approximately $600 million.”
The Ark/WM Outrigger segment is White Mountain’s property and casualty insurance and reinsurance business; HG Global/BAM, financial guarantee; Kudu, asset management; Bamboo, acquired in January, is a P&C insurance distribution platform; and the group’s investment in MediaAlpha falls under other operations.
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