White Mountains outlines quarterly earnings

White Mountains outlines quarterly earnings | Insurance Business America

Insurance News

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.

What do you think about this story? Share your thoughts in the comments below.