Bermuda-based White Mountains Insurance Group made $322 million last year — up $115 million up on 2012, according to its latest figures.

And the firm — which includes OneBeacon, Sirius Group and HG Global/BAM among its subsidiaries — reported an adjusted book value share price of $642 at year-end, up 9.5 percent on the previous year.

White Mountains chairman and CEO Ray Barrette said: “We had a good year. All parts of our company performed well. “We grew adjusted book value per share (ABVPS) by 9.5 percent while heavy with dry powder.

Mr Barrette added that total return on investments was 4.1 percent, while OneBeacon grew its book value by 17.3 percent for the year, driven by a 92 percent combined ratio.

Stablemate Sirius Group grew its combined ratio by 82 percent for the year, helped by a low level of catastrophes and also had a successful renewal season “thanks to broad and deep client relationships around the globe.”

Mr Barrette said: “BAM is off to a good start in a challenging environment.

It insured $4.7 billion of par value in its first full year of operation and is now past the $5 billion mark.

“It is the clear leader in its target market. We made good progress in developing opportunities to invest in less capital intensive but high potential insurance services and technology businesses, many outside the US.”

OneBeacon CEO Mike Miller said: “We are very pleased to report 17.3 percent growth in book value per share for the year, driven by excellent performance on all fronts.

“At 92 percent our 2013 combined ratio is a testament to our disciplined underwriting and speciality focus.”

He added: “Our ongoing businesses continue to grow at a healthy pace in a competitive but reasonable environment.”

Allan Waters, CEO of Sirius Group, said the share price grew 11 percent in 2013, including dividends.

He added: “We experienced pressure on rates in most lines of business, but our long-standing market relationships generated a five percent increase in January 1, 2014 renewal premiums. Bucking industry trends, part of this increase came from our US property catastrophe business, thanks to larger shares of a few major programmes.”

BAM CEO Sean McCarthy said the first full year of operations for the firm saw it establish “a strong foothold” in the US municipal market.

He added: “Our market share of the total par value of new insured municipal bonds grew from 20 percent in January to 38 percent for all of 2013.”

And Mr McCarthy said: “We are optimistic about our business prospects going forward. Having achieved full nationwide licensing in December, we now have the opportunity to broaden our geographic reach and play a larger role in the market in years ahead.”

The White Mountains Advisors arm of the business posted a 4.1 percent increase in its total portfolio for 2013.

Company president Manning Rountree said: “Absolute return from bonds were modest in 2013, but relative bond performance was excellent.”

He added: Absolute returns from equities were strong in 2013, but relative equity performance was poor.”