White Mountains posts $1.1bn profit in fiscal 2025
White Mountains Insurance Group closed 2025 with a surge in book value and more than $1.1 billion in full‑year profit, fuelled largely by the sale of its Bamboo insurance business and solid results across its operating companies.
A Q4 earnings release said that book value per share — the company’s primary performance metric — climbed to $2,188 at December 31, an 18 per cent increase for the quarter and 25 per cent for the full year, including dividends.
CEO Liam Caffrey called 2025 “an excellent year,” driven by the Bamboo transaction, “solid results at our operating companies and good investment returns.”
White Mountains’ headline fourth‑quarter result was $837 million in comprehensive income, compared with a $131 million loss a year earlier.
For the year, comprehensive income rose to $1.11 billion, up from $230 million in 2024.
The company booked an $816 million net gain on its December sale of Bamboo to CVC Capital Partners, a deal that alone added roughly $320 per share to book value in 2025.
White Mountains retained a 15 per cent stake in Bamboo, valued at $250 million at year‑end.
Bamboo, which posted strong growth in managed premiums and managing general agency profitability, generated full‑year managed premiums of $766 million, up 58 per cent, and MGA-adjusted earnings before interest, taxes, depreciation and amortisation of $106 million, doubling year‑over‑year.
The company’s largest operating segment, Ark/WM Outrigger, produced an 83 per cent combined ratio for the year — a profitability improvement from 2024 — on $2.6 billion in gross written premiums, up 16 per cent. Catastrophe losses were lower than the prior year, despite hits from Hurricane Melissa and the California wildfires.
Ark contributed $265 million in pre‑tax income for the year, while WM Outrigger Re earned $45 million, driven by a strong 2025 underwriting performance and reduced catastrophe impacts.
Other segments also reported well with HG Global’s record activity despite investment volatility and strong investment gains from Kudu.
Looking ahead, Mr Caffrey said White Mountains is well positioned entering 2026, noting strong performance in core operations and ample capital for new opportunities.
Ark CEO Ian Beaton added that despite softening rates in some business lines, the underwriting environment continues to present attractive return opportunities.
• For more on White Mountains 2025 fourth quarter and full year, see Related Media
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