White Mountains Insurance Group slipped to a first-quarter loss as a fall in the value of its MediaAlpha investment outweighed solid operating results across parts of the Bermuda-based financial services holding company.

The Bermudian-based company reported a net loss attributable to common shareholders of $27.2 million for the first quarter of 2026, compared with net income of $33.9 million in the same period last year.

Book value per share fell 0.8 per cent during the quarter, including dividends, to $2,169.66 at March 31.

White Mountains said the result included $65.2 million of unrealised investment losses from its stake in MediaAlpha, whose share price fell from $12.95 at year-end to $9.30 at March 31. The carrying value of the investment dropped to $166.1 million from $231.2 million.

Liam Caffrey, chief executive, said solid operating results were more than offset by the mark-to-market decline in MediaAlpha.

Ark, the group’s insurance and reinsurance platform, reported gross written premiums of $1.09 billion and a combined ratio of 91 per cent, improving from 94 per cent a year earlier. Ark recorded $25 million of estimated losses, net of reinsurance and reinstatement premiums, related to the war in Iran. The firm warned losses could increase as the conflict continued.

Kudu, the asset management business, reported total revenues of $63 million, pre-tax income of $52 million and adjusted EBITDA of $17 million. Its trailing 12-month return on equity was 12 per cent.

HG Global reported gross written premiums of $8 million, while Distinguished, acquired by White Mountains last year, reported managed premiums of $132 million and a pre-tax loss of $18 million.

White Mountains also continued to deploy capital. It invested $125 million in Bishop Street Underwriters in February, while WTM Partners closed acquisitions of BaseSix Systems and Hawkeye Electric after quarter-end, representing combined equity investment of about $132 million.

The company said undeployed capital stands at roughly $800 million.

• This story was generated by machine and edited by The Royal Gazette newsroom