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White Mountains posts profits in second quarter, first half of 2023

Manning Rountree, CEO of White Mountains Insurance Group (File photograph)

White Mountains Insurance Group Ltd, the Bermudian-domiciled financial services holding company, has reported comprehensive income attributable to common shareholders of $21 million and $201 million in the second quarter and first six months of 2023.

That compares with losses of $174 million and $143 million in the second quarter and first six months of 2022.

White Mountains reported book value per share of $1,532 and adjusted book value per share of $1,576 as of June 30.

Book value per share and adjusted book value per share both increased 1 per cent in the second quarter and increased 5 per cent and 6 per cent in the six months ended June 30, including dividends.

White Mountains includes the companies Build America Mutual, Ark, Kudu Investment Management and MediaAlpha.

Manning Rountree, CEO, said: “BAM generated $26 million of total gross written premiums and member surplus contributions in the quarter; year-over-year primary market issuance is down while pricing is up.

“Ark produced an 89 per cent combined ratio and grew premiums 50 per cent year over year, including risk-adjusted rate change of 21 per cent.

“Kudu grew annualised adjusted earnings before interest, taxes, depreciation and amortisation to $43 million and closed one new deployment in the quarter.

“MediaAlpha's share price declined in the quarter, reducing ABVPS by 2 per cent. Excluding MediaAlpha, the investment portfolio was up 3 per cent in the quarter, with nice gains in both equities and fixed income.

“Following our successful tender offer for MediaAlpha shares during the quarter, undeployed capital now stands at roughly $680 million."

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Published August 09, 2023 at 2:26 pm (Updated August 09, 2023 at 7:43 pm)

White Mountains posts profits in second quarter, first half of 2023

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