White Mountains Q1 profits dip
White Mountains Insurance has declared reduced net income of $33.9 million for the three months ending March 31, compared to $236.4 million for the first quarter last year.
But the company said the book value per share was slightly higher, including dividends.
Manning Rountree, CEO, commented: “Book value per share ended the quarter at $1,752, up slightly. We had solid operating results and good investment returns, partially offset by the share price decline at MediaAlpha.
“Ark posted a 94 per cent combined ratio and wrote $1.1 billion of gross written premiums, up 27 per cent year-over-year.
“HG Global generated $7 million of gross written premiums and grew equity by 3 per cent in the quarter.
“At Kudu, trailing 12 months earnings before interest, taxes, depreciation, and amortisation increased, and the fair value of the portfolio grew 4 per cent on a same store basis.
“Bamboo delivered another great quarter, doubling managed premiums on a trailing 12 months basis and tripling managing general agent adjusted EBITDA year-over-year, while also successfully renewing its largest reinsurance programme.
“MediaAlpha's share price declined 18 per cent in the quarter, producing a $37 million mark-to-market loss.
“Excluding MediaAlpha, the investment portfolio returned 2.3 per cent, with gains in both equities and fixed income.
“In April, we made new capital deployments into BroadStreet Partners and Enterprise Solutions, our first acquisition at WTM Partners. Including these deployments and expected operating company distributions, undeployed capital now stands at roughly $550 million."
White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH.
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