White Mountains nets $200m in Q2 earnings
Bermuda-domiciled White Mountains Insurance Group earned second quarter 2026 net income of $199.5 million ($80.58 per share) on revenue of $844.6 million, up from $689.2 million in the same period last year.
Book value per share was $2,258 as of June 30, an increase of 4 per cent for the second quarter and 3 per cent for the first six months of 2026, including dividends.
Liam Caffrey, White Mountains CEO, said the book value improvement was driven by strong operating company results and solid investment returns.
He added that Ark Insurance Holdings, the specialty property and casualty insurance and reinsurance global platform, produced an 84 per cent combined ratio and strong growth in tangible book value. Ark/WM Outrigger posted gross written premiums of $778 million.
In addition, Kudu Investment Management, LLC, generated a 15 per cent return on equity on a trailing 12 months basis, driven by strong growth on a same store basis coupled with sale transactions. Kudu provides capital solutions, strategic assistance, and non-voting equity to boutique asset and wealth management firms.
HG Global grew its book value by 1 per cent, including a $90 million dividend to White Mountains from its recent debt refinancing.
HG Global, through its reinsurance subsidiary HG Re, provides first-loss protection of up to 15 per cent-of-par outstanding for each policy assumed from Build America Mutual.
Distinguished had a solid quarter, growing both managed premiums and ScaleCo adjusted earnings before interest, taxes, depreciation, and amortisation.
Distinguished is a national managing general agent and programme manager specialising in niche property and casualty insurance segments.
Mr Caffrey said their marketing technology firm MediaAlpha's share price increased 35 per cent in the quarter, producing $58 million of mark-to-market gains. Excluding MediaAlpha, the investment portfolio was up 2.8 per cent.
He said: “We repurchased $191 million of shares in the quarter and deployed $132 million into two WTM Partners acquisitions. Factoring in other recent operating company distributions, undeployed capital now stands at roughly $0.8 billion.”
WTM Partners provides first institutional capital to companies in the essential services, light industrial, and specialty consumer industries.
• For more on the White Mountains Q2, see Related Media
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