WHITE MOUNTAINS REPORTS SECOND QUARTER RESULTS
White Mountains Insurance Group (NYSE: WTM) reported strong Q2 2025 results with a 3% increase in book value per share to $1,804. The company posted comprehensive income of $124 million for Q2 2025, compared to a loss of $55 million in Q2 2024.
Key highlights include Ark's 85% combined ratio and $815 million in gross written premiums (up 17% YoY), HG Global's record Q2 with $19 million in gross written premiums, and MediaAlpha's 19% share price increase. The investment portfolio, excluding MediaAlpha, grew by 2.3%. The company announced strategic acquisitions of Distinguished Programs and completed the BroadStreet Partners transaction, leaving approximately $300 million in undeployed capital.
White Mountains Insurance Group (NYSE: WTM) ha riportato risultati solidi per il secondo trimestre 2025 con un aumento del 3% del valore contabile per azione, raggiungendo $1.804. La societ脿 ha registrato un reddito complessivo di $124 milioni nel Q2 2025, rispetto a una perdita di $55 milioni nel Q2 2024.
I punti salienti includono il rapporto combinato dell'85% di Ark e $815 milioni di premi lordi sottoscritti (in crescita del 17% su base annua), il record di HG Global nel Q2 con $19 milioni di premi lordi sottoscritti e l'incremento del 19% del prezzo delle azioni di MediaAlpha. Il portafoglio investimenti, esclusa MediaAlpha, 猫 cresciuto del 2,3%. La societ脿 ha annunciato acquisizioni strategiche di Distinguished Programs e ha completato la transazione con BroadStreet Partners, mantenendo circa $300 milioni di capitale non impiegato.
White Mountains Insurance Group (NYSE: WTM) report贸 s贸lidos resultados en el segundo trimestre de 2025 con un aumento del 3% en el valor contable por acci贸n hasta $1,804. La compa帽铆a registr贸 un ingreso integral de $124 millones en el Q2 2025, en comparaci贸n con una p茅rdida de $55 millones en el Q2 2024.
Los aspectos clave incluyen el 铆ndice combinado del 85% de Ark y $815 millones en primas brutas emitidas (un aumento del 17% interanual), el r茅cord del Q2 de HG Global con $19 millones en primas brutas emitidas, y el aumento del 19% en el precio de las acciones de MediaAlpha. La cartera de inversiones, excluyendo MediaAlpha, creci贸 un 2,3%. La compa帽铆a anunci贸 adquisiciones estrat茅gicas de Distinguished Programs y complet贸 la transacci贸n con BroadStreet Partners, dejando aproximadamente $300 millones en capital no desplegado.
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欤检殧 雮挫毄鞙茧電� Ark鞚� 85% 瓴绊暕牍勳湪瓿� 8鞏� 1,500毵� 雼煬鞚� 齑� 氤错棙耄�(鞝勲厔 雽�牍� 17% 歃濌皜), HG Global鞚� 2攵勱赴 鞁犼赴搿濎澑 1,900毵� 雼煬 齑� 氤错棙耄�, MediaAlpha鞚� 欤缄皜 19% 靸侅姽鞚� 韽暔霅╇媹雼�. MediaAlpha毳� 鞝滌櫢頃� 韴瀽 韽姼韽措Μ鞓る姅 2.3% 靹膘灔頄堨姷雼堧嫟. 須岇偓電� Distinguished Programs鞚� 鞝勲灥鞝� 鞚胳垬毳� 氚滍憸頃橁碃 BroadStreet Partners 瓯半灅毳� 鞕勲頄堨溂氅�, 鞎� 3鞏� 雼煬鞚� 氙疙埇鞛� 鞛愲掣鞚� 氤挫湢頃橁碃 鞛堨姷雼堧嫟.
White Mountains Insurance Group (NYSE : WTM) a publi茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec une augmentation de 3 % de la valeur comptable par action, atteignant 1 804 $. La soci茅t茅 a enregistr茅 un r茅sultat global de 124 millions de dollars au T2 2025, contre une perte de 55 millions de dollars au T2 2024.
Les points cl茅s incluent le ratio combin茅 de 85 % d鈥橝rk et 815 millions de dollars de primes brutes 茅mises (en hausse de 17 % en glissement annuel), le record du T2 de HG Global avec 19 millions de dollars de primes brutes 茅mises, ainsi que la hausse de 19 % du cours de l鈥檃ction de MediaAlpha. Le portefeuille d鈥檌nvestissements, hors MediaAlpha, a progress茅 de 2,3 %. La soci茅t茅 a annonc茅 des acquisitions strat茅giques de Distinguished Programs et a finalis茅 la transaction avec BroadStreet Partners, laissant environ 300 millions de dollars de capital non d茅ploy茅.
White Mountains Insurance Group (NYSE: WTM) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit einem 3%igen Anstieg des Buchwerts je Aktie auf $1.804. Das Unternehmen erzielte im Q2 2025 ein umfassendes Einkommen von $124 Millionen, verglichen mit einem Verlust von $55 Millionen im Q2 2024.
Zu den wichtigsten Highlights z盲hlen die 85% Combined Ratio von Ark und $815 Millionen an Bruttobeitr盲gen (ein Anstieg von 17% im Jahresvergleich), HG Globals Rekord-Q2 mit $19 Millionen an Bruttobeitr盲gen sowie ein 19%iger Anstieg des Aktienkurses von MediaAlpha. Das Anlageportfolio, ohne MediaAlpha, wuchs um 2,3%. Das Unternehmen k眉ndigte strategische 脺bernahmen von Distinguished Programs an und schloss die Transaktion mit BroadStreet Partners ab, wobei etwa $300 Millionen an nicht eingesetztem Kapital verbleiben.
- Ark's combined ratio improved to 85% in Q2 2025 from 89% in Q2 2024
- Gross written premiums at Ark increased 17% YoY to $815 million
- HG Global achieved record Q2 premiums of $19 million, up 66% YoY
- MediaAlpha's share price increased 19%, generating $31 million mark-to-market gain
- Bamboo's managed premiums grew 59% YoY to $191 million
- Investment portfolio excluding MediaAlpha up 2.3% in Q2
- 13 points of catastrophe losses in H1 2025 from California wildfires
- Six points of unfavorable development related to Ukraine aviation losses
- Kudu's return on equity declined to 8% from 13% in previous quarter
- Bamboo programs faced approximately $160 million in losses from January 2025 California wildfires
Insights
White Mountains reports solid Q2 with 3% BVPS growth, strong Ark combined ratio of 85%, and strategic acquisitions deploying capital.
White Mountains Insurance Group (WTM) delivered a 3% increase in book value per share for both Q2 and the first half of 2025, reaching
Ark Insurance, their flagship operation, posted an impressive 85% combined ratio in Q2, improving from 87% in the same period last year. Ark generated
HG Global showed exceptional premium growth with
Bamboo delivered record quarterly results with managed premiums reaching
Kudu's performance was more subdued with relatively flat portfolio fair value under volatile market conditions, though adjusted EBITDA increased slightly.
The company's investment in MediaAlpha benefited from a
Strategic capital deployment continued with the announced acquisition of Distinguished Programs and the closing of the BroadStreet Partners transaction, leaving approximately
Manning Rountree, CEO, commented, "BVPS was up
Comprehensive income (loss) attributable to common shareholders was
Ark/WM Outrigger
The Ark/WM Outrigger segment's combined ratio was
Ark's combined ratio was
Ark reported gross written premiums of
Ark reported pre-tax income of
Ian Beaton, CEO of Ark, said, "We enjoyed good results for the first half of 2025. Ark's combined ratio was
WM Outrigger Re's combined ratio was
WM Outrigger Re reported pre-tax income of
Through June 30, 2025, WM Outrigger Re generated pre-tax income of
HG Global
HG Global reported gross written premiums of
HG Global reported pre-tax income of
Kevin Pearson, President of HG Global, said, "HG Global had a strong second quarter.听 Gross written premiums increased
We encourage you to read BAM's second quarter statutory financial statements and operating supplement, which will be available on BAM's website at .听
Kudu
Kudu reported total revenues of
Kudu reported total revenues of
Rob Jakacki, CEO of Kudu, said, "Kudu had an okay quarter.听 GAAP ROE dipped to
Bamboo
Bamboo reported commission and fee revenues of
Bamboo reported commission and fee revenues of
Bamboo's estimates for losses to its programs from the January 2025 California wildfires remain unchanged at approximately
John Chu, CEO of Bamboo, said, "Bamboo had an excellent quarter.听 We once again achieved record financial performance across our key financial metrics.听 Trailing 12 months managed premiums increased to
MediaAlpha听
As of June 30, 2025, White Mountains owned 17.9 million shares of MediaAlpha, representing a
We encourage you to read MediaAlpha's second quarter earnings release and related shareholder letter, which is available on MediaAlpha's investor relations website at .听
Other Operations
White Mountains's Other Operations reported pre-tax income (loss) of
White Mountains's Other Operations reported other revenues of
White Mountains's Other Operations reported general and administrative expenses of
In the second quarter and first six months of 2025, White Mountains's Other Operations reported pre-tax income (loss) of
Investments
The total consolidated portfolio return was
The total consolidated portfolio return was
Mark Plourde, President of White Mountains Advisors, said, "Excluding MediaAlpha, the total portfolio was up
Additional Information
White Mountains is a
CONTACT: Rob Seelig
(603) 640-2212
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(millions) | ||||||
(Unaudited) | ||||||
June 30, 2025 | December 31, 2024 | June 30, 2024 | ||||
Assets | ||||||
P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||||||
Fixed maturity investments | $听听听听听听听听听听听听听听听听听听 1,755.8 | $听听听听听听听听听听听听听听听听听听 1,565.1 | $听听听听听听听听听听听听听听听听听听 1,005.5 | |||
Common equity securities | 435.0 | 425.4 | 422.3 | |||
Short-term investments | 611.4 | 601.4 | 904.5 | |||
Other long-term investments | 609.1 | 547.8 | 491.3 | |||
Total investments | 3,411.3 | 3,139.7 | 2,823.6 | |||
听听听听听听 Cash (restricted | 162.7 | 141.2 | 156.3 | |||
Reinsurance recoverables | 1,044.1 | 589.0 | 863.8 | |||
Insurance premiums receivable | 1,451.4 | 768.6 | 1,175.4 | |||
Deferred acquisition costs | 344.8 | 165.2 | 245.3 | |||
Goodwill and other intangible assets | 292.5 | 292.5 | 292.5 | |||
Other assets | 198.7 | 202.8 | 147.0 | |||
Total P&C Insurance and Reinsurance assets | 6,905.5 | 5,299.0 | 5,703.9 | |||
Financial Guarantee (HG Global) | ||||||
Fixed maturity investments | 670.8 | 612.1 | 1,039.4 | |||
Short-term investments | 42.9 | 55.5 | 51.3 | |||
Total investments | 713.7 | 667.6 | 1,090.7 | |||
Cash | 9.2 | 11.5 | 5.0 | |||
BAM surplus notes, at fair value | 396.7 | 381.7 | 鈥� | |||
Insurance premiums receivable | 8.0 | 4.4 | 6.4 | |||
Deferred acquisition costs | 90.4 | 86.6 | 41.7 | |||
Other assets | 26.5 | 27.6 | 36.3 | |||
Total Financial Guarantee assets | 1,244.5 | 1,179.4 | 1,180.1 | |||
Asset Management (Kudu) | ||||||
Short-term investments | 42.3 | 27.9 | 37.6 | |||
Other long-term investments | 1,127.2 | 1,014.0 | 907.1 | |||
Total investments | 1,169.5 | 1,041.9 | 944.7 | |||
Cash | 5.7 | .6 | 1.1 | |||
Accrued investment income | 24.1 | 18.0 | 15.1 | |||
Goodwill and other intangible assets | 7.8 | 8.0 | 8.1 | |||
Other assets | 23.6 | 39.9 | 35.4 | |||
Total Asset Management assets | 1,230.7 | 1,108.4 | 1,004.4 | |||
P&C Insurance Distribution (Bamboo) | ||||||
Fixed maturity investments | 39.3 | 40.7 | 33.2 | |||
Short-term investments | 26.6 | 17.3 | 19.8 | |||
Total investments | 65.9 | 58.0 | 53.0 | |||
Cash (restricted | 117.6 | 74.5 | 68.9 | |||
Premiums, commissions and fees receivable | 54.4 | 70.0 | 58.0 | |||
Goodwill and other intangible assets | 347.0 | 355.0 | 363.0 | |||
Other assets | 34.6 | 27.1 | 18.8 | |||
Total P&C Insurance Distribution assets | 619.5 | 584.6 | 561.7 | |||
听听 Other Operations | ||||||
Fixed maturity investments | 170.0 | 293.7 | 266.7 | |||
Common equity securities | 鈥� | 224.6 | 208.5 | |||
Investment in MediaAlpha | 195.5 | 201.6 | 235.2 | |||
Short-term investments | 501.9 | 262.1 | 192.3 | |||
Other long-term investments | 570.8 | 588.4 | 624.0 | |||
Total investments | 1,438.2 | 1,570.4 | 1,526.7 | |||
Cash | 42.6 | 38.6 | 23.9 | |||
Goodwill and other intangible assets | 158.1 | 64.8 | 67.4 | |||
Other assets | 183.8 | 80.4 | 98.8 | |||
Total Other Operations assets | 1,822.7 | 1,754.2 | 1,716.8 | |||
Total assets | $听听听听听听听听听听听听听听听听 11,822.9 | $听听听听听听听听听听听听听听听听听听 9,925.6 | $听听听听听听听听听听听听听听听听 10,166.9 | |||
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||
(millions) | ||||||
(Unaudited) | ||||||
June 30, 2025 | December 31, 2024 | June 30, 2024 | ||||
Liabilities | ||||||
P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||||||
Loss and loss adjustment expense reserves | $听听听听听听听听听听听听听听听听听听 2,288.5 | $听听听听听听听听听听听听听听听听听听 2,127.5 | $听听听听听听听听听听听听听听听听听听 1,890.1 | |||
Unearned insurance premiums | 1,847.3 | 853.3 | 1,526.1 | |||
Debt | 158.9 | 154.5 | 155.0 | |||
Reinsurance payable | 463.8 | 149.5 | 367.3 | |||
Contingent consideration | 193.4 | 155.3 | 107.3 | |||
Other liabilities | 221.6 | 224.7 | 157.2 | |||
Total P&C Insurance and Reinsurance liabilities | 5,173.5 | 3,664.8 | 4,203.0 | |||
Financial Guarantee (HG Global) | ||||||
Unearned insurance premiums | 307.9 | 297.3 | 333.2 | |||
Debt | 147.6 | 147.4 | 147.2 | |||
Other liabilities | 32.8 | 19.4 | 52.1 | |||
Total Financial Guarantee liabilities | 488.3 | 464.1 | 532.5 | |||
Asset Management (Kudu) | ||||||
Debt | 246.8 | 238.6 | 203.3 | |||
Other liabilities | 82.4 | 78.1 | 67.9 | |||
Total Asset Management liabilities | 329.2 | 316.7 | 271.2 | |||
P&C Insurance Distribution (Bamboo) | ||||||
Loss and loss adjustment expense reserves | 28.8 | 17.8 | 16.6 | |||
Unearned insurance premiums | 12.9 | 31.5 | 23.6 | |||
Premiums and commissions payable | 93.9 | 88.1 | 78.8 | |||
Debt | 104.6 | 鈥� | 鈥� | |||
Other liabilities | 41.0 | 30.3 | 28.2 | |||
Total P&C Insurance Distribution liabilities | 281.2 | 167.7 | 147.2 | |||
听听 Other Operations | ||||||
Loss and loss adjustment expense reserves | 14.2 | 12.1 | 3.9 | |||
Unearned insurance premiums | 9.4 | 29.0 | 22.6 | |||
Debt | 36.7 | 22.0 | 24.7 | |||
Accrued incentive compensation | 41.0 | 79.3 | 58.5 | |||
Other liabilities | 109.2 | 38.9 | 31.1 | |||
Total Other Operations liabilities | 210.5 | 181.3 | 140.8 | |||
Total liabilities | 6,482.7 | 4,794.6 | 5,294.7 | |||
Equity | ||||||
White Mountains's common shareholders' equity | ||||||
听 White Mountains's common shares and paid-in surplus | 576.6 | 566.4 | 561.3 | |||
听听听听 Retained earnings | 4,067.6 | 3,919.0 | 3,863.1 | |||
听Accumulated other comprehensive income (loss), after tax: | ||||||
听Net unrealized gains (losses) from foreign currency translation | .3 | (1.7) | (1.8) | |||
Total White Mountains's common shareholders' equity | 4,644.5 | 4,483.7 | 4,422.6 | |||
Noncontrolling interests | 695.7 | 647.3 | 449.6 | |||
Total equity | 5,340.2 | 5,131.0 | 4,872.2 | |||
Total liabilities and equity | $听听听听听听听听听听听听听听听听 11,822.9 | $听听听听听听听听听听听听听听听听听听 9,925.6 | $听听听听听听听听听听听听听听听听 10,166.9 | |||
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
BOOK VALUE PER SHARE | ||||||||
(Unaudited) | ||||||||
June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | |||||
Book value per share numerator (in millions): | ||||||||
听听 White Mountains's common shareholders' equity | $听听听听听听 4,644.5 | $听听听听听听 4,509.6 | $听听听听听听听听听听 4,483.7 | $听听听听听听 4,422.6 | ||||
Book value per share denominator (in thousands of shares): | ||||||||
听听 Common shares outstanding | 2,575.1 | 2,573.7 | 2,568.1 | 2,568.3 | ||||
Book value per share | $听听听听 1,803.57 | $听听听听 1,752.17 | $听听听听听听听听 1,745.87 | $听听听听 1,722.02 | ||||
Quarter-to-date change in book value per share, including dividends: | 2.9听% | 0.4听% | (2.8)听% | (1.2)听% | ||||
Year-to-date change in book value per share, including dividends: | 3.4听% | 0.4听% | 5.5听% | 4.0听% | ||||
Year-to-date dividends per share | $听听听听听听听听听听听 1.00 | $听听听听听听听听听听听 1.00 | $听听听听听听听听听听听听听听 1.00 | $听听听听听听听听听听听 1.00 | ||||
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(millions) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Revenues: | ||||||||
P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||||||||
Earned insurance premiums | $听听听听听听听听听听听听听听听 364.2 | $听听听听听听听听听听听听听听听 318.3 | $听听听听听听听听听听听听听听听 722.2 | $听听听听听听听听听听听听听听听 621.1 | ||||
Net investment income | 26.3 | 22.3 | 49.8 | 42.2 | ||||
Net realized and unrealized investment gains (losses) | 51.1 | 20.3 | 80.6 | 30.9 | ||||
Other revenues | 6.3 | 2.4 | 8.5 | 5.9 | ||||
Total P&C Insurance and Reinsurance revenues | 447.9 | 363.3 | 861.1 | 700.1 | ||||
Financial Guarantee (HG Global) | ||||||||
Earned insurance premiums | 7.1 | 9.0 | 15.3 | 16.8 | ||||
Net investment income | 6.5 | 10.4 | 12.8 | 20.1 | ||||
Net realized and unrealized investment gains (losses) | 3.1 | (4.3) | 13.1 | (14.4) | ||||
Interest income from BAM surplus notes | 7.5 | 鈥� | 15.0 | 鈥� | ||||
Other revenues | 鈥� | .6 | .1 | 1.1 | ||||
Total Financial Guarantee revenues | 24.2 | 15.7 | 56.3 | 23.6 | ||||
Asset Management (Kudu) | ||||||||
Net investment income | 19.3 | 15.7 | 38.7 | 32.9 | ||||
Net realized and unrealized investment gains (losses) | .8 | 54.5 | 44.8 | 48.0 | ||||
Other revenues | .3 | 鈥� | .7 | 鈥� | ||||
Total Asset Management revenues | 20.4 | 70.2 | 84.2 | 80.9 | ||||
P&C Insurance Distribution (Bamboo) | ||||||||
Commission and fee revenues | 59.1 | 32.7 | 103.3 | 54.6 | ||||
Earned insurance premiums | 1.6 | 8.0 | 16.5 | 16.4 | ||||
Other revenues | 1.8 | 1.3 | 4.1 | 2.1 | ||||
Total P&C Insurance Distribution revenues | 62.5 | 42.0 | 123.9 | 73.1 | ||||
Other Operations | ||||||||
Earned insurance premiums | 2.3 | 8.6 | 16.2 | 8.6 | ||||
Net investment income | 8.6 | 8.4 | 18.3 | 18.3 | ||||
Net realized and unrealized investment gains (losses) | 31.8 | 8.5 | 34.6 | 30.7 | ||||
Net realized and unrealized investment gains (losses) from 听听 investment in MediaAlpha | 30.5 | (139.2) | (6.1) | 71.5 | ||||
Commission and fee revenues | 4.2 | 3.4 | 8.1 | 7.0 | ||||
Other revenues | 56.8 | 14.5 | 70.4 | 28.9 | ||||
Total Other Operations revenues | 134.2 | (95.8) | 141.5 | 165.0 | ||||
Total revenues | $听听听听听听听听听听听听听听听 689.2 | $听听听听听听听听听听听听听听听 395.4 | $听听听听听听听听听听听听听 1,267.0 | $听听听听听听听听听听听听听 1,042.7 | ||||
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) | ||||||||
(millions) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Expenses: | ||||||||
P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||||||||
Loss and loss adjustment expenses | $听听听听听听听听听听听听听听听 164.0 | $听听听听听听听听听听听听听听听 175.7 | $听听听听听听听听听听听听听听听 397.5 | $听听听听听听听听听听听听听听听 355.7 | ||||
Acquisition expenses | 97.2 | 68.2 | 180.7 | 134.5 | ||||
General and administrative expenses | 56.5 | 42.9 | 92.4 | 85.1 | ||||
Change in fair value of contingent consideration | 28.4 | 13.3 | 38.1 | 13.3 | ||||
Interest expense | 4.3 | 4.7 | 8.5 | 10.1 | ||||
Total P&C Insurance and Reinsurance expenses | 350.4 | 304.8 | 717.2 | 598.7 | ||||
Financial Guarantee (HG Global) | ||||||||
Acquisition expenses | 2.0 | 2.2 | 3.9 | 4.4 | ||||
General and administrative expenses | 1.0 | 17.2 | 1.6 | 34.5 | ||||
听Interest expense | 4.5 | 4.1 | 9.1 | 7.6 | ||||
Total Financial Guarantee expenses | 7.5 | 23.5 | 14.6 | 46.5 | ||||
Asset Management (Kudu) | ||||||||
General and administrative expenses | 3.6 | 3.5 | 7.6 | 6.9 | ||||
Interest expense | 6.1 | 5.4 | 12.5 | 11.0 | ||||
Total Asset Management expenses | 9.7 | 8.9 | 20.1 | 17.9 | ||||
P&C Insurance Distribution (Bamboo) | ||||||||
Broker commission expenses | 19.8 | 12.7 | 35.3 | 22.0 | ||||
Loss and loss adjustment expenses | 1.7 | 4.3 | 12.6 | 10.1 | ||||
Acquisition expenses | (.6) | 2.9 | 6.0 | 6.0 | ||||
General and administrative expenses | 22.6 | 15.7 | 42.6 | 27.7 | ||||
Interest expense | 2.9 | 鈥� | 5.0 | 鈥� | ||||
Total P&C Insurance Distribution expenses | 46.4 | 35.6 | 101.5 | 65.8 | ||||
Other Operations | ||||||||
Loss and loss adjustment expenses | .8 | 3.9 | 18.2 | 3.9 | ||||
Acquisition expenses | .9 | 2.6 | 6.0 | 2.6 | ||||
Cost of sales | 42.4 | 7.0 | 49.9 | 14.6 | ||||
General and administrative expenses | 53.8 | 43.2 | 89.3 | 93.5 | ||||
Interest expense | .8 | .6 | 1.3 | 1.3 | ||||
Total Other Operations expenses | 98.7 | 57.3 | 164.7 | 115.9 | ||||
Total expenses | 512.7 | 430.1 | 1,018.1 | 844.8 | ||||
Pre-tax income (loss) | 176.5 | (34.7) | 248.9 | 197.9 | ||||
听Income tax (expense) benefit | (12.9) | (6.5) | (22.5) | (17.3) | ||||
Net income (loss) | 163.6 | (41.2) | 226.4 | 180.6 | ||||
听Net (income) loss attributable to noncontrolling interests | (40.7) | (13.4) | (69.6) | 1.2 | ||||
Net income (loss) attributable to White Mountains's common shareholders | $听听听听听听听听听听听听听听听 122.9 | $听听听听听听听听听听听听听听听 (54.6) | $听听听听听听听听听听听听听听听 156.8 | $听听听听听听听听听听听听听听听 181.8 | ||||
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||
(millions) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net income (loss) attributable to White Mountains's common shareholders | $听听听听听听听听听听听听听听 122.9 | $听听听听听听听听听听听听听听 (54.6) | $听听听听听听听听听听听听听听 156.8 | $听听听听听听听听听听听听听听 181.8 | ||||
Other comprehensive income (loss), net of tax | 1.1 | .1 | 3.1 | (.2) | ||||
Comprehensive income (loss) | 124.0 | (54.5) | 159.9 | 181.6 | ||||
Other comprehensive (income) loss attributable to noncontrolling interests | (.3) | (.1) | (1.1) | 鈥� | ||||
Comprehensive income (loss) attributable to White Mountains's common shareholders | $听听听听听听听听听听听听听听 123.7 | $听听听听听听听听听听听听听听 (54.6) | $听听听听听听听听听听听听听听 158.8 | $听听听听听听听听听听听听听听 181.6 | ||||
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
EARNINGS PER SHARE | ||||||||
(Unaudited) | ||||||||
Earnings (loss) per share attributable to White Mountains's 听听 common shareholders | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | |||||
Basic earnings (loss) per share | $听听听听听听听听听听听听听听 47.75 | $听听听听听听听听听听听听听 (21.24) | $听听听听听听听听听听听听听 60.99 | $听听听听听听听听听听听听听听 70.93 | ||||
Diluted earnings (loss) per share | $听听听听听听听听听听听听听听 47.75 | $听听听听听听听听听听听听听 (21.24) | $听听听听听听听听听听听听听 60.99 | $听听听听听听听听听听听听听听 70.93 | ||||
Dividends declared and paid per White Mountains's common share | $听听听听听听听听听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听听听听 1.00 | $听听听听听听听听听听听听听听听听 1.00 | ||||
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||||||||
QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) | ||||||||||||||
(millions) | ||||||||||||||
(Unaudited) | ||||||||||||||
For the Three Months Ended June 30, 2025 | Ark/WM Outrigger | |||||||||||||
Ark | WM | HG Global | Kudu | Bamboo | Other | Total | ||||||||
Revenues: | ||||||||||||||
Earned insurance premiums | $听听听听听听 357.1 | $听听听听听听听听听听 7.1 | $听听听听听听听听听听 7.1 | $听听听听听听听听听听听 鈥� | $听听听听听听听听听听 1.6 | $听听听听听听听听听听 2.3 | $听听听听听听 375.2 | |||||||
Net investment income (1) | 24.1 | 2.2 | 6.5 | 19.3 | .7 | 8.6 | 61.4 | |||||||
听Net realized and unrealized 听听听 investment gains (losses) (1) | 51.1 | 鈥� | 3.1 | .8 | 鈥� | 31.8 | 86.8 | |||||||
听Net realized and unrealized 听听听 investment gains (losses) 听听听 from investment in MediaAlpha | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 30.5 | 30.5 | |||||||
Interest income from 听听 BAM surplus notes | 鈥� | 鈥� | 7.5 | 鈥� | 鈥� | 鈥� | 7.5 | |||||||
Commission and fee revenues | 鈥� | 鈥� | 鈥� | 鈥� | 59.1 | 4.2 | 63.3 | |||||||
Other revenues | 6.3 | 鈥� | 鈥� | .3 | 1.1 | 56.8 | 64.5 | |||||||
Total revenues | 438.6 | 9.3 | 24.2 | 20.4 | 62.5 | 134.2 | 689.2 | |||||||
Expenses: | ||||||||||||||
Loss and loss adjustment expenses | 162.3 | 1.7 | 鈥� | 鈥� | 1.7 | .8 | 166.5 | |||||||
Acquisition expenses | 95.8 | 1.4 | 2.0 | 鈥� | (.6) | .9 | 99.5 | |||||||
Cost of sales | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 42.4 | 42.4 | |||||||
Broker commission expenses | 鈥� | 鈥� | 鈥� | 鈥� | 19.8 | 鈥� | 19.8 | |||||||
General and administrative expenses | 56.5 | 鈥� | 1.0 | 3.6 | 22.6 | 53.8 | 137.5 | |||||||
Change in fair value of contingent 听听 consideration | 28.4 | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 28.4 | |||||||
Interest expense | 4.3 | 鈥� | 4.5 | 6.1 | 2.9 | .8 | 18.6 | |||||||
Total expenses | 347.3 | 3.1 | 7.5 | 9.7 | 46.4 | 98.7 | 512.7 | |||||||
Pre-tax income (loss) | $听听听听听听听听 91.3 | $听听听听听听听听听听 6.2 | $听听听听听听听听 16.7 | $听听听听听听听听 10.7 | $听听听听听听听听 16.1 | $听听听听听听听听 35.5 | $听听听听听听 176.5 | |||||||
(1) | Bamboo's net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations. |
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||||||||||
QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) | ||||||||||||||||
(millions) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended June 30, 2024 | Ark/WM Outrigger | HG Global | ||||||||||||||
Ark | WM Outrigger Re | HG Global | BAM | Kudu | Bamboo | Other | Total | |||||||||
Revenues: | ||||||||||||||||
Earned insurance premiums | $听听听 310.8 | $听听听听听听听听听听听听 7.5 | $听听听听听听听 7.5 | $听听听听听听 1.5 | $听听听听听听听听 鈥� | $听听听听听听听 8.0 | $听听听听听听听听听 8.6 | $听听听 343.9 | ||||||||
Net investment income (1) | 19.3 | 3.0 | 5.9 | 4.5 | 15.7 | 0.6 | 8.4 | 57.4 | ||||||||
Net realized and unrealized 听听 investment gains (losses) (1) | 20.3 | 鈥� | (2.0) | (2.3) | 54.5 | 鈥� | 8.5 | 79.0 | ||||||||
听听 Net realized and unrealized investment gains (losses) 听听听听 from investment in MediaAlpha | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (139.2) | (139.2) | ||||||||
Interest income (expense) from 听听 BAM surplus notes | 鈥� | 鈥� | 6.6 | (6.6) | 鈥� | 鈥� | 鈥� | 鈥� | ||||||||
Commission and fee revenues | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 32.7 | 3.4 | 36.1 | ||||||||
Other revenues | 2.4 | 鈥� | 鈥� | .6 | 鈥� | .7 | 14.5 | 18.2 | ||||||||
Total revenues | 352.8 | 10.5 | 18.0 | (2.3) | 70.2 | 42.0 | (95.8) | 395.4 | ||||||||
Expenses: | ||||||||||||||||
Loss and loss adjustment expenses | 176.0 | (.3) | 鈥� | 鈥� | 鈥� | 4.3 | 3.9 | 183.9 | ||||||||
Acquisition expenses | 65.9 | 2.3 | 2.2 | 鈥� | 鈥� | 2.9 | 2.6 | 75.9 | ||||||||
Cost of sales | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 7.0 | 7.0 | ||||||||
Broker commission expenses | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 12.7 | 鈥� | 12.7 | ||||||||
General and administrative expenses | 42.8 | .1 | .6 | 16.6 | 3.5 | 15.7 | 43.2 | 122.5 | ||||||||
听Change in fair value of contingent consideration | 13.3 | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 13.3 | ||||||||
Interest expense | 4.7 | 鈥� | 4.1 | 鈥� | 5.4 | 鈥� | .6 | 14.8 | ||||||||
Total expenses | 302.7 | 2.1 | 6.9 | 16.6 | 8.9 | 35.6 | 57.3 | 430.1 | ||||||||
Pre-tax income (loss) | $听听听听听 50.1 | $听听听听听听听听听听听听 8.4 | $听听听听听 11.1 | $听听 (18.9) | $听听听听听 61.3 | $听听听听听听听 6.4 | $听听听听 (153.1) | $听听听 (34.7) | ||||||||
(1) | Bamboo's net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations. |
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||||||||
YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) | ||||||||||||||
(millions) | ||||||||||||||
(Unaudited) | ||||||||||||||
For the Six Months Ended June 30, 2025 | Ark/WM Outrigger | |||||||||||||
Ark | WM Outrigger | HG Global | Kudu | Bamboo | Other | Total | ||||||||
Revenues: | ||||||||||||||
Earned insurance premiums | $听听听听听 703.1 | $听听听听听听听 19.1 | $听听听听听听听 15.3 | $听听听听听听听听听听听 鈥� | $听听听听听听听 16.5 | $听听听听听听听 16.2 | $听听听听听 770.2 | |||||||
Net investment income (1) | 45.4 | 4.4 | 12.8 | 38.7 | 1.4 | 18.3 | 121.0 | |||||||
Net realized and unrealized 听听 investment gains (losses) (1) | 80.7 | (.1) | 13.1 | 44.8 | .3 | 34.6 | 173.4 | |||||||
听听 Net realized and unrealized 听听听听听 investment gains (losses) 听听听听听 from investment in MediaAlpha | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (6.1) | (6.1) | |||||||
Interest income from 听听 BAM surplus notes | 鈥� | 鈥� | 15.0 | 鈥� | 鈥� | 鈥� | 15.0 | |||||||
Commission and fee revenues | 鈥� | 鈥� | 鈥� | 鈥� | 103.3 | 8.1 | 111.4 | |||||||
Other revenues | 8.5 | 鈥� | .1 | .7 | 2.4 | 70.4 | 82.1 | |||||||
Total revenues | 837.7 | 23.4 | 56.3 | 84.2 | 123.9 | 141.5 | 1,267.0 | |||||||
Expenses: | ||||||||||||||
Loss and loss adjustment expenses | 375.6 | 21.9 | 鈥� | 鈥� | 12.6 | 18.2 | 428.3 | |||||||
Acquisition expenses | 179.6 | 1.1 | 3.9 | 鈥� | 6.0 | 6.0 | 196.6 | |||||||
Cost of sales | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 49.9 | 49.9 | |||||||
Broker commission expenses | 鈥� | 鈥� | 鈥� | 鈥� | 35.3 | 鈥� | 35.3 | |||||||
General and administrative expenses | 92.3 | .1 | 1.6 | 7.6 | 42.6 | 89.3 | 233.5 | |||||||
Change in fair value of contingent 听听 consideration | 38.1 | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 38.1 | |||||||
Interest expense | 8.5 | 鈥� | 9.1 | 12.5 | 5.0 | 1.3 | 36.4 | |||||||
Total expenses | 694.1 | 23.1 | 14.6 | 20.1 | 101.5 | 164.7 | 1,018.1 | |||||||
Pre-tax income (loss) | $听听听听听 143.6 | $听听听听听听听听听听听 .3 | $听听听听听听听 41.7 | $听听听听听听听 64.1 | $听听听听听听听 22.4 | $听听听听听听 (23.2) | $听听听听听 248.9 | |||||||
(1) | Bamboo's net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations. |
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||||||||||
YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) | ||||||||||||||||
(millions) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Six Months Ended June 30, 2024 | Ark/WM Outrigger | HG Global | ||||||||||||||
Ark | WM | HG | BAM | Kudu | Bamboo | Other | Total | |||||||||
Revenues: | ||||||||||||||||
Earned insurance premiums | $听听听听 603.3 | $听听听听听听听听听听听 17.8 | $听听听听听听 14.0 | $听听听听听听 2.8 | $听听听听听听听听听听听 鈥� | $听听听听听听听听 16.4 | $听听听听听听听听听 8.6 | $听听听听听 662.9 | ||||||||
Net investment income (1) | 36.3 | 5.9 | 11.3 | 8.8 | 32.9 | .9 | 18.3 | 114.4 | ||||||||
Net realized and unrealized 听听 investment gains (losses) (1) | 30.9 | 鈥� | (9.3) | (5.1) | 48.0 | (.1) | 30.7 | 95.1 | ||||||||
Net realized and unrealized 听听 investment gains (losses) 听听 from investment in MediaAlpha | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 71.5 | 71.5 | ||||||||
Interest income (expense) from 听听听 BAM surplus notes | 鈥� | 鈥� | 13.2 | (13.2) | 鈥� | 鈥� | 鈥� | 鈥� | ||||||||
Commission and fee revenues | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 54.6 | 7.0 | 61.6 | ||||||||
Other revenues | 5.9 | 鈥� | 鈥� | 1.1 | 鈥� | 1.3 | 28.9 | 37.2 | ||||||||
Total revenues | 676.4 | 23.7 | 29.2 | (5.6) | 80.9 | 73.1 | 165.0 | 1,042.7 | ||||||||
Expenses: | ||||||||||||||||
Loss and loss adjustment expenses | 355.3 | .4 | 鈥� | 鈥� | 鈥� | 10.1 | 3.9 | 369.7 | ||||||||
Acquisition expenses | 129.6 | 4.9 | 4.0 | .4 | 鈥� | 6.0 | 2.6 | 147.5 | ||||||||
Broker commission expenses | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 22.0 | 鈥� | 22.0 | ||||||||
Cost of sales | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 14.6 | 14.6 | ||||||||
General and administrative expenses | 85.0 | .1 | 1.0 | 33.5 | 6.9 | 27.7 | 93.5 | 247.7 | ||||||||
听Change in fair value of contingent 听听 consideration | 13.3 | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 13.3 | ||||||||
Interest expense | 10.1 | 鈥� | 7.6 | 鈥� | 11.0 | 鈥� | 1.3 | 30.0 | ||||||||
Total expenses | 593.3 | 5.4 | 12.6 | 33.9 | 17.9 | 65.8 | 115.9 | 844.8 | ||||||||
Pre-tax income (loss) | $听听听听听听 83.1 | $听听听听听听听听听听听 18.3 | $听听听听听听 16.6 | $听听 (39.5) | $听听听听听听听 63.0 | $听听听听听听听听听听 7.3 | $听听听听听听听 49.1 | $听听听听听 197.9 | ||||||||
(1) | Bamboo's net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations. |
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
SELECTED FINANCIAL DATA | ||||||||
($ in millions) | ||||||||
(Unaudited) | ||||||||
Ark/WM Outrigger | Three Months Ended June 30, 2025 | |||||||
Ark | WM Outrigger Re | Elimination | Total | |||||
Insurance premiums: | ||||||||
Gross written premiums | $听听听听听听 815.2 | $听听听听听听听听 42.6 | $听听听听听听 (42.6) | $听听听听听听 815.2 | ||||
Net written premiums | $听听听听听听 536.0 | $听听听听听听听听 42.6 | $听听听听听听听听听听听 鈥� | $听听听听听听 578.6 | ||||
Net earned premiums | $听听听听听听 357.1 | $听听听听听听听听听听 7.1 | $听听听听听听听听听听听 鈥� | $听听听听听听 364.2 | ||||
Insurance expenses: | ||||||||
Loss and loss adjustment expenses | $听听听听听听 162.3 | $听听听听听听听听听听 1.7 | $听听听听听听听听听听听 鈥� | $听听听听听听 164.0 | ||||
Acquisition expenses | 95.8 | 1.4 | 鈥� | 97.2 | ||||
Other underwriting expenses (1) | 46.3 | 鈥� | 鈥� | 46.3 | ||||
Total insurance expenses | $听听听听听听 304.4 | $听听听听听听听听听听 3.1 | $听听听听听听听听听听听 鈥� | $听听听听听听 307.5 | ||||
Insurance ratios: | ||||||||
Loss and loss adjustment expenses | 45.4听% | 23.9听% | 鈥斕�% | 45.0听% | ||||
Acquisition expenses | 26.8 | 19.8 | 鈥� | 26.7 | ||||
Other underwriting expenses | 13.0 | 鈥� | 鈥� | 12.7 | ||||
Combined Ratio | 85.2听% | 43.7听% | 鈥斕�% | 84.4听% | ||||
(1) | Included within general and administrative expenses in the consolidated statement of operations.听 |
听
Ark/WM Outrigger | Three Months Ended June 30, 2024 | |||||||
Ark | WM Outrigger Re | Elimination | Total | |||||
Insurance premiums: | ||||||||
Gross written premiums | $听听听听听听 697.0 | $听听听听听听听听 38.9 | $听听听听听听 (38.9) | $听听听听听听 697.0 | ||||
Net written premiums | $听听听听听听 463.9 | $听听听听听听听听 38.9 | $听听听听听听听听听听听 鈥� | $听听听听听听 502.8 | ||||
Net earned premiums | $听听听听听听 310.8 | $听听听听听听听听听听 7.5 | $听听听听听听听听听听听 鈥� | $听听听听听听 318.3 | ||||
Insurance expenses: | ||||||||
Loss and loss adjustment expenses | $听听听听听听 176.0 | $听听听听听听听听听听 (.3) | $听听听听听听听听听听听 鈥� | $听听听听听听 175.7 | ||||
Acquisition expenses | 65.9 | 2.3 | 鈥� | 68.2 | ||||
Other underwriting expenses听(1) | 33.1 | 鈥� | 鈥� | 33.1 | ||||
Total insurance expenses | $听听听听听听 275.0 | $听听听听听听听听听听 2.0 | $听听听听听听听听听听听 鈥� | $听听听听听听 277.0 | ||||
Insurance ratios: | ||||||||
Loss and loss adjustment expense | 56.6听% | (4.0)听% | 鈥斕�% | 55.2听% | ||||
Acquisition expense | 21.2 | 30.7 | 鈥� | 21.4 | ||||
Other underwriting expense | 10.7 | 鈥� | 鈥� | 10.4 | ||||
Combined Ratio | 88.5听% | 26.7听% | 鈥斕�% | 87.0听% | ||||
(1) | Included within general and administrative expenses in the consolidated statement of operations.听 |
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
SELECTED FINANCIAL DATA (CONTINUED) | ||||||||
($ in millions) | ||||||||
(Unaudited) | ||||||||
Ark/WM Outrigger | Six Months Ended June 30, 2025 | |||||||
Ark | WM Outrigger Re | Elimination | Total | |||||
Insurance premiums: | ||||||||
Gross written premiums | $听听听 1,922.8 | $听听听听听听听听 80.1 | $听听听听听听 (80.1) | $听听听 1,922.8 | ||||
Net written premiums | $听听听 1,226.2 | $听听听听听听听听 80.1 | $听听听听听听听听听听听 鈥� | $听听听 1,306.3 | ||||
Net earned premiums | $听听听听听听 703.1 | $听听听听听听听听 19.1 | $听听听听听听听听听听听 鈥� | $听听听听听听 722.2 | ||||
Insurance expenses: | ||||||||
Loss and loss adjustment expenses | $听听听听听听 375.6 | $听听听听听听听听 21.9 | $听听听听听听听听听听听 鈥� | $听听听听听听 397.5 | ||||
Acquisition expenses | 179.6 | 1.1 | 鈥� | 180.7 | ||||
Other underwriting expenses (1) | 74.8 | 鈥� | 鈥� | 74.8 | ||||
Total insurance expenses | $听听听听听听 630.0 | $听听听听听听听听 23.0 | $听听听听听听听听听听听 鈥� | $听听听听听听 653.0 | ||||
Insurance ratios: | ||||||||
Loss and loss adjustment expense | 53.4听% | 114.7听% | 鈥斕�% | 55.0听% | ||||
Acquisition expense | 25.5 | 5.7 | 鈥� | 25.0 | ||||
Other underwriting expense | 10.6 | 鈥� | 鈥� | 10.4 | ||||
Combined Ratio | 89.5听% | 120.4听% | 鈥斕�% | 90.4听% | ||||
(1) | Included within general and administrative expenses in the consolidated statement of operations.听 |
听
Ark/WM Outrigger | Six Months Ended June 30, 2024 | |||||||
Ark | WM Outrigger Re | Elimination | Total | |||||
Insurance premiums: | ||||||||
Gross written premiums | $听听听 1,569.1 | $听听听听听听听听 73.2 | $听听听听听听 (73.2) | $听听听 1,569.1 | ||||
Net written premiums | $听听听 1,027.6 | $听听听听听听听听 73.2 | $听听听听听听听听听听听 鈥� | $听听听 1,100.8 | ||||
Net earned premiums | $听听听听听听 603.3 | $听听听听听听听听 17.8 | $听听听听听听听听听听听 鈥� | $听听听听听听 621.1 | ||||
Insurance expenses: | ||||||||
Loss and loss adjustment expenses | $听听听听听听 355.3 | $听听听听听听听听听听听听 .4 | $听听听听听听听听听听听 鈥� | $听听听听听听 355.7 | ||||
Acquisition expenses | 129.6 | 4.9 | 鈥� | 134.5 | ||||
Other underwriting expenses (1) | 63.6 | 鈥� | 鈥� | 63.6 | ||||
Total insurance expenses | $听听听听听听 548.5 | $听听听听听听听听听听 5.3 | $听听听听听听听听听听听 鈥� | $听听听听听听 553.8 | ||||
Insurance ratios: | ||||||||
Loss and loss adjustment expense | 58.9听% | 2.3听% | 鈥斕�% | 57.3听% | ||||
Acquisition expense | 21.5 | 27.5 | 鈥� | 21.7 | ||||
Other underwriting expense | 10.5 | 鈥� | 鈥� | 10.2 | ||||
Combined Ratio | 90.9听% | 29.8听% | 鈥斕�% | 89.2听% | ||||
(1) | Included within general and administrative expenses in the consolidated statement of operations.听 |
听
WHITE MOUNTAINS INSURANCE GROUP, LTD. | ||||||||
SELECTED FINANCIAL DATA (CONTINUED) | ||||||||
($ in millions) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
HG Global | 2025 | 2024 | 2025 | 2024 | ||||
Par value assumed: | ||||||||
Par value of primary market policies assumed (1) | $听听听听听听听听听听听听听 840.1 | $听听听听听听听听听听听听听 695.4 | $听听听听听听听听听听 1,167.1 | $听听听听听听听听听听 1,178.0 | ||||
Par value of secondary market policies assumed (1) | 90.4 | 90.5 | 190.7 | 145.9 | ||||
Total par value of policies assumed | $听听听听听听听听听听听听听 930.5 | $听听听听听听听听听听听听听 785.9 | $听听听听听听听听听听 1,357.8 | $听听听听听听听听听听 1,323.9 | ||||
Reinsurance premiums: | ||||||||
Gross written premiums from primary market | $听听听听听听听听听听听听听听听 16.7 | $听听听听听听听听听听听听听听听听听 6.8 | $听听听听听听听听听听听听听听听 20.5 | $听听听听听听听听听听听听听听听 13.7 | ||||
Gross written premiums from secondary market | 2.5 | 4.8 | 5.4 | 6.8 | ||||
听听 Total gross written premiums | 19.2 | 11.6 | 25.9 | 20.5 | ||||
Ceding commission paid | 5.8 | 3.4 | 7.8 | 6.0 | ||||
听听 Total gross written premiums net of ceding commission paid | $听听听听听听听听听听听听听听听 13.4 | $听听听听听听听听听听听听听听听听听 8.2 | $听听听听听听听听听听听听听听听 18.1 | $听听听听听听听听听听听听听听听 14.5 | ||||
Earned premiums | $听听听听听听听听听听听听听听听听听 7.1 | $听听听听听听听听听听听听听听听听听 7.5 | $听听听听听听听听听听听听听听听 15.3 | $听听听听听听听听听听听听听听听 14.0 | ||||
Pricing: | ||||||||
Gross pricing from primary market | 听听听听听听听听听听听听听 199 bps | 听听听听听听听听听听听听听听听 98 bps | 听听听听听听听听听听听听听 176 bps | 听听听听听听听听听听听听听 116听 bps | ||||
Gross pricing from secondary market | 听听听听听听听听听听听听听 277 bps | 听听听听听听听听听听听听听 530 bps | 听听听听听听听听听听听听听 283 bps | 听听听听听听听听听听听听听 466 bps | ||||
听听 Total gross pricing | 听听听听听听听听听听听听听 206 bps | 听听听听听听听听听听听听听 148 bps | 听听听听听听听听听听听听听 191 bps | 听听听听听听听听听听听听听 155 bps | ||||
Total pricing net of ceding commission paid | 听听听听听听听听听听听听听 144 bps | 听听听听听听听听听听听听听 104 bps | 听听听听听听听听听听听听听 133 bps | 听听听听听听听听听听听听听 110听 bps | ||||
(1) | For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds. |
听
HG Global | As of | As of | As of | |||
Unearned premiums | $听听听听听听听听听听听听听听听听听听听听 307.9 | $听听听听听听听听听听听听听听听听听听听听 297.3 | $听听听听听听听听听听听听听听听听听听听听 280.4 | |||
Deferred acquisition costs | 90.4 | 86.6 | 81.0 | |||
听听 Unearned premiums, net of deferred acquisition costs | $听听听听听听听听听听听听听听听听听听听听 217.5 | $听听听听听听听听听听听听听听听听听听听听 210.7 | $听听听听听听听听听听听听听听听听听听听听 199.4 |
听
听WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||||
SELECTED FINANCIAL DATA (CONTINUED) | ||||||||||
($ in millions) | ||||||||||
(Unaudited) | ||||||||||
Kudu | Three Months | Three Months | Six Months | Six Months | Twelve Months | |||||
Net investment income (1) | $听听听听听听听听听听听听听听 15.7 | $听听听听听听听听听听听听听听 19.3 | $听听听听听听听听听听听听听听 32.9 | $听听听听听听听听听听听听听听 38.7 | $听听听听听听听听听听听听听听听 72.5 | |||||
Net realized and unrealized investment 听听 gains (losses) | 54.5 | .8 | 48.0 | 44.8 | 48.1 | |||||
Other revenues | 鈥� | .3 | 鈥� | .7 | 1.5 | |||||
Total revenues | 70.2 | 20.4 | 80.9 | 84.2 | 122.1 | |||||
General and administrative expenses | 3.5 | 3.6 | 6.9 | 7.6 | 16.1 | |||||
Interest expense | 5.4 | 6.1 | 11.0 | 12.5 | 23.6 | |||||
Total expenses | 8.9 | 9.7 | 17.9 | 20.1 | 39.7 | |||||
GAAP pre-tax income (loss) | 61.3 | 10.7 | 63.0 | 64.1 | 82.4 | |||||
Income tax (expense) benefit | (9.9) | 1.0 | (9.1) | (10.6) | (18.3) | |||||
GAAP net income (loss) | 51.4 | 11.7 | 53.9 | 53.5 | 64.1 | |||||
Add back: | ||||||||||
Interest expense | 5.4 | 6.1 | 11.0 | 12.5 | 23.6 | |||||
Income tax expense (benefit) | 9.9 | (1.0) | 9.1 | 10.6 | 18.3 | |||||
Depreciation expense | 鈥� | 鈥� | 鈥� | 鈥� | .1 | |||||
Amortization of other intangible assets | .1 | .1 | .2 | .2 | .3 | |||||
EBITDA | 66.8 | 16.9 | 74.2 | 76.8 | 106.4 | |||||
Exclude: | ||||||||||
Net realized and unrealized investment 听听 (gains) losses | (54.5) | (.8) | (48.0) | (44.8) | (48.1) | |||||
Non-cash equity-based compensation 听听 expense | 鈥� | 鈥� | 鈥� | 鈥� | .3 | |||||
Transaction expenses | .1 | .1 | .1 | 鈥� | 1.6 | |||||
Adjusted EBITDA | $听听听听听听听听听听听听听听 12.4 | $听听听听听听听听听听听听听听 16.2 | $听听听听听听听听听听听听听听 26.3 | $听听听听听听听听听听听听听听 32.0 | $听听听听听听听听听听听听听听听 60.2 | |||||
Adjustment to annualize partial year revenues from participation contracts acquired | 5.1 | |||||||||
Adjustment to remove partial year revenues from participation contracts sold | 鈥� | |||||||||
Annualized adjusted EBITDA | $听听听听听听听听听听听听听听听 65.3 | |||||||||
GAAP net investment income (1) | $听听听听听听听听听听听听听听听 72.5 | |||||||||
Adjustment to annualize partial year revenues from participation contracts acquired | 5.1 | |||||||||
Adjustment to remove partial year revenues from participation contracts sold | 鈥� | |||||||||
Annualized revenue | $听听听听听听听听听听听听听听听 77.6 | |||||||||
Net equity capital drawn | $听听听听听听听听听听听听听 481.2 | |||||||||
Debt capital drawn | 253.3 | |||||||||
Total net capital drawn and invested (2) | $听听听听听听听听听听听听听 734.5 | |||||||||
GAAP net investment income 听听 revenue yield | 9.9听% | |||||||||
Cash revenue yield | 10.6听% | |||||||||
Return on equity | 7.8听% | |||||||||
(1)听 | Net investment income includes revenues from participation contracts and income from short-term and other long-term investments. |
(2)听 | Total net capital drawn represents equity and debt capital drawn and invested less cumulative distributions. |
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | ||||||||
SELECTED FINANCIAL DATA (CONTINUED) | ||||||||
(millions) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
Kudu | 2025 | 2024 | 2025 | 2024 | ||||
Beginning balance of Kudu's participation contracts (1) | $听听听听听听听听听听听 1,120.4 | $听听听听听听听听听听听听听听 884.2 | $听听听听听听听听听听听 1,008.4 | $听听听听听听听听听听听听听听 890.5 | ||||
听听 Contributions to participation contracts | .2 | .2 | 68.2 | 0.2 | ||||
听听 Proceeds from participation contracts sold (2) | 鈥� | (37.5) | 鈥� | (37.5) | ||||
Net realized and unrealized investment gains (losses) on 听听 participation contracts sold and pending sale听(3) | 9.1 | (3.2) | 9.1 | (6.3) | ||||
Net unrealized investment gains (losses) on participation 听听 contracts - all other (4) | (8.6) | 57.6 | 35.4 | 54.4 | ||||
Ending balance of Kudu's participation contracts (5) | $听听听听听听听听听听听 1,121.1 | $听听听听听听听听听听听听听听 901.3 | $听听听听听听听听听听听 1,121.1 | $听听听听听听听听听听听听听听 901.3 | ||||
(1) | As of March 31, 2025, March 31, 2024, December 31, 2024 and December 31, 2023,听Kudu's other long-term investments also include |
(2) | Includes |
(3) | Includes net realized and unrealized investment gains (losses) recognized from participation contracts beginning in the quarter a contract is classified as pending sale. |
(4) | Includes net unrealized investment gains (losses) recognized from (i) ongoing participation contracts and (ii) participation contracts prior to classification as pending sale. |
(5) | As of June 30, 2025 and June 30, 2024,听Kudu's other long-term investments also include |
听
WHITE MOUNTAINS INSURANCE GROUP,听LTD. | |||||||||
SELECTED FINANCIAL DATA (CONTINUED) | |||||||||
(millions) | |||||||||
(Unaudited) | |||||||||
Bamboo | Three Months | Three Months | Six Months | Six Months | Twelve Months | ||||
Commission and fee revenues | $听听听听听听听听听听听听 32.7 | $听听听听听听听听听听听听 59.1 | $听听听听听听听听听听听听 54.6 | $听听听听听听听听听听 103.3 | $听听听听听听听听听听 183.3 | ||||
Earned insurance premiums | 8.0 | 1.6 | 16.4 | 16.5 | 39.5 | ||||
Other revenues | 1.3 | 1.8 | 2.1 | 4.1 | 7.8 | ||||
Total revenues | 42.0 | 62.5 | 73.1 | 123.9 | 230.6 | ||||
Broker commission expenses | 12.7 | 19.8 | 22.0 | 35.3 | 64.6 | ||||
Loss and loss adjustment expenses | 4.3 | 1.7 | 10.1 | 12.6 | 23.1 | ||||
Acquisition expenses | 2.9 | (.6) | 6.0 | 6.0 | 14.1 | ||||
General and administrative expenses | 15.7 | 22.6 | 27.7 | 42.6 | 76.0 | ||||
Interest expense | 鈥� | 2.9 | 鈥� | 5.0 | 5.0 | ||||
Total expenses | 35.6 | 46.4 | 65.8 | 101.5 | 182.8 | ||||
GAAP pre-tax income (loss) | 6.4 | 16.1 | 7.3 | 22.4 | 47.8 | ||||
Income tax (expense) benefit | (2.2) | (3.2) | (1.5) | (7.6) | (13.0) | ||||
GAAP net income (loss) | 4.2 | 12.9 | 5.8 | 14.8 | 34.8 | ||||
Exclude: | |||||||||
Net (income) loss, Bamboo captive | (.4) | (1.1) | 鈥� | 2.8 | 1.8 | ||||
听听 MGA net income (loss) | 3.8 | 11.8 | 5.8 | 17.6 | 36.6 | ||||
Add back: | |||||||||
Interest expense | 鈥� | 2.9 | 鈥� | 5.0 | 5.0 | ||||
Income tax expense (benefit) | 2.2 | 3.2 | 1.5 | 7.6 | 13.0 | ||||
Depreciation expense | 鈥� | .3 | 鈥� | .5 | .8 | ||||
Amortization of other intangible assets | 4.3 | 4.0 | 8.5 | 8.0 | 15.9 | ||||
MGA EBITDA | 10.3 | 22.2 | 15.8 | 38.7 | 71.3 | ||||
Exclude: | |||||||||
Non-cash equity-based compensation expense | .3 | 2.3 | .6 | 3.1 | 4.1 | ||||
Software implementation expenses | .4 | 1.0 | .9 | 1.9 | 2.9 | ||||
Restructuring expenses | .5 | .1 | .6 | 1.8 | 2.0 | ||||
MGA adjusted EBITDA | $听听听听听听听听听听听听 11.5 | $听听听听听听听听听听听听 25.6 | $听听听听听听听听听听听听 17.9 | $听听听听听听听听听听听听 45.5 | $听听听听听听听听听听听听 80.3 | ||||
Regulation G
This earnings release includes non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures.
- Kudu's EBITDA, adjusted EBITDA, annualized adjusted EBITDA, annualized revenue and cash revenue yield are non-GAAP financial measures.
EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to GAAP net income (loss).
Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate EBITDA.听 The items relate to (i) net realized and unrealized investment gains (losses) on Kudu's revenue and earnings participation contracts, (ii) non-cash equity-based compensation expense and (iii) transaction expenses.听 A description of each item follows:
- Net realized and unrealized investment gains (losses)听- Represents net unrealized investment gains and losses recorded on Kudu's revenue and earnings participation contracts, which are recorded at fair value under GAAP, and realized investment gains and losses from participation contracts sold during the period.
- Non-cash equity-based compensation expense听- Represents non-cash expenses related to Kudu's management compensation that are settled with equity units in Kudu.
- Transaction expenses听- Represents costs directly related to Kudu's mergers and acquisitions activity, such as external lawyer, banker, consulting and placement agent fees, which are not capitalized and are expensed under GAAP.
Annualized adjusted EBITDA is a non-GAAP financial measure that (i) annualizes partial year revenues related to听Kudu's revenue and earnings participation contracts acquired during the previous 12-month period and (ii) removes partial year revenues related to revenue and earnings participation contracts sold during the previous 12-month period.
Annualized revenue is a non-GAAP financial measure that adds the adjustments for annualized adjusted EBITDA to GAAP net investment income.听
Cash revenue yield is a non-GAAP financial measure that is derived using annualized revenue as a percentage of total net capital drawn and invested.听 The most directly comparable GAAP financial measure is net investment income revenue yield, which is derived using GAAP net investment income as a percentage of total net capital drawn and invested.听 听 听 听 听 听 听 听 听 听 听 听 听 听 听听
White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu's performance.听 White Mountains also believes that annualized adjusted EBITDA is useful to management and investors in understanding the full earnings profile of Kudu's business as of the end of any 12-month period.听 See page 19 for the reconciliation of Kudu's GAAP net income (loss) to EBITDA, adjusted EBITDA and annualized adjusted EBITDA, and the reconciliation of Kudu's GAAP net investment income to annualized revenue.
- Bamboo's MGA pre-tax income (loss), MGA net income (loss), MGA EBITDA and MGA adjusted EBITDA are non-GAAP financial measures.
MGA pre-tax income (loss) and MGA net income (loss) are non-GAAP financial measures that exclude the results of the Bamboo captive, which is consolidated under GAAP, from Bamboo's consolidated GAAP pre-tax income (loss) and net income (loss).听
The following table presents the reconciliation from Bamboo's consolidated GAAP pre-tax income (loss) to MGA pre-tax income (loss):
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
Millions | 2025 | 2024 | 2025 | 2024 | ||||
Bamboo's consolidated GAAP pre-tax income (loss) | $听听听听听听听听听听听听听听听 16.1 | $听听听听听听听听听听听听听听听听听 6.4 | $听听听听听听听听听听听听听听听 22.4 | $听听听听听听听听听听听听听听听听听 7.3 | ||||
Remove pre-tax (income) loss, Bamboo captive | (1.1) | (.4) | 2.8 | 鈥� | ||||
听 MGA pre-tax income (loss) | $听听听听听听听听听听听听听听听 15.0 | $听听听听听听听听听听听听听听听听听 6.0 | $听听听听听听听听听听听听听听听 25.2 | $听听听听听听听听听听听听听听听听听 7.3 | ||||
MGA EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to MGA net income (loss).
MGA adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate MGA EBITDA.听 The items relate to (i) non-cash equity-based compensation expense, (ii) software implementation expenses and (iii) restructuring expenses.听 A description of each item follows:
- Non-cash equity-based compensation expense听- Represents non-cash expenses related to Bamboo's management compensation that are settled with equity units in Bamboo.
- Software implementation expenses听- Represents costs directly related to Bamboo's implementation of new software.
- Restructuring expenses听- Represents costs directly related to Bamboo's corporate restructuring and capital planning activities.
White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Bamboo's performance.听 See page 21 for the reconciliation of Bamboo's consolidated GAAP net income (loss) to MGA net income (loss), MGA EBITDA and MGA adjusted EBITDA.
- Total consolidated portfolio return excluding MediaAlpha and total equity portfolio return excluding MediaAlpha are non-GAAP financial measures that remove the net investment income and net realized and unrealized investment gains (losses) from White Mountains's investment in MediaAlpha.听 White Mountains believes these measures to be useful to management and investors by showing the underlying performance of White Mountains's investment portfolio and equity portfolio without regard to White Mountains's investment in MediaAlpha.听 The following tables present reconciliations from GAAP to the reported percentages:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Total consolidated portfolio return | 2.7听% | (0.1)听% | 4.5听% | 4.5听% | ||||
Remove MediaAlpha | (0.4) | 2.3 | 0.2 | (1.0) | ||||
Total consolidated portfolio return excluding MediaAlpha | 2.3听% | 2.2听% | 4.7听% | 3.5听% | ||||
听
Three Months Ended | ||
Total equity portfolio return | 4.2听% | |
Remove MediaAlpha | (0.8) | |
听 Total equity portfolio return excluding MediaAlpha | 3.4听% |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This earnings release may contain "forward-looking statements" within the meaning of Section听27A of the Securities Act of 1933 and Section听21E of the Securities Exchange Act of 1934.听 All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements.听 The words "could", "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements.听 These forward-looking statements include, among others, statements with respect to White Mountains's:
- change in book value per share or return on equity;
- business strategy;
- financial and operating targets or plans;
- incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance;
- projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses;
- expansion and growth of its business and operations; and
- future capital expenditures.
These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances.听 However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including:
- the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's 2024 Annual Report on Form 10-K;
- claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures or cyber attacks;
- recorded loss reserves subsequently proving to have been inadequate;
- the market value of White Mountains's investment in MediaAlpha;
- business opportunities (or lack thereof) that may be presented to it and pursued;
- actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch;
- the continued availability of capital and financing;
- the continued availability of fronting and reinsurance capacity;
- deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts;
- competitive forces, including the conduct of other insurers;
- changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and
- other factors, most of which are beyond White Mountains's control.
Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations.听 White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
听
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SOURCE White Mountains Insurance Group, Ltd.
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