White Mountains Insurance Group reported book value per share of $2,243, representing a 1% decline from the previous quarter. The results were primarily weighed down by a $54 million mark-to-market loss in its MediaAlpha investment and unrealized fixed income losses driven by higher interest rates, which overshadowed strong underwriting performance in its insurance segments.
Key Highlights
- Ark Insurance produced a strong 75% combined ratio for the quarter with $386 million in gross written premiums, supported by favorable prior-year development.
- MediaAlpha's share price declined 24% in the quarter, prompting the company to agree to sell 5.5 million shares subsequent to quarter-end for $13.90 per share.
- HG Global achieved record quarterly production with gross written premiums of $19 million, up 21% year-over-year.
- Undeployed capital remained stable at approximately $0.8 billion, while the company repurchased $217 million of shares through the first nine months of the year.