White Mountains Reports First Quarter Results
White Mountains Insurance Group, Ltd. [WTM] reported book value per share of $981 and adjusted book value per share of $979 as of March 31, 2019. Book value per share and adjusted book value per share were each up 10% for the quarter, including dividends.
On February 26, 2019, MediaAlpha completed the sale of a significant minority stake to Insignia Capital Group in connection with a recapitalization and cash distribution to existing equityholders.
As of December 31, 2018, including the then estimated net gain of $55 per share from the MediaAlpha transaction, book value per share would have been approximately $951 and adjusted book value per share would have been approximately $943.
Manning Rountree, CEO, commented, “We are off to a good start in 2019. In the first quarter, underlying growth in ABVPS, excluding the MediaAlpha transaction, was 4%, driven by strong investment results. We closed the MediaAlpha transaction in February and are excited about the next stage of value creation at the company.
“BAM’s par insured volume was up year over year, in both the primary and secondary markets, although primary market pricing dipped. NSM grew organically during the quarter and, in April, closed its acquisition of Embrace Pet Insurance.
“Also in April, we closed our previously announced acquisition of Oaktree Capital Management’s interests in Kudu, bringing our total capital commitment to Kudu to $250 million. We ended the quarter with $1.2 billion of undeployed capital.”
Comprehensive income attributable to common shareholders was $284 million in the first quarter of 2019, compared to comprehensive loss attributable to common shareholders of $48 million in the first quarter of 2018.
