White Mountains Reports First Quarter Results
White Mountains Insurance Group, Ltd. reported book value per share of $981 and adjusted book value per share of $980 as of March 31, 2020. Book value per share and adjusted book value per share both decreased 4% in the first quarter of 2020, including dividends.
Manning Rountree, CEO, commented, “The impact of the COVID-19 pandemic on our businesses has been varied so far. Overall, ABVPS was down -4% for the quarter, driven primarily by a -4.6% return on our investment portfolio. BAM had a good quarter, driven by abundant secondary market activity. NSM also posted good results, growing the top line 4% quarter over quarter and closing the Kingsbridge acquisition in early April.
“Kudu reported a net loss for the quarter, as operating profits were more than offset by unrealized mark-to-market losses. MediaAlpha had yet another record quarter, driven by higher volumes in its insurance verticals. The global slowdown in travel activity caused a significant decline in premiums and revenues at PassportCard/DavidShield; in May we invested $15 million to support operations and to continue global expansion. During the quarter, we repurchased $54 million of shares at an average price of $844.
“We ended the quarter with $0.8 billion of undeployed capital and ample liquidity. I am proud of how our team has responded to these unprecedented challenges. Through their efforts, we remain open for business, operating remotely at all levels, and not missing a beat.”
Comprehensive loss attributable to common shareholders was $132 million in the first quarter of 2020, compared to comprehensive income attributable to common shareholders of $284 million in the first quarter of 2019. The results in the first quarter of 2019 include $182 million of realized and unrealized gains from MediaAlpha’s sale of a significant minority stake to Insignia Capital Group on February 26, 2019 [MediaAlpha Transaction].
