White Mountains Insurance ‘Flat But Active’ For Q2
White Mountains Insurance Group, Ltd. reported on Friday [July 27] an adjusted book value per share of $565 at June 30, 2012, which was break-even for the quarter and up 4.4% for the first six months, including dividends.
Ray Barrette, Chairman and CEO, commented, “It was a flat but active quarter. Good underwriting results at both OneBeacon and Sirius Group were offset by losses in our equity portfolio and a strengthening dollar.
“We recently announced our $600 million investment in HG Global Ltd., which funded Build America Mutual Assurance Company (BAM), the financial guaranty industry’s first mutual bond insurer, and HG Re which provides long-term reinsurance support to BAM.
“With a AA/Stable rating from S&P, BAM is ready to serve the municipal bond market exclusively. Following that investment and the repurchase of 60,000 shares, we still have a sizable amount of undeployed capital, which allows us to capitalize on additional high return opportunities, which we are actively pursuing.
“I am pleased to welcome Kip Oberting back to our senior team. We are excited by the talent, experience and energy that Kip brings to our business.”
Adjusted comprehensive loss was $4 million and adjusted comprehensive income was $114 million in the second quarter and first six months of 2012, compared to adjusted comprehensive income of $6 million and $40 million in the second quarter and first six months of last year.
Net income attributable to common shareholders was $26 million and $120 million in the second quarter and first six months of 2012, compared to net income attributable to common shareholders of $12 million and net loss attributable to common shareholders of $17 million in the second quarter and first six months of last year.
