White Mountains Group: “Positive Quarter”
Bermuda-based White Mountains Insurance Group, Ltd. reported adjusted book value per share of $605 at June 30, 2013, essentially break-even for the second quarter of 2013 and up 3.1% for the first six months of 2013, including dividends.
Ray Barrette, Chairman and CEO, commented, “It was a positive quarter. Good underwriting performance at both Sirius Group and OneBeacon offset losses from investments and a stronger U.S. dollar. Our fixed income portfolio produced an absolute loss as interest rates increased but, thanks to our short duration, performed well on a relative basis. Our value-oriented equity portfolio produced a small gain but underperformed the S&P 500. BAM passed $2 billion of insured par during the quarter, well on its way to becoming the standard in the muni bond insurance market.”
Adjusted comprehensive loss was $8 million in the second quarter of 2013, compared to $4 million in the second quarter of last year. Adjusted comprehensive income was $108 million in the first six months of 2013, compared to $114 million in the first six months of last year. Net income attributable to common shareholders was $26 million and $147 million in the second quarter and first six months of 2013, compared to $26 million and $120 million in the second quarter and first six months of last year.
