White Mountains Reports Adjusted Book Value
White Mountains Insurance Group, Ltd. reported adjusted book value per share of $622 at September 30, 2013, up 2.8% for the quarter and 5.9% for the first nine months of 2013, including dividends.
Ray Barrette, Chairman and CEO, commented, “It was a nice quarter. Investment returns were good, helped by a rising stock market and weakening dollar. OneBeacon reported 3.8% growth in book value, with investments and transaction gains helping a 96% combined ratio.
“Sirius reported an 89% combined ratio, another good quarter with low catastrophe losses. BAM continues to make good progress despite a slow municipal issuance market, passing the $3 billion mark for gross par insured. We remain active but patient in looking for opportunities to deploy our capital.”
Adjusted comprehensive income was $104 million and $212 million in the third quarter and first nine months of 2013, compared to $59 million and $173 million in the third quarter and first nine months of last year. Net income attributable to common shareholders was $57 million and $204 million in the third quarter and first nine months of 2013, compared to $19 million and $139 million in the third quarter and first nine months of last year.
