White Mountains Reports First Quarter Results
White Mountains Insurance Group, Ltd. [WTM] reported book value per share of $1,522 and adjusted book value per share of $1,567 as of March 31, 2023.
Book value per share and adjusted book value per share both increased 5% in the first quarter of 2023.
Manning Rountree, CEO, commented, “We had a good first quarter. ABVPS was up 5%, driven by positive returns from our investment portfolio and solid results at our operating companies.
“BAM produced $21 million of gross written premiums and member surplus contributions in the quarter. Ark achieved a 94% combined ratio and, supported by increased reinsurance capacity from Outrigger Re, wrote $809 million of gross written premiums, up 28% year over year.
“Kudu closed on one new deployment and two value-adding sales transactions in the quarter, while growing the fair value of its continuing portfolio by $32 million. MediaAlpha’s share price increased roughly $5 in the quarter, producing an $85 million mark-to-market gain. Excluding MediaAlpha, the investment portfolio returned 3.0% in the quarter, with gains in both equities and fixed income.
“We completed $25 million of share repurchases in the quarter. Reflecting additional commitments to Kudu and our new deployment at Doxa, undeployed capital now stands at roughly $720 million.”
