White Mountains Reports Third Quarter Results
White Mountains Insurance Group reported a 1% decline in book value per share for the third quarter of 2026, despite strong operating results across several of its businesses.
A spokesperson said, “White Mountains Insurance Group, Ltd. [NYSE: WTM] reported book value per share of $2,243 as of September 30, 2026, a decrease of 1% for the third quarter of 2026 and an increase of 3% for the first nine months of 2026, including dividends.”
Liam Caffrey, CEO, commented, “Book value per share was down 1% in the quarter. Higher interest rates and a lower share price at MediaAlpha drove unrealized investment losses, which offset an otherwise solid quarter for operating results. Ark produced a 75% combined ratio and $386 million of gross written premiums, leading to strong growth in tangible book value. Kudu grew adjusted EBITDA, but its trailing 12 months return on equity declined to 8% as higher interest rates reduced the fair value of its portfolio. HG Global generated a record $19 million of gross written premiums in the quarter, but book value returns were negatively impacted by higher interest rates. Distinguished had a solid quarter, growing both managed premiums and ScaleCo adjusted EBITDA. WTM Partners experienced good top and bottom-line growth. MediaAlpha’s share price declined 24% in the quarter, producing $54 million of mark-to-market losses for our remaining position. Our consolidated investment portfolio, excluding MediaAlpha, was flat overall, with fixed income weighing down the result. Undeployed capital remains at roughly $0.8 billion.”
A spokesperson added, “Comprehensive income [loss] attributable to common shareholders was $[39] million and $134 million in the third quarter and first nine months of 2026 compared to $114 million and $272 million in the third quarter and first nine months of 2025.
“Results in the third quarter and first nine months of 2026 included $[69] million and $92 million of net realized and unrealized investment gains [losses] compared to $76 million and $250 million in the third quarter and first nine months of 2025.
“Results in the third quarter and first nine months of 2026 also included $[54] million and $[60] million of unrealized investment gains [losses] from White Mountains’s investment in MediaAlpha compared to $8 million and $2 million in the third quarter and first nine months of 2025.”
