White Mountains Insurance Group reported a book value per share of $1,746 and an adjusted book value per share of $1,834 as of Dec. 31.
Both figures decreased 3% in the fourth quarter but increased 6% and 8%, respectively, for the full year, including dividends.
The 3% decline in adjusted book value per share for the quarter was primarily driven by mark-to-market losses in the investment portfolio, including a 38% drop in the share price of MediaAlpha, which resulted in a $122 million mark-to-market loss.
For the full year, adjusted book value per share rose 8%, supported by results from White Mountains’ operating companies and investment returns. Excluding MediaAlpha, investment returns were down slightly in the fourth quarter but increased 6.5% for the year.
White Mountains also reported a comprehensive loss attributable to common shareholders of $131 million in the fourth quarter and comprehensive income of $230 million for the full year. This compares to $288 million and $511 million in the fourth quarter and full year of 2023.
Net realized and unrealized investment gains and losses from MediaAlpha accounted for a loss of $122 million in the fourth quarter and a gain of $38 million for the year, compared to gains of $66 million and $27 million in the same periods of 2023.
The latest results come amid the company’s renewal announcement of its reinsurance sidecar, Outrigger Re Ltd, effective Jan. 1.
In total, Outrigger Re has secured $230 million in investor capital for the 2025 calendar year. White Mountains has contributed $150 million, while the remaining $80 million comes from third-party investors.
Ark/WM Outrigger reported a combined ratio of 77% in the fourth quarter and 82% for the full year, compared to 69% and 80% in 2023. The segment recorded gross written premiums of $264 million for the quarter and $2.21 billion for the year, up from $232 million and $1.90 billion in the prior year.
Net written premiums totaled $239 million for the quarter and $1.68 billion for the full year, compared to $215 million and $1.52 billion in 2023.
HG Global generated gross written premiums of $18 million in the fourth quarter and $52 million for the full year, compared to $18 million and $50 million in the same periods of 2023. Earned premiums were $7 million for the quarter and $29 million for the year, up from $7 million and $26 million in the prior year.
The total par value of policies assumed was $940 million in the fourth quarter and $2.95 billion for the full year, increasing from $762 million and $2.36 billion in 2023.
Kudu reported total revenues of negative $9 million, a pre-tax loss of $20 million, and adjusted EBITDA of $14 million in the fourth quarter, compared to total revenues of $88 million, pre-tax income of $75 million, and adjusted EBITDA of $22 million in 2023. The quarter’s results included $17 million in net investment income, compared to $27 million in the prior year.
Bamboo reported commission and fee revenues of $37 million in the fourth quarter and $135 million for the full year. Pre-tax income was $10 million in the quarter and $33 million for the year. MGA pre-tax income was $11 million for the quarter and $32 million for the year, while MGA adjusted EBITDA was $16 million for the quarter and $53 million for the year.
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