White Mountains experienced a steep climb in its net income to $341.1 million in the second quarter of 2016 from the $4.3 million that it reported in the same period of 2015. The company credited this to the sale of Sirius International Insurance Group.
The company also saw an increase of 45.5 percent in its net investment income to $19.2 million in the second quarter of this year from the $13.2 million it made in the same period of 2015.
“It was a significant quarter for White Mountains. We closed the Sirius Group sale, which resulted in a $90 per share gain at closing, “ said Ray Barrette, chairman and chief executive officer of White Mountains.
“OneBeacon grew its book value by 2.4 percent on good investment returns and a tax gain despite an elevated combined ratio driven by poor results in extended care facilities.
“Common shares outstanding are now below 5 million for the first time in our history. Undeployed capital stands at about $2 billion. We continue to actively look for good opportunities in these tough markets around the world.”
White Mountains, Bermuda, Ray Barrette, Insurance, Reinsurance, Sirius International Insurance Group, Results