White Mountains increases year on year profits

White Mountains Insurance Group saw profitability increase significantly year on year after what it described as a busy third quarter.

White Mountains reported a net profit of $232.9 million for Q3 2020, compared to $48.7 million for the same period in the previous year.

The business reported total revenues of $459.5 million across all its businesses, up from $155.5 million the previous year.

Its BAM business wrote $30 million of total premiums, with demand for bond insurance remaining elevated.

Manning Rountree, chief executive of White Mountains,said it has been “an active quarter, producing both noteworthy transactions and good results,” including a transaction with Ark that is expected to complete in January 2021, and the IPO of MediaAlpha in October.