ian-beaton-ceo-ark
Ian Beaton, CEO, Ark
9 May 2022

White Mountains posts $31m Q1 net profit

White Mountains Insurance Group, the Bermuda domiciled financial services holding company, has reported a net profit attributable to common shareholders of $31 million for the first quarter of 2021, compared with a $75 million net loss in the same period last year.

Ark, the White Mountains-owned Lloyd’s carrier, posted a pre-tax loss of $23 million in Q1 2022, compared to a $33 million loss in Q1 2021. Ark’s pre-tax loss for the first quarter of 2022 included $18 million of net unrealised investment losses, which White Mountains said had been driven primarily by mark-to-market losses on fixed income securities in its investment portfolio. Ark’s pre-tax loss for the first quarter of 2021 had reflected $25 million of transaction expenses related to White Mountain’s transaction with Ark.

White Mountains other companies include Build America Mutual, NSM Insurance Group, Kudu Investment Management, MediaAlpha, David Shield Group and Elementum.

White Mountains CEO Manning Rountree pointed to a decline in the company’s MediaAlpha position and a loss triggered by NSM’s sale of the Fresh Insurance motor business.

Ark’s combined ratio was 100.8%, a slight improvement on the 108.1% it achieved in Q1 2021. It reported a gross written premium (GWP) of $633 million, up 57% from the $405 million it posted a year earlier.

Ark produced breakeven underwriting results in the first quarter, reflecting the impact of estimated losses emanating from the conflict in Ukraine.

Ian Beaton, CEO of Ark, said, “Despite the tragic events in Ukraine, we are off to a solid start in 2022. The strong rate environment experienced in 2021 has carried through to 2022. Driven by solid January renewals, gross written premiums were up 57% from 2021, with risk adjusted rate change up 9%. Looking forward, market conditions remain attractive, and we are optimistic about continued profitable growth in the book.”




More on this story

article
9 May 2022   The transaction could add $280/share to its adjusted book value.
article
10 August 2022   But its operating businesses produced good results.
News
8 February 2023   The Bermuda group’s results were also enhanced by the sale of NSM.

More on this story

article
9 May 2022   The transaction could add $280/share to its adjusted book value.
article
10 August 2022   But its operating businesses produced good results.
News
8 February 2023   The Bermuda group’s results were also enhanced by the sale of NSM.