White Mountains reports profit increase for Q2 2020

White Mountains Insurance Group saw its profits increase in the second quarter of 2020 compared to the same period of 2019.

White Mountains reported a net profit of $115.4 million for Q2 2020, up from $20.5 million in the same period of 2019. In the first half of the year the re/insurer reported a net loss of $17 million, having made a profit of $302 million in the first six months of 2019.

Manning Rountree, chief executive at White Mountains, called it “a good second quarter”, noting that  Build America Mutual (BAM) had written $43 million of direct premiums and member surplus contributions, its biggest quarter ever. In the same period of 2019 BAM reported total gross written premiums of $24.5 million.

For the first six months of 2020 BAM reported gross written premiums of $63 million, compared to $40 million for the first six months of 2020.