White Mountains grows book value, premium growth lags behind
Bermuda-based re/insurer White Mountains delivered mixed third-quarter results, with book value per share on the rise but uneven performance across its portfolio. The group’s year-end outlook now rests on completing the sale of its controlling stake in Bamboo.
White Mountains’s consolidated net income landed at $113.8 million for the third quarter of 2025, down from $179.0 million year-on-year.
Subsidiaries provided mixed results across the group:
Ark improved its combined ratio to 76% compared with 79% in the same period a year earlier, despite a slight dip in gross written premiums, falling to $366 million from $374 million in the third quarter 2024. Net investment income of $24.8 million balanced the scales compared to $21.3 million in the third quarter of 2024.
WM Outrigger’s combined ratio marked a favourable improvement to 73% from 77% the same period prior. Net investor income was shy at $2.4 million, compared to $3.0 million in the same period last year.
HG Global grew book value by 3% and generated gross written premiums of $16 million. This resulted in a net investment income of $7 million, up from $6 million in the third quarter last year.
Fourth quarter results anticipate a further increase in share price as the recently announced agreement to sell White Mountains’s controlling stake, approximately 77% of equity interest, in Bamboo is set to close.
Manning Rountree (pictured), CEO of White Mountains, said: “BVPS was up 3% in the quarter. We had good operating results and investment returns.
“Ark produced a 76% combined ratio and $366 million of gross written premiums in the quarter.
“HG Global generated $16 million of gross written premiums in the quarter and grew book value by 3%.
“Kudu produced a 9% return on equity on a trailing 12 months basis, growing both the fair value of its portfolio of participation contracts and EBITDA.
“Bamboo had another record quarter with continued strong growth in managed premiums and adjusted EBITDA.
“Our consolidated investment portfolio, excluding MediaAlpha, was up 2.0% with gains in both fixed income and equities.
“During the quarter, we closed our previously announced deployments at BroadStreet Partners and Distinguished Programs.
“In early October, we announced the sale of a control stake in Bamboo. Upon closing, the transaction will increase our book value per share by $325 and our undeployed capital position from roughly $0.3 billion to $1.1 billion.”
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