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White Mountains Q1 2025 Earnings Report
White Mountains reported a slight increase in book value per share and solid operating results for the first quarter of 2025.
Key Takeaways
White Mountains Insurance Group, Ltd. reported a slight increase in book value per share to $1,752 as of March 31, 2025, driven by solid operating results and good investment returns, partially offset by a decline in MediaAlpha's share price. The company's total revenues for the quarter were $577.8 million, with a net income of $33.9 million.
Book value per share increased slightly to $1,752 as of March 31, 2025, including dividends.
Ark/WM Outrigger segment reported gross written premiums of $1,108 million, a 27% increase year-over-year, and a combined ratio of 97%.
Kudu's total revenues were $64 million, with pre-tax income of $53 million and adjusted EBITDA of $16 million.
Bamboo's commission and fee revenues doubled year-over-year to $44 million, with MGA adjusted EBITDA tripling to $20 million.
Revenue by Segment
Forward Guidance
White Mountains expects to remain active in deploying capital and anticipates continued profitable growth across its businesses, despite some market challenges.
Positive Outlook
- Kudu expects to remain active in deploying capital throughout 2025, indicating continued investment opportunities.
- Bamboo is well-positioned to drive continued profitable growth, supported by favorable reinsurance treaty renewals.
- Ark anticipates continued attractive market conditions, despite some rate declines in certain lines of business.
- New capital deployments into BroadStreet Partners and Enterprise Solutions are expected to contribute to future growth.
- The company's strong capital position, with approximately $550 million in undeployed capital, provides flexibility for future strategic initiatives.
Challenges Ahead
- MediaAlpha's share price declined 18% in the quarter, resulting in a $37 million mark-to-market loss.
- HG Global had a slow first quarter, with gross written premiums decreasing by 25% year-over-year due to lower primary market activity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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