White Mountains Q4 2021 Earnings Report

Reported an increase in book value per share and adjusted book value per share, driven by strong results from operating companies, partially offset by a mark-to-market decline in MediaAlpha investment.

Key Takeaways

White Mountains reported a 1% increase in both book value per share and adjusted book value per share for Q4 2021. Strong results from operating companies were partially offset by a decline in the MediaAlpha investment. The company completed share repurchases of $13 million during the quarter and finished the year with roughly $400 million of undeployed capital.

Adjusted book value per share grew 1% in Q4 2021.

BAM produced $34 million of total premiums and member surplus contributions.

Ark produced good underwriting results and grew full-year premiums by 78%.

Kudu finished the year strong, with $27 million of gains in the fair value of its portfolio and the closing of two transactions in Q4.