White Mountains Insurance Group Ltd (WTM) News & EventsWTMNews & EventsWhite Mountains Insurance Group Ltd

Ark Reports Q2 Revenue of $844.6M, Up 22.5% Year-over-Year

Reports Q2 revenue $844.6M vs. $689.2M last year. CEO Liam Caffrey commented, "Book value per share was up 4% in the quarter to $2,258, driven by strong operating company results and solid investment returns. Ark produced an 84% combined ratio and strong growth in tangible book value. Kudu generated a 15% return on equity on a trailing 12 months basis, driven by strong growth on a same store basis coupled with sale transactions. HG Global grew its book value by 1%, including a $90 million dividend to White Mountains from its recent debt refinancing. Distinguished had a solid quarter, growing both managed premiums and ScaleCo adjusted EBITDA. MediaAlpha's share price increased 35% in the quarter, producing $58M of mark-to-market gains. Excluding MediaAlpha, the investment portfolio was up 2.8%. We repurchased $191M of shares in the quarter and deployed $132M into two WTM Partners acquisitions. Factoring in other recent operating company distributions, undeployed capital now stands at roughly $0.8B."

Ark Reports Q1 Revenue of $517.8M, Down Year-over-Year

Reports Q1 revenue $517.8M vs. $577.8M last year. CEO Liam Caffrey commented, "Book value per share ended the quarter at $2,170, down roughly 1% from year-end. Solid operating results were more than offset by a mark-to-market decline in our investment in MediaAlpha. Ark posted a 91% combined ratio and generated $1.1B of gross written premiums. Kudu grew adjusted EBITDA and produced a 12% return on equity on a trailing 12 months basis. HG Global assumed $8 million of gross written premiums and grew book value by 2%. Distinguished grew managed premiums by 7% year-over-year and has now launched four new programs since our acquisition. Excluding MediaAlpha, the investment portfolio returned 1.0%, ahead of benchmarks, with modest gains in both equities and fixed income. In February, we deployed $125M of capital into Bishop Street Underwriters and more recently announced two acquisitions by WTM Partners. Including these deployments, undeployed capital is roughly $0.8B."

White Mountains Partners Acquires Majority Stake in BaseSix Systems

White Mountains operating company White Mountains Partners has acquired a majority interest in BaseSix Systems, a provider of building systems integration and aftermarket service. Founded in 2018 and headquartered in Marietta, Georgia, Basesix provides the design, installation, retrofit, maintenance, and repair of mission critical, low voltage building systems for commercial and institutional customers across the fire & life safety, network & wireless, security & access control, and audio-visual disciplines.