White Mountains Insurance Group Reports Q2 2025 Results with 3% Increase in Book Value Per Share

White Mountains Insurance Group reported a 3% increase in book value per share to $1,804 in Q2 2025, driven by strong performance across its portfolio and strategic investments. Ark Insurance achieved an 85% combined ratio and a 17% growth in gross written premiums to $815 million, while HG Global recorded a 66% increase in gross written premiums to $19 million. Bamboo's managed premiums grew 59% YoY to $191 million, and MediaAlpha's share price rise contributed a $31 million mark-to-market gain to WTM's quarterly results.

Title: White Mountains Insurance Group Reports Strong Q2 2025 Results

White Mountains Insurance Group, Ltd. (WTM) has reported a 3% increase in book value per share (BVPS) to $1,804 for the second quarter (Q2) of 2025. The company's robust performance was driven by strong investment returns and solid operating results across its subsidiaries, with significant contributions from the Ark Insurance, HG Global, Bamboo, and MediaAlpha segments.

Financial Highlights

The company reported comprehensive income attributable to common shareholders of $124 million for Q2 2025, a marked improvement over the $55 million loss in the same period of 2024 [1]. The investment in MediaAlpha contributed $31 million in unrealized investment gains, while the rest of the investment portfolio grew by 2.3% [1].

Business and Operational Highlights

- Ark Insurance: The Ark segment reported gross written premiums of $815 million, a 17% year-over-year (YoY) increase, and achieved an 85% combined ratio, reflecting improved underwriting performance [1].
- HG Global: This subsidiary set a record for the second quarter, with gross written premiums of $19 million, a 66% increase from the same period last year [1].
- Bamboo: Bamboo's managed premiums grew 59% YoY to $191 million, showcasing significant growth in adjusted EBITDA [1].
- MediaAlpha: The company's investment in MediaAlpha resulted in a 25% revenue growth in Q2 2025, contributing to a $31 million mark-to-market gain [1].

Strategic Initiatives and Corporate Developments

In July, White Mountains announced the acquisition of Distinguished Programs and closed its transaction with BroadStreet Partners, leaving the company with approximately $300 million in undeployed capital [1].

Management's Perspective

Manning Rountree, CEO of White Mountains, commented on the company's performance, stating, "BVPS was up 3% in the quarter. We had sound results at our operating companies and good investment returns. Ark produced an 85% combined ratio and $815 million of gross written premiums in the quarter, up 17% year-over-year" [1].

Future Outlook

White Mountains remains optimistic about its future prospects, with continued capital deployment anticipated through the rest of 2025. The company expects to drive robust, profitable growth in the second half of 2025 and beyond.

References

[1] https://www.tradingview.com/news/tradingview:4c6ce4d298f3b:0-white-mountains-insurance-group-reports-second-quarter-2025-results/