White Mountains Insurance Group reports 3% YoY increase in book value per share.

• White Mountains Insurance Group's book value per share up 3% in Q2 2025. • 85% combined ratio and $815mln gross written premiums for Ark in Q2 2025. • HG Global generated $19mln gross written premiums, a record Q2. • Kudu managed flattish results under volatile market conditions. • Bamboo had a record Q2 with significant growth in managed premiums and adjusted EBITDA. • MediaAlpha grew revenue by 25% in Q2 2025. • Digital data highlights include record quarters for Ark, HG Global, Bamboo, and MediaAlpha. • Investment returns and solid operating company results contribute to 3% BVPS increase.

White Mountains Insurance Group, Ltd. (NYSE: WTM) reported its second-quarter (Q2) 2025 results, showing a 3% increase in book value per share (BVPS) compared to the same period in 2024. The company's solid financial performance was driven by robust investment returns and strong operating results across its subsidiaries.

The Ark/WM Outrigger segment achieved a 85% combined ratio and generated $815 million in gross written premiums, marking a 17% year-over-year (YoY) increase. This performance was bolstered by the addition of new underwriting teams and classes of business, as reported by Ian Beaton, CEO of Ark [1].

HG Global, another subsidiary, set a record for the second quarter, with $19 million in gross written premiums, a significant 66% increase from the same period last year. Kevin Pearson, President of HG Global, attributed this growth to higher issuance of municipal bonds and increased primary market pricing [1].

Kudu reported flattish results under volatile market conditions, with total revenues of $20 million and pre-tax income of $11 million in Q2 2025. Despite these results, Kudu's adjusted EBITDA increased to $16 million, reflecting the company's ability to manage costs effectively [1].

Bamboo had a record second quarter, with significant growth in managed premiums and adjusted EBITDA. The company's strong performance was highlighted by Rob Jakacki, CEO of Kudu, who noted that the company's annualized adjusted EBITDA remained stable despite lower realized and unrealized gains [1].

MediaAlpha's share price increased by 19% in the quarter, generating a $31 million mark-to-market gain. This performance was driven by the company's strong digital data capabilities, which contributed to the overall increase in BVPS [1].

White Mountains Insurance Group's investment portfolio, excluding MediaAlpha, was up 2.3% in Q2 2025. The company also announced the acquisition of Distinguished Programs and the closure of its transaction with BroadStreet Partners, further bolstering its financial position [1].

The company's comprehensive income attributable to common shareholders was $124 million and $159 million in the second quarter and first six months of 2025, respectively, compared to $(55) million and $182 million in the same periods of 2024 [1].

Overall, White Mountains Insurance Group's Q2 2025 results reflect the company's strong operational performance and effective management of risks. The 3% increase in BVPS underscores the company's ability to generate value for shareholders through a combination of investment returns and solid operating company results.

References:
[1] White Mountains Insurance Group, Ltd. (NYSE: WTM). (2025). White Mountains Insurance Group Reports Second Quarter Results. Retrieved from https://www.prnewswire.com/news-releases/white-mountains-reports-second-quarter-results-302524248.html