Quarterly ResultMay 6, 2026, 08:26 AM
White Mountains Q1 Book Value Per Share Down 1% to $2,170; Net Loss $(27.2)M
AI Summary
White Mountains Insurance Group reported a 1% decrease in book value per share to $2,170 for Q1 2026. The company posted a comprehensive loss of $(27) million, primarily due to a $(65) million unrealized investment loss from MediaAlpha. Despite this, the Ark/WM Outrigger segment improved its combined ratio to 91%, and Kudu's adjusted EBITDA grew to $17 million. The company also deployed $125 million into Bishop Street Underwriters and announced two Q2 acquisitions by WTM Partners.
Key Highlights
- Book value per share decreased 1% to $2,170 as of March 31, 2026.
- Net loss attributable to common shareholders was $(27.2) million in Q1 2026.
- Basic earnings per share was $(12.59) in Q1 2026, down from $13.19 in Q1 2025.
- Ark/WM Outrigger combined ratio improved to 91% in Q1 2026 from 97% in Q1 2025.
- Kudu's adjusted EBITDA increased to $17 million in Q1 2026 from $16 million in Q1 2025.
- Unrealized investment losses from MediaAlpha totaled $65 million in Q1 2026.
- Total consolidated portfolio return, excluding MediaAlpha, was 1.0% in Q1 2026.
- Deployed $125 million into Bishop Street Underwriters; WTM Partners closed two Q2 acquisitions for $132 million equity.