White Mountains Stock Price, News & Analysis

Escalate Capital Partners has received a minority investment from Kudu Investment Management, enhancing its position in the asset management sector. Founded in 2005, Escalate has invested over $1 billion in software, services, and healthcare, raising more than $850 million from various investors. Kudu's investment is expected to support Escalate's growth strategy and leverage Kudu's extensive network in the asset management industry, which oversees more than $67 billion in investments. Financial details of the transaction were not disclosed.

White Mountains Insurance Group, Ltd. (NYSE: WTM) has initiated a "modified Dutch auction" self-tender offer to buy back up to $500 million of its common shares, offering prices between $1,250 and $1,400 per share. This offer, effective from August 22, 2022 to September 20, 2022, allows shareholders to specify how many shares they want to tender. Depending on the shares tendered, the company could buy approximately 12.3% to 13.8% of outstanding shares. The offer is not conditioned on financing but is subject to specific terms.

White Mountains Insurance Group (NYSE: WTM) reported a book value per share of $1,129 and an adjusted book value of $1,152 as of June 30, 2022, reflecting decreases of 5% and 4% in Q2. The recent sale of NSM added an estimated net gain of $300 per share, pushing adjusted values to approximately $1,429 and $1,452, respectively. Despite mark-to-market losses in fixed income and declines from MediaAlpha, operating businesses performed well, with Ark achieving an 87% combined ratio and BAM recording strong premium growth.

On August 1, 2022, White Mountains Insurance Group (NYSE: WTM) announced the completion of its sale of NSM Insurance Group to investment funds affiliated with Carlyle (NASDAQ: CG). This strategic move indicates a focus on optimizing its portfolio, although the company remains in a quiet period before releasing its second-quarter earnings. The transaction's details, including financial terms, were not disclosed, but it reflects White Mountains' ongoing efforts to enhance its market position.

On July 28, 2022, GenTrust, LLC, a SEC-registered investment adviser, announced a strategic partnership with Kudu Investment Management, acquiring a minority stake. GenTrust manages around $3 billion in assets, primarily for ultra-high-net-worth clients. The partnership is set to enhance GenTrust's growth through Kudu's financial resources and expertise. Kudu, with a history of investing in asset managers, sees an opportunity in GenTrust's unique investment approach. The collaboration aims to accelerate both organic and inorganic growth in a competitive market.

Kudu Investment Management announced the appointment of Ben Ruffel as the director of distribution strategies, effective June 13, 2022. Ruffel will support Kudu's 18 partner firms, which manage $70 billion in assets, in exploring growth opportunities. Prior to joining Kudu, he held key positions at PIMCO and NISA Investment Advisors. CEO Rob Jakacki emphasized that Ruffel's experience will be instrumental in providing advice and support for growth strategies. Kudu, founded in 2015, offers long-term capital solutions to asset managers and is backed by White Mountains Insurance Group (NYSE: WTM) and MassMutual.

Kudu Investment Management has acquired a minority interest in Gramercy Funds Management, facilitating the reinvestment of proceeds into Gramercy's investment strategies. This partnership is aimed at strengthening Gramercy’s alignment with limited partners and enhancing their portfolio amid current market volatility. Gramercy manages approximately $5.4 billion in assets across various emerging market strategies. Kudu has previously invested in 18 asset managers and has raised over $800 million in equity and debt capital, positioning both firms for growth opportunities.

Kudu Investment Management, a provider of permanent capital solutions, announced that Massachusetts Mutual Life Insurance Company (MassMutual) has become an equity investor, joining White Mountains Insurance Group, traded as WTM. Since 2018, Kudu has acquired minority stakes in 17 asset and wealth managers, collectively managing $65 billion as of March 31, 2022. Kudu has raised over $800 million in capital, including a $350 million credit facility closed in 2021. Kudu's CEO expressed gratitude for MassMutual's support and highlighted a strong pipeline of investment opportunities.

White Mountains Insurance Group, Ltd. (NYSE: WTM) will host its Annual Investor Information Meeting on June 10, 2022, at 10:00 a.m. ET, at the Mandarin Oriental Hotel in New York. Investors can attend in person or via webcast. CEO Manning Rountree will present the company's operations and outlook, followed by a Q&A session. Pre-registration is available on the company's website, where the 2021 Annual Report and other documents are also accessible. For more details, visit www.whitemountains.com.