Welcome to our dedicated page for White Mountains news (Ticker: WTM), a resource for investors and traders seeking the latest updates and insights on White Mountains stock.
White Mountains Insurance Group Ltd. reports developments across an insurance and financial-services holding company built around opportunistic acquisitions, ownership of operating businesses, and dispositions when exit values are attractive. Recurring updates cover book value per share, operating results, investment returns, capital deployment, share repurchases and tender offers.
Company news also tracks segment and subsidiary activity at Ark/WM Outrigger, HG Global, Kudu and Distinguished, along with White Mountains Partners investments in founder- and entrepreneur-owned businesses. Updates include property and casualty insurance and reinsurance, municipal bond reinsurance, capital solutions for asset and wealth management firms, insurance distribution programs, reinsurance sidecar activity and completed portfolio transactions such as the Bamboo sale.
White Mountains Insurance Group (NYSE: WTM) has announced the creation of Outrigger Re Ltd., a reinsurance sidecar designed to provide collateralized reinsurance for its property catastrophe portfolio. The new Bermuda-based company is backed by $250 million in investor capital, with $205 million contributed by White Mountains, alongside investments from Aquiline Capital Partners and Enstar Group Limited (NASDAQ: ESGR). This initiative aims to enhance underwriting capacity in the current property catastrophe insurance market, reflecting strategic growth in response to evolving industry dynamics.
White Mountains Insurance Group (NYSE: WTM) reported significant growth in its book value per share, reaching $1,439, a 28% increase in Q3 2022, and $1,471 for adjusted book value per share, driven primarily by a $876 million net gain from the sale of NSM. Comprehensive income attributable to common shareholders was $890 million in Q3, recovering from losses in the previous year. Despite unrealized investment losses from MediaAlpha and a pre-tax loss in BAM, the company repurchased over $500 million in shares, and Kudu reported strong revenue growth, reflecting robust performance amid market challenges.
White Mountains Insurance Group, Ltd. (NYSE: WTM) announced the results of its tender offer that concluded on September 20, 2022. A total of 327,795 shares were tendered at or below the purchase price of $1,400 per share, totaling approximately $458.9 million. This represents about 11.3% of the company's outstanding shares as of August 19, 2022. Following the transaction, around 2,576,232 common shares are expected to remain outstanding. Payments for the accepted shares will be made promptly.
White Mountains Insurance Group, Ltd. (NYSE: WTM) has released preliminary results from its modified Dutch auction tender offer to purchase up to $500 million of its common shares, which expired on September 20, 2022. According to preliminary counts, 333,878 shares were tendered at or below the purchase price of $1,400 per share, with the company expecting to spend approximately $467.4 million on the shares. This equates to around 11.5% of its outstanding shares as of August 19, 2022. Final purchase details will be confirmed after the settlement period.
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.