White Mountains Stock Price, News & Analysis

White Mountains Insurance Group, Ltd. (NYSE: WTM) has appointed Suzanne F. Shank to its Board of Directors. Shank is the President and CEO of Siebert Williams Shank & Co., LLC, an investment banking firm. She also holds directorships at CMS Energy, Rocket Companies, and various foundations. CEO Manning Rountree expressed confidence that her experience in investment banking and municipal finance will be beneficial for the company.

Douglass Winthrop Advisors, LLC (DWA), managing over $4.8 billion in assets, has partnered with Kudu Investment Management. Kudu has acquired a minority stake in DWA, enhancing DWA's growth capital while maintaining its independence. The partnership aims to provide financial security and leadership continuity. Established in 2000, DWA offers investment advisory services primarily to high net worth clients. Kudu, founded in 2015, backs 17 firms and manages approximately $96 billion globally.

Third Eye Capital, a prominent Canadian private credit firm, has partnered with Kudu Investment Management, acquiring a minority stake. Although financial terms were undisclosed, this investment is set to bolster Third Eye's capability to launch new funds within the growing Canadian private credit market. Third Eye, managing approximately C$2.8 billion, aims to support underserved companies. Kudu, now holding investments in 16 partner firms globally, enhances its portfolio with Third Eye, reflecting a shared vision and operational alignment.

White Mountains Insurance Group (WTM) reported significant financial results for the second quarter of 2021, including a book value per share of $1,279 and adjusted book value of $1,292, reflecting a 4% increase from Q1. The company achieved comprehensive income of $139 million for the quarter, driven mainly by $113 million in investment gains from MediaAlpha, in which WTM holds a 28% stake. Ark's gross premiums surged 78% year-over-year, while BAM’s premiums decreased to $30 million. Despite the strong performance, rising administrative costs were noted. The firm ended Q2 with approximately $300 million in undeployed capital.

S&P Global Ratings affirmed Build America Mutual's AA rating with a stable outlook, the highest for any active bond insurer. The analysis highlighted increased demand for BAM-insured municipal bonds, which surged 27% to a record $9.5 billion in H1 2021. The report praised BAM's strong capital adequacy, low-risk portfolio, and credit discipline. CEO Seán W. McCarthy noted that investors use BAM insurance to enhance liquidity and credit quality. Since its launch in 2012, BAM has insured over $96 billion in municipal securities across more than 11,000 transactions.

White Mountains Insurance Group, Ltd. (NYSE: WTM) will hold its Annual Investor Information Meeting via live Webcast on June 4, 2021, at 10:00 a.m. ET. CEO Manning Rountree will discuss the company's operations and outlook, followed by a Q&A session. Investors can access the meeting through the company's website or the investor meeting site. A replay will be available for 30 days post-event. Relevant documents, including the 2020 Annual Report and Proxy Statement, are available online.

White Mountains Insurance Group (WTM) reported a 2% drop in both book value per share and adjusted book value per share, totaling $1,231 and $1,242 respectively, as of March 31, 2021. The decline was primarily attributed to losses in MediaAlpha and NSM’s Fresh Insurance sale. Despite these challenges, BAM reported record growth in premiums, and Ark saw gross written premiums increase by over 2x year-over-year. The company ended the quarter with approximately $300 million in undeployed capital after a successful secondary offering.

Kudu Investment Management has successfully secured a $300 million credit facility from Massachusetts Mutual Life Insurance Company to support its growth initiatives. Since 2018, Kudu has invested nearly $400 million, acquiring minority stakes in 13 asset and wealth management firms, which manage over $45 billion in combined assets as of December 31, 2020. Kudu's CEO, Rob Jakacki, highlighted their strong momentum in 2020, completing five transactions and looking to expand their portfolio further.

White Mountains Insurance Group (NYSE: WTM) announced a secondary offering of 7,000,000 shares of MediaAlpha, priced at $46 per share. White Mountains is selling 3,122,460 shares, retaining a 27% stake in MediaAlpha, valued at approximately $800 million. The offering is expected to close on March 23, 2021, with net proceeds of about $140 million to White Mountains. The underwriters will have a 30-day option for additional shares.