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.
Granahan Investment Management (GIM) has partnered with Kudu Investment Management, which acquired a minority interest in GIM, enhancing its strategic growth initiatives. GIM, managing $5.8 billion in assets, focuses on small cap equities and retains operational autonomy with over 75% employee ownership. The firm has a strong track record, with performance rankings in the top 5% for its various strategies. Kudu, founded in 2015, aims to support asset and wealth managers and brings significant capital commitments to the partnership.
White Mountains Insurance Group, Ltd. (NYSE: WTM) reported a 9% decrease in book value per share ($1,162) and adjusted book value per share ($1,176) for Q3 2021. Year-to-date, these metrics fell 8% and 7%, respectively. The decline was largely attributed to losses from MediaAlpha, which saw its share price drop significantly. Despite this, BAM reported $28 million in premiums, and Ark's gross written premiums rose 79% year-over-year. Comprehensive loss for the quarter was $(373) million, driven by a $397 million loss related to MediaAlpha. Share repurchases totaled $87 million in Q3.
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.