Core Insights - White Mountains operates in niche segments of the insurance industry, focusing on providing liquidity to asset management firms through Kudu, travel insurance via PassportCard, and reinsurance that mitigates major catastrophes with Ark [1] Group 1: Business Focus - The company emphasizes deep-value investment strategies, targeting overlooked market areas that are often neglected due to market noise or hype [1] - White Mountains invests across various industries, provided there is a thorough understanding of the business model and identification of a sustainable competitive advantage [1]

Financial Performance - White Mountains ended 2024 with a book value per share of $1,746 and an adjusted book value per share of $1,834, reflecting increases of 6% and 8% respectively, including dividends [322]. - Comprehensive income attributable to common shareholders was $230 million in 2024, down from $511 million in 2023 [322]. - Kudu reported total revenues of $119 million and adjusted EBITDA of $55 million in 2024, down from total revenues of $177 million and adjusted EBITDA of $57 million in 2023 [329]. - Total revenues for White Mountains in 2024 reached $2,239.8 million, a 3.4% increase from $2,166.7 million in 2023 [352]. - The P&C Insurance and Reinsurance segment generated revenues of $1,750.9 million in 2024, up from $1,557.8 million in 2023, marking an increase of 12.4% [352]. - White Mountains's total expenses in 2024 were $1,923.1 million, compared to $1,601.3 million in 2023, representing an increase of 20.1% [352]. - The net income attributable to White Mountains's common shareholders for 2024 was $230.4 million, down from $509.2 million in 2023, a decrease of 54.8% [352]. - Kudu reported total revenues of $119 million in 2024, down from $177 million in 2023, with pre-tax income of $81 million compared to $137 million in the previous year [406]. Premiums and Underwriting - Ark reported gross written premiums of $2,207 million and net earned premiums of $1,500 million in 2024, compared to gross written premiums of $1,898 million and net earned premiums of $1,305 million in 2023 [326]. - Ark's combined ratio was 83% in 2024, including 13 points of catastrophe losses, compared to 82% in 2023 with only 2 points of catastrophe losses [325]. - The Ark/WM Outrigger segment reported gross written premiums of $2,207 million in 2024, up from $1,898 million in 2023, representing a 16.3% increase [364]. - Net written premiums for the Ark/WM Outrigger segment were $1,679 million in 2024, compared to $1,521 million in 2023, reflecting a growth of 10.4% [364]. - The segment's net earned premiums were $1,588 million in 2024, an increase from $1,410 million in 2023, marking a rise of 12.6% [364]. - WM Outrigger Re reported gross written premiums of $87 million and net earned premiums of $88 million in 2024, down from $110 million and $104 million in 2023, respectively [368]. Investment Performance - White Mountains's total consolidated portfolio return on invested assets was 6.9% in 2024, including $38 million of net realized and unrealized investment gains from MediaAlpha [333]. - The fixed income portfolio returned 4.3% in 2024, compared to 5.8% in 2023, outperforming the Bloomberg U.S. Intermediate Aggregate Index returns of 2.5% [437]. - The portfolio of common equity securities returned 11.3% in 2024, underperforming the S&P 500 Index returns of 25.0% [441]. - White Mountains's portfolio of other long-term investments returned 8.9% in 2024, down from 20.6% in 2023 [443]. - Ark reported net investment income of $79.4 million in 2024, compared to $50.4 million in 2023, showing a significant increase of 57.5% [367]. - Kudu's net investment income decreased to $67 million in 2024 from $71 million in 2023, primarily due to a $12 million realization of carried interest in 2023 [407]. Capital and Debt Management - As of December 31, 2024, White Mountains's undeployed capital was approximately $0.7 billion, including net proceeds from a debt recapitalization [324]. - The total debt of White Mountains as of December 31, 2024, was $562.5 million, with a total debt to total capital ratio of 9.9% [485]. - Kudu borrowed $35 million in term loans under the Kudu Credit Facility in 2024 [497]. - Kudu repaid $30 million in outstanding balance and extinguished the Ark 2007 Subordinated Notes in 2024 [497]. Shareholder Returns - White Mountains paid $3 million in common share dividends during 2024 [484]. - In 2024, White Mountains declared and paid a cash dividend of $3 million to its common shareholders [496]. - Bamboo paid $25 million in dividends to shareholders during 2024, with $18 million paid to White Mountains [483]. - Kudu distributed $32 million to unitholders in 2024, with $29 million paid to White Mountains [480]. Acquisitions and Consolidations - White Mountains consolidated Bamboo in its financial statements as of January 2, 2024, following the Bamboo Transaction [355]. - White Mountains invested $297 million in Bamboo, acquiring a 72.8% ownership stake, which included contributions to retire Bamboo's legacy credit facility [411]. Tax and Regulatory Matters - White Mountains expects to be exempt from the Bermuda corporate income tax until January 1, 2030, due to meeting specific requirements [347]. - The company recorded a $5 million tax benefit in Q3 2024 due to the reversal of a deferred tax liability related to the Bermuda economic transition adjustment [347]. - The effective tax rate for 2024 was impacted by income generated in jurisdictions with lower tax rates than the U.S. and a full valuation allowance on net deferred tax assets [463]. Operational Highlights - White Mountains's Other Operations reported pre-tax income of $9 million in 2024, a decrease from $113 million in 2023, primarily due to lower investment gains [421]. - General and administrative expenses for Other Operations were $170 million in 2024, down from $182 million in 2023, reflecting a decrease of 6.6% [423]. - The total contractual obligations and commitments amounted to $3,562.8 million as of December 31, 2024 [488].

Financial Performance - As of December 31, 2024, book value per share was $1,746 and adjusted book value per share was $1,834, both down 3% in Q4 2024 but up 6% and 8% for the year, respectively[2] - Comprehensive income attributable to common shareholders was $(131) million in Q4 2024, compared to $288 million in Q4 2023[3] - The company reported a net realized and unrealized investment loss of $34.0 million in Q4 2024, contrasting with a gain of $50.0 million in Q4 2023[40] - For the three months ended December 31, 2024, the net income attributable to White Mountains common shareholders was $(130.4) million, compared to $286.5 million for the same period in 2023[44] - The basic earnings per share for the three months ended December 31, 2024, was $(50.78), compared to $111.87 for the same period in 2023[46] - For the year ended December 31, 2024, total revenues amounted to $2,239.8 million, with earned insurance premiums at $1,691.6 million[52] - Pre-tax income for the year was $565.4 million, reflecting a strong performance across segments[54] Revenue and Premiums - Ark reported a combined ratio of 77% in Q4 2024, with gross written premiums of $264 million, a 14% increase year-over-year[3][4] - Bamboo's managed premiums increased to $127 million in Q4 2024, more than doubling to $484 million for the full year[20] - Earned insurance premiums for P&C Insurance and Reinsurance increased to $414.5 million in Q4 2024 from $362.4 million in Q4 2023[40] - Total P&C Insurance and Reinsurance revenues for the year ended December 31, 2024, were $1,750.9 million, up from $1,557.8 million in 2023[40] - The net earned premiums for the year ended December 31, 2024, were $28.9 million, up from $26.0 million in 2023, indicating a growth of approximately 11.2%[60] - Bamboo's total revenues for the year ended December 31, 2024, reached $179.8 million, up from $147.1 million in 2023, representing a growth of about 22.2%[66] Investment Performance - Kudu's total revenues were $(9) million in Q4 2024, down from $88 million in Q4 2023, reflecting a challenging market environment[16] - Kudu's portfolio value surpassed $1 billion, with a return on equity of 9% for the full year 2024[18] - The total consolidated portfolio return was -2.3% in Q4 2024, down from 5.8% in Q4 2023[27] - For the year ended December 31, 2024, the total consolidated portfolio return was 6.9%, compared to 11.4% in 2023[28] - The total equity portfolio return for the year ended December 31, 2024, was 10.0%, demonstrating strong performance despite market challenges[78] Expenses and Losses - The company reported general and administrative expenses of $43 million in Q4 2024, down from $52 million in Q4 2023[25] - Total expenses for the year ended December 31, 2024, were $1,923.1 million, an increase of 20% from $1,601.3 million in 2023[42] - The pre-tax loss for the three months ended December 31, 2024, was $(120.7) million, compared to a pre-tax income of $327.8 million in the same period of 2023[42] - Acquisition expenses for P&C Insurance and Reinsurance (Ark/WM Outrigger) increased to $76.3 million in Q4 2024 from $70.0 million in Q4 2023[42] Market and Strategic Outlook - White Mountains expects to incur a loss of approximately $12 million related to California wildfires in Q1 2025[26] - Future outlook includes continued market expansion and potential new product developments to enhance revenue streams[54] - White Mountains anticipates future growth and expansion, with a focus on strategic investments and potential mergers and acquisitions[79] - Forward-looking statements indicate expectations for revenue growth and operational targets, subject to various risks and uncertainties[80] Shareholder Information - As of December 31, 2024, White Mountains owned 17.9 million shares of MediaAlpha, representing a 27% basic ownership interest, with a share price decrease from $18.11 to $11.29[23] - The carrying value of White Mountains's investment in MediaAlpha decreased to $202 million from $323 million in the previous quarter[23] - The company's common shareholder's equity decreased to $4,483.7 million as of December 31, 2024, from $4,610.6 million in the previous quarter[35] Other Financial Metrics - The interest expense for the year ended December 31, 2024, was $19.5 million, a decrease from $21.3 million in 2023[42] - Kudu's GAAP net income for the year ended December 31, 2024, was $104.6 million, compared to $64.5 million in 2023, reflecting a year-over-year increase of approximately 62.3%[62] - Kudu's annualized adjusted EBITDA for the year ended December 31, 2024, was reported at $10.8 million, reflecting a significant increase from the previous year[77] - The company emphasizes the importance of non-GAAP financial measures for evaluating performance and understanding the full earnings profile[75]

Core Insights - White Mountains Insurance Group reported a decrease in book value per share and adjusted book value per share by 3% in Q4 2024, while both metrics increased by 6% and 8% respectively for the full year 2024 [1][2][30] Financial Performance - The comprehensive income attributable to common shareholders was $(131) million in Q4 2024, compared to $288 million in Q4 2023, and $230 million for the year ended December 31, 2024, compared to $511 million in 2023 [2][30] - Ark/WM Outrigger segment reported a combined ratio of 77% in Q4 2024, up from 69% in Q4 2023, with gross written premiums of $264 million, a 14% increase year-over-year [3][4][5] - HG Global reported gross written premiums of $18 million in Q4 2024, consistent with Q4 2023, while pre-tax loss was $(20) million compared to a profit of $34 million in Q4 2023 [10][11] - Kudu reported a pre-tax loss of $20 million in Q4 2024, down from a pre-tax income of $75 million in Q4 2023, with total revenues of $(9) million compared to $88 million in the previous year [16][17] - Bamboo achieved significant growth with managed premiums of $127 million in Q4 2024, up from $75 million in Q4 2023, and pre-tax income of $10 million compared to $33 million for the full year [19][20][21] Investment Portfolio - The total consolidated portfolio return was -2.3% in Q4 2024, while excluding MediaAlpha, the return was -0.4% [27][28] - The total consolidated portfolio return for the year ended December 31, 2024, was 6.9%, with a 6.5% return excluding MediaAlpha [28][29] MediaAlpha Investment - White Mountains owned 17.9 million shares of MediaAlpha, representing a 27% ownership interest, with a carrying value of $202 million as of December 31, 2024, down from $323 million as of September 30, 2024 [23][24] Other Operations - Other Operations reported a pre-tax loss of $(148) million in Q4 2024, compared to a profit of $94 million in Q4 2023, largely due to losses from MediaAlpha [25][26]

Company Overview - Homestead Capital USA LLC manages over $1 6 billion in equity and credit assets, focusing on high-quality farmland properties and lending to farmland operators [1] - The company is majority employee-owned and led by co-founders and co-CEOs Daniel Little and Gabe Santos [1] - Homestead has 20 employees and operates in multiple regions across the United States, including the Pacific, Pacific Northwest, Mountain West, Delta, and Midwest [7] Investment and Partnership - Kudu Investment Management made a passive, minority investment in Homestead, although financial terms were not disclosed [3] - Kudu has invested in 30 asset and wealth managers across the US, Canada, UK, and Australia, with partner firms collectively managing approximately $128 billion as of September 30, 2024 [5] - Homestead views Kudu as a partner that shares its conviction in the benefits of investing in diversified US agricultural assets [4] Business Strategy - Homestead focuses on acquiring farmland with opportunities for value enhancement through capital improvements, tailored farm management, economies of scale, crop selection, and customized operating strategies [6] - The company primarily works with small and mid-sized farmers to improve capacity and profitability [7] Industry Context - Agricultural assets are seen as poised for growth as investors allocate more funds to the real assets market [4] - Kudu provides long-term capital solutions, including generational ownership transfers, management buyouts, acquisition and growth finance, and liquidity for legacy partners [6]

Financial Performance - As of September 30, 2024, White Mountains reported a book value per share of $1,795 and an adjusted book value per share of $1,883, reflecting increases of 4% and 6% in Q3 2024, and 9% and 11% in the first nine months of 2024[173]. - White Mountains reported total revenues of $839.1 million for the three months ended September 30, 2024, compared to $519.6 million for the same period in 2023, representing a 61.6% increase[183]. - The company's net income attributable to common shareholders for the three months ended September 30, 2024, was $179.0 million, up from $23.6 million in the same period of 2023, reflecting a significant increase[183]. - The company’s pre-tax income for the three months ended September 30, 2024, was $239.5 million, compared to $21.1 million in the same period of 2023, showing a substantial improvement[183]. - Total expenses for the three months ended September 30, 2024, were $599.6 million, up from $498.5 million in the same period of 2023, which is a 20.3% increase[183]. Segment Performance - The Ark/WM Outrigger segment's combined ratio improved to 77% in Q3 2024 from 77% in Q3 2023, with gross written premiums increasing to $374 million in Q3 2024 from $251 million in Q3 2023[173]. - Ark reported pre-tax income of $119 million in Q3 2024, up from $62 million in Q3 2023, with net realized and unrealized investment gains of $53 million compared to a loss of $7 million in the prior year[175]. - Kudu's total revenues increased to $47 million in Q3 2024 from $26 million in Q3 2023, with pre-tax income rising to $38 million from $16 million[175]. - Bamboo's managed premiums grew to $148 million in Q3 2024 from $71 million in Q3 2023, driven by new business volume and a growing renewal book[175]. - The Ark/WM Outrigger segment reported pre-tax income of $141 million in Q3 2024, up from $99 million in Q3 2023[1]. Investment Performance - White Mountains's total consolidated portfolio return on invested assets was 4.6% in Q3 2024, including $88 million of unrealized investment gains from MediaAlpha, compared to -0.2% in Q3 2023[177]. - The company reported net realized and unrealized investment gains of $53.2 million for the three months ended September 30, 2024, compared to a loss of $6.6 million in the same period of 2023[186][188]. - The portfolio of common equity securities, including MediaAlpha, returned 6.5% in Q3 2024, with $88 million of unrealized gains from MediaAlpha, compared to -0.4% in Q3 2023[257]. - The fixed income portfolio returned 2.9% in Q3 2024, compared to a flat return in Q3 2023, underperforming the Bloomberg Barclays U.S. Intermediate Aggregate Index which returned 4.6%[256]. - Total common equity securities and other long-term investments returned 15.1% in the first nine months of 2024, including $160 million of net gains from MediaAlpha[257]. Capital Structure - White Mountains's undeployed capital was approximately $650 million as of September 30, 2024[173]. - Total adjusted capital increased to $6,002.2 million as of September 30, 2024, compared to $5,367.0 million as of December 31, 2023[276]. - As of September 30, 2024, total debt decreased to $544.9 million from $564.6 million as of December 31, 2023, resulting in a total debt to total capital ratio of 9.4%[276]. - The total debt to total adjusted capital ratio improved to 9.1% as of September 30, 2024, from 10.5% as of December 31, 2023[276]. - The interest rate on the BAM Surplus Notes was amended to 10.0% effective July 1, 2024, with a higher proportion of payments applied to outstanding principal[268]. Dividends and Shareholder Returns - During the nine months ended September 30, 2024, Ark declared and paid a $33 million dividend to its shareholders, including $24 million to White Mountains[266]. - Kudu distributed $24 million to unitholders during the nine months ended September 30, 2024, substantially all of which was paid to White Mountains[269]. - The company declared and paid a $3 million cash dividend to common shareholders for both the nine months ended September 30, 2024, and 2023[279]. - White Mountains repurchased 5,269 common shares for $8 million at an average price of $1,505, which was approximately 80% of the adjusted book value per share as of September 30, 2024[277]. - Bamboo Captive has the ability to pay a dividend of up to $1 million during 2024, equal to 15% of its statutory capital surplus reported as of December 31, 2023[271]. Risks and Compliance - White Mountains acknowledges various risks and uncertainties that could impact actual results compared to forward-looking statements[299]. - The company has evaluated the effectiveness of its disclosure controls and procedures as of September 30, 2024, concluding they are adequate and effective[302]. - No changes to internal control over financial reporting occurred during Q3 2024 that materially affected the company's financial reporting[302]. - White Mountains was in compliance with all material covenants under its debt instruments as of September 30, 2024[274]. - The BAM Surplus Notes are classified as Level 3 measurements, indicating a reliance on unobservable inputs for valuation[296].

Financial Performance - As of September 30, 2024, White Mountains reported a book value per share of $1,795 and an adjusted book value per share of $1,883, reflecting increases of 4% and 6% in Q3 2024, and 9% and 11% year-to-date[1]. - Comprehensive income attributable to common shareholders was $180 million in Q3 2024, compared to $23 million in Q3 2023, driven by significant investment gains[3]. - Net income attributable to White Mountains's common shareholders for Q3 2024 was $179.0 million, compared to $23.6 million in Q3 2023, representing a significant increase of 658.5%[37]. - Pre-tax income for Q3 2024 was $239.5 million, a substantial increase from $21.1 million in Q3 2023, reflecting an increase of 1,134.0%[40]. - Total revenues for the three months ended September 30, 2024, reached $839.1 million, a significant increase from $519.6 million in the same quarter of 2023, marking a growth of 61.5%[34]. - Total revenues for the nine months ended September 30, 2024, reached $1,881.8 million, with earned insurance premiums at $1,244.4 million[44]. - Total revenues for the three months ended September 30, 2023, were $519.6 million, with earned insurance premiums contributing $506.8 million[42]. - Total expenses for Q3 2024 amounted to $599.6 million, compared to $498.5 million in Q3 2023, which is an increase of 20.3%[40]. - The company reported a pre-tax income of $437.4 million for the nine months ended September 30, 2024, compared to a loss of $46.2 million in the same period last year[44]. Premiums and Underwriting - Ark produced a combined ratio of 79% in Q3 2024, with gross written premiums of $374 million, representing a 49% year-over-year increase[3]. - Bamboo's managed premiums doubled year-over-year to $148 million in Q3 2024, driven by growth in new business volume[20]. - Total gross written premiums for the nine months ended September 30, 2024, reached $34.5 million, compared to $31.9 million for the same period in 2023, marking an increase of 8.1%[52]. - Gross written premiums for the nine months ended September 30, 2024, were reported at $1,942.7 million, reflecting growth in the insurance segment[50]. - Total par value of policies assumed increased to $688.4 million in Q3 2024 from $644.3 million in Q3 2023, representing a growth of 6.5%[52]. Investment Performance - The total consolidated portfolio return was 4.6% in Q3 2024, compared to -0.2% in Q3 2023[24]. - MediaAlpha's share price increased by 38% in Q3 2024, resulting in an $88 million unrealized gain for White Mountains[3]. - The total consolidated portfolio return for the three months ended September 30, 2024, was 4.6%, while the return excluding MediaAlpha was 3.3%[79]. - White Mountains reported a total consolidated portfolio return of 9.4% for the nine months ended September 30, 2024, compared to 5.3% in the previous year[79]. - Net investment income from Asset Management (Kudu) increased to $17.2 million for the three months ended September 30, 2024, up from $15.1 million in the same period last year[34]. Assets and Liabilities - Total assets increased to $10,337.5 million as of September 30, 2024, up from $8,385.9 million in December 31, 2023, representing a growth of 23.3%[30]. - Total liabilities increased to $5,077.7 million from $3,824.3 million in December 31, 2023, reflecting a growth of 32.7%[30]. - P&C Insurance and Reinsurance liabilities totaled $4,000.2 million, an increase from $2,876.1 million in December 31, 2023, indicating a rise of 39.1%[30]. - Total P&C Insurance and Reinsurance assets reached $5,578.5 million, up from $4,378.6 million in December 31, 2023, indicating a growth of 27.4%[28]. - Insurance premiums receivable rose to $993.0 million, up from $612.2 million in December 31, 2023, representing a significant increase of 62.2%[28]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[42]. - Future outlook includes continued focus on market expansion and potential new product development to enhance revenue streams[45]. Dividends - The company reported a year-to-date dividend per share of $1.00, consistent with the previous year[33]. - The company declared dividends of $1.00 per share for the nine months ended September 30, 2024, consistent with the previous year[38].

Core Insights - White Mountains Insurance Group reported a book value per share of $1,795 and an adjusted book value per share of $1,883 as of September 30, 2024, reflecting increases of 4% and 6% in Q3 2024, and 9% and 11% year-to-date [1][31][32] Financial Performance - Comprehensive income attributable to common shareholders was $180 million in Q3 2024, compared to $23 million in Q3 2023, and $361 million for the first nine months of 2024, compared to $224 million in the same period of 2023 [3][20] - The total consolidated portfolio return was 4.6% in Q3 2024 and 9.4% for the first nine months, compared to -0.2% and 5.3% in the same periods of 2023 [21][22] Segment Performance - Ark reported a combined ratio of 79% in Q3 2024, an improvement from 81% in Q3 2023, with gross written premiums of $374 million, up 49% year-over-year [5][8][6] - HG Global generated gross written premiums of $14 million in Q3 2024, consistent with Q3 2023, but reported a pre-tax loss of $(63) million compared to a loss of $(2) million in Q3 2023 [10][11] - Kudu's total revenues increased to $47 million in Q3 2024 from $26 million in Q3 2023, with pre-tax income rising to $38 million from $16 million [13][14] Investment Highlights - MediaAlpha's share price increased by 38% in Q3 2024, resulting in an unrealized gain of $88 million for White Mountains [3][18] - The carrying value of White Mountains's investment in MediaAlpha rose to $323 million as of September 30, 2024, from $235 million at the end of June 2024 [18] Operational Metrics - Undeployed capital remains at approximately $650 million, indicating potential for future investments [3] - Managed premiums at Bamboo doubled year-over-year to $148 million in Q3 2024, driven by strong demand from new and renewing policyholders [17][18]

Company Overview - Bamboo Insurance has achieved a remarkable three-year revenue growth of 309 percent, positioning it among America's fastest-growing private companies [1] - The company has been ranked No. 1,680 on the Inc. 5000 list for 2024, highlighting its success in navigating inflationary pressures and rising capital costs [2] Leadership and Investment - John Chu, the Founder & CEO of Bamboo Insurance, expressed pride in the company's inclusion on the Inc. 5000 for a second consecutive year, emphasizing the team's commitment to delivering exceptional value [3] - Earlier in the year, White Mountains Insurance Group, Ltd. invested $297 million in Bamboo Insurance, acquiring a 72% stake to support its growth [3] Business Model and Strategy - Bamboo Insurance is focused on providing a seamless and innovative insurance experience, leveraging data and technology to enhance transparency and streamline the insurance process for partners and policyholders [4]

Financial Performance - As of June 30, 2024, White Mountains reported a book value per share of $1,722 and an adjusted book value per share of $1,777, both decreasing by 1% in Q2 2024 but increasing by 4% in the first six months of 2024[165]. - Total revenues for Q2 2024 reached $395.4 million, a 4.6% increase from $378.4 million in Q2 2023[174]. - Net income attributable to White Mountains's common shareholders for Q2 2024 was a loss of $54.6 million, compared to a profit of $19.6 million in Q2 2023[174]. - The company reported a pre-tax loss of $34.7 million for Q2 2024, compared to a pre-tax income of $17.4 million in Q2 2023[174]. - The company reported a pre-tax loss of $(23.1) million for the six months ended June 30, 2024, compared to a pre-tax loss of $(13.2) million for the same period in 2023, indicating a worsening of financial performance[206]. Revenue Growth - Kudu reported total revenues of $70 million and pre-tax income of $61 million in Q2 2024, significantly up from $19 million and $10 million respectively in Q2 2023[167]. - Bamboo's managed premiums increased to $120 million in Q2 2024 from $41 million in Q2 2023, driven by growth in new business volume[167]. - Asset Management revenues surged to $70.2 million in Q2 2024, compared to $19.3 million in Q2 2023, marking a significant growth[174]. - Financial Guarantee revenues increased to $15.7 million in Q2 2024, compared to $5.9 million in Q2 2023[174]. - Gross written premiums increased by 15% to $697 million in Q2 2024 compared to $606 million in Q2 2023, driven primarily by property, marine & energy, and specialty lines of business[189]. Investment Performance - White Mountains's total consolidated portfolio return on invested assets was -0.1% in Q2 2024, impacted by $139 million of net realized and unrealized investment losses from MediaAlpha[169]. - MediaAlpha's share price decreased to $13.17 per share as of June 30, 2024, down from $20.37 per share at the end of Q1 2024, leading to a decline in White Mountains's investment carrying value by $231 million[167]. - The portfolio returned -1.3% in Q2 2024, including $139 million of net realized and unrealized investment losses from MediaAlpha, compared to a return of 3.9% for the same period in 2023[244]. - For the first six months of 2024, the portfolio returned 8.1%, including $72 million of net realized and unrealized investment gains from MediaAlpha, compared to 9.1% in the first half of 2023[244]. Segment Performance - The Ark/WM Outrigger segment's combined ratio was 87% in Q2 2024, with gross written premiums of $697 million and net earned premiums of $318 million, compared to gross written premiums of $606 million in Q2 2023[165]. - The Ark segment reported pre-tax income of $50 million in Q2 2024, compared to $42 million in Q2 2023, with net realized and unrealized investment gains of $20 million[165]. - WM Outrigger Re's combined ratio was 27% in Q2 2024, with gross written premiums of $39 million, down from $58 million in Q2 2023 due to lower capital commitment[167]. - The Ark/WM Outrigger segment reported pre-tax income of $58.5 million for Q2 2024, an increase from $51.8 million in Q2 2023[177]. Expenses and Liabilities - Total expenses for Q2 2024 were $430.1 million, up from $361.0 million in Q2 2023, reflecting a 19.2% increase[174]. - Total liabilities as of June 30, 2024, were $4,203.0 million, reflecting an increase from $2,876.1 million as of December 31, 2023[200]. - The company reported a loss and loss adjustment expense reserve of $1,890.1 million as of June 30, 2024[199]. Capital and Equity - As of June 30, 2024, White Mountains's undeployed capital was approximately $650 million[165]. - Total equity for White Mountains's common shareholders was $363.5 million in June 2024, consistent with the previous period[218][220]. - White Mountains repurchased 5,269 common shares for $8 million at an average price of $1,505, approximately 85% of its adjusted book value per share as of June 30, 2024[260]. Future Outlook - The company plans to expand its marine & energy and accident & health lines of business, supported by new teams in London[198]. - White Mountains expects to meet requirements to be exempt from Bermuda corporate income tax until January 1, 2030, benefiting from a net deferred tax asset of $68 million recognized as of December 31, 2023[247]. - The company plans to continue focusing on market expansion and new product development to drive future growth[206].