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].

Financial Performance - Ark reported gross written premiums of $697 million, up 15% year-over-year, with a combined ratio of 89% in Q2 2024[2][3]. - BAM's gross written premiums and member surplus contributions increased to $28 million in Q2 2024, up 7% year-over-year, with total insured municipal bonds reaching $5.3 billion[7][8]. - Kudu's total revenues increased to $70 million in Q2 2024, with pre-tax income rising to $61 million compared to $19 million and $10 million in Q2 2023[11]. - Bamboo's managed premiums tripled year-over-year to $120 million in Q2 2024, driven by strong new business volume and an expanding renewal book[13][15]. - Total revenues for the three months ended June 30, 2024, increased to $395.4 million from $378.4 million in the same period last year, representing a growth of 4.6%[29]. - Total P&C Insurance and Reinsurance revenues for the six months ended June 30, 2024, were $700.1 million, up from $610.5 million in the same period last year[29]. - Total revenues for the six months ended June 30, 2024, were $1,042.7 million, an increase from $910.3 million in the same period of 2023, representing a growth of approximately 14.5%[40]. Investment Performance - Total consolidated portfolio return was -0.1% in Q2 2024, but 2.2% excluding MediaAlpha[19][20]. - The company reported net realized and unrealized investment gains of $95.1 million for the six months ended June 30, 2024, compared to $201.6 million in 2023, indicating a decrease of about 52.8%[40]. - Net investment income for the three months ended June 30, 2024, was $22.3 million, up from $13.7 million in the same period last year[29]. - Net investment income for the six months ended June 30, 2024, was $114.4 million, compared to $82.0 million in 2023, reflecting an increase of approximately 39.5%[40]. Shareholder Equity and Book Value - Book value per share decreased by 1% to $1,722 and adjusted book value per share decreased by 1% to $1,777 as of June 30, 2024[1]. - The company's common shareholders' equity rose to $4,422.6 million as of June 30, 2024, up from $3,922.2 million a year ago, indicating a growth of 12.8%[26]. - GAAP book value per share decreased by 1.2% quarter-to-date to $1,722.02, while adjusted book value per share decreased by 1.1% to $1,776.89[28]. - Year-to-date change in GAAP book value per share, including dividends, was 4.0%[28]. Expenses and Losses - Total expenses for the three months ended June 30, 2024, increased to $430.1 million from $361.0 million in the same period last year[31]. - Loss and loss adjustment expenses for the three months ended June 30, 2024, were $175.7 million, compared to $167.5 million in the same period last year[31]. - Loss and loss adjustment expenses totaled $369.7 million for the six months ended June 30, 2024, compared to $315.3 million in 2023, marking an increase of about 17.2%[41]. - Acquisition expenses for the three months ended June 30, 2024, were $75.9 million, up from $62.9 million in the same period of 2023, reflecting an increase of approximately 21%[36][38]. Capital and Reserves - Undeployed capital stands at approximately $650 million as of Q2 2024[2]. - Loss and loss adjustment expense reserves for P&C Insurance and Reinsurance stood at $1,890.1 million as of June 30, 2024, compared to $1,421.0 million a year earlier, reflecting a 33.0% increase[27]. - Unearned insurance premiums for P&C Insurance and Reinsurance increased to $1,526.1 million as of June 30, 2024, from $1,376.5 million a year earlier, representing an increase of 10.9%[27]. - Total liabilities reached $5,294.7 million as of June 30, 2024, compared to $4,250.4 million a year earlier, indicating a year-over-year increase of 24.6%[27]. Market Conditions and Risks - White Mountains anticipates future capital expenditures to support business expansion and growth strategies[70]. - White Mountains' forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations[71]. - The company highlights potential claims arising from catastrophic events, including hurricanes and public health crises[71]. - There is a risk that recorded loss reserves may prove to be inadequate[71]. - The market value of White Mountains' investment in MediaAlpha is a point of concern[71]. - The ongoing trends and uncertainties from the COVID-19 pandemic may impact business opportunities[71]. - Actions taken by rating agencies could affect financial strength or credit ratings[71]. - The availability of capital and financing remains a critical factor for the company[71]. - Competitive forces and the conduct of other insurers are influencing market conditions[71]. - Changes in domestic or foreign laws or regulations could impact operations[71]. Dividends and Share Repurchases - The company declared dividends of $1.00 per common share for the six months ended June 30, 2024, consistent with the same period in 2023[34]. - White Mountains did not repurchase any common shares in Q2 2024, but repurchased 5,269 shares for $8 million in the first half of 2024[20]. - In Q2 2023, White Mountains repurchased 5,542 common shares for $7 million at an average price of $1,336.68, representing 85% of the adjusted book value per share[21]. - In the first half of 2023, the company repurchased 24,165 common shares for $33 million at an average price of $1,354.88, or 86% of the adjusted book value per share[21].