WHITE MOUNTAINS REPORTS THIRD QUARTER RESULTS

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]