WHITE MOUNTAINS INSURANCE GROUP has recently released its 10-Q report. White Mountains Insurance Group, Ltd. provides insurance and related financial services in the United States, the United Kingdom, Bermuda, and other markets through segments including Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations. Its businesses span property, specialty, marine and energy, casualty, accident and health insurance and reinsurance, municipal bond guarantee reinsurance, capital solutions for asset and wealth managers, investment management, and specialty electrical contracting.
In Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, White Mountains said book value per share reached $2,258 at June 30, 2026, up 4% in the second quarter and 3% in the first six months of 2026, including dividends. Comprehensive income attributable to common shareholders was $199 million in the second quarter and $173 million year to date, versus $124 million and $159 million in the prior-year periods. The company also repurchased and retired 91,194 shares for $191 million in the second quarter at an average price of $2,092.72, and 103,816 shares for $217 million in the first half at an average price of $2,088.40.
Ark/WM Outrigger reported a combined ratio of 84% in the second quarter and 88% in the first half, compared with 84% and 90% a year earlier. Gross written premiums were $778 million in the quarter and $1.868 billion year to date, down from $815 million and $1.923 billion; net written premiums were $537 million and $1.128 billion, and net earned premiums were $376 million and $750 million. Ark recorded estimated losses of $17 million in the quarter and $42 million year to date tied to the war in Iran, and pre-tax income was $80 million and $89 million, versus $98 million and $144 million. Ark’s book value was $1.615 billion at June 30, while tangible book value was $1.736 billion.
WM Outrigger Re posted a combined ratio of 25% in the quarter and 40% year to date, compared with 44% and 120% in the prior-year periods. White Mountains received $145 million of distributions from WM Outrigger Re in the first six months, plus another $77 million on July 23, 2026.
Kudu reported total revenues of $69 million in the quarter and $132 million year to date, up from $20 million and $84 million. Pre-tax income was $57 million and $109 million, compared with $11 million and $64 million, and adjusted EBITDA was $16 million and $33 million. The company said the gains were driven mainly by higher fair values in participation contracts and lower discount rates. Kudu deployed $36 million into two new asset management firms in 2026 and had deployed $1.2 billion into 32 firms globally as of June 30.
HG Global reported gross written premiums of $11 million in the quarter and $19 million year to date, down from $19 million and $26 million, while pre-tax income fell to $10 million and $21 million from $17 million and $42 million. HG Global refinanced its senior debt facility on May 14, upsizing it to $200 million and lowering the interest rate to 7.4%, then paid a $93 million dividend on May 26, including $90 million to White Mountains.
Distinguished reported managed premiums of $189 million in the quarter and $321 million year to date, with commission and fee revenues of $57 million and $96 million. It posted a pre-tax loss of $11 million and $28 million, while ScaleCo adjusted EBITDA was $12 million and $17 million. WTM Partners reported total revenues of $93 million in the quarter and $137 million year to date, with adjusted EBITDA of $9 million and $11 million. White Mountains said it owned 17.9 million MediaAlpha shares at June 30, 2026, a 29% basic ownership interest, and the carrying value of that investment was $225 million, up from $166 million at March 31. Following these announcements, the company's shares moved 1.63%, and are now trading at a price of $2146.37. For more information, read the company's full 10-Q submission here.
