WTM · White Mountains Insurance Group, Ltd.

White Mountains Insurance Group reported a 1% decline in book value per share to $2,170 for Q1 2026, primarily due to a $65 million unrealized loss from its investment in MediaAlpha, whose share price fell from $12.95 to $9.30. Excluding MediaAlpha, the total consolidated portfolio returned 1.0%, outperforming benchmarks. The Ark/WM Outrigger segment posted a strong 91% combined ratio, despite $25 million in estimated losses from the war in Iran, compared to 97% in the prior year. Gross written premiums were $1.1 billion, slightly down due to timing changes in delegated authority business, but net earned premiums grew 7%. Kudu delivered $17 million adjusted EBITDA and a 12% trailing return on equity, reflecting portfolio resilience. HG Global grew gross written premiums 24% to $8 million, driven by increased primary market activity. Distinguished reported $132 million in managed premiums and $4 million ScaleCo adjusted EBITDA, with growth in environmental programs offset by umbrella market pressure. Other Operations reported a pre-tax loss of $80 million, largely from MediaAlpha mark-to-market losses. Management highlighted capital deployment of $125 million into Bishop Street Underwriters and two WTM Partners acquisitions in Q2 2026, with undeployed capital of approximately $0.8 billion. The press release also disclosed non-GAAP measures including Kudu's EBITDA and adjusted EBITDA, Distinguished's ScaleCo metrics, and portfolio returns excluding MediaAlpha, with reconciliations provided.