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White Mountains Insurance Group, (NYSE: WTM) announced the closure of MediaAlpha, Inc.'s underwritten secondary public offering of 7,590,000 shares at $19.00 per share. White Mountains sold 5,000,200 shares, generating around $90 million. Following the offering, White Mountains holds 25% fully-diluted ownership of MediaAlpha. The offering did not involve MediaAlpha selling any shares, ensuring a substantial cash influx for White Mountains.
White Mountains Insurance Group, reported a strong first quarter with book value per share of $1,742 and adjusted book value per share of $1,797 as of March 31, 2024, increasing by 5% and 6% respectively. MediaAlpha's performance was key to the growth. Total comprehensive income attributable to common shareholders was $236 million, up from $180 million in the first quarter of 2023. The Ark/WM Outrigger segment performed well with a combined ratio of 91%. BAM experienced some losses but remains positive about the future. Kudu had a solid quarter, and Bamboo more than tripled managed premiums year-over-year.
White Mountains Insurance Group, (NYSE: WTM) announced that MediaAlpha, Inc. priced a secondary public offering of 6.6 million shares of its Class A common stock, with White Mountains offering 4.3 million shares. White Mountains will receive approximately $79 million in net cash proceeds. The offering is expected to close on May 10, 2024.
White Mountains Partners announced the appointment of David Mondrus as Chief Financial Officer and Financial Operating Partner. David Mondrus brings a wealth of financial management and deal-making experience to the team. White Mountains Partners is a subsidiary of White Mountains Insurance Group, providing capital to family, founder, and entrepreneur-owned businesses.
