Welcome to our dedicated page for White Mountains Insurance Group Ltd. news (Ticker: WTM), a resource for investors and traders seeking the latest updates and insights on White Mountains Insurance Group Ltd. stock.
White Mountains Insurance Group Ltd. (NYSE: WTM) offers comprehensive insurance services across diverse sectors in the United States through its subsidiaries. The company operates through four main segments:
- HG Global/BAM: Provides insurance on municipal bonds issued for public purposes such as schools, utilities, and transportation facilities, including reinsurance protection services.
- NSM: Functions as a general underwriting agency and program administrator for specialty property and casualty insurance, catering to sectors like specialty transportation, social services, and real estate.
- MediaAlpha: Operates a marketing technology platform that enables programmatic buying and selling of performance-based media across various verticals through cost-per-click, cost-per-call, and cost-per-lead pricing models.
- Kudu: Offers capital solutions to asset managers and registered investment advisors, enhancing their operational capabilities.
White Mountains is engaged in acquiring opportunistic and value-oriented businesses and assets in the insurance, financial services, and related sectors. Recent achievements include reporting increases in its book value per share and adjusted book value per share, as well as significant gains from investments such as MediaAlpha.
Additionally, the company has expanded its portfolio with strategic acquisitions including Bamboo, an insurance distribution platform focused on the California homeowners' insurance market. The acquisition and efficient management of its diverse subsidiaries underscore White Mountains' robust financial condition and strategic growth trajectory.
On February 23, 2023, the Board of Directors of White Mountains Insurance Group declared an annual dividend of $1.00 per share. This dividend will be paid in cash on March 22, 2023, to shareholders on record as of the close of business on March 13, 2023. As a Bermuda-domiciled financial services holding company, White Mountains is traded on both the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. The announcement underscores the company's commitment to returning value to its shareholders.
White Mountains Insurance Group, Ltd. (NYSE: WTM) announced the election of Weston M. Hicks as a director on its Board. Hicks, who previously served as President and CEO of Alleghany Corporation, has extensive experience in the insurance sector and has also held board positions at both Alleghany and AllianceBernstein Corporation. CEO Manning Rountree expressed enthusiasm for Hicks' appointment, stating it will be a significant asset for the company. White Mountains operates as a financial services holding company based in Bermuda.
White Mountains Insurance Group (NYSE: WTM) reported a 1% rise in book value per share to $1,457 and 2% increase in adjusted book value per share to $1,495 for Q4 2022. Over the year, book value rose 24% and adjusted book value grew 26% due to gains from NSM's sale. In Q4, comprehensive income was $40 million vs. $34 million YoY. Ark's GAAP combined ratio improved to 59% from 70%, while gross written premiums surged 37% year-over-year. Kudu's revenues totaled $32 million for Q4. The company repurchased 461,256 shares for $616 million in 2022.
Variant Investments has announced a minority investment from Kudu Investment Management as of January 19, 2023. The financial details of the investment were not disclosed. Variant, which is employee-controlled and manages over $2.3 billion in assets, seeks investments in niche private markets through its funds, including the Variant Alternative Income Fund and the Variant Impact Fund. Kudu aims to enhance Variant's growth by offering extensive networking opportunities. Kudu has backed 23 asset managers globally and collectively manages approximately $66 billion for diverse investors.
White Mountains Insurance Group (NYSE: WTM) has announced the creation of Outrigger Re Ltd., a reinsurance sidecar designed to provide collateralized reinsurance for its property catastrophe portfolio. The new Bermuda-based company is backed by $250 million in investor capital, with $205 million contributed by White Mountains, alongside investments from Aquiline Capital Partners and Enstar Group Limited (NASDAQ: ESGR). This initiative aims to enhance underwriting capacity in the current property catastrophe insurance market, reflecting strategic growth in response to evolving industry dynamics.
White Mountains Insurance Group (NYSE: WTM) reported significant growth in its book value per share, reaching $1,439, a 28% increase in Q3 2022, and $1,471 for adjusted book value per share, driven primarily by a $876 million net gain from the sale of NSM. Comprehensive income attributable to common shareholders was $890 million in Q3, recovering from losses in the previous year. Despite unrealized investment losses from MediaAlpha and a pre-tax loss in BAM, the company repurchased over $500 million in shares, and Kudu reported strong revenue growth, reflecting robust performance amid market challenges.
White Mountains Insurance Group, Ltd. (NYSE: WTM) announced the results of its tender offer that concluded on September 20, 2022. A total of 327,795 shares were tendered at or below the purchase price of $1,400 per share, totaling approximately $458.9 million. This represents about 11.3% of the company's outstanding shares as of August 19, 2022. Following the transaction, around 2,576,232 common shares are expected to remain outstanding. Payments for the accepted shares will be made promptly.
White Mountains Insurance Group, Ltd. (NYSE: WTM) has released preliminary results from its modified Dutch auction tender offer to purchase up to $500 million of its common shares, which expired on September 20, 2022. According to preliminary counts, 333,878 shares were tendered at or below the purchase price of $1,400 per share, with the company expecting to spend approximately $467.4 million on the shares. This equates to around 11.5% of its outstanding shares as of August 19, 2022. Final purchase details will be confirmed after the settlement period.
Escalate Capital Partners has received a minority investment from Kudu Investment Management, enhancing its position in the asset management sector. Founded in 2005, Escalate has invested over $1 billion in software, services, and healthcare, raising more than $850 million from various investors. Kudu's investment is expected to support Escalate's growth strategy and leverage Kudu's extensive network in the asset management industry, which oversees more than $67 billion in investments. Financial details of the transaction were not disclosed.
White Mountains Insurance Group, Ltd. (NYSE: WTM) has initiated a "modified Dutch auction" self-tender offer to buy back up to $500 million of its common shares, offering prices between $1,250 and $1,400 per share. This offer, effective from August 22, 2022 to September 20, 2022, allows shareholders to specify how many shares they want to tender. Depending on the shares tendered, the company could buy approximately 12.3% to 13.8% of outstanding shares. The offer is not conditioned on financing but is subject to specific terms.
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