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.
White Mountains Insurance Group (NYSE: WTM) reported a book value per share of $1,129 and an adjusted book value of $1,152 as of June 30, 2022, reflecting decreases of 5% and 4% in Q2. The recent sale of NSM added an estimated net gain of $300 per share, pushing adjusted values to approximately $1,429 and $1,452, respectively. Despite mark-to-market losses in fixed income and declines from MediaAlpha, operating businesses performed well, with Ark achieving an 87% combined ratio and BAM recording strong premium growth.
On August 1, 2022, White Mountains Insurance Group (NYSE: WTM) announced the completion of its sale of NSM Insurance Group to investment funds affiliated with Carlyle (NASDAQ: CG). This strategic move indicates a focus on optimizing its portfolio, although the company remains in a quiet period before releasing its second-quarter earnings. The transaction's details, including financial terms, were not disclosed, but it reflects White Mountains' ongoing efforts to enhance its market position.
On July 28, 2022, GenTrust, LLC, a SEC-registered investment adviser, announced a strategic partnership with Kudu Investment Management, acquiring a minority stake. GenTrust manages around $3 billion in assets, primarily for ultra-high-net-worth clients. The partnership is set to enhance GenTrust's growth through Kudu's financial resources and expertise. Kudu, with a history of investing in asset managers, sees an opportunity in GenTrust's unique investment approach. The collaboration aims to accelerate both organic and inorganic growth in a competitive market.
Kudu Investment Management announced the appointment of Ben Ruffel as the director of distribution strategies, effective June 13, 2022. Ruffel will support Kudu's 18 partner firms, which manage $70 billion in assets, in exploring growth opportunities. Prior to joining Kudu, he held key positions at PIMCO and NISA Investment Advisors. CEO Rob Jakacki emphasized that Ruffel's experience will be instrumental in providing advice and support for growth strategies. Kudu, founded in 2015, offers long-term capital solutions to asset managers and is backed by White Mountains Insurance Group (NYSE: WTM) and MassMutual.
Kudu Investment Management has acquired a minority interest in Gramercy Funds Management, facilitating the reinvestment of proceeds into Gramercy's investment strategies. This partnership is aimed at strengthening Gramercy’s alignment with limited partners and enhancing their portfolio amid current market volatility. Gramercy manages approximately $5.4 billion in assets across various emerging market strategies. Kudu has previously invested in 18 asset managers and has raised over $800 million in equity and debt capital, positioning both firms for growth opportunities.
Kudu Investment Management, a provider of permanent capital solutions, announced that Massachusetts Mutual Life Insurance Company (MassMutual) has become an equity investor, joining White Mountains Insurance Group, traded as WTM. Since 2018, Kudu has acquired minority stakes in 17 asset and wealth managers, collectively managing $65 billion as of March 31, 2022. Kudu has raised over $800 million in capital, including a $350 million credit facility closed in 2021. Kudu's CEO expressed gratitude for MassMutual's support and highlighted a strong pipeline of investment opportunities.
White Mountains Insurance Group, Ltd. (NYSE: WTM) will host its Annual Investor Information Meeting on June 10, 2022, at 10:00 a.m. ET, at the Mandarin Oriental Hotel in New York. Investors can attend in person or via webcast. CEO Manning Rountree will present the company's operations and outlook, followed by a Q&A session. Pre-registration is available on the company's website, where the 2021 Annual Report and other documents are also accessible. For more details, visit www.whitemountains.com.
On May 9, 2022, White Mountains Insurance Group (NYSE: WTM) announced the sale of NSM Insurance Group for $1.775 billion to Carlyle (NASDAQ: CG). The deal is expected to increase White Mountains' adjusted book value per share by approximately $280 and boost its undeployed capital from $0.4 billion to $1.7 billion. The transaction, set to close in the second half of 2022 pending regulatory approval, is seen as beneficial for both White Mountains' shareholders and NSM's management, facilitating NSM's growth with Carlyle's expertise.
White Mountains Insurance Group (NYSE: WTM) reported a book value per share of $1,183 and an adjusted book value per share of $1,204 as of March 31, 2022, both reflecting a 1% increase from the previous quarter. Comprehensive income for Q1 2022 was $31 million, a significant recovery from a loss of $(74) million in Q1 2021. Key drivers included strong performance in equity and operating portfolios, while BAM generated $22 million in premiums. However, losses related to Ark's underwriting were noted due to the conflict in Ukraine, and HG Global faced a $15 million pre-tax loss.
White Mountains Insurance Group, Ltd. (NYSE: WTM) announced that HG Global Ltd. closed a $150 million term loan facility with Hudson Structured Capital Management and Security Benefit Life Insurance Company. Proceeds are expected by May 31, 2022, with $120 million allocated for dividends to White Mountains and other equity holders. The facility has a BBB investment grade rating from Kroll Bond Rating Agency. The credit facility does not affect HG Re Ltd.'s reinsurance obligations.
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