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 reported a 1% increase in book value per share at $1,176 and adjusted book value per share at $1,190 for Q4 2021. However, both metrics decreased 7% and 6%, respectively, for the full year. The company faced $55 million in investment losses linked to MediaAlpha. Strong performance was noted in BAM with $34 million in premiums and Ark saw a 78% rise in full-year premiums. Share repurchases totaled $108 million for 2021. Comprehensive loss for Q4 was $34 million.
Radcliffe Capital Management has announced a minority investment from Kudu Investment Management, enhancing its defensive credit strategies. Financial terms remain undisclosed. Radcliffe, managing over $3.5 billion in assets, focuses on short-duration bonds and SPAC portfolios. Kudu's investment aims to diversify its portfolio, acknowledging Radcliffe's strong management and defensive investment philosophy. Kudu has previously invested in 19 asset management firms, collectively managing $84 billion. This partnership is expected to broaden Radcliffe's reach to institutional and high-net-worth clients globally.
White Mountains Insurance Group (NYSE: WTM) announces that Liam P. Caffrey will assume the role of Chief Financial Officer on March 1, 2022. Caffrey has over 20 years of experience, including prior roles at Aon plc and McKinsey & Company. Reid T. Campbell, the current CFO, will transition to the role of President, maintaining his executive duties until his retirement in February 2024. CEO G. Manning Rountree expressed confidence in this leadership change, highlighting the strength of both individuals.
Granahan Investment Management (GIM) has partnered with Kudu Investment Management, which acquired a minority interest in GIM, enhancing its strategic growth initiatives. GIM, managing $5.8 billion in assets, focuses on small cap equities and retains operational autonomy with over 75% employee ownership. The firm has a strong track record, with performance rankings in the top 5% for its various strategies. Kudu, founded in 2015, aims to support asset and wealth managers and brings significant capital commitments to the partnership.
White Mountains Insurance Group, Ltd. (NYSE: WTM) reported a 9% decrease in book value per share ($1,162) and adjusted book value per share ($1,176) for Q3 2021. Year-to-date, these metrics fell 8% and 7%, respectively. The decline was largely attributed to losses from MediaAlpha, which saw its share price drop significantly. Despite this, BAM reported $28 million in premiums, and Ark's gross written premiums rose 79% year-over-year. Comprehensive loss for the quarter was $(373) million, driven by a $397 million loss related to MediaAlpha. Share repurchases totaled $87 million in Q3.
White Mountains Insurance Group, Ltd. (NYSE: WTM) has appointed Suzanne F. Shank to its Board of Directors. Shank is the President and CEO of Siebert Williams Shank & Co., LLC, an investment banking firm. She also holds directorships at CMS Energy, Rocket Companies, and various foundations. CEO Manning Rountree expressed confidence that her experience in investment banking and municipal finance will be beneficial for the company.
Douglass Winthrop Advisors, LLC (DWA), managing over $4.8 billion in assets, has partnered with Kudu Investment Management. Kudu has acquired a minority stake in DWA, enhancing DWA's growth capital while maintaining its independence. The partnership aims to provide financial security and leadership continuity. Established in 2000, DWA offers investment advisory services primarily to high net worth clients. Kudu, founded in 2015, backs 17 firms and manages approximately $96 billion globally.
Third Eye Capital, a prominent Canadian private credit firm, has partnered with Kudu Investment Management, acquiring a minority stake. Although financial terms were undisclosed, this investment is set to bolster Third Eye's capability to launch new funds within the growing Canadian private credit market. Third Eye, managing approximately C$2.8 billion, aims to support underserved companies. Kudu, now holding investments in 16 partner firms globally, enhances its portfolio with Third Eye, reflecting a shared vision and operational alignment.
White Mountains Insurance Group (WTM) reported significant financial results for the second quarter of 2021, including a book value per share of $1,279 and adjusted book value of $1,292, reflecting a 4% increase from Q1. The company achieved comprehensive income of $139 million for the quarter, driven mainly by $113 million in investment gains from MediaAlpha, in which WTM holds a 28% stake. Ark's gross premiums surged 78% year-over-year, while BAM’s premiums decreased to $30 million. Despite the strong performance, rising administrative costs were noted. The firm ended Q2 with approximately $300 million in undeployed capital.
S&P Global Ratings affirmed Build America Mutual's AA rating with a stable outlook, the highest for any active bond insurer. The analysis highlighted increased demand for BAM-insured municipal bonds, which surged 27% to a record $9.5 billion in H1 2021. The report praised BAM's strong capital adequacy, low-risk portfolio, and credit discipline. CEO Seán W. McCarthy noted that investors use BAM insurance to enhance liquidity and credit quality. Since its launch in 2012, BAM has insured over $96 billion in municipal securities across more than 11,000 transactions.
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