White Mountains Insurance Group Ltd. - WTM STOCK NEWS

White Mountains Insurance Group (WTM) reported a 2% drop in both book value per share and adjusted book value per share, totaling $1,231 and $1,242 respectively, as of March 31, 2021. The decline was primarily attributed to losses in MediaAlpha and NSM’s Fresh Insurance sale. Despite these challenges, BAM reported record growth in premiums, and Ark saw gross written premiums increase by over 2x year-over-year. The company ended the quarter with approximately $300 million in undeployed capital after a successful secondary offering.

Kudu Investment Management has successfully secured a $300 million credit facility from Massachusetts Mutual Life Insurance Company to support its growth initiatives. Since 2018, Kudu has invested nearly $400 million, acquiring minority stakes in 13 asset and wealth management firms, which manage over $45 billion in combined assets as of December 31, 2020. Kudu's CEO, Rob Jakacki, highlighted their strong momentum in 2020, completing five transactions and looking to expand their portfolio further.

White Mountains Insurance Group (NYSE: WTM) announced a secondary offering of 7,000,000 shares of MediaAlpha, priced at $46 per share. White Mountains is selling 3,122,460 shares, retaining a 27% stake in MediaAlpha, valued at approximately $800 million. The offering is expected to close on March 23, 2021, with net proceeds of about $140 million to White Mountains. The underwriters will have a 30-day option for additional shares.

White Mountains Insurance Group, Ltd. (NYSE: WTM) announced that MediaAlpha, Inc. has filed a registration statement on Form S-1 with the SEC for a secondary offering of up to 7,000,000 shares of Class A common stock. Of these, White Mountains plans to offer 3,122,460 shares through the offering. MediaAlpha is not issuing any shares in this offering. The registration statement has been filed but is not yet effective, meaning no securities can be sold until it becomes effective.

Channel Capital Pty Ltd. has partnered with investment veteran Des Mac Intyre to establish Eolas Capital, an investment management incubator in New York. This marks Channel's first U.S. subsidiary aimed at providing capital, platform, and expertise to emerging investment managers. Channel currently manages over A$16 billion in assets and aims to replicate its successful model in Australia within the U.S. market. Mac Intyre brings over 30 years of experience from firms like BNY Mellon and Bridgewater Associates, indicating a strong leadership foundation for Eolas Capital's growth.

On February 25, 2021, the Board of Directors of White Mountains Insurance Group declared an annual dividend of $1.00 per share. This dividend is payable in cash on March 24, 2021, to shareholders recorded as of the close of business on March 15, 2021. This announcement reinforces the company’s commitment to returning value to its shareholders.

Build America Mutual reported a record growth in par insured and total premiums for 2020, showcasing strong organic capital growth. In Q1 2021, BAM secured a $150 million reinsurance agreement with Fidus Re Ltd, increasing claims-paying resources to over $1.1 billion. CEO Seán W. McCarthy emphasized the importance of this capital expansion in enhancing BAM's financial strength through its long-term plan. The latest financial results will be reflected in BAM's upcoming Q1 report, scheduled for release in May 2021.

White Mountains Insurance Group (NYSE: WTM) reported robust financial results for the fourth quarter and full year 2020. Book value per share reached $1,259, up 15% QoQ and 23% YoY. Adjusted book value was $1,264. Comprehensive income attributable to shareholders was $495 million for the fourth quarter, significantly up from $65 million in Q4 2019. The successful IPO of MediaAlpha contributed $391 million in net investment income. BAM and NSM also reported growth in premiums and earnings metrics. The total return on invested assets was 14.3% in Q4 2020.

Ranger Investment Management has announced the acquisition of a controlling interest by its management team, financed by Kudu Investment Management, which will retain a minority stake. The firm manages approximately $1.6 billion in discretionary assets and $400 million in non-discretionary assets. This move aims to enhance stability and align interests between management and clients, as each investment partner now holds a larger ownership share. Kudu's capital commitment is expected to help Ranger Investments better serve its clients moving forward.