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.
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.
White Mountains Insurance Group, Ltd. (NYSE: WTM) will hold its Annual Investor Information Meeting via live Webcast on June 4, 2021, at 10:00 a.m. ET. CEO Manning Rountree will discuss the company's operations and outlook, followed by a Q&A session. Investors can access the meeting through the company's website or the investor meeting site. A replay will be available for 30 days post-event. Relevant documents, including the 2020 Annual Report and Proxy Statement, are available online.
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.
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