White Mountains Q1 Book Value Drops 1% to $2,170; Ark Combined Ratio 91%
WTM•White Mountains Insurance’s book value per share declined 1% to $2,170 in Q1 after a $65 million unrealized loss on its MediaAlpha stake and an $11 million investment gain. Ark achieved a 91% combined ratio on $1.1 billion gross written premiums and Kudu delivered $17 million adjusted EBITDA.
1. First Quarter Financial Overview
White Mountains Insurance Group reported a book value per share of $2,170 as of March 31, 2026, down 1% from year-end, driven by a $65 million unrealized loss on its MediaAlpha investment. Comprehensive loss attributable to common shareholders was $27 million, compared with a $35 million profit in Q1 2025, with $11 million of net investment gains excluding MediaAlpha and a 1.0% return on the ex-MediaAlpha portfolio.
2. Ark/WM Outrigger Performance
The Ark/WM Outrigger segment posted a 91% combined ratio on $1.091 billion of gross written premiums, $590 million of net written premiums and $374 million of net earned premiums. Ark’s combined ratio included seven points of war-related catastrophe losses and five points of favorable prior-year development, and the segment generated $7 million of pre-tax income despite a $33 million investment loss.
3. Kudu Performance
Kudu reported $63 million in total revenues, $52 million in pre-tax income and $17 million in adjusted EBITDA for Q1 2026, compared with $64 million in revenues, $53 million in pre-tax income and $16 million in adjusted EBITDA a year earlier. Results included $21 million of net investment income and $42 million of net realized and unrealized investment gains, driving a 12% return on equity on a trailing 12-month basis.
4. Other Segments and Capital Deployments
WM Outrigger Re improved to a 44% combined ratio for the 2026 underwriting year with $70 million of third-party capital and generated $57 million of pre-tax income from the 2025 year. HG Global assumed $8 million of gross written premiums and grew book value by 2%, Distinguished expanded managed premiums by 7% with four new programs, and $125 million was deployed into Bishop Street Underwriters, leaving approximately $800 million of undeployed capital.
