White Mountains Insurance's Q3 book value per share falls 1%
WTM•White Mountains Insurance's third-quarter book value per share fell 1% from the prior quarter, and it reported a net loss attributable to shareholders, reversing a year-earlier profit. Unrealized investment losses linked to MediaAlpha's share-price decline and higher interest rates weighed on results.
1. Quarterly results
White Mountains Insurance Group, Ltd. said its third-quarter book value per share fell 1% from the prior quarter. The company reported a $17.71 loss per share and a net loss attributable to shareholders, reversing a year-earlier profit.
2. Investment and insurance factors
Higher interest rates and a decline in MediaAlpha's share price led to unrealized investment losses, offsetting operating gains. Ark's underwriting results and premium growth contributed positively to tangible book value, while higher rates reduced the fair value of Kudu's portfolio. The company said Ark has ongoing exposure to the war in Iran in specialty and marine lines, does not expect significant losses from Hurricane Isaias, and continues to face property insurance market headwinds.
