WHITE MOUNTAINS REPORTS THIRD QUARTER RESULTS
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 06 2025
0mins
Source: PRnewswire
Financial Performance: White Mountains Insurance Group reported a book value per share of $1,851 as of September 30, 2025, reflecting a 3% increase for Q3 2025 and a 6% increase for the first nine months of the year, with comprehensive income of $114 million for Q3.
Bamboo Transaction: The company agreed to sell approximately 77% of its equity interest in Bamboo to CVC Capital Partners, which is expected to increase its book value per share by $325 upon closing, raising the total to $2,176.
Segment Results: The Ark/WM Outrigger segment achieved a combined ratio of 76% in Q3 2025, with gross written premiums of $366 million, while HG Global reported a significant increase in gross written premiums and a return to profitability.
Investment Portfolio: White Mountains's consolidated investment portfolio saw a 2.1% return in Q3 2025, with notable gains in both fixed income and equities, although overall returns lagged behind benchmarks.
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Analyst Views on WTM
About WTM
White Mountains Insurance Group, Ltd. is a diversified insurance and related financial services holding company that owns and manages businesses seeking a stable, sophisticated partner to drive value creation. Its segments include Ark/WM Outrigger, HG Global, and Kudu. Ark/WM Outrigger segment includes Ark Insurance Holdings Limited and its subsidiaries (Ark) and Outrigger Re Ltd. Ark is a specialty property and casualty insurance and reinsurance company that offers a wide range of niche insurance and reinsurance products, including property, specialty, marine & energy, casualty and accident & health. HG Global segment is engaged in the municipal bond reinsurance business. The Kudu segment consists of Kudu Investment Management, LLC and its subsidiaries. Kudu provides capital solutions for boutique asset and wealth managers for a variety of purposes, including generational ownership transfers, management buyouts, acquisition and growth finance and legacy partner liquidity.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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