White Mountains Q1 book value per share falls 1%, hurt by MediaAlpha investment losses

White Mountains Insurance

06/05/2026 13:19

Overview

Bermuda-based insurance holding company reported Q1 book value per share down 1% including dividends

Q1 net loss attributable to common shareholders versus profit in prior-year period

Decline in book value driven by unrealized investment losses from MediaAlpha stake

Outlook

Ark says market conditions continue to soften but sees opportunities for profitable growth

Distinguished continues to invest in technology and talent to drive organic growth over the medium term

Kudu continues to pursue an active pipeline despite volatility in global financial markets

Result Drivers

MEDIAALPHA LOSSES - Mark-to-market decline in MediaAlpha investment drove decrease in book value per share and net loss for Q1

ARK SEGMENT - Ark's combined ratio improved to 91% with lower catastrophe losses, but pre-tax income fell due to investment losses

INVESTMENT RETURNS - Excluding MediaAlpha, investment portfolio returned 1.0% with modest gains in equities and fixed income, but total portfolio returns were lower than prior year

Company press release: ID:nPn9nLYrka

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$517.80 mln
Q1 EPS
-$12.59


Analyst Coverage

The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 17 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)