White Mountains Insurance Group Reports $230M Comprehensive Income for 2024, Acquires Bamboo

White Mountains Insurance Group, Ltd. reported a comprehensive income attributable to common shareholders of $230 million for the fiscal year ending December 31, 2024, a decrease from $511 million in 2023. The company's book value per share rose to $1,746, reflecting a 6% increase, while adjusted book value per share increased by 8% to $1,834. The decline in comprehensive income was primarily attributed to lower net realized and unrealized investment gains, which totaled $147 million in 2024 compared to $407 million in the previous year. The company’s total revenues for 2024 reached $2.24 billion, up from $2.17 billion in 2023, driven by strong performance across its operating segments.

The Ark/WM Outrigger segment reported gross written premiums of $2.21 billion in 2024, a 16% increase from $1.90 billion in 2023. The segment's combined ratio was 83%, slightly up from 82% in the prior year, with catastrophe losses contributing 13 points to the ratio in 2024, compared to just two points in 2023. Ark's pre-tax income was $253 million, a modest increase from $249 million in 2023. Meanwhile, WM Outrigger Re's combined ratio rose to 60% in 2024, reflecting increased catastrophe losses, with pre-tax income dropping to $46 million from $69 million in 2023.

In terms of strategic developments, White Mountains completed the acquisition of Bamboo on January 2, 2024, investing $297 million in equity. This acquisition is expected to enhance the company's position in the homeowners' insurance market in California. Bamboo reported managed premiums of $484 million in 2024, significantly up from $215 million in 2023, driven by new business volume and a growing renewal book. The company also reported a policy retention rate of 87% and approximately 260,000 policies in force as of December 31, 2024.

Kudu, another segment of White Mountains, reported total revenues of $119 million in 2024, down from $177 million in 2023, with pre-tax income of $81 million compared to $137 million in the previous year. The decrease was primarily due to lower net realized and unrealized investment gains. Kudu has deployed $989 million into 27 asset and wealth management firms globally, with combined assets under management of approximately $125 billion. The company continues to focus on providing capital solutions for boutique asset managers.

Looking ahead, White Mountains anticipates continued growth across its segments, particularly in the property and casualty insurance markets. The company is well-positioned with approximately $0.7 billion in undeployed capital as of December 31, 2024, and plans to leverage this capital for future investments and acquisitions. The company remains committed to maintaining strong financial strength ratings, which are crucial for its competitive positioning in the insurance and reinsurance markets.