White Mountains Insurance Group Reports Q3 2025 Revenue Growth, Net Income Decline

White Mountains Insurance Group, Ltd. reported significant financial results for the third quarter and first nine months of 2025, showcasing a total revenue of $864.2 million for the quarter, a 3% increase from $839.1 million in the same period of 2024. For the nine months ended September 30, 2025, total revenues reached $2.131 billion, up from $1.882 billion in the prior year. The company’s net income attributable to common shareholders was $113.8 million for the third quarter, down from $179 million in 2024, and $270.6 million for the nine months, compared to $360.8 million in the previous year. The decline in net income was attributed to lower investment gains, particularly from the company’s investment in MediaAlpha.

The company’s total assets increased to $12.346 billion as of September 30, 2025, compared to $9.926 billion at the end of 2024. This growth was driven by a rise in fixed maturity investments, which reached $1.835 billion, up from $1.565 billion, and an increase in cash and short-term investments, which rose to $290 million from $141 million. The total liabilities also increased to $6.629 billion from $4.795 billion, primarily due to higher loss and loss adjustment expense reserves, which grew to $2.478 billion from $2.128 billion.

Strategically, White Mountains has made notable acquisitions, including a controlling interest in Distinguished, a full-service managing general agent (MGA) for specialty property and casualty insurance, for $224.3 million in cash. Additionally, the company entered into a significant transaction to sell approximately 77% of its equity interest in Bamboo, valuing the company at $1.75 billion, with expected net cash proceeds of around $840 million. This transaction is anticipated to close in the fourth quarter of 2025 and has resulted in Bamboo's assets and liabilities being classified as held for sale.

Operationally, the Ark/WM Outrigger segment reported a combined ratio of 73% for the third quarter of 2025, an improvement from 77% in the same quarter of 2024. The segment generated gross written premiums of $366 million, down from $374 million, while net earned premiums were $542 million compared to $552 million in the prior year. The HG Global segment also showed improvement, reporting pre-tax income of $22 million in the third quarter of 2025, a significant recovery from a loss of $63 million in the same quarter of 2024, largely due to the absence of losses related to the deconsolidation of BAM.

Looking ahead, White Mountains anticipates continued growth driven by its strategic acquisitions and operational improvements. The company expects to leverage the anticipated proceeds from the Bamboo sale to enhance its capital position and support further investments. The outlook remains cautiously optimistic, with management emphasizing the importance of maintaining strong underwriting performance and investment returns in a challenging market environment.