White Mountains Insurance Group Reports Revenue Surge to $689.2 Million and Net Income Recovery in Latest Quarter

White Mountains Insurance Group, Ltd. reported significant financial performance improvements in its latest quarterly results, with total revenues reaching $689.2 million for the three months ended June 30, 2025, compared to $395.4 million for the same period in 2024. This increase was driven by a notable rise in earned insurance premiums, which grew to $364.2 million from $318.3 million year-over-year. The company also reported a net income attributable to common shareholders of $122.9 million, a substantial recovery from a net loss of $54.6 million in the prior year’s quarter. The earnings per share for the second quarter of 2025 were $47.75, compared to a loss of $21.24 per share in the same quarter of 2024.

In terms of operational developments, White Mountains experienced a 17% increase in gross written premiums in its Ark/WM Outrigger segment, totaling $815.2 million for the second quarter of 2025, up from $697 million in the same quarter of 2024. The segment's combined ratio improved to 84% from 87%, reflecting better underwriting performance. The company also reported a pre-tax income of $176.5 million for the quarter, compared to a loss of $34.7 million in the previous year. The positive results were attributed to favorable developments in loss reserves and increased premium volumes, particularly in property and specialty lines.

Strategically, White Mountains has made significant acquisitions, including a controlling interest in Bamboo, a tech-enabled insurance distribution platform, and Enterprise Solutions, a specialty electrical contracting service provider. The acquisition of Bamboo was completed on January 2, 2024, while the Enterprise Solutions acquisition closed on April 1, 2025. Additionally, the company entered into a Unit Purchase Agreement to acquire a majority interest in Distinguished Programs, a full-service managing general agent, for approximately $230 million, expected to close in the third quarter of 2025.

The company’s balance sheet reflects a total asset increase to $11.8 billion as of June 30, 2025, up from $9.9 billion at the end of 2024. This growth was supported by a rise in total investments, which reached $6.8 billion, driven by increased fixed maturity and equity securities. The total liabilities also increased to $6.5 billion, primarily due to higher loss and loss adjustment expense reserves and unearned insurance premiums. White Mountains’s common shareholders’ equity rose to $4.6 billion, reflecting a solid capital position.

Looking ahead, White Mountains anticipates continued growth driven by its strategic acquisitions and operational improvements. The company expects to leverage its expanded capabilities in the insurance distribution space and capitalize on favorable market conditions. Management remains optimistic about achieving its financial targets and enhancing shareholder value, despite potential challenges in the broader economic environment.