White Mountains Insurance Group reported third‑quarter 2025 results that lifted book value per share to $1,851, a 3 % increase from the prior quarter and a 6 % rise year‑to‑date, underscoring the company’s ongoing focus on shareholder value creation.
Segment performance was strong across the group’s core units. Ark/WM Outrigger generated $366 million in gross written premiums; Ark’s combined ratio improved to 76 % while WM Outrigger Re posted a 38 % ratio, reflecting tighter underwriting and lower loss experience. HG Global added $16 million in gross written premiums and maintained a 22 % combined ratio, indicating solid underwriting profitability. Kudu delivered pre‑tax income of $44 million, and Bamboo reported $221 million in managed premiums with $15 million pre‑tax income, driven by growth in its California and Texas homeowners’ insurance platform.
The company also closed a transaction that will sell 77 % of Bamboo to CVC Capital Partners for $1.75 billion. The deal is expected to raise undeployed capital from roughly $300 million to $1.1 billion and increase book value per share by $310‑$325. White Mountains will retain a 15 % stake in Bamboo, positioning it to benefit from future upside while freeing capital for strategic acquisitions and high‑margin niche businesses.
Management highlighted the results. CEO Manning Rountree noted the book‑value growth and said the quarter delivered “good operating results and investment returns.” Ark CEO Ian Beaton emphasized a 76 % combined ratio and 18 % year‑to‑date premium growth, while Kudu CEO Rob Jakacki praised the firm’s “solid performance” and new manager deployment. Bamboo CEO John Chu expressed gratitude for White Mountains’ support and described the sale as a milestone achieved through years of teamwork.
The earnings and divestiture signal a deliberate shift toward capital efficiency and focused growth. Ark’s premium expansion offsets the impact of California wildfire losses, and the sale of Bamboo strengthens the balance sheet, giving White Mountains the flexibility to pursue additional acquisitions and invest in high‑margin opportunities. The increase in book value per share reflects improved profitability and a more attractive capital structure for shareholders.
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