White Mountains Insurance Group, Ltd. reported significant financial performance improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues reached $839.1 million, a substantial increase from $519.6 million in Q3 2023. For the nine months ended September 30, 2024, total revenues were $1,881.8 million, up from $1,429.9 million in the prior year. The growth in revenues was primarily driven by the Property and Casualty (P&C) Insurance and Reinsurance segments, which generated $633.4 million in Q3 2024, compared to $512.8 million in Q3 2023.
Net income for Q3 2024 was reported at $227.9 million, a significant rise from $13.8 million in Q3 2023. For the nine-month period, net income increased to $408.5 million from $218.2 million in the previous year. Net income attributable to common shareholders also saw a notable increase, reaching $179.0 million in Q3 2024 compared to $23.6 million in Q3 2023.
The company’s strategic developments included the acquisition of a controlling interest in Bamboo, a tech-enabled insurance distribution platform, on January 2, 2024, for $297 million. This acquisition is expected to enhance White Mountains' market position in homeowners' insurance in California. However, the company deconsolidated Build America Mutual Assurance Company (BAM) effective July 1, 2024, leading to an unrealized loss of $114.5 million due to the fair value measurement of BAM Surplus Notes.
White Mountains also reported a strong performance in its investment portfolio, with net realized and unrealized investment gains of $223.8 million in Q3 2024, compared to a loss of $58.3 million in Q3 2023. The total investment income for the three months ended September 30, 2024, was $58.4 million, up from $48.8 million in the same period last year.
The Ark/WM Outrigger segment, a key component of White Mountains' operations, reported gross written premiums of $374 million for Q3 2024, compared to $251 million in Q3 2023. The segment's pre-tax income also improved to $141 million from $99 million year-over-year.
Overall, White Mountains demonstrated robust growth in both revenue and profitability, supported by strategic acquisitions and a strong investment performance, while navigating the complexities of deconsolidation and market conditions.
About WHITE MOUNTAINS INSURANCE GROUP LTD
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