White Mountains Insurance Group WTM Q2 2026 earnings

“Book value per share was up 4% in the quarter, driven by strong operating company results and solid investment returns. Ark produced an 84% combined ratio and strong growth in tangible book value. Kudu generated a 15% return on equity on a trailing 12 months basis, driven by strong growth on a same store basis coupled with sale transactions. HG Global grew its book value by 1%, including a $90 million dividend to White Mountains from its recent debt refinancing. Distinguished had a solid quarter, growing both managed premiums and ScaleCo adjusted EBITDA. MediaAlpha's share price increased 35% in the quarter, producing $58 million of mark-to-market gains. Excluding MediaAlpha, the investment portfolio was up 2.8%. We repurchased $191 million of shares in the quarter and deployed $132 million into two WTM Partners acquisitions. Factoring in other recent operating company distributions, undeployed capital now stands at roughly $0.8 billion.”