All White Mountains articles
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NewsWhite Mountains agrees $1.78bn NSM sale to Carlyle
Private equity firm Carlyle has agreed to acquire specialty MGA platform NSM from White Mountains in a transaction valued at $1.78bn, or 22.5x its most recently reported pro forma adjusted trailing 12 months Ebitda.
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News
White Mountains: Ark generates 100% CR as NSM delivers top- and bottom-line growth
White Mountains-owned Ark reported 57 percent growth in gross written premium (GWP) but broke even on its underwriting in Q1 as it took a hit on Russia-Ukraine losses, while up-for-sale MGA platform NSM reported top- and bottom-line growth in the period.
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News
NSM garners strong interest from PE and strategics as sales process gets under way
NSM Insurance Group is seeing significant interest from potential financial sponsor bidders including private equity as well as strategics after owner White Mountains began a JP Morgan-run sales process in response to inbound approaches for the specialty MGA platform, The Insurer understands.
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News
Ark books over $500mn GWP at 1.1 with rates up 11%
Ark has revealed that it wrote in excess of $500mn of gross written premiums (GWP) in January, which follows the White Mountains subsidiary breaking the $1bn GWP mark for the 2021 full year and recording a 70 percent combined ratio for the fourth quarter.
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News
White Mountains-owned NSM attracting heightened buyer interest
NSM Insurance Group has been fielding a growing number of inbound approaches from potential buyers with the expansive White Mountains-owned MGA platform seen as a sought-after asset in a market where scarcity value is high, The Insurer understands.
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News
White Mountains appoints Caffrey as CFO
White Mountains Insurance Group has appointed former Aon executive Liam Caffrey as chief financial officer.
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News
Ark reports strong Q3 top line growth and 88.8% adj CR despite cats
Ark Underwriting delivered a third quarter 91.9 percent combined ratio – or 88.8 percent on an adjusted basis – despite $50mn of cat losses, and gross written premiums up 79 percent to $162mn, but parent White Mountains fell to a $373mn comprehensive loss as it took a hit on its ...
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News
White Mountains adds Shank to board
The board of Bermuda-headquartered White Mountains Insurance Group has elected Suzanne Shank as a director of the company.
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News
Ark and White Mountains cancel $200mn capital option
Ark has opted to terminate White Mountains’ commitment to provide up to $200mn of additional capital, with Bermuda subsidiary Group Ark Insurance Limited (GAIL) instead raising a total of $164mn of subordinated debt to support its continued growth.
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News
Ark posts Q2 CR of 89.8% as strong renewals drive top-line surge
White Mountains-owned Ark has reported a combined ratio of 89.8 percent for the second quarter, with strong April and June renewals leading to a 78 percent increase in gross written premium from 2020 levels.
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News
White Mountains and Ark extend deadline on $200mn capital option
Scaled-up carrier Ark Insurance Holdings now has until 16 August to call on its $200mn capital option with investor White Mountains after extending the deadline from 30 June.
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News
Ark doubles GWP in Q1 as White Mountains sees decline in BVPS
Scaled-up specialty (re)insurer Ark more than doubled its top line in the first quarter – booking $405mn in gross written premiums – but Winter Storm Uri pushed the carrier into the red on underwriting with a GAAP combined ratio of 109 percent.
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News
Scaled-up Ark “hits the ground running” with $270mn GWP at 1.1
Scaled-up (re)insurance platform Ark Insurance Holdings generated gross written premiums in excess of $270mn at the 1 January renewal after it “hit the ground running”, according to White Mountains CEO Manning Rountree.
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News
White Mountains says Ark wrote $270mn+ at 1.1 as profits surge on MediaAlpha investment
The rocketing post IPO share price of MediaAlpha means that the value of White Mountains’ remaining stake in the insurance-focused tech firm has jumped 40 percent to $1.13bn since the end of 2020, as the Bermudian also revealed its minority investment Ark wrote $270mn+ of GWP at the 1.1 renewal. ...
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News
AM Best assigns Ark’s Bermuda platform A rating
Ark’s scaled-up White Mountains-backed Class 4 Bermudian platform has today officially received its A (Excellent) financial strength-rating from rating agency AM Best.
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News
White Mountains’ head of M&A to step down
White Mountains Insurance Group said Frank Bazos, the executive vice president and head of M A of its White Mountains Capital (WMC) unit, will step down from the role on 1 March next year and become a senior advisor of WMC.
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Analysis
MediaAlpha: The unicorn hiding in plain sight
There has been plenty written about insurtech valuations, as a trio of heavily hyped IPOs created combined market cap of close to $15bn this year. But last month a profitable, low-key success story floated with little fanfare to generate huge returns for its backer White Mountains.
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News
White Mountains capital base “now more or less fully deployed”: Rountree
Manning Rountree has commented that White Mountains’ capital base is essentially fully deployed following the initial public offering of a significant stake of MediaAlpha and the deal to acquire a majority interest in Ark Insurance Holdings and inject funds to support its scale-up.
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News
White Mountains raises $57mn in MediaAlpha IPO
White Mountains has raised $56.8mn from the initial public offering of MediaAlpha, with its stake in the insurance marketing technology company reducing to 33 percent.
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News
White Mountains to sell portion of MediaAlpha in IPO
MediaAlpha has filed for an initial public offering with a portion of the shares to be sold by White Mountains, which holds a 48.3 percent stake in the insurance marketing technology company.
