White Mountains Q3 ABVPS up 6% to $1,883; Ark combined ratio improves to 79%

WHITE MOUNTAINS INSURANCE GROUP LTD

2024-Q3 EPS reported $140.66 vs consensus $99.99 ▲ beat (+40.7%)

Adjusted book value per share of $1,883, up 6% in Q3 and 11% YTD including dividends.
Ark reported combined ratio of 79% (vs 81% prior year) and GWP of $374M (+49% YoY).
BAM deconsolidation effective July 1; surplus notes fair valued at $411M, causing $99M pre-tax unrealized loss.
Bamboo managed premiums doubled to $148M; MGA adjusted EBITDA hit record $19M.
MediaAlpha share price up 38% to $18.11; contributed $88M unrealized gain in Q3.

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