White Mountains’ Ark GWP rises 5.5% to $386m in Q3’26

White Mountains Insurance Group, Ltd. has released its third quarter 2026 results for its property and casualty re/insurance segment Ark, which generated gross written premiums (GWP) of $386 million, up approximately 5.5% from $366 million in the same period a year earlier.

White Mountains explained that the increase in Ark’s GWP was driven primarily by a change in the timing of recognition of certain delegated authority business, as well as growth in the specialty and accident & health lines of business, partially offset by reduced writings in property as a result of softening market conditions.

Net written premiums increased to $338 million from $283 million, while net earned premiums rose to $510 million from $499 million.

In Q3’26, Ark’s combined ratio improved to 75% from 76% in the third quarter of 2025. This included two points of catastrophe losses, driven primarily by losses related to the war in Iran, compared to minimal catastrophe losses a year earlier.

Ark has ongoing exposure to the war in Iran, primarily through its specialty and marine & energy lines of business. During the quarter, the company recorded estimated losses of $10 million, net of reinsurance and reinstatement premiums, related to the war.

Hurricane Isaias made US landfall in October 2026, although Ark does not expect its losses related to the storm to be significant.

Ark reported pre-tax income of $64 million, compared to $97 million in the prior-year quarter. Its results included net realised and unrealised investment losses of $40 million, compared to a gain of $18 million in the same period last year.

During Q4’25, Ark renewed Outrigger Re Ltd. for the 2026 underwriting year, but WM Outrigger Re did not participate. Accordingly, WM Outrigger Re’s results are not material to White Mountains’ consolidated financial statements for Q3’26.

Liam Caffrey, CEO, commented, “Book value per share was down 1% in the quarter. Higher interest rates and a lower share price at MediaAlpha drove unrealised investment losses, which offset an otherwise solid quarter for operating results. Ark produced a 75% combined ratio and $386 million of gross written premiums, leading to strong growth in tangible book value. Kudu grew adjusted EBITDA, but its trailing 12 months return on equity declined to 8% as higher interest rates reduced the fair value of its portfolio. HG Global generated a record $19 million of gross written premiums in the quarter, but book value returns were negatively impacted by higher interest rates. Distinguished had a solid quarter, growing both managed premiums and ScaleCo adjusted EBITDA. WTM Partners experienced good top and bottom-line growth. MediaAlpha’s share price declined 24% in the quarter, producing $54 million of mark-to-market losses for our remaining position. Our consolidated investment portfolio, excluding MediaAlpha, was flat overall, with fixed income weighing down the result. Undeployed capital remains at roughly $0.8 billion.”

Caffrey added, “We have enjoyed good results for the first three quarters of 2026. Ark’s combined ratio was 75% for the third quarter and 83% year to date, both one point better than prior year. Gross written premiums were $2.3 billion year to date, slightly down year-over-year as growth in specialty and other classes was offset by continued headwinds in the property market.”

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