WHITE MOUNTAINS REPORTS 1ST QUARTER RESULTS.

HAMILTON, Bermuda: White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,522 and adjusted book value per share of $1,567 as of March 31, 2023. Book value per share and adjusted book value per share both increased 5% in the first quarter of 2023.

Manning Rountree, CEO, commented, "We had a good first quarter. ABVPS was up 5%, driven by positive returns from our investment portfolio and solid results at our operating companies. BAM produced $21 million of gross written premiums and member surplus contributions in the quarter. Ark achieved a 94% combined ratio and, supported by increased reinsurance capacity from Outrigger Re, wrote $809 million of gross written premiums, up 28% year over year. Kudu closed on one new deployment and two value-adding sales transactions in the quarter, while growing the fair value of its continuing portfolio by $32 million. MediaAlpha's share price increased roughly $5 in the quarter, producing an $85 million mark-to-market gain. Excluding MediaAlpha, the investment portfolio returned 3.0% in the quarter, with gains in both equities and fixed income. We completed $25 million of share repurchases in the quarter. Reflecting additional commitments to Kudu and our new deployment at Doxa, undeployed capital now stands at roughly $720 million."

Comprehensive income attributable to common shareholders was $180 million in the first quarter of 2023 compared to $31 million in the first quarter of 2022. Results in the first quarter of 2023 and 2022 were driven primarily by $85 million and $19 million of net realized and unrealized investment gains from White Mountains's investment in MediaAlpha.

During the fourth quarter of 2022, Ark sponsored the formation of Outrigger Re Ltd., a Bermuda registered special purpose insurer and segregated accounts company, to provide collateralized reinsurance protection on Ark's Bermuda global property catastrophe excess of loss portfolio written in calendar year 2023. As a result, in the first quarter of 2023, White Mountains began reporting the results of Ark and WM Outrigger Re, its own segregated account, together in the Ark/WM Outrigger segment.

HG Global/BAM

BAM's gross written premiums and member surplus contributions (MSC) collected were $21 million in the first quarter of 2023 compared to $22 million in the first quarter of 2022. BAM insured municipal bonds with par value of $2.9 billion in the first quarter of 2023 compared to $3.5 billion in the...