White Mountains Insurance Group reported robust results in its core insurance operations for the first quarter of 2025, driven by significant growth in gross written premiums and strong performance across several key segments. The company’s Ark/WM Outrigger segment, crucial to its insurance operations, saw gross written premiums reach $1.1 billion for the first quarter, representing a 27% increase compared to the same period last year.
Q1 2025 Financial Highlights
Despite facing catastrophe losses, particularly from the January 2025 California wildfires, Ark’s combined ratio remained stable at 94%, consistent with the previous year. “We are off to a good start in 2025, with a combined ratio of 94%. Gross written premiums increased 27% over 2024, aided by the addition of new underwriting teams and lines of business,” said Ark CEO Ian Beaton. “Market conditions remain attractive, despite rate declines in several lines of business.”
WM Outrigger Re, another key insurance operation, reported a sharp increase in premiums, with gross written premiums rising to $38 million in the first quarter, up from $34 million in Q1 2024. However, its combined ratio was significantly higher at 166%, primarily due to losses related to the California wildfires.
Strong Performance from Bamboo MGA
Bamboo, the MGA arm of White Mountains, continued its strong trajectory, with managed premiums growing 63% year-over-year to reach $147 million in Q1 2025. The firm reported a threefold increase in MGA adjusted EBITDA, which jumped to $20 million compared to $6 million in Q1 2024. Bamboo’s CEO, John Chu, highlighted the company’s resilience in the face of the California wildfires, stating: “Our relative loss performance was excellent, and, as a result, we completed our April 1 treaty year renewal on favorable terms with strong demand from our reinsurance partners.”
Future Outlook
Despite some challenges, including catastrophe-related losses, White Mountains said it remains well-positioned for continued growth within the insurance space. The company plans to continue focusing on expanding its reach, with recent capital deployments into new acquisition opportunities.
