Earnings Releases·Nov 5, 2026, 8:13 AM ET

White Mountains Insurance Group — Third Quarter 2026 Earnings Summary

**Financial Results:** Net loss attributable to common shareholders was $(39.0) million for Q3 2026 versus $113.8 million profit in the prior year period, driven by $(54) million in MediaAlpha mark-to-market losses and $10 million in war-related losses at Ark; full-year 2026 net income was $133.3 million compared to $270.6 million in 2025.
**Segment Performance:** Ark reported a 75% combined ratio and 4% book value growth in the quarter, while Distinguished achieved record trailing 12-month managed premiums ($625 million) and EBITDA ($30 million); conversely, Kudu's trailing 12-month ROE declined to 8% and HG Global posted a $28 million pre-tax loss.
**Capital Allocation:** The company repurchased and retired 103,827 shares for $217 million during the first nine months of 2026 at an average price of $2,088.39, with minimal buybacks occurring in Q3 specifically.
**Strategic Developments:** White Mountains agreed to sell 5.5 million MediaAlpha shares on November 4, 2026, reducing its stake from 29% to 21%, while WTM Partners reported revenue growth driven by acquisitions of Basesix and Hawkeye Electric.
**Outlook:** Management provided no specific forward guidance but noted robust deal pipelines for Distinguished and WTM Partners, while citing higher interest rates as the primary driver for unrealized investment losses across Kudu, HG Global, and MediaAlpha.