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Get filing alertsWhite Mountains book value falls 1% on MediaAlpha losses; Ark records $25M Iran war exposure
Filed May 6, 2026 · Period ending May 6, 2026 · ~1 min read
Key Changes
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Book value per share declined 1% to $2,170 in Q1 2026, driven by a $65M mark-to-market loss on MediaAlpha investment as its share price fell from $12.95 to $9.30. Each $1 change in MediaAlpha's price impacts book value by ~$7 per share.
Exhibit 99.1 view on EDGAR → -
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Ark recorded $25M net losses from war in Iran exposure through specialty and marine & energy lines. Filing warns losses could increase as the war continues, creating uncertainty around ultimate loss amount.
Exhibit 99.1 view on EDGAR → -
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Deployed $125M into Bishop Street Underwriters in February and completed two WTM Partners acquisitions: BaseSix Systems (~$97M, April) and Hawkeye Electric (~$35M, May). Undeployed capital remains at ~$0.8B.
Exhibit 99.1 view on EDGAR → -
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Ark's combined ratio improved to 91% from 94% year-over-year, with catastrophe losses declining to 7 points (Iran war) from 25 points (California wildfires), demonstrating stronger underlying profitability.
Exhibit 99.1 view on EDGAR → -
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Total consolidated portfolio returned 0.2% in Q1 2026 versus 1.7% prior year. Excluding MediaAlpha, portfolio returned 1.0% versus 2.3%. Equity portfolio was -0.3% overall but +1.6% excluding MediaAlpha's 1.9 point drag.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
Summary
White Mountains reported a 1% decline in book value per share to $2,170 for Q1 2026, primarily driven by a $65 million mark-to-market loss on its MediaAlpha investment. MediaAlpha's share price fell 28% during the quarter from $12.95 to $9.30, reducing the carrying value from $231 million to $166 million.
The company's sensitivity to MediaAlpha's stock price remains significant, with each $1 move impacting book value by approximately $7 per share. The quarter also brought new underwriting exposure as Ark recorded $25 million in net losses from the war in Iran, primarily through specialty and marine & energy lines.
The filing explicitly warns that losses could increase as the conflict continues, introducing uncertainty around ultimate loss development. Despite this new exposure, Ark's overall underwriting performance improved with a 91% combined ratio versus 94% in the prior year, as catastrophe losses declined substantially from 25 points (California wildfires) to 7 points. White Mountains continued deploying capital with $125 million into Bishop Street Underwriters and two WTM Partners acquisitions totaling approximately $132 million. The company retains roughly $0.8 billion in undeployed capital for future opportunities.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
White Mountains reported Q1 2026 earnings with detailed non-GAAP metrics for Kudu and Distinguished subsidiaries.
Added in current filing · verify on EDGAR →
On May 6, 2026, White Mountains Insurance Group, Ltd. issued a press release announcing its results for the three months ended March 31, 2026.
White Mountains disclosed its first quarter 2026 financial results. The 8-K references a press release (Exhibit 99.1) containing the detailed results, but the filing itself focuses on explaining the non-GAAP measures used in that release rather than providing the actual financial figures.
Added in current filing · verify on EDGAR →
Specifically, there are 10 non-GAAP financial measures: (i) Kudu’s EBITDA, (ii) Kudu’s adjusted EBITDA, (iii) Kudu’s annualized adjusted EBITDA, (iv) Kudu’s annualized revenue, (v) Kudu’s cash revenue yield, (vi) Distinguished’s ScaleCo net income (loss), (vii) Distinguished’s ScaleCo EBITDA, (viii) Distinguished’s ScaleCo adjusted EBITDA, (ix) total consolidated portfolio return excluding MediaAlpha and (x) total equity portfolio return excluding MediaAlpha.
The company disclosed ten non-GAAP financial measures used in its earnings release, primarily related to its Kudu and Distinguished subsidiaries. These measures adjust GAAP results for items like unrealized investment gains/losses, equity-based compensation, transaction expenses, and exclude certain business segments to show underlying operational performance.
Added in current filing · verify on EDGAR →
Total consolidated portfolio return0.2 %1.7 % Remove MediaAlpha0.8 0.6 Total consolidated portfolio return excluding MediaAlpha1.0 %2.3 %
White Mountains reported total consolidated portfolio returns of 0.2% for Q1 2026 versus 1.7% for Q1 2025. Excluding MediaAlpha, the returns were 1.0% and 2.3% respectively. The MediaAlpha investment had a negative 0.8 percentage point impact on Q1 2026 portfolio returns.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
As of March 31, 2026, MediaAlpha’s share price was $9.30 per share, which decreased from $12.95 per share as of December 31, 2025. The carrying value of White Mountains’s investment in MediaAlpha was $166 million as of March 31, 2026 compared to $231 million as of December 31, 2025.
White Mountains's investment in MediaAlpha declined significantly in Q1 2026, with MediaAlpha's share price falling from $12.95 to $9.30 per share. This resulted in a $65 million unrealized loss and reduced the carrying value of the investment from $231 million to $166 million. The filing notes that each $1.00 change in MediaAlpha's share price impacts White Mountains's book value per share by approximately $7.00.
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