White Mountains Insurance Group Ltd, the financial services holding company domiciled in Bermuda, has reported comprehensive income attributable to common shareholders of $890 million and $748 million in the third quarter and first nine months of 2022, respectively.

That compares with losses of $373 million and $308 million in the third quarter and first nine months of 2021.

The company said results in the third quarter and first nine months of this year were driven primarily by the net gain from the sale of NSM Insurance Group of $876 million, which includes the impact of compensation and other costs recorded in other operations.

White Mountains includes the companies Ark, Build America Mutual, Kudu Investment Management, MediaAlpha, David Shield Group and Elementum.

On August 1, White Mountains closed the previously announced sale of 100 per cent of its equity interest in NSM for cash to an affiliate of The Carlyle Group Inc.

Manning Rountree, the CEO, said: "ABVPS (adjusted book value per share) was up 28 per cent in the quarter. The main driver was the gain on our sale of NSM, which closed on August 1 and added roughly $300 to ABVPS. Aside from this, ABVPS was up slightly driven primarily by good operating results at our businesses, partially offset by mark-to-market losses in our fixed-income portfolio and the decline in MediaAlpha's share price.

“BAM produced record levels of premiums. Ark produced an 87 per cent combined ratio, despite significant catastrophe activity, while growing premiums 33 per cent year-over-year.

“The fair value of Kudu's existing participation contracts increased 12 per cent in the quarter, reflecting announced sale transactions and good portfolio performance in a volatile investment environment. Kudu grew adjusted Ebitda year-over-year and closed two new transactions.

“During the quarter, we repurchased a little over $500 million of shares, including the results of our self-tender offer. Undeployed capital now stands at roughly $1.1 billion."