White Mountains Insurance Group Ltd, the financial services holding company domiciled in Bermuda, has reported a comprehensive loss attributable to common shareholders of $55 million in the second quarter of the year.

That compares with comprehensive income of $21 million in the second quarter of 2023.

At the half-year, the company reported comprehensive income of $182 million, which compared with comprehensive income of $201 million in the first six months of 2023.

White Mountains reported book value per share of $1,722 and adjusted book value per share of $1,777 as of June 30.

Book value per share and adjusted book value per share both decreased 1 per cent in the second quarter and increased 4 per cent in the first six months of the year, including dividends.

White Mountains includes the companies Build America Mutual, Ark, WM Outrigger Re, Kudu Investment Management, Bamboo, David Shield Group and Elementum.

Manning Rountree, chief executive, said: “ABVPS was down 1 per cent in the quarter, due primarily to our investment in MediaAlpha.

“Excluding MediaAlpha, ABVPS was up 2 per cent, driven by solid results at our operating companies and good investment returns.

“Ark produced an 89 per cent combined ratio and $697 million of gross written premiums in the quarter, up 15 per cent year-over-year.

“Build America Mutual generated $28 million of total gross written premiums and member surplus contributions in the quarter, up 7 per cent year-over-year due to strong primary market volume.

“At Kudu, trailing 12 months adjusted earnings before interest, taxes, depreciation and amortisation increased, while the value of the continuing portfolio grew 7 per cent.

“Bamboo had another strong quarter, once again tripling managed premiums year-over-year and growing adjusted Ebitda.

"MediaAlpha’s share price declined 35 per cent in the quarter, producing a $139 million loss.

“Excluding MediaAlpha, investment returns were good on an absolute and relative basis. Undeployed capital now stands at roughly $650 million.”