White Mountains Insurance Group Ltd, the financial services holding company domiciled in Bermuda, has reported that comprehensive income attributable to common shareholders was $180 million and $361 million in the third quarter and first nine months of 2024, respectively.

That compares with $23 million and $224 million in the third quarter and first nine months of 2023.

The company said results in the third quarter and first nine months of 2024 included $88 million and $160 million of net realised and unrealised investment gains from White Mountains’s investment in MediaAlpha compared with $47 million and $39 million of unrealised investment losses in the third quarter and first nine months of 2023.

White Mountains includes the companies Build America Mutual, Ark, WM Outrigger Re, Kudu Investment Management, Bamboo, David Shield Group and Elementum. As of July 1, White Mountains no longer consolidates BAM.

Manning Rountree, chief executive, said: “ABVPS (adjusted book value per share) was up 6 per cent in the quarter and 11 per cent year-to-date, driven by solid results at our operating companies and good investment returns.

“Ark produced a 79 per cent combined ratio and $374 million of gross written premiums in the quarter, up 49 per cent year-over-year.

“HG Global generated $14 million of gross written premiums in the quarter, driven by strong primary market volume at BAM.

“At Kudu, trailing 12 months adjusted ebitda (earnings before interest, taxes, depreciation and amortisation) increased, while the fair value of the continuing portfolio grew 3 per cent.

“Bamboo had another strong quarter, doubling managed premiums and growing adjusted ebitda significantly.

“MediaAlpha’s share price increased 38 per cent in the quarter, producing an $88 million unrealised gain. Undeployed capital remains at roughly $650 million.”