White Mountains Q2 2026: Book Value Up 4%, $191M Buyback, $0.8B Undeployed Capital
WTM sits 28% above its 52-week low of $1,648.
Summary
White Mountains reported Q2 2026 book value per share of $2,258, up 4% for the quarter, with $191 million in share repurchases and $0.8 billion in undeployed capital. Strong operating results and investment gains drove the increase.
Key Events · Earnings and Guidance · WTM
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Book Value Per Share Rises 4%
Book value per share reached $2,258 as of June 30, 2026, up 4% in Q2 and 3% YTD including dividends, driven by strong operating company results and investment gains.
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$191M Share Repurchases at 93% of Book
White Mountains repurchased 91,194 shares for $191 million in Q2 at an average price of $2,092.72, representing 93% of quarter-end book value per share, signaling management's view that shares are undervalued.
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MediaAlpha Stake Adds $58M in Gains
MediaAlpha's share price rose 35% in Q2 to $12.57, generating $58 million of unrealized investment gains for White Mountains, which holds 17.9 million shares (29% ownership). Each $1 move in MediaAlpha impacts White Mountains' book value per share by approximately $7.50.
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Ark Delivers 84% Combined Ratio
Ark/WM Outrigger posted an 84% combined ratio in Q2, including 3 points of catastrophe losses from the Iran war, offset by 8 points of favorable prior-year reserve development. Tangible book value grew 6% in the quarter.
Analysis · WTM · Finance
White Mountains delivered a solid quarter with book value per share rising 4% to $2,258, driven by strong underwriting at Ark (84% combined ratio) and a 35% jump in MediaAlpha shares that added $58 million in mark-to-market gains. The company repurchased $191 million of stock at 93% of book value, signaling management sees the shares as undervalued. With $0.8 billion in undeployed capital after recent acquisitions and dividends, White Mountains has significant firepower for further buybacks or investments. The quarter also saw Kudu generate a 15% trailing return on equity and HG Global return $90 million to the parent via a dividend from its refinancing. These results reinforce the company's track record of compounding book value while actively managing capital allocation.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.6% of the 1645 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, WTM was trading at $2,111.91 on NYSE in the Finance sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $1,648.00 to $2,333.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.