White Mountains has released its Q1 2024 results, noting that the combined ratio for its Ark segment was 94%, which included slight net favourable prior year development and minimal catastrophe losses.
However, Ark’s non-catastrophe losses in Q1 2024 included $15 million on a net basis related to the collapse of the Francis Scott Key Bridge in Baltimore and $16 million on a net basis related to a satellite loss.
Meanwhile, Ark reported gross written premiums in Q1 2024 of $872 million, up 8% year-over-year.
Net written premiums in the opening quarter were $564 million and net earned premiums were $293 million, compared to net written premiums of $570 million and net earned premiums of $250 million in Q1 2023.
With all this in mind, Ark saw a pre-tax income of $33 million in Q1 2024 compared to $36 million in the same period of the previous quarter. Ark’s Q1 results also included net realized and unrealized investment gains of $11 million, down from $25 million in Q1 2023.
Ian Beaton, CEO of Ark, noted that market conditions “remain attractive”, although rate growth is slowing in several lines of business.
Elsewhere, White Mountains also disclosed that Outrigger Re’s combined ratio was 32% in the opening quarter of 2024 compared to 21% in Q1 2023. Catastrophe losses were reportedly minimal in both periods.
Outrigger Re saw gross and net written premiums of $34 million and net earned premiums of $10 million in Q1 2024, compared to gross and net written premiums of $44 million and net earned premiums of $5 million in Q1 2023.
As per White Mountains, gross and net written premiums decreased due to the firm’s lower capital commitment to Outrigger Re in 2024.
Outrigger Re’s pre-tax income in Q1 2024 was $10 million, of which $7 million was attributable to the 2024 underwriting year and $3 million to the 2023 underwriting year, compared to $6 million in Q1 2023.
