Financial services holding company White Mountains has announced a third quarter loss of income attributable to common shareholders of $373 million, compared to a $237 million income during the prior year quarter.
Ark, which is focused on P&C re/insurance business, reported gross written premiums of $162 million, net written premiums of $121 million and net earned premiums of $213 million for the quarter.
The combined ratio of Ark for the quarter was 92%, while its adjusted combined ratio, which adds back amounts ceded to third-party capital providers, was 89%.
The adjusted combined ratio in the third quarter included 21 points of catastrophe losses and six points of net favourable prior year reserve development. Meanwhile, the firm reported pre-tax income of $11 million.
“Ark had a good third quarter notwithstanding global catastrophe activity,” said CEO Ian Beaton.
“The adjusted combined ratio was 89% in the quarter. This included $50 million of cat losses, principally from the European floods and Hurricane Ida, and $15 million of favourable prior year development, principally in property lines.
“Gross written premiums were $162 million in the quarter, up 79% from 2020 levels, with risk adjusted rate change up 7%. Market conditions remain attractive.
“We raised a total of $163 million in new subordinated debt during the quarter, completing our capital raise,” Beaton concluded.