Ark Reports Q1 Revenue of $517.8M, Down Year-over-Year
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 06 2026
0mins
Reports Q1 revenue $517.8M vs. $577.8M last year. CEO Liam Caffrey commented, "Book value per share ended the quarter at $2,170, down roughly 1% from year-end. Solid operating results were more than offset by a mark-to-market decline in our investment in MediaAlpha. Ark posted a 91% combined ratio and generated $1.1B of gross written premiums. Kudu grew adjusted EBITDA and produced a 12% return on equity on a trailing 12 months basis. HG Global assumed $8 million of gross written premiums and grew book value by 2%. Distinguished grew managed premiums by 7% year-over-year and has now launched four new programs since our acquisition. Excluding MediaAlpha, the investment portfolio returned 1.0%, ahead of benchmarks, with modest gains in both equities and fixed income. In February, we deployed $125M of capital into Bishop Street Underwriters and more recently announced two acquisitions by WTM Partners. Including these deployments, undeployed capital is roughly $0.8B."
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Analyst Views on WTM
About WTM
White Mountains Insurance Group, Ltd. is a diversified insurance and related financial services holding company that owns and manages businesses seeking a stable, sophisticated partner to drive value creation. Its segments include Ark/WM Outrigger, HG Global, and Kudu. Ark/WM Outrigger segment includes Ark Insurance Holdings Limited and its subsidiaries (Ark) and Outrigger Re Ltd. Ark is a specialty property and casualty insurance and reinsurance company that offers a wide range of niche insurance and reinsurance products, including property, specialty, marine & energy, casualty and accident & health. HG Global segment is engaged in the municipal bond reinsurance business. The Kudu segment consists of Kudu Investment Management, LLC and its subsidiaries. Kudu provides capital solutions for boutique asset and wealth managers for a variety of purposes, including generational ownership transfers, management buyouts, acquisition and growth finance and legacy partner liquidity.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Financial Performance: The revenue figure indicates the company's financial performance during the specified period.
See More
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See More
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- Strategic Goals: AFPG plans to use the investment to expand its adviser base and pursue strategic acquisitions while maintaining its independent ownership structure, which will help it remain agile and innovative in a competitive market.
- Market Outlook: Kudu partner Chris Shin highlighted that Australia’s wealth management market has strong growth drivers, and AFPG has excelled in meeting the demand for high-quality financial advice, positioning it well for future business expansion.
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- Long-term Capital Support: Kudu's investment aims to provide long-term capital to support Drummond's strategic vision, emphasizing its uniqueness and high-quality service in the wealth management sector.
- Market Opportunity: Kudu partner Chris Shin highlights the long-term growth opportunities in the Australian wealth management industry, with Drummond's differentiated offerings and strategic direction further enhancing its competitive edge.
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- Historical Performance: WTM's 52-week low is $1648 per share, while the high is $2333, with the last trade at $2004.76, indicating price fluctuations that could influence investor decisions based on historical performance.
- Investor Sentiment: As the stock approaches oversold territory, investors may reassess their strategies and consider increasing their positions as prices rebound, thereby impacting future market dynamics.
See More
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- Revenue Decline: The company generated revenue of $517.8 million, a 10.4% year-over-year decrease, reflecting a deteriorating market environment and intensified competition, which may lead to slowed future growth.
- Slight Drop in Book Value: As of March 31, 2026, the reported book value per share was $2,170, a 1% decrease for the first quarter, indicating a minor depreciation of company assets that could impact its capital adequacy.
- Hold Rating Maintained: Despite the poor financial performance, analysts maintain a 'Hold' rating on White Mountains Insurance, suggesting a cautious optimism regarding its long-term potential, which may attract risk-averse investors.
See More
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- Q1 Revenue: White Mountains Insurance reported a revenue of USD 517.8 million for the first quarter.
- Financial Performance: The revenue figure indicates the company's financial performance during the specified period.
See More
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- Earnings Report: White Mountains Insurance Group reported a Q1 EPS of $12.59, indicating strong financial performance.
- Market Impact: The earnings result may influence investor sentiment and stock performance in the insurance sector.
See More
