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Stock Market & Financial Investment News

News Breaks
February 19, 2013
16:35 EDTWTMWhite Mountains subsidiary to acquire Empire Insurance
White Mountains Solutions Holding announced that it had entered into a definitive agreement to acquire Empire Insurance Company; a runoff insurance subsidiary of Leucadia National Corporation, or LUK. The transaction is expected to close during the second quarter of 2013 subject to customary closing conditions and regulatory approval from the New York Department of Financial Services. White Mountains Solutions Holding Company is a wholly owned subsidiary of White Mountains Insurance Group and the group's specialist runoff acquisition operation.
News For WTM From The Last 14 Days
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February 5, 2016
08:05 EDTWTMWhite Mountains reports adjusted book value per share of $699
White Mountains Insurance Group reported an adjusted book value per share of $699 at December 31, 2015, up 6.8% and 5.3% for the quarter and year ended December 31, 2015, including dividends. Adding the estimated gain of $84 per share for the previously announced Sirius Group sale, adjusted book value per share is approximately $783, up 18.0% for the year ended December 31, 2015, including dividends. Chairman and CEO Ray Barrette said, "It was a big year for White Mountains, driven by the agreements to sell the Sirius Group and Symetra. Adjusted book value per share was up 18% to $783, including the Sirius Group sale gain calculated on its year end book value. The sale is expected to close in the first quarter of 2016. The Symetra sale closed on February 1st and most of the gain was included in our 2015 results. Excluding these transactions, we had a decent year. Our total return on invested assets, excluding Symetra, was impacted by the strengthening dollar and weak equity markets...After the Sirius Group sale, we expect to have roughly $2.4B of undeployed capital at the parent. Going forward we are likely to buy back shares while we look for good opportunities to redeploy capital. In the current environment, patience is required."

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