Hamilton, Bermuda-based insurer White Mountains Insurance Group, Ltd., reported its net income rose $228 million in the third quarter, after suffering a loss for the same period last year.
The company reported on Thursday that net income rose from a loss of $66 million, a loss of $6.16 per share last year, to $162 million, or $15.01 a share in the third period–a more than 300 percent increase. Revenues were almost flat, increasing less than $9 million, from $1.178 billion to $1.186 billion.
For the nine months, net income is up 46 percent, or $117 million, from $257 million, or $23.73 a share, to $374 million, or $34.61 a share. Revenues were down 4 percent, or $129 million, from $3.57 billion to $3.44 billion.
Among the companies in the White Mountains group are OneBeacon, White Mountain Re and Esurance.
“OneBeacon had another excellent quarter, with a combined ratio of 94 percent,” said Steve Fass, chief executive officer of White Mountains. “White Mountain Re, aided by favorable weather, also had a strong quarter, with an 89 percent combined ratio. Esurance continues to grow quickly while keeping its loss ratio on target. While our fixed income and equity returns lagged their benchmarks in the quarter, absolute returns were solid, and our investment performance for the first nine months remains strong.”
Esurance had a combined ratio of 106 percent for the three months and 107 percent for the nine months of 2006, consistent with last year. White Mountain's combined ratio, at 89 percent in the quarter, stands at 108 percent for the nine months, compared with 116 percent for the nine months last year.
For the nine months, OneBeacon's combined ratio was 96 percent, compared with 99 percent last year.
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