White Mountains Insurance Group, Ltd. has released its second-quarter 2026 results for its property and casualty re/insurance segment Ark/WM Outrigger, which generated gross written premiums of $778 million, down from $815 million in the prior-year period, while its combined ratio remained unchanged at 84%.
During the quarter, Ark/WM Outrigger reported net written premiums of $537 million, down from $579 million in Q2’25, while net earned premiums increased to $376 million from $364 million.
Ark recorded a combined ratio of 84% compared with 85% in Q2’25. The ratio included three points of catastrophe losses, driven primarily by losses related to the war in Iran, alongside eight points of net favourable prior-year development.
Ark has ongoing exposure to the war in Iran, primarily through its specialty and marine & energy lines of business. In Q2’26, it recorded estimated losses of $17 million, net of reinsurance and reinstatement premiums, related to the conflict.
Ark’s gross written premiums decreased to $778 million from $815 million, net written premiums rose to $538 million from $536 million, and net earned premiums rose to $375 million from $357 million.
The decline in gross written premiums was driven primarily by softening market conditions in property lines, which was partially offset by growth in specialty lines.
Ark reported pre-tax income of $78 million, compared with $91 million in Q2’25, including net realised and unrealised investment gains of $31 million compared with $51 million.
For the first six months of 2026, Ark/WM Outrigger posted a combined ratio of 88%, an improvement from 90% in the same period a year earlier.
In H1’26, Ark/WM Outrigger generated gross written premiums of $1.87 billion, down from $1.92 billion, net written premiums of $1.13 billion, down from $1.30 billion, and net earned premiums of $750 million, up from $722 million.
Ark’s combined ratio was 88%, down from 90%, including five points of catastrophe losses, driven primarily by losses related to the war in Iran, compared with 13 points of catastrophe losses in H1’25, driven by losses related to the California wildfires. Ark’s combined ratio also included six points of net favourable prior-year development, compared with nine points in the prior-year period.
During the first six months of 2026, Ark recorded estimated losses of $42 million, net of reinsurance and reinstatement premiums, related to the war in Iran.
Ark reported gross written premiums of $1.87 billion, down from $1.92 billion, net written premiums of $1.13 billion, down from $1.23 billion, and net earned premiums of $747 million, up from $703 million.
The decline in gross written premiums was driven primarily by a change in the timing of recognition of certain delegated authority business, which had no impact on the timing of recognition of Ark’s earned premiums.
Ark reported pre-tax income of $85 million compared with $144 million.
Ian Beaton, CEO of Ark, said, “Our results for the first half of the year have been good. Ark’s combined ratio was 84% for the second quarter and 88% year to date, and we grew tangible book value by 7% year to date. Gross premiums were down 5% in the quarter driven by rate softening in property lines, which offset solid growth in specialty lines. The Iran war losses to date have been manageable but uncertainty remains.”
WM Outrigger Re’s combined ratio was 25% in Q2 and 40% for the first six months of 2026, compared with 44% and 120% in Q2’25 and H1’25, respectively. Catastrophe losses in the first six months of 2025 included $19 million of losses related to the California wildfires, net of reinstatement premiums.
