White Mountains announced first-quarter 2026 results for its property and casualty reinsurance unit Ark/WM Outrigger, which reported gross written premiums (GWP) of $1.091 billion and a combined ratio of 91%.
GWP for Q1 2026 declined slightly compared to $1.108 billion for Q1 2025, while the combined ratio for the quarter improved from the 97% reported for Q1 2025.
Net written premiums for the quarter were $590 million, down from $728 million in the first quarter of 2025.
Net premiums earned in the first quarter of 2026 were US$374 million, up from US$358 million in the same period last year.
Ark’s CoR was 91%, down from 94% in Q1 2025. CoR for the quarter included 7 points of catastrophic losses driven by Iran war-related losses.
This compares to 25 percentage points in catastrophe losses due to California wildfires in the first quarter of 2025. Ark’s combined ratio includes prior-year net favorable development points in the first quarter of 2026, driven primarily by the specialty and real estate business lines.
White Mountains noted that Ark is involved in the Iran war primarily through its professional and marine and energy business lines.
Ark expects a net loss (after reinsurance and recovery premiums) of $25 million in the first quarter of 2026. However, this loss figure is likely to increase as the conflict continues.
Ark’s GWP was US$1.091 billion, net written premiums were US$590 million, and net earnings
Premiums for the first quarter of 2026 were $371 million. This compares to premiums reported in the first quarter of 2025 of $1.108 billion, $690 million, and $346 million, respectively.
According to the parent company, the decline in Ark’s premium income was mainly due to changes in the identification of authorized business. This change did not affect premiums earned, which increased 7% in the first quarter of 2026 compared with the first quarter of 2025, driven by growth in the specialty and property and casualty lines.
Net written premiums were also affected by Ark’s increased use of quota share reinsurance, which caused ceded written premiums to climb to $501 million from $417 million.
Ark reported pre-tax income of $7 million in the first quarter of 2026, compared with $52 million in the first quarter of 2025. The company’s results included net realized and unrealized investment losses of $33 million in the period, an increase from $30 million in the first quarter of 2025.
Ark CEO Ian Beaton said: “We have made a strong start to 2026 with a combined ratio of 91% and total premiums written at $1.1 billion. Market conditions continue to be soft, but we still see opportunities to drive profitable growth, including through the addition of new teams and business categories.”
WM Outrigger Re’s combined ratio for Q1 2026 was 44%, a big improvement from the CoR of 166% for Q1 2025. Cat losses in the first quarter of 2025 included $19 million in losses (net of recovery premiums) related to the California wildfires.
In the 2026 underwriting year, Ark renewed Outrigger Re Ltd. for $70 million in unaffiliated third-party capital. As of March 31, 2026, WM Outrigger Re’s pre-tax earnings totaled $57 million for the 2025 coverage year, $29 million for the 2024 coverage year, and $76 million for the 2023 coverage year.
