White Mountains has released the first quarter of 2026 results for its property and casualty re/insurance segment Ark/WM Outrigger, which saw gross written premiums (GWP) of $1,091 million, with a combined ratio of 91%.
GWP in Q1 2026 decreased slightly compared to Q1 2025’s $1,108 million, while the quarter’s combined ratio improved from the 97% reported in Q1 2025.
Net written premiums in the quarter stood at $590 million, down from the $728 million seen in Q1 2025.
Net earned premiums of $374 million in the first quarter of 2026, increasing from net earned premiums of $358 million in the same period last year.
Ark’s CoR was 91%, down from 94% in Q1 2025. This quarter’s CoR included seven points of catastrophe losses, driven by losses related to the war in Iran.
This compares to 25 points of catastrophe losses in Q1 2025, driven by losses related to the California wildfires. Ark’s combined ratio included five points of net favourable prior year development in Q1 2026, driven primarily by the specialty and property lines of business.
White Mountains noted that Ark has exposure to the war in Iran, primarily through the specialty and marine & energy lines of business.
In the first quarter of 2026, Ark estimated its net losses (after reinsurance and reinstatement premiums) at $25 million. However, this loss figure could increase as the conflict continues.
Ark’s GWP were $1,091 million, net written premiums of $590 million and net earned
premiums of $371 million in Q1 2026. Which compares to $1,108 million, $690 million, and $346 million, respectively, reported for Q1 2025.
According to the parent company, Ark’s decrease in written premiums was primarily due to a change in recognising delegated authority business. This change did not affect earned premiums, which rose 7% in Q1 2026 compared to Q1 2025, driven by growth in specialty and property lines.
Net written premiums were also affected by Ark’s increased use of quota share reinsurance, causing ceded written premiums to climb from $417 million to $501 million between the periods.
Ark reported pre-tax income of $7 million in Q1 2026 compared to $52 million in the first quarter of 2025. The company’s results included net realised and unrealised investment losses of $33 million in the period, which increased compared to $30 million in Q1 2025.
Ian Beaton, CEO of Ark, said: “We are off to a good start in 2026, producing a combined ratio of 91% and gross written premiums of $1.1 billion. Market conditions continue to soften, but we still see opportunities to drive profitable growth, including through the addition of new teams and classes of business.”
WM Outrigger Re’s combined ratio was 44% in Q1 2026, a great improvement when compared to the 166% CoR seen in Q1 2025. Catastrophe losses Q1 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums).
For the 2026 underwriting year, Ark renewed Outrigger Re Ltd., securing $70 million in unaffiliated third-party capital. WM Outrigger Re’s pre-tax income as of March 31, 2026, totalled $57 million from the 2025 underwriting year, $29 million from the 2024 underwriting year, and $76 million from the 2023 underwriting year.
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