White Mountains Insurance Group, Ltd., reported net income fell 93 percent in the fourth quarter based on the combination of hurricane losses, decrease in investment and reserve increase.
The Hamilton, Bermuda-based company reported fourth-quarter net income fell $152.6 million, from $164.8 million, or $15.31 a share, to $12.2 million, or 86 cents a share. Revenues were off 18 percent, or $222.5 million, from $1.25 billion to $1.03 billion.
"Due to hurricane losses, primarily at White Mountains Re, which totaled $228 million after-tax for the year, and the $104 million after-tax decrease in the value of our Montpelier Re holdings for the year, our return in 2005 was well below our target," said Steve Fass, the company's chief executive officer, in a statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
