The Bottom Line: Sprague, White Mountains Insurance Group and generative AI

A roundup of news updates from public companies in NH and nationwide

Sprague Partners with Hyperfuels

Sprague Operating Resources LLC (NYSE: SRLP), which as a Portsmouth location, has partnered with Hyperfuels to distribute Purfuels Ethanol-Free 93-Octane, a reformulated gasoline (RFG), throughout the Northeast — marking the first ethanol-free, high-octane RFG available in the New York metro market.

RFG is a cleaner-burning alternative to conventional gasoline, designed to reduce air pollutants like smog-forming compounds and toxins. Unlike standard gasoline blends that use ethanol, Purfuels replaces ethanol with Isobutanol, an alcohol-based additive that improves engine performance while avoiding issues like moisture absorption and phase separation — common concerns with ethanol-blended fuels.

This new fuel is especially beneficial for boats, race cars, motorcycles, classic cars, power sports vehicles, and small-engine equipment like lawnmowers and generators, offering enhanced protection and longer-lasting performance.

The first delivery took place on August 7, 2025, at Moriches Boat and Motor in East Moriches, Long Island. “We’re thrilled to be the first in our area to offer ethanol-free fuel,” said marina owner Conrad Kreuter, citing strong customer demand for a higher-quality fuel option that protects boat engines.

According to Hyperfuels President Jess Hewitt, this marks the first new gasoline type introduced in nearly 50 years. He praised Sprague as a consistent leader in renewable and sustainable fuel innovation.

Purfuels Ethanol-Free 93-Octane complies with EPA’s Clean Air Act requirements for RFG, making it the first legal ethanol-free option for marinas in high-smog metro areas like New York.

White Mountains Reports Q2 Results

White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,804 as of June 30, 2025, an increase of 3% for both the second quarter of 2025 and the first six months of 2025, including dividends.

Manning Rountree, CEO at White Mountains said, “BVPS was up 3% in the quarter.  We had sound results at our operating companies and good investment returns. Ark produced an 85% combined ratio and $815 million of gross written premiums in the quarter, up 17% year-over-year. HG Global generated $19 million of gross written premiums, a record second quarter, and grew book value by 2%. Kudu managed flattish results under volatile market conditions. Bamboo had a record quarter, with significant growth in managed premiums and adjusted EBITDA. MediaAlpha’s share price increased 19% in the quarter, producing a $31 million mark-to-market gain. Excluding MediaAlpha, our investment portfolio was up 2.3%. In July, we announced our acquisition of Distinguished Programs and closed our transaction with BroadStreet Partners. Including these deployments, undeployed capital now stands at roughly $300 million.”

Comprehensive income (loss) attributable to common shareholders was $124 million and $159 million in the second quarter and first six months of 2025 compared to ($55 million) and $182 million in the second quarter and first six months of 2024. Results in the second quarter and first six months of 2025 included $31 million and ($6 million) of unrealized investment gains (losses) from White Mountains’ investment in MediaAlpha compared to ($139 million) and $72 million of net realized and unrealized investment gains (losses) in the second quarter and first six months of 2024.

Generative AI Market to Hit $442B by 2031

The generative AI market has experienced explosive growth over the past five years, skyrocketing from $5.5 billion in 2020 to a projected $66.8 billion in 2025. Although the growth rate peaked at 85% in 2024, the market continues to expand rapidly. According to Jemlit.com, it is expected to reach $442 billion by 2031 — a 569% increase from 2025 — growing 250% faster than the broader AI industry.

The launch of ChatGPT in 2022 marked a turning point, accelerating public adoption and sparking massive investments from major tech players like Microsoft, Google, OpenAI, Baidu, and Tencent. These developments have made generative AI the fastest-growing segment within the AI sector.

In comparison, other AI fields are expanding at slower rates. For example, AI robotics is projected to grow by 316%, natural language processing by 276%, and computer vision by 143% over the same six-year period. Meanwhile, the overall AI industry is expected to grow 311% and surpass $1 trillion in value.

Generative AI’s share of the global AI market has nearly doubled from under 15% two years ago to 27.4% today. That share is forecasted to climb to 45.1% by 2029 before slightly declining to 43.9% in 2031 — still significantly higher than current levels. By then, generative AI will account for nearly 44% of total AI industry revenue, highlighting its dominant role in shaping the future of artificial intelligence.