White Mountains reports 1Q earnings

White Mountains Insurance posted a first-quarter net income of nearly $96 million last week, despite ongoing losses of $36 million due to last year’s hurricanes.

With income amounting to $8.89 per diluted share, the company declared a $2 dividend.

While income was $80 million lower than the first quarter of last year, the decline was mainly due to the prior year’s $74 million pretax special dividend from its Montpelier Re subsidiary.

This quarter, nearly every subsidiary made money except for Esurance, which suffered a $4 million due to hailstorm and tornado activity in the Midwest, as well as a national television campaign.

White Mountains, now headquartered in New Jersey, still maintains some administrative functions in Hanover, N.H. – BOB SANDERS