White Mountains off to a ''slow start'' with $74m loss Bermudian-based White Mountains Insurance Group Ltd has reported a comprehensive loss attributable to common shareholders of $74 million in the first quarter. That compares to a loss of $132 million a year ago. White Mountains Insurance Group includes the companies Ark, Build America Mutual, NSM Insurance Group, Kudu Investment Management, MediaAlpha, David Shield Group, and Elementum. White Mountains said results in the first quarter were driven primarily by $42 million of net realised and unrealised investment losses from its investment in MediaAlpha as MediaAlphas share price declined from $39.07 at December 31 to $35.43 at March 31 and a loss of $29 million related to NSM''s sale of its Fresh Insurance motor business. The company said results in the first quarter of 2020 were driven primarily by negative investment returns as equity markets declined in reaction to the Covid-19 pandemic. The company reported book value per share of $1,231 and adjusted book value per share of $1,242 as of March 31.