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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2015
Segment Reporting [Abstract] |
Financial information for White Mountains' segments | Financial information for White Mountains’s segments follows:
|  |  |  | HG Global/BAM |  |  |  |
Millions |  | OneBeacon |  | HG Global |  | BAM(1) |  | Other Operations |  | Total
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance and reinsurance premiums |  | $ | 1,176.2 |  |  | $ | 2.5 |  |  | $ | .8 |  |  | $ | 8.7 |  |  | $ | 1,188.2 |
Net investment income |  | 45.9 |  |  | 1.9 |  |  | 4.2 |  |  | 8.8 |  |  | 60.8 |
Net investment income (loss) - surplus note interest |  | — |  |  | 15.8 |  |  | (15.8 | ) |  | — |  |  | — |
Net realized and unrealized investment (losses) gains |  | (35.1 | ) |  | (.3 | ) |  | .9 |  |  | 259.9 |  | (2) | 225.4 |
Other (expense) revenue |  | (.6 | ) |  | — |  |  | .7 |  |  | 334.1 |  | (4) | 334.2 |
Total revenues (3) |  | 1,186.4 |  |  | 19.9 |  |  | (9.2 | ) |  | 611.5 |  |  | 1,808.6 |
Losses and LAE |  | 700.7 |  |  | — |  |  | — |  |  | 8.2 |  |  | 708.9 |
Insurance and reinsurance acquisition expenses |  | 213.8 |  |  | .6 |  |  | 2.3 |  |  | 3.4 |  |  | 220.1 |
Other underwriting expenses |  | 218.2 |  |  | — |  |  | .4 |  |  | — |  |  | 218.6 |
General and administrative expenses |  | 14.1 |  |  | 1.4 |  |  | 35.4 |  |  | 408.0 |  | (5) | 458.9 |
Amortization of intangible assets |  | 1.3 |  |  | — |  |  | — |  |  | 27.3 |  |  | 28.6 |
Interest expense |  | 13.0 |  |  | — |  |  | — |  |  | 5.6 |  |  | 18.6 |
Total expenses |  | 1,161.1 |  |  | 2.0 |  |  | 38.1 |  |  | 452.5 |  |  | 1,653.7 |
Pre-tax income (loss) |  | $ | 25.3 |  |  | $ | 17.9 |  |  | $ | (47.3 | ) |  | $ | 159.0 |  |  | $ | 154.9 |
|  |  |  | HG Global/BAM |  |  |  |
Millions |  | OneBeacon |  | HG Global |  | BAM(1) |  | Other Operations |  | Total
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance and reinsurance premiums |  | $ | 1,177.1 |  |  | $ | 1.4 |  |  | $ | .4 |  |  | $ | 6.1 |  |  | $ | 1,185.0 |
Net investment income |  | 43.4 |  |  | 1.4 |  |  | 5.7 |  |  | 9.0 |  |  | 59.5 |
Net investment income (loss) - surplus note interest |  | — |  |  | 15.7 |  |  | (15.7 | ) |  | — |  |  | — |
Net realized and unrealized investment gains |  | 40.4 |  |  | 1.7 |  |  | 6.6 |  |  | 29.8 |  |  | 78.5 |
Other revenue |  | 5.8 |  |  | — |  |  | .6 |  |  | 124.7 |  | (4) | 131.1 |
Total revenues(3) |  | 1,266.7 |  |  | 20.2 |  |  | (2.4 | ) |  | 169.6 |  |  | 1,454.1 |
Losses and LAE |  | 815.1 |  |  | — |  |  | — |  |  | 8.9 |  |  | 824.0 |
Insurance and reinsurance acquisition expenses |  | 203.3 |  |  | .3 |  |  | 1.8 |  |  | .8 |  |  | 206.2 |
Other underwriting expenses |  | 179.2 |  |  | — |  |  | .4 |  |  | — |  |  | 179.6 |
General and administrative expenses |  | 12.4 |  |  | 1.6 |  |  | 35.9 |  |  | 196.1 |  |  | 246.0 |
Amortization of intangible assets |  | 1.4 |  |  | — |  |  | — |  |  | 10.3 |  |  | 11.7 |
Interest expense |  | 13.0 |  |  | — |  |  | — |  |  | 2.6 |  |  | 15.6 |
Total expenses |  | 1,224.4 |  |  | 1.9 |  |  | 38.1 |  |  | 218.7 |  |  | 1,483.1 |
Pre-tax income (loss) |  | $ | 42.3 |  |  | $ | 18.3 |  |  | $ | (40.5 | ) |  | $ | (49.1 | ) |  | $ | (29.0 | )
|  |  |  | HG Global/BAM |  |  |  |
Millions |  | OneBeacon |  | HG Global |  | BAM(1) |  | Other Operations |  | Total
Year Ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance and reinsurance premiums |  | $ | 1,120.4 |  |  | $ | .4 |  |  | $ | .1 |  |  | $ | — |  |  | $ | 1,120.9 |
Net investment income |  | 43.0 |  |  | 1.0 |  |  | 4.7 |  |  | 11.1 |  |  | 59.8 |
Net investment income (loss) - surplus note interest |  | — |  |  | 40.2 |  |  | (40.2 | ) |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | 49.4 |  |  | (2.0 | ) |  | (9.3 | ) |  | 95.8 |  |  | 133.9 |
Other revenue |  | 31.2 |  |  | — |  |  | .4 |  |  | 15.4 |  |  | 47.0 |
Total revenues(3) |  | 1,244.0 |  |  | 39.6 |  |  | (44.3 | ) |  | 122.3 |  |  | 1,361.6 |
Losses and LAE |  | 622.1 |  |  | — |  |  | — |  |  | — |  |  | 622.1 |
Insurance and reinsurance acquisition expenses |  | 208.9 |  |  | .1 |  |  | 1.4 |  |  | — |  |  | 210.4 |
Other underwriting expenses |  | 204.8 |  |  | — |  |  | .4 |  |  | — |  |  | 205.2 |
General and administrative expenses |  | 10.6 |  |  | 1.4 |  |  | 32.5 |  |  | 103.2 |  |  | 147.7 |
Amortization of intangible assets |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 1.4 |
Interest expense |  | 13.0 |  |  | — |  |  | — |  |  | 3.2 |  |  | 16.2 |
Total expenses |  | 1,060.8 |  |  | 1.5 |  |  | 34.3 |  |  | 106.4 |  |  | 1,203.0 |
Pre-tax income (loss) |  | $ | 183.2 |  |  | $ | 38.1 |  |  | $ | (78.6 | ) |  | $ | 15.9 |  |  | $ | 158.6 |
(1) | BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes surplus notes and is not reduced by accruals of interest expense on the surplus notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the New York Department of Financial Services.
(2) | Net realized and unrealized investment gains (losses) in the Other Operations segment includes the unrealized gain of $258.8 related to the investment in Symetra common shares, representing the difference between the carrying value under the equity method at November 5, 2015 and the fair value at December 31, 2015. (See Note 17 - “Investments in Unconsolidated Affiliates”).
(3) Total revenues includes both revenues from customers as well as investment performance. (4) Includes $186.9 from Tranzact and $105.5 from MediaAlpha for the year ended December 31, 2015; and $43.2 from Tranzact and $65.3 from MediaAlpha for the year ended December 31, 2014. (5) Includes $167.3 from Tranzact and $99.0 from MediaAlpha for the year ended December 31, 2015; and $37.4 from Tranzact and $60.6 from MediaAlpha for the year ended December 31, 2014.
Schedule of selected balance sheet data by segment |
|  |  |  | HG Global/BAM |  |  |  |  |  |
Selected Balance Sheet Data Millions |  | OneBeacon |  | HG Global |  | BAM |  | Other Operations |  | Discontinued Operations |  | Total
December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 2,591.4 |  |  | $ | 136.2 |  |  | $ | 460.3 |  |  | $ | 1,092.8 |  |  | $ | — |  |  | $ | 4,280.7 |
Reinsurance recoverable on paid and unpaid losses |  | 193.5 |  |  | — |  |  | — |  |  | .5 |  |  | — |  |  | 194.0 |
Assets held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,407.0 |  |  | 4,407.0 |
Total assets |  | 3,602.7 |  |  | 739.0 |  |  | (91.1 | ) | (1 | ) | 1,626.9 |  |  | 4,407.0 |  |  | 10,284.5 |
Loss and LAE reserves |  | 1,389.8 |  |  | — |  |  | — |  |  | 6.0 |  |  | — |  |  | 1,395.8 |
Liabilities held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,884.0 |  |  | 2,884.0 |
Total liabilities |  | 2,598.2 |  |  | 181.2 |  |  | 48.9 |  |  | 204.2 |  |  | 2,884.0 |  |  | 5,916.5 |
Total White Mountains’s common shareholders’ equity |  | 755.2 |  |  | 540.7 |  |  | — |  |  | 1,344.3 |  |  | 1,273.0 |  |  | 3,913.2 |
Non-controlling interest |  | 249.3 |  |  | 17.1 |  |  | (140.0 | ) |  | 78.4 |  |  | — |  | (2) | 204.8 |
December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 2,525.8 |  |  | $ | 121.0 |  |  | $ | 454.2 |  |  | $ | 641.4 |  |  | $ | — |  |  | $ | 3,742.4 |
Reinsurance recoverable on paid and unpaid losses |  | 173.8 |  |  | — |  |  | — |  |  | .1 |  |  | — |  |  | 173.9 |
Assets held for sale |  | 58.1 |  |  | — |  |  | — |  |  | — |  |  | 4,572.5 |  |  | 4,630.6 |
Total assets |  | 3,559.8 |  |  | 704.4 |  |  | (89.4 | ) | (1 | ) | 1,708.4 |  |  | 4,572.5 |  |  | 10,455.7 |
Loss and LAE reserves |  | 1,342.2 |  |  | — |  |  | — |  |  | 7.8 |  |  | — |  |  | 1,350.0 |
Liabilities held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,105.3 |  |  | 3,105.3 |
Total liabilities |  | 2,510.5 |  |  | 121.0 |  |  | 32.5 |  |  | 148.0 |  |  | 3,105.3 |  |  | 5,917.3 |
Total White Mountains’s common shareholders’ equity |  | 787.5 |  |  | 565.5 |  |  | — |  |  | 1,425.5 |  |  | 1,217.2 |  |  | 3,995.7 |
Non-controlling interest |  | 261.8 |  |  | 17.9 |  |  | (121.9 | ) |  | 134.9 |  |  | — |  | (2) | 292.7 |
(1) | BAM total assets reflect the elimination of $503.0 in surplus notes issued to HG Global and its subsidiaries, and $90.2 and $74.4 in accrued interest related to those surplus notes as of December 31, 2015 and 2014.
(2) Excludes $250.0 related to SIG Preference Shares (See Note 14 - “Common Shareholders’ Equity and Non-controlling Interests”)

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