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Segment Information | 12 Months Ended
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Dec. 31, 2016
Segment Reporting [Abstract] |
Segment Information | Segment Information White Mountains has determined that its reportable segments are OneBeacon, HG Global/BAM and Other Operations. As a result of the Sirius Group and Tranzact sale, the results of operations for Sirius Group and Tranzact have been classified as discontinued operations and are now presented as such, net of related income taxes, in the statement of operations and comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation. See Note 22 — “Held for Sale and Discontinued Operations”. White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the chief operating decision makers and the Board of Directors. OneBeacon is a specialty property and casualty insurance writer that offers a wide range of insurance products through independent agencies, regional and national brokers, wholesalers and managing general agencies. The HG Global/BAM segment consists of White Mountains’s investment in HG Global and the consolidated results of BAM. BAM is a municipal bond insurer domiciled in New York that was established to provide insurance on bonds issued to support essential U.S. public purposes such as schools, utilities, core governmental functions and existing transportation facilities. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of BAM Surplus Notes. HG Global also provides 15%-of-par, first loss reinsurance protection for policies underwritten by BAM. BAM's results are attributed to non-controlling interests. Other Operations consists of the Company and its intermediate holding companies, its wholly-owned investment management subsidiary, WM Advisors, WM Life Re, WM Capital Investments, which includes the consolidated results of MediaAlpha, Wobi, Buzzmove and Star & Shield, and various other investments. In 2016, White Mountains reached an agreement to sell Star & Shield and its investment in SSIE Surplus Notes. As a result, White Mountains has presented Star & Shield’s and SSIE’s assets and liabilities as held for sale as of December 31, 2016 and 2015. SSIE’s results are attributed to non-controlling interests. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. Financial information for White Mountains’s segments follows:
|  |  |  | HG Global/BAM |  |  |  |
Millions |  | OneBeacon |  | HG Global |  | BAM(1) |  | Other Operations |  | Total
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance and reinsurance premiums |  | $ | 1,100.6 |  |  | $ | 4.4 |  |  | $ | 1.5 |  |  | $ | 7.5 |  |  | $ | 1,114.0 |
Net investment income |  | 50.6 |  |  | 2.2 |  |  | 6.8 |  |  | 27.2 |  |  | 86.8 |
Net investment income (loss) - BAM Surplus Note |  | — |  |  | 17.8 |  |  | (17.8 | ) |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | 37.7 |  |  | .1 |  |  | .6 |  |  | (28.1 | ) |  | 10.3 |
Other revenue |  | 5.5 |  |  | — |  |  | 1.1 |  |  | 143.0 |  | (4) | 149.6 |
Total revenues(3) |  | 1,194.4 |  |  | 24.5 |  |  | (7.8 | ) |  | 149.6 |  |  | 1,360.7 |
Losses and LAE |  | 656.0 |  |  | — |  |  | — |  |  | 8.0 |  |  | 664.0 |
Insurance and reinsurance acquisition expenses |  | 206.0 |  |  | .9 |  |  | 2.5 |  |  | 2.2 |  |  | 211.6 |
Other underwriting expenses |  | 209.0 |  |  | — |  |  | .4 |  |  | .1 |  |  | 209.5 |
General and administrative expenses |  | 13.0 |  |  | 1.4 |  |  | 38.2 |  |  | 234.8 |  | (5) | 287.4 |
Amortization of intangible assets |  | 1.2 |  |  | — |  |  | — |  |  | 11.3 |  |  | 12.5 |
Interest expense |  | 13.1 |  |  | — |  |  | — |  |  | 3.0 |  |  | 16.1 |
Total expenses |  | 1,098.3 |  |  | 2.3 |  |  | 41.1 |  |  | 259.4 |  |  | 1,401.1 |
Pre-tax income (loss) |  | $ | 96.1 |  |  | $ | 22.2 |  |  | $ | (48.9 | ) |  | $ | (109.8 | ) |  | $ | (40.4 | )
|  |  |  | 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) - BAM Surplus Note |  | — |  |  | 15.8 |  |  | (15.8 | ) |  | — |  |  | — |
Net realized and unrealized investment (losses) gains |  | (35.1 | ) |  | (.3 | ) |  | .9 |  |  | 259.9 |  | (2) | 225.4 |
Other (loss) revenue |  | (.6 | ) |  | — |  |  | .7 |  |  | 147.2 |  | (4) | 147.3 |
Total revenues(3) |  | 1,186.4 |  |  | 19.9 |  |  | (9.2 | ) |  | 424.6 |  |  | 1,621.7 |
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 |  |  | 240.7 |  | (5) | 291.6 |
Amortization of intangible assets |  | 1.3 |  |  | — |  |  | — |  |  | 9.3 |  |  | 10.6 |
Interest expense |  | 13.0 |  |  | — |  |  | — |  |  | 1.6 |  |  | 14.6 |
Total expenses |  | 1,161.1 |  |  | 2.0 |  |  | 38.1 |  |  | 263.2 |  |  | 1,464.4 |
Pre-tax income (loss) |  | $ | 25.3 |  |  | $ | 17.9 |  |  | $ | (47.3 | ) |  | $ | 161.4 |  |  | $ | 157.3 |
|  |  |  | 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) - BAM Surplus Note |  | — |  |  | 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 |  |  | 81.7 |  | (4) | 88.1 |
Total revenues(3) |  | 1,266.7 |  |  | 20.2 |  |  | (2.4 | ) |  | 126.6 |  |  | 1,411.1 |
Losses and LAE |  | 815.1 |  |  | — |  |  | — |  |  | 8.9 |  |  | 824.0 |
Insurance and reinsurance acquisition expenses |  | 203.3 |  |  | .3 |  |  | 1.8 |  |  | 0.8 |  |  | 206.2 |
Other underwriting expenses |  | 179.2 |  |  | — |  |  | .4 |  |  | — |  |  | 179.6 |
General and administrative expenses |  | 12.4 |  |  | 1.6 |  |  | 35.9 |  |  | 158.3 |  | (5) | 208.2 |
Amortization of intangible assets |  | 1.4 |  |  | — |  |  | — |  |  | 6.9 |  |  | 8.3 |
Interest expense |  | 13.0 |  |  | — |  |  | — |  |  | 1.2 |  |  | 14.2 |
Total expenses |  | 1,224.4 |  |  | 1.9 |  |  | 38.1 |  |  | 176.1 |  |  | 1,440.5 |
Pre-tax income (loss) |  | $ | 42.3 |  |  | $ | 18.3 |  |  | $ | (40.5 | ) |  | $ | (49.5 | ) |  | $ | (29.4 | )
(1) | BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM 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 investment 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 $116.5 from MediaAlpha for the year ended December 31, 2016; $105.5 from MediaAlpha for the year ended December 31, 2015; $65.3 from MediaAlpha for the year ended December 31, 2014.
(5) | Includes $109.6 from MediaAlpha for the year ended December 31, 2016; and $99.0 from MediaAlpha for the year ended December 31, 2015; $60.6 from MediaAlpha for the year ended December 31, 2014.
|  |  |  | HG Global/BAM |  |  |  |  |  |  |  |
Selected Balance Sheet Data Millions |  | OneBeacon |  | HG Global |  | BAM |  | Other Operations |  | Eliminations |  | Held for Sale |  | Total
December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 2,620.4 |  |  | $ | 161.6 |  |  | $ | 468.1 |  |  | $ | 2,084.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,334.8 |
Reinsurance recoverable on paid and unpaid losses |  | 179.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 179.5 |
Assets held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10.1 |  |  | 10.1 |
Total assets |  | 3,589.4 |  |  | 787.0 |  |  | (78.9 | ) | (1) | 2,417.3 |  |  | (180.2 | ) |  | 10.1 |  |  | 6,544.7 |
Loss and LAE reserves |  | 1,365.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,365.6 |
Liabilities held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.1 |  |  | 5.1 |
Total liabilities |  | 2,564.2 |  |  | 247.6 |  |  | 72.0 |  |  | 98.8 |  |  | (180.2 | ) |  | 5.1 |  |  | 2,807.5 |
Total White Mountains’s common shareholders’ equity |  | 780.6 |  |  | 522.8 |  |  | — |  |  | 2,294.9 |  |  | — |  |  | 5.0 |  |  | 3,603.3 |
Non-controlling interest |  | 244.6 |  |  | 16.6 |  |  | (150.9 | ) |  | 23.6 |  |  | — |  |  | — |  |  | 133.9 |
December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 2,591.4 |  |  | $ | 136.2 |  |  | $ | 460.3 |  |  | $ | 1,083.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,271.1 |
Reinsurance recoverable on paid and unpaid losses |  | 193.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 193.5 |
Assets held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,790.4 |  |  | 4,790.4 |
Total assets |  | 3,600.8 |  |  | 739.0 |  |  | (91.1 | ) | (1) | 1,378.8 |  |  | (135.3 | ) |  | 4,790.4 |  |  | 10,282.6 |
Loss and LAE reserves |  | 1,389.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,389.8 |
Liabilities held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,047.4 |  |  | 3,047.4 |
Total liabilities |  | 2,596.3 |  |  | 181.2 |  |  | 48.9 |  |  | 176.1 |  |  | (135.3 | ) |  | 3,047.4 |  |  | 5,914.6 |
Total White Mountains’s common shareholders’ equity |  | 755.2 |  |  | 540.7 |  |  | — |  |  | 1,124.3 |  |  | — |  |  | 1,493.0 |  |  | 3,913.2 |
Non-controlling interest |  | 249.3 |  |  | 17.1 |  |  | (140.0 | ) |  | 78.4 |  |  | — |  |  | — |  | (2) | 204.8 |
(1) | BAM total assets reflect the elimination of $503.0 in the BAM Surplus Notes issued to HG Global and its subsidiaries, and $108.0 and $90.2 in accrued interest related to the BAM Surplus Notes as of December 31, 2016 and 2015.
(2) Excludes $250.0 related to SIG Preference Shares. See Note 14 — “Common Shareholders’ Equity and Non-controlling Interests”. As of December 31, 2016 and 2015, HG Global has accrued $180.2 million and $135.3 million of preferred dividends payable to Lone Tree Holdings, which is included in the Other Operations segment and eliminated in consolidation. As of December 31, 2016 and 2015, the total amount of capital White Mountains has committed to HG Global/BAM, comprised of total common shareholders’ equity and the preferred dividends receivable at Lone Tree Holdings, is $703.0 million and $676.0 million.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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