XML 37 R17.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Municipal Bond Guarantee Insurance | 12 Months Ended
--- | ---
Dec. 31, 2016
Insurance [Abstract] |
Municipal Bond Guarantee Insurance | Municipal Bond Guarantee Insurance In 2012, HG Global was capitalized with $594.5 million from White Mountains and $14.5 million from non-controlling interests to fund BAM, a newly formed mutual municipal bond insurer. As of December 31, 2016, White Mountains owned 96.9% of HG Global’s preferred equity and 88.4% of its common equity. HG Global, together with its subsidiaries, provided the initial capitalization of BAM through the purchase of $503.0 million of BAM Surplus Notes. HG Global provides first loss reinsurance protection for policies underwritten by BAM of up to 15% of par outstanding on a per policy basis through HG Re, which had statutory capital and surplus of $467.2 million and $452.9 million as of December 31, 2016 and 2015. HG Re’s obligations to BAM are collateralized in trusts, and there is an aggregate loss limit that is equal to the total assets in the collateral trusts at any point in time. At December 31, 2016 and 2015, the collateral trusts held assets of $465.4 million and $441.0 million, which included $300 million of BAM Surplus Notes. As of December 31, 2016 and 2015, HG Global had pre-tax income of $22.2 million and $17.9 million, which included $17.8 million and $15.8 million of interest income on the BAM Surplus Notes. As of December 31, 2016 and 2015, BAM had a pre-tax loss of $48.9 million and $47.3 million that was recorded in net loss attributable to non-controlling interests, which included $17.8 million and $15.8 million of interest expense on the BAM Surplus Notes. As of December 31, 2016, HG Global has accrued $108.0 million of interest receivable on the BAM Surplus Notes. The following table provides a schedule of BAM’s insured obligations:
|  | December 31, 2016 |  | December 31, 2015
Contracts outstanding |  | 4,807 |  |  | 3,103 |
Remaining weighted average contract period (in years) |  | 10.8 |  |  | 12.8 |
Contractual debt service outstanding (in millions): |  |  |  |
Principal |  | $ | 33,057.3 |  |  | $ | 22,556.0 |
Interest |  | $ | 16,396.6 |  |  | $ | 11,984.4 |
Gross unearned insurance premiums |  | $ | 83.0 |  |  | $ | 50.2 |
The following table is a schedule of BAM’s expected premiums to be collected as of December 31, 2016:
Millions |  | December 31, 2016
January 1, 2017 - March 31, 2017 |  | $ | 1.9 |
April 1, 2017 - June 30, 2017 |  | 1.8 |
July 1, 2017 - September 30, 2017 |  | 1.8 |
October 1, 2017 - December 31, 2017 |  | 1.8 |
|  | 7.3 |
2018 |  | 7.0 |
2019 |  | 6.6 |
2020 |  | 6.3 |
2021 |  | 5.9 |
2022 and thereafter |  | 49.9 |
Total |  | $ | 83.0 |

X
- Definition The entire disclosure for financial guarantee insurance contracts (as defined) issued by the entity. Such disclosure is intended to enable users of the financial information to understand the factors affecting the present and future recognition and measurement of the entity's financial guarantee insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6933581&loc=SL5749298-161291 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6933314&loc=SL5749324-161292 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 310 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6933075&loc=SL5748726-161290 + Details
Name: | us-gaap_FinancialGuaranteeInsuranceContractsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InsuranceAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration