Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

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



			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”