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v3.19.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2019
Segment Reporting [Abstract] |
Financial information for White Mountains' segments | The following table presents the financial information for White Mountains’s segments:
Millions |  | HG Global/ BAM |  | NSM |  | MediaAlpha (1) |  | Other Operations |  | Total
Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 4.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.2 |
Net investment income |  | 5.3 |  |  | — |  |  | — |  |  | 10.7 |  |  | 16.0 |
Net realized and unrealized investment gains |  | 11.8 |  |  | — |  |  | — |  |  | 119.1 |  |  | 130.9 |
Realized and unrealized gains from the MediaAlpha Transaction |  | — |  |  | — |  |  | — |  |  | 182.2 |  |  | 182.2 |
Advertising and commission revenues (1) |  | — |  |  | 43.3 |  |  | 48.8 |  |  | 1.3 |  |  | 93.4 |
Other revenue |  | .6 |  |  | 6.0 |  |  | — |  |  | .3 |  |  | 6.9 |
Total revenues |  | 21.9 |  |  | 49.3 |  |  | 48.8 |  |  | 313.6 |  |  | 433.6 |
Insurance acquisition expenses |  | 1.3 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Cost of sales |  | — |  |  | — |  |  | 40.6 |  |  | 1.1 |  |  | 41.7 |
General and administrative expenses |  | 14.4 |  |  | 25.1 |  |  | 12.5 |  |  | 29.4 |  |  | 81.4 |
Broker commission expense |  | — |  |  | 15.7 |  |  | — |  |  | — |  |  | 15.7 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | 1.3 |  |  | — |  |  | — |  |  | 1.3 |
Amortization of other intangible assets |  | — |  |  | 5.0 |  |  | 1.6 |  |  | — |  |  | 6.6 |
Interest expense |  | — |  |  | 3.7 |  |  | .2 |  |  | — |  |  | 3.9 |
Total expenses |  | 15.7 |  |  | 50.8 |  |  | 54.9 |  |  | 30.5 |  |  | 151.9 |
Pre-tax income (loss) |  | $ | 6.2 |  |  | $ | (1.5 | ) |  | $ | (6.1 | ) |  | $ | 283.1 |  |  | $ | 281.7 |
(1) MediaAlpha’s results are from January 1, 2019 to February 26, 2019, the date of the MediaAlpha Transaction.
Millions |  | HG Global/BAM |  | MediaAlpha |  | Other Operations |  | Total
Three Months Ended March 31, 2018 |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 3.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.0 |
Net investment income |  | 3.7 |  |  | — |  |  | 16.0 |  |  | 19.7 |
Net realized and unrealized investment losses |  | (7.9 | ) |  | — |  |  | (45.8 | ) |  | (53.7 | )
Advertising and commission revenues (1) |  | — |  |  | 70.1 |  |  | .9 |  |  | 71.0 |
Other revenue |  | .2 |  |  | 1.6 |  |  | .3 |  |  | 2.1 |
Total revenues |  | (1.0 | ) |  | 71.7 |  |  | (28.6 | ) |  | 42.1 |
Insurance acquisition expenses |  | 1.4 |  |  | — |  |  | — |  |  | 1.4 |
Cost of sales |  | — |  |  | 57.4 |  |  | .7 |  |  | 58.1 |
General and administrative expenses |  | 11.9 |  |  | 11.2 |  |  | 22.0 |  |  | 45.1 |
Amortization of other intangible assets |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Interest expense |  | — |  |  | .4 |  |  | .2 |  |  | .6 |
Total expenses |  | 13.3 |  |  | 71.9 |  |  | 22.9 |  |  | 108.1 |
Pre-tax loss |  | $ | (14.3 | ) |  | $ | (.2 | ) |  | $ | (51.5 | ) |  | $ | (66.0 | )
(1) Approximately 31% of MediaAlpha’s advertising revenue for the three months ended March 31, 2018 was associated with one customer.

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