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v3.19.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Financial information for White Mountains' segments | in. The following table presents the financial information for White Mountains’s segments:
Millions |  | HG Global/ BAM |  | NSM |  | Kudu |  | Other Operations |  | Total
Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 4.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.3 |
Net investment income |  | 5.4 |  |  | — |  |  | 4.0 |  |  | 11.6 |  |  | 21.0 |
Net realized and unrealized investment gains |  | 11.5 |  |  | — |  |  | .4 |  |  | 23.3 |  |  | 35.2 |
Advertising and commission revenues |  | — |  |  | 54.9 |  |  | — |  |  | 1.3 |  |  | 56.2 |
Other revenue |  | .4 |  |  | 11.2 |  |  | — |  |  | .7 |  |  | 12.3 |
Total revenues |  | 21.6 |  |  | 66.1 |  |  | 4.4 |  |  | 36.9 |  |  | 129.0 |
Insurance acquisition expenses |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 1.4 |
Other underwriting expenses |  | .1 |  |  | — |  |  | — |  |  | — |  |  | .1 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | 1.6 |  |  | 1.6 |
General and administrative expenses |  | 12.3 |  |  | 32.7 |  |  | 2.2 |  |  | 30.1 |  |  | 77.3 |
Broker commission expense |  | — |  |  | 18.2 |  |  | — |  |  | — |  |  | 18.2 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | 6.3 |  |  | — |  |  | — |  |  | 6.3 |
Amortization of other intangible assets |  | — |  |  | 4.1 |  |  | — |  |  | .1 |  |  | 4.2 |
Interest expense |  | — |  |  | 4.1 |  |  |  |  | — |  |  | 4.1 |
Total expenses |  | 13.8 |  |  | 65.4 |  |  | 2.2 |  |  | 31.8 |  |  | 113.2 |
Pre-tax income |  | $ | 7.8 |  |  | $ | .7 |  |  | $ | 2.2 |  |  | $ | 5.1 |  |  | $ | 15.8 |
Millions |  | HG Global/ BAM |  | NSM |  | Kudu |  | MediaAlpha (1) |  | Other Operations |  | Total
Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 8.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8.5 |
Net investment income |  | 10.7 |  |  | — |  |  | 4.0 |  |  | — |  |  | 22.3 |  |  | 37.0 |
Net realized and unrealized investment gains |  | 23.3 |  |  | — |  |  | .4 |  |  | — |  |  | 142.4 |  |  | 166.1 |
Realized gain and unrealized investment gain from the MediaAlpha Transaction |  | — |  |  | — |  |  | — |  |  | — |  |  | 182.2 |  |  | 182.2 |
Advertising and commission revenues |  | — |  |  | 98.2 |  |  | — |  |  | 48.8 |  |  | 2.6 |  |  | 149.6 |
Other revenue |  | 1.0 |  |  | 17.2 |  |  | — |  |  | — |  |  | 1.0 |  |  | 19.2 |
Total revenues |  | 43.5 |  |  | 115.4 |  |  | 4.4 |  |  | 48.8 |  |  | 350.5 |  |  | 562.6 |
Insurance acquisition expenses |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.7 |
Other underwriting expenses |  | .2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | .2 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | 40.6 |  |  | 2.7 |  |  | 43.3 |
General and administrative expenses |  | 26.6 |  |  | 57.8 |  |  | 2.2 |  |  | 12.5 |  |  | 59.5 |  |  | 158.6 |
Broker commission expense |  | — |  |  | 33.9 |  |  | — |  |  | — |  |  | — |  |  | 33.9 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | 7.6 |  |  | — |  |  | — |  |  | — |  |  | 7.6 |
Amortization of other intangible assets |  | — |  |  | 9.1 |  |  | — |  |  | 1.6 |  |  | .1 |  |  | 10.8 |
Interest expense |  | — |  |  | 7.8 |  |  |  |  | .2 |  |  | — |  |  | 8.0 |
Total expenses |  | 29.5 |  |  | 116.2 |  |  | 2.2 |  |  | 54.9 |  |  | 62.3 |  |  | 265.1 |
Pre-tax income (loss) |  | $ | 14.0 |  |  | $ | (.8 | ) |  | $ | 2.2 |  |  | $ | (6.1 | ) |  | $ | 288.2 |  |  | $ | 297.5 |
Millions |  | HG Global/BAM |  | NSM (1) |  | MediaAlpha |  | Other Operations |  | Total
Three Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 3.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3.4 |
Net investment income |  | 4.0 |  |  | — |  |  | — |  |  | 7.8 |  |  | 11.8 |
Net realized and unrealized investment (losses) gains |  | (2.4 | ) |  | — |  |  | — |  |  | 12.9 |  |  | 10.5 |
Advertising and commission revenues (2) |  | — |  |  | 22.6 |  |  | 71.8 |  |  | 1.0 |  |  | 95.4 |
Other revenue |  | .4 |  |  | .9 |  |  | — |  |  | (.1 | ) |  | 1.2 |
Total revenues |  | 5.4 |  |  | 23.5 |  |  | 71.8 |  |  | 21.6 |  |  | 122.3 |
Insurance acquisition expenses |  | 1.3 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Other underwriting expenses |  | .1 |  |  | — |  |  | — |  |  | — |  |  | .1 |
Cost of sales |  | — |  |  | — |  |  | 59.9 |  |  | 1.1 |  |  | 61.0 |
General and administrative expenses |  | 13.4 |  |  | 12.1 |  |  | 4.6 |  |  | 31.0 |  |  | 61.1 |
Broker commission expense |  | — |  |  | 6.6 |  |  | — |  |  | — |  |  | 6.6 |
Amortization of other intangible assets |  | — |  |  | — |  |  | 2.5 |  |  | .1 |  |  | 2.6 |
Interest expense |  | — |  |  | 1.6 |  |  | .3 |  |  | .1 |  |  | 2.0 |
Total expenses |  | 14.8 |  |  | 20.3 |  |  | 67.3 |  |  | 32.3 |  |  | 134.7 |
Pre-tax (loss) gains |  | $ | (9.4 | ) |  | $ | 3.2 |  |  | $ | 4.5 |  |  | $ | (10.7 | ) |  | $ | (12.4 | )
(1) NSM’s results are from May 11, 2018, the date of acquisition. (2) Approximately 32% of MediaAlpha’s advertising revenue for the three months ended June 30, 2018 was associated with one customer.
Millions |  | HG Global/BAM |  | NSM (1) |  | MediaAlpha |  | Other Operations |  | Total
Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 6.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6.4 |
Net investment income |  | 7.7 |  |  | — |  |  | — |  |  | 23.8 |  |  | 31.5 |
Net realized and unrealized investment losses |  | (10.3 | ) |  | — |  |  | — |  |  | (32.9 | ) |  | (43.2 | )
Advertising and commission revenues (2) |  | — |  |  | 22.6 |  |  | 141.9 |  |  | 1.9 |  |  | 166.4 |
Other revenue |  | .6 |  |  | .9 |  |  | 1.6 |  |  | .2 |  |  | 3.3 |
Total revenues |  | 4.4 |  |  | 23.5 |  |  | 143.5 |  |  | (7.0 | ) |  | 164.4 |
Insurance acquisition expenses |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | 2.7 |
Other underwriting expenses |  | .2 |  |  | — |  |  | — |  |  | — |  |  | .2 |
Cost of sales |  | — |  |  | — |  |  | 117.3 |  |  | 1.8 |  |  | 119.1 |
General and administrative expenses |  | 25.2 |  |  | 12.1 |  |  | 15.8 |  |  | 53.0 |  |  | 106.1 |
Broker commission expense |  | — |  |  | 6.6 |  |  | — |  |  | — |  |  | 6.6 |
Amortization of other intangible assets |  | — |  |  | — |  |  | 5.4 |  |  | .1 |  |  | 5.5 |
Interest expense |  | — |  |  | 1.6 |  |  | .7 |  |  | .3 |  |  | 2.6 |
Total expenses |  | 28.1 |  |  | 20.3 |  |  | 139.2 |  |  | 55.2 |  |  | 242.8 |
Pre-tax (loss) gains |  | $ | (23.7 | ) |  | $ | 3.2 |  |  | $ | 4.3 |  |  | $ | (62.2 | ) |  | $ | (78.4 | )
(1) | NSM’s results are from May 11, 2018, the date of acquisition.
(2) Approximately 32% of MediaAlpha’s advertising revenue for the six months ended June 30, 2018 was associated with one customer.

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