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v3.19.3

Segment Information | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Segment Informartion | Segment Information White Mountains has determined that its reportable segments are HG Global/BAM, NSM, Kudu, MediaAlpha (through February 26, 2019) and Other 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. White Mountains deconsolidated MediaAlpha as of February 26, 2019, the date of the MediaAlpha Transaction. Kudu became a reportable segment as of April 4, 2019, the date of the Kudu Transaction. See Note 2 — “Significant Transactions”. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. The following table presents the financial information for White Mountains’s segments:
Millions |  | HG Global/ BAM |  | NSM |  | Kudu |  | Other Operations |  | Total
Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 5.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5.2 |
Net investment income |  | 5.4 |  |  | — |  |  | 4.6 |  |  | 8.4 |  |  | 18.4 |
Net realized and unrealized investment gains |  | 7.1 |  |  | — |  |  | 2.7 |  |  | 57.2 |  |  | 67.0 |
Advertising and commission revenues |  | — |  |  | 49.4 |  |  | — |  |  | 1.9 |  |  | 51.3 |
Other revenue |  | .3 |  |  | 10.5 |  |  | .2 |  |  | 2.6 |  |  | 13.6 |
Total revenues |  | 18.0 |  |  | 59.9 |  |  | 7.5 |  |  | 70.1 |  |  | 155.5 |
Insurance acquisition expenses |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 1.4 |
Other underwriting expenses |  | .1 |  |  | — |  |  | — |  |  | — |  |  | .1 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | 2.3 |  |  | 2.3 |
General and administrative expenses |  | 12.5 |  |  | 33.3 |  |  | 4.5 |  |  | 27.7 |  |  | 78.0 |
Broker commission expense |  | — |  |  | 15.3 |  |  | — |  |  | — |  |  | 15.3 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | (2.0 | ) |  | — |  |  | — |  |  | (2.0 | )
Amortization of other intangible assets |  | — |  |  | 4.4 |  |  | .2 |  |  | — |  |  | 4.6 |
Interest expense |  | — |  |  | 4.4 |  |  | — |  |  | .3 |  |  | 4.7 |
Total expenses |  | 14.0 |  |  | 55.4 |  |  | 4.7 |  |  | 30.3 |  |  | 104.4 |
Pre-tax income |  | $ | 4.0 |  |  | $ | 4.5 |  |  | $ | 2.8 |  |  | $ | 39.8 |  |  | $ | 51.1 |
Millions |  | HG Global/ BAM |  | NSM |  | Kudu (1) |  | MediaAlpha (2) |  | Other Operations |  | Total
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 13.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13.7 |
Net investment income |  | 16.1 |  |  | — |  |  | 8.6 |  |  | — |  |  | 30.7 |  |  | 55.4 |
Net realized and unrealized investment gains |  | 30.4 |  |  | — |  |  | 3.1 |  |  | — |  |  | 199.6 |  |  | 233.1 |
Realized gain and unrealized investment gain from the MediaAlpha Transaction |  | — |  |  | — |  |  | — |  |  | — |  |  | 182.2 |  |  | 182.2 |
Advertising and commission revenues |  | — |  |  | 147.6 |  |  | — |  |  | 48.8 |  |  | 4.5 |  |  | 200.9 |
Other revenue |  | 1.3 |  |  | 27.7 |  |  | .2 |  |  | — |  |  | 3.6 |  |  | 32.8 |
Total revenues |  | 61.5 |  |  | 175.3 |  |  | 11.9 |  |  | 48.8 |  |  | 420.6 |  |  | 718.1 |
Insurance acquisition expenses |  | 4.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.1 |
Other underwriting expenses |  | .3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | .3 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | 40.6 |  |  | 5.0 |  |  | 45.6 |
General and administrative expenses |  | 39.1 |  |  | 91.4 |  |  | 6.7 |  |  | 12.5 |  |  | 87.2 |  |  | 236.9 |
Broker commission expense |  | — |  |  | 48.9 |  |  | — |  |  | — |  |  | — |  |  | 48.9 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | 5.6 |  |  | — |  |  | — |  |  | — |  |  | 5.6 |
Amortization of other intangible assets |  | — |  |  | 13.5 |  |  | .2 |  |  | 1.6 |  |  | .1 |  |  | 15.4 |
Interest expense |  | — |  |  | 12.2 |  |  |  |  | .2 |  |  | .3 |  |  | 12.7 |
Total expenses |  | 43.5 |  |  | 171.6 |  |  | 6.9 |  |  | 54.9 |  |  | 92.6 |  |  | 369.5 |
Pre-tax income (loss) |  | $ | 18.0 |  |  | $ | 3.7 |  |  | $ | 5.0 |  |  | $ | (6.1 | ) |  | $ | 328.0 |  |  | $ | 348.6 |
(1) Kudu’s results are from April 4, 2019, the date of the Kudu Transaction, to September 30, 2019. (2) MediaAlpha's results are from January 1, 2019 to February 26, 2019, the date of the MediaAlpha Transaction.
Millions |  | HG Global/BAM |  | NSM |  | MediaAlpha |  | Other Operations |  | Total
Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 3.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3.3 |
Net investment income |  | 4.8 |  |  | — |  |  | — |  |  | 8.6 |  |  | 13.4 |
Net realized and unrealized investment (losses) gains |  | (4.1 | ) |  | — |  |  | — |  |  | 70.2 |  |  | 66.1 |
Advertising and commission revenues (1) |  | — |  |  | 35.0 |  |  | 74.5 |  |  | 1.1 |  |  | 110.6 |
Other revenue |  | .2 |  |  | 4.7 |  |  | — |  |  | .4 |  |  | 5.3 |
Total revenues |  | 4.2 |  |  | 39.7 |  |  | 74.5 |  |  | 80.3 |  |  | 198.7 |
Insurance acquisition expenses |  | 1.2 |  |  | — |  |  | — |  |  | — |  |  | 1.2 |
Other underwriting expenses |  | .1 |  |  | — |  |  | — |  |  | — |  |  | .1 |
Cost of sales |  | — |  |  | — |  |  | 61.8 |  |  | 1.1 |  |  | 62.9 |
General and administrative expenses |  | 11.3 |  |  | 23.5 |  |  | 5.4 |  |  | 26.0 |  |  | 66.2 |
Broker commission expense |  | — |  |  | 10.6 |  |  | — |  |  | — |  |  | 10.6 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | 2.6 |  |  | — |  |  | — |  |  | 2.6 |
Amortization of other intangible assets |  | — |  |  | 5.0 |  |  | 2.4 |  |  | — |  |  | 7.4 |
Interest expense |  | — |  |  | 3.2 |  |  | .2 |  |  | — |  |  | 3.4 |
Total expenses |  | 12.6 |  |  | 44.9 |  |  | 69.8 |  |  | 27.1 |  |  | 154.4 |
Pre-tax (loss) gains |  | $ | (8.4 | ) |  | $ | (5.2 | ) |  | $ | 4.7 |  |  | $ | 53.2 |  |  | $ | 44.3 |
(1) Approximately 30% of MediaAlpha’s advertising revenue for the three months ended September 30, 2018 was associated with one customer.
Millions |  | HG Global/BAM |  | NSM (1) |  | MediaAlpha |  | Other Operations |  | Total
Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 9.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9.7 |
Net investment income |  | 12.5 |  |  | — |  |  | — |  |  | 32.4 |  |  | 44.9 |
Net realized and unrealized investment (losses) gains |  | (14.4 | ) |  | — |  |  | — |  |  | 37.3 |  |  | 22.9 |
Advertising and commission revenues (2) |  | — |  |  | 56.4 |  |  | 216.4 |  |  | 3.0 |  |  | 275.8 |
Other revenue |  | .8 |  |  | 6.8 |  |  | 1.6 |  |  | .6 |  |  | 9.8 |
Total revenues |  | 8.6 |  |  | 63.2 |  |  | 218.0 |  |  | 73.3 |  |  | 363.1 |
Loss and loss adjustment expenses |  | — |  |  |  |  | — |  |  | — |  |  | — |
Insurance acquisition expenses |  | 3.9 |  |  | — |  |  | — |  |  | — |  |  | 3.9 |
Other underwriting expenses |  | .3 |  |  | — |  |  | — |  |  | — |  |  | .3 |
Cost of sales |  | — |  |  | — |  |  | 179.1 |  |  | 2.9 |  |  | 182.0 |
General and administrative expenses |  | 36.5 |  |  | 35.7 |  |  | 21.2 |  |  | 79.0 |  |  | 172.4 |
Broker commission expense |  | — |  |  | 17.1 |  |  | — |  |  | — |  |  | 17.1 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | 2.6 |  |  | — |  |  | — |  |  | 2.6 |
Amortization of other intangible assets |  | — |  |  | 5.0 |  |  | 7.8 |  |  | .1 |  |  | 12.9 |
Interest expense |  | — |  |  | 4.8 |  |  | .9 |  |  | .3 |  |  | 6.0 |
Total expenses |  | 40.7 |  |  | 65.2 |  |  | 209.0 |  |  | 82.3 |  |  | 397.2 |
Pre-tax (loss) gains |  | $ | (32.1 | ) |  | $ | (2.0 | ) |  | $ | 9.0 |  |  | $ | (9.0 | ) |  | $ | (34.1 | )
(1) NSM’s results are from May 11, 2018, the date of acquisition, to September 30, 2018. (2) Approximately 31% of MediaAlpha’s advertising revenue for the nine months ended September 30, 2018 was associated with one customer.

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- References No definition available. + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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