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Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of financial information for segments

The following tables present the financial information for White Mountains’s segments:

Millions						HG Global/BAM (1)						NSM						Kudu												Other Operations						Total
Year Ended December 31, 2020
Earned insurance premiums						$	22.8					$	—					$	—											$	—					$	22.8
Net investment income						19.5						—						29.5												82.0						131.0
Net realized and unrealized investment gains (losses)						23.7						—						15.9												(8.8)						30.8
Net realized and unrealized investment gains from investment in MediaAlpha						—						—						—												686.0						686.0
Advertising and commission revenues (2)						—						232.5						—												8.3						240.8
Other revenues						2.5						52.6						.3												13.9						69.3
Total revenues						68.5						285.1						45.7												781.4						1,180.7
Insurance acquisition expenses						7.0						—						—												—						7.0
Other underwriting expenses						.4						—						—												—						.4
Cost of sales						—						—						—												11.3						11.3
General and administrative expenses						56.4						176.9						11.8												141.9						387.0
Broker commission expense						—						75.3						—												—						75.3
Change in fair value of contingent consideration earnout liabilities						—						(3.3)						—												—						(3.3)
Amortization of other intangible assets						—						26.7						.3												1.3						28.3
Interest expense						—						22.1						6.0												1.4						29.5
Total expenses						63.8						297.7						18.1												155.9						535.5
Pre-tax income (loss)						$	4.7					$	(12.6)					$	27.6											$	625.5					$	645.2

(1)    BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the 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 NYDFS.

(2)    Approximately 19% of NSM’s commission revenue was associated with one single carrier.

Millions						HG Global/BAM (1)						NSM						Kudu (2)						MediaAlpha (3)						Other Operations						Total
Year Ended December 31, 2019
Earned insurance premiums						$	16.3					$	—					$	—					$	—					$	—					$	16.3
Net investment income						21.6						—						14.7						—						43.4						79.7
Net realized and unrealized investment gains						27.1						—						6.3						—						219.8						253.2
Net realized and unrealized investment gains from investment in MediaAlpha						—						—						—						—						180.0						180.0
Gain from deconsolidation of MediaAlpha						—						—												—						67.5						67.5
Advertising and commission revenues (4)						—						193.4						—						48.8						6.9						249.1
Other revenues						1.6						39.7						.2						—						6.1						47.6
Total revenues						66.6						233.1						21.2						48.8						523.7						893.4
Insurance acquisition expenses						5.7						—						—						—						—						5.7
Other underwriting expenses						.4						—						—						—						—						.4
Cost of sales						—						—						—						40.6						7.5						48.1
General and administrative expenses						50.5						132.2						10.1						12.5						122.5						327.8
Broker commission expense						—						64.8						—						—						—						64.8
Change in fair value of contingent consideration earnout liabilities						—						2.1						—						—						—						2.1
Amortization of other intangible assets						—						19.4						.2						1.6						.6						21.8
Interest expense						—						16.7						.1						.2						.6						17.6
Total expenses						56.6						235.2						10.4						54.9						131.2						488.3
Pre-tax income (loss)						$	10.0					$	(2.1)					$	10.8					$	(6.1)					$	392.5					$	405.1

(1)    BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the 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 NYDFS.

(2)    Kudu’s results are from April 4, 2019, the date of the Kudu Transaction, to December 31, 2019.

(3)    MediaAlpha’s results are from January 1, 2019 to February 26, 2019, the date of the 2019 MediaAlpha Transaction.

(4)    Approximately 17% of NSM’s commission revenue was associated with one single carrier.

Millions						HG Global/BAM (1)						NSM						MediaAlpha						Other Operations						Total
Year Ended December 31, 2018
Earned insurance premiums						$	13.9					$	—					$	—					$	—					$	13.9
Net investment income						16.7						—						—						42.3						59.0
Net realized and unrealized investment losses						(7.5)						—						—						(100.8)						(108.3)
Advertising and commission revenues (2)						—						89.6						295.5						4.1						389.2
Other revenues						1.2						12.0						1.6						.5						15.3
Total revenues						24.3						101.6						297.1						(53.9)						369.1
Insurance acquisition expenses						5.3						—						—						—						5.3
Other underwriting expenses						.4						—						—						—						.4
Cost of sales						—						—						245.0						3.7						248.7
General and administrative expenses						48.0						59.4						31.7						94.4						233.5
Broker commission expense						—						28.4						—						—						28.4
Change in fair value of contingent consideration earnout liabilities						—						2.7						—						—						2.7
Amortization of other intangible assets						—						8.3						10.3						.2						18.8
Interest expense						—						8.0						1.2						.3						9.5
Total expenses						53.7						106.8						288.2						98.6						547.3
Pre-tax (loss) income						$	(29.4)					$	(5.2)					$	8.9					$	(152.5)					$	(178.2)

(1)    BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the 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 NYDFS.

(2)    Approximately 29% of MediaAlpha’s advertising revenue was associated with one customer and approximately 33% of NSM’s commission revenue was associated with one single carrier.

Schedule of selected balance sheet data by segment

Millions Selected Balance Sheet Data						HG Global/BAM						NSM						Kudu												Other Operations												Held for Sale						Total
December 31, 2020:
Total investments						$	919.9					$	—					$	400.7											$	1,618.5											$	—					$	2,939.1
Total assets						$	1,017.8		(1)			$	999.6					$	430.2											$	2,381.5		(2)									$	2.3					$	4,831.4
Total liabilities						$	291.5		(2)			$	491.8					$	96.3											$	133.9											$	—					$	1,013.5
Total White Mountains’s common shareholders’ equity						$	836.1		(2)			$	490.7					$	331.6											$	2,245.3		(2)									$	2.3					$	3,906.0
Non-controlling interest						$	(109.8)					$	17.1					$	2.3											$	2.3											$	—					$	(88.1)
December 31, 2019:
Total investments						$	845.6					$	—					$	266.6											$	1,835.0											$	—					$	2,947.2
Total assets						$	924.0		(1)			$	825.2					$	290.5											$	1,940.5		(2)									$	3.0					$	3,983.2
Total liabilities						$	246.8		(2)			$	401.1					$	57.0											$	133.6											$	—					$	838.5
Total White Mountains’s common shareholders’ equity						$	809.5		(2)			$	409.3					$	231.3											$	1,808.4		(2)									$	3.0					$	3,261.5
Non-controlling interest						$	(132.3)					$	14.8					$	2.2											$	(1.5)											$	—					$	(116.8)

(1) As of December 2020 and 2019, total assets in the HG Global/BAM segment reflected the elimination of $388.2 and $457.6 of BAM Surplus Notes issued to HG Global and its subsidiaries, and $155.7 and $162.7 in accrued interest related to the BAM Surplus Notes.

(2) HG Global preferred dividends payable to White Mountains’s subsidiaries is eliminated in White Mountains’s consolidated financial statements. For segment reporting, the HG Global preferred dividends payable to White Mountains’s subsidiaries included within the HG Global/BAM segment are eliminated against the offsetting receivable included within the Other Operations segment and therefore added back to White Mountains’s common shareholders’ equity within the HG Global/BAM segment. As of December 31, 2020 and 2019, the HG Global preferred dividends payable to White Mountains’s subsidiaries was $363.9 and $330.3.

Schedule of revenue by revenue source

In compliance with ASC 606, Revenues from Contracts with Customers, the following tables present White Mountains’s total revenues by revenue source:

Millions						HG Global/BAM						NSM						Kudu												Other Operations						Total
Year Ended December 31, 2020
Commission and Other Revenue
Specialty Transportation						$	—					$	85.5					$	—											$	—					$	85.5
Real Estate						—						44.9						—												—						44.9
Social Services						—						28.9						—												—						28.9
Pet						—						55.0						—												—						55.0
United Kingdom						—						49.4						—												—						49.4
Other						—						21.4						—												8.3						29.7
Total Commission and Other Revenue						—						285.1						—												8.3						293.4
Products						—						—						—												14.5						14.5
Total revenues from contracts with customers						—						285.1						—												22.8						307.9
Other revenues (1)						68.5						—						45.7												758.6						872.8
Total revenues						$	68.5					$	285.1					$	45.7											$	781.4					$	1,180.7

(1) Other revenues consist of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

Millions						HG Global/BAM						NSM						Kudu (2)						MediaAlpha (3)						Other Operations						Total
Year Ended December 31, 2019
Commission and Other Revenue
Specialty Transportation						$	—					$	77.6					$	—					$	—					$	—					$	77.6
Real Estate						—						34.7						—						—						—						34.7
Social Services						—						25.9						—						—						—						25.9
Pet						—						30.0						—						—						—						30.0
United Kingdom						—						45.9						—						—						—						45.9
Other						—						19.0						—						—						6.9						25.9
Total Commission and Other Revenue						—						233.1						—						—						6.9						240.0
Advertising revenues						—						—						—						48.8						—						48.8
Products						—						—						—						—						5.5						5.5
Total revenues from contracts with customers						—						233.1						—						48.8						12.4						294.3
Other revenues (1)						66.6						—						21.2						—						511.3						599.1
Total revenues						$	66.6					$	233.1					$	21.2					$	48.8					$	523.7					$	893.4

(1)    Other revenues consist of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

(2)    Kudu’s results are from April 4, 2019, the date of the Kudu Transaction, to December 31, 2019.

(3)    MediaAlpha’s results are from January 1, 2019 to February 26, 2019, the date of the 2019 MediaAlpha Transaction.

Millions						HG Global/BAM						NSM												MediaAlpha						Other Operations						Total
Year Ended December 31, 2018
Commission and Other Revenue
Specialty Transportation						$	—					$	28.3											$	—					$	—					$	28.3
Real Estate						—						17.8												—						—						17.8
Social Services						—						14.7												—						—						14.7
United Kingdom						—						28.0												—						—						28.0
Other						—						12.8												—						4.1						16.9
Total Commission and Other Revenue						—						101.6												—						4.1						105.7
Advertising revenues						—						—												295.5						—						295.5
Total revenues from contracts with customers						—						101.6												295.5						4.1						401.2
Other revenues (1)						24.3						—												1.6						(58.0)						(32.1)
Total revenues						$	24.3					$	101.6											$	297.1					$	(53.9)					$	369.1

(1) Other revenues consist of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

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