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v3.21.1

Segment Information | 3 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
Segment Informartion | Segment Information As of March 31, 2021, White Mountains conducted its operations through five segments: (1) HG Global/BAM, (2) Ark, (3) NSM, (4) Kudu and (5) Other Operations. A discussion of White Mountains’s consolidated investment operations is included after the discussion of operations by segment. As a result of the Ark Transaction, White Mountains began consolidating Ark in its financial statements as of January 1, 2021. 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. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. The following tables present the financial information for White Mountains’s segments:
Millions |  | HG Global/ BAM |  | Ark |  | NSM |  | Kudu |  |  |  | Other Operations |  | Total
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 6.4 |  |  | $ | 104.6 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 111.0 |
Net investment income |  | 4.5 |  |  | .8 |  |  | — |  |  | 8.2 |  |  |  |  | 7.1 |  |  | 20.6 |
Net realized and unrealized investment (losses) gains |  | (17.9) |  |  | 1.1 |  |  | — |  |  | 15.8 |  |  |  |  | 2.1 |  |  | 1.1 |
Net realized and unrealized investment losses from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (41.7) |  |  | (41.7) |
Commission revenues |  | — |  |  | — |  |  | 59.6 |  |  | — |  |  |  |  | 2.3 |  |  | 61.9 |
Other revenue |  | .3 |  |  | 2.6 |  |  | 15.2 |  |  | .1 |  |  |  |  | 7.1 |  |  | 25.3 |
Total revenues |  | (6.7) |  |  | 109.1 |  |  | 74.8 |  |  | 24.1 |  |  |  |  | (23.1) |  |  | 178.2 |
Loss and loss adjustment expenses |  | — |  |  | 66.0 |  |  | — |  |  | — |  |  |  |  | — |  |  | 66.0 |
Insurance acquisition expenses |  | 1.9 |  |  | 36.7 |  |  | — |  |  | — |  |  |  |  | — |  |  | 38.6 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 4.0 |  |  | 4.0 |
General and administrative expenses |  | 16.4 |  |  | 37.8 |  |  | 46.0 |  |  | 2.5 |  |  |  |  | 35.7 |  |  | 138.4 |
Broker commission expense |  | — |  |  | — |  |  | 18.9 |  |  | — |  |  |  |  | — |  |  | 18.9 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Amortization of other intangible assets |  | — |  |  | — |  |  | 8.6 |  |  | .1 |  |  |  |  | .5 |  |  | 9.2 |
Loss on assets held for sale |  | — |  |  | — |  |  | 28.7 |  |  | — |  |  |  |  | — |  |  | 28.7 |
Interest expense |  | — |  |  | 1.1 |  |  | 5.9 |  |  | 5.8 |  |  |  |  | .3 |  |  | 13.1 |
Total expenses |  | 18.3 |  |  | 141.6 |  |  | 108.1 |  |  | 8.4 |  |  |  |  | 40.5 |  |  | 316.9 |
Pre-tax (loss) income |  | $ | (25.0) |  |  | $ | (32.5) |  |  | $ | (33.3) |  |  | $ | 15.7 |  |  |  |  | $ | (63.6) |  |  | $ | (138.7) |
Millions |  | HG Global/ BAM |  | NSM |  | Kudu |  |  |  | Other Operations |  | Total
Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 5.4 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 5.4 |
Net investment income |  | 5.5 |  |  | — |  |  | 7.3 |  |  |  |  | 10.1 |  |  | 22.9 |
Net realized and unrealized investment gains (losses) |  | 6.1 |  |  | — |  |  | (24.8) |  |  |  |  | (168.0) |  |  | (186.7) |
Net unrealized investment gains from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  |  |  | 30.0 |  |  | 30.0 |
Commission revenues |  | — |  |  | 53.0 |  |  | — |  |  |  |  | 2.1 |  |  | 55.1 |
Other revenue |  | .5 |  |  | 12.0 |  |  | .1 |  |  |  |  | 1.5 |  |  | 14.1 |
Total revenues |  | 17.5 |  |  | 65.0 |  |  | (17.4) |  |  |  |  | (124.3) |  |  | (59.2) |
Insurance acquisition expenses |  | 1.7 |  |  | — |  |  | — |  |  |  |  | — |  |  | 1.7 |
Cost of sales |  | — |  |  | — |  |  | — |  |  |  |  | 2.0 |  |  | 2.0 |
General and administrative expenses |  | 14.7 |  |  | 39.6 |  |  | 2.5 |  |  |  |  | 17.5 |  |  | 74.3 |
Broker commission expense |  | — |  |  | 18.3 |  |  | — |  |  |  |  | — |  |  | 18.3 |
Change in fair value of contingent consideration earnout liabilities |  | — |  |  | (.6) |  |  | — |  |  |  |  | — |  |  | (.6) |
Amortization of other intangible assets |  | — |  |  | 4.8 |  |  | .1 |  |  |  |  | .2 |  |  | 5.1 |
Interest expense |  | — |  |  | 4.3 |  |  | 1.4 |  |  |  |  | .3 |  |  | 6.0 |
Total expenses |  | 16.4 |  |  | 66.4 |  |  | 4.0 |  |  |  |  | 20.0 |  |  | 106.8 |
Pre-tax income (loss) |  | $ | 1.1 |  |  | $ | (1.4) |  |  | $ | (21.4) |  |  |  |  | $ | (144.3) |  |  | $ | (166.0) |
In compliance with ASC 606, Revenues from Contracts with Customers, the following tables present White Mountains’s total revenues by revenue source for the three months ended March 31, 2021 and 2020:
Millions |  | HG Global/BAM |  | Ark |  | NSM |  | Kudu |  |  |  | Other Operations |  | Total
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commission and other revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Transportation |  | $ | — |  |  | $ | — |  |  | $ | 20.7 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 20.7 |
Real Estate |  | — |  |  | — |  |  | 9.8 |  |  | — |  |  |  |  | — |  |  | 9.8 |
Social Services |  | — |  |  | — |  |  | 6.7 |  |  | — |  |  |  |  | — |  |  | 6.7 |
Pet |  | — |  |  | — |  |  | 17.1 |  |  | — |  |  |  |  | — |  |  | 17.1 |
United Kingdom |  | — |  |  | — |  |  | 13.1 |  |  | — |  |  |  |  | — |  |  | 13.1 |
Other |  | — |  |  | — |  |  | 7.4 |  |  | — |  |  |  |  | 2.3 |  |  | 9.7 |
Total commission and other revenue |  | — |  |  | — |  |  | 74.8 |  |  | — |  |  |  |  | 2.3 |  |  | 77.1 |
Product revenues |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 6.5 |  |  | 6.5 |
Revenues from contracts with customers |  | — |  |  | — |  |  | 74.8 |  |  | — |  |  |  |  | 8.8 |  |  | 83.6 |
Other revenues (1) |  | (6.7) |  |  | 109.1 |  |  | — |  |  | 24.1 |  |  |  |  | (31.9) |  |  | 94.6 |
Total revenues |  | $ | (6.7) |  |  | $ | 109.1 |  |  | $ | 74.8 |  |  | $ | 24.1 |  |  |  |  | $ | (23.1) |  |  | $ | 178.2 |
(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 |  |  |  | Other Operations |  | Total
Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Commission and other revenue |  |  |  |  |  |  |  |  |  |  |  |
Specialty Transportation |  | $ | — |  |  | $ | 20.3 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 20.3 |
Real Estate |  | — |  |  | 11.3 |  |  | — |  |  |  |  | — |  |  | 11.3 |
Social Services |  | — |  |  | 6.3 |  |  | — |  |  |  |  | — |  |  | 6.3 |
Pet |  | — |  |  | 11.8 |  |  | — |  |  |  |  | — |  |  | 11.8 |
United Kingdom |  | — |  |  | 10.0 |  |  | — |  |  |  |  | — |  |  | 10.0 |
Other |  | — |  |  | 5.3 |  |  | — |  |  |  |  | 1.4 |  |  | 6.7 |
Total commission and other revenue |  | — |  |  | 65.0 |  |  | — |  |  |  |  | 1.4 |  |  | 66.4 |
Product revenues |  | — |  |  | — |  |  | — |  |  |  |  | 2.1 |  |  | 2.1 |
Revenues from contracts with customers |  | — |  |  | 65.0 |  |  | — |  |  |  |  | 3.5 |  |  | 68.5 |
Other revenues (1) |  | 17.5 |  |  | — |  |  | (17.4) |  |  |  |  | (127.8) |  |  | (127.7) |
Total revenues |  | $ | 17.5 |  |  | $ | 65.0 |  |  | $ | (17.4) |  |  |  |  | $ | (124.3) |  |  | $ | (59.2) |
(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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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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