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Segment Information
3 Months Ended
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:
MillionsHG Global/ BAMArkNSM
Kudu
Other OperationsTotal
Three Months Ended March 31, 2021
Earned insurance premiums$6.4 $104.6 $ $ $ $111.0 
Net investment income4.5 .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 expenses1.9 36.7    38.6 
Cost of sales    4.0 4.0 
General and administrative expenses16.4 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 expenses18.3 141.6 108.1 8.4 40.5 316.9 
Pre-tax (loss) income$(25.0)$(32.5)$(33.3)$15.7 $(63.6)$(138.7)
MillionsHG Global/ BAMNSMKuduOther OperationsTotal
Three Months Ended March 31, 2020
Earned insurance premiums$5.4 $— $— $— $5.4 
Net investment income5.5 — 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 revenues17.5 65.0 (17.4)(124.3)(59.2)
Insurance acquisition expenses1.7 — — — 1.7 
Cost of sales— — — 2.0 2.0 
General and administrative expenses14.7 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 expenses16.4 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:
MillionsHG Global/BAMArkNSMKuduOther
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)$178.2 
(1)    Other revenues consist of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.
MillionsHG Global/BAMNSMKuduOther
Operations
Total
Three Months Ended March 31, 2020
Commission and other revenue
Specialty Transportation$— $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.