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Segment Information
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
 
As of September 30, 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 September 30, 2021
Earned insurance premiums$6.7 $213.4 $ $ $ $220.1 
Net investment income4.4 .6  9.5 5.0 19.5 
Net realized and unrealized
   investment (losses) gains
(4.0).3  18.9 15.3 30.5 
Net realized and unrealized investment
   losses from investment in MediaAlpha
    (396.8)(396.8)
Commission revenues   67.0  2.4 69.4 
Other revenue.3 3.4 15.3 .1 28.1 47.2 
     Total revenues7.4 217.7 82.3 28.5 (346.0)(10.1)
Loss and loss adjustment expenses 129.2    129.2 
Insurance acquisition expenses3.0 53.7    56.7 
Cost of sales    24.0 24.0 
General and administrative expenses12.4 21.8 48.8 3.3 14.5 100.8 
Broker commission expense  20.4   20.4 
Change in fair value of contingent
    consideration liabilities
  .6   .6 
Amortization of other intangible assets  8.2  2.0 10.2 
Interest expense 2.1 5.9 1.9 .4 10.3 
     Total expenses15.4 206.8 83.9 5.2 40.9 352.2 
Pre-tax (loss) income$(8.0)$10.9 $(1.6)$23.3 $(386.9)$(362.3)
MillionsHG Global/ BAMNSMKuduOther OperationsTotal
Three Months Ended September 30, 2020
Earned insurance premiums$6.2 $— $— $— $6.2 
Net investment income4.7 — 6.4 60.1 71.2 
Net realized and unrealized investment gains3.2 — 9.8 43.6 56.6 
Net unrealized investment gains from
investment in MediaAlpha
— — — 250.0 250.0 
Commission revenues— 58.2 — 2.1 60.3 
Other revenue.4 12.5 .1 2.2 15.2 
     Total revenues14.5 70.7 16.3 358.0 459.5 
Insurance acquisition expenses1.6 — — — 1.6 
Cost of sales— — — 2.3 2.3 
General and administrative expenses14.0 42.9 2.2 44.3 103.4 
Broker commission expense— 17.1 — — 17.1 
Change in fair value of contingent
     consideration liabilities
— .7 — — .7 
Amortization of other intangible assets— 5.1 .1 .2 5.4 
Interest expense— 6.1 1.4 .3 7.8 
     Total expenses15.6 71.9 3.7 47.1 138.3 
Pre-tax (loss) income$(1.1)$(1.2)$12.6 $310.9 $321.2 

MillionsHG Global/ BAMArkNSM
Kudu
Other OperationsTotal
Nine Months Ended September 30, 2021
Earned insurance premiums$19.6 $435.8 $ $ $ $455.4 
Net investment income13.2 1.8  26.1 16.1 57.2 
Net realized and unrealized investment
   (losses) gains
(15.6)10.3  62.5 34.0 91.2 
Net realized and unrealized investment
   losses from investment in MediaAlpha
    (325.5)(325.5)
Commission revenues   194.6  7.0 201.6 
Other revenue.9 9.4 46.8 .2 57.6 114.9 
     Total revenues18.1 457.3 241.4 88.8 (210.8)594.8 
Loss and loss adjustment expenses 247.8    247.8 
Insurance acquisition expenses6.5 124.4    130.9 
Cost of sales    45.9 45.9 
General and administrative expenses42.7 84.4 142.1 9.0 79.7 357.9 
Broker commission expense  60.9   60.9 
Change in fair value of contingent
    consideration liabilities
  .8   .8 
Amortization of other intangible assets  25.0 .2 2.9 28.1 
Loss on assets held for sale  28.7   28.7 
Interest expense 4.5 17.7 9.2 1.1 32.5 
     Total expenses49.2 461.1 275.2 18.4 129.6 933.5 
Pre-tax (loss) income$(31.1)$(3.8)$(33.8)$70.4 $(340.4)$(338.7)
MillionsHG Global/ BAMNSMKuduOther OperationsTotal
Nine Months Ended September 30, 2020
Earned insurance premiums$17.2 $— $— $— $17.2 
Net investment income15.1 — 19.3 79.3 113.7 
Net realized and unrealized investment gains
   (losses)
23.7 — 1.5 (17.4)7.8 
Net unrealized investment gains from
investment in MediaAlpha
— — — 295.0 295.0 
Commission revenues— 174.2 — 6.1 180.3 
Other revenue2.1 37.6 .2 6.0 45.9 
     Total revenues58.1 211.8 21.0 369.0 659.9 
Insurance acquisition expenses5.4 — — — 5.4 
Cost of sales— — — 6.5 6.5 
General and administrative expenses41.4 131.0 7.5 87.1 267.0 
Broker commission expense— 56.4 — — 56.4 
Change in fair value of contingent
     consideration liabilities
— (1.6)— — (1.6)
Amortization of other intangible assets— 16.2 .3 .6 17.1 
Interest expense— 16.1 4.3 .8 21.2 
     Total expenses46.8 218.1 12.1 95.0 372.0 
Pre-tax income (loss)$11.3 $(6.3)$8.9 $274.0 $287.9 

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 and nine months ended September 30, 2021 and 2020:
MillionsHG Global/BAMArkNSMKuduOther
Operations
Total
Three Months Ended September 30, 2021
Commission and other revenue
Specialty Transportation (1)
$— $— $25.7 $— $— $25.7 
Real Estate— — 6.2 — — 6.2 
Social Services— — 10.2 — — 10.2 
Pet— — 19.9 — — 19.9 
United Kingdom— — 13.0 — — 13.0 
Other— — 7.3 — 2.4 9.7 
Total commission and other revenue— — 82.3 — 2.4 84.7 
Product and service revenues— — — — 28.2 28.2 
     Revenues from contracts with customers— — 82.3 — 30.6 112.9 
Other (2)
7.4 217.7 — 28.5 (376.6)(123.0)
  Total revenues$7.4 $217.7 $82.3 $28.5 $(346.0)$(10.1)
(1)    Includes the results of J.C. Taylor from August 6, 2021, the date of the J.C. Taylor transaction.
(2)    Other consists 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 September 30, 2020
Commission and other revenue
Specialty Transportation$— $21.9 $— $— $21.9 
Real Estate— 6.0 — — 6.0 
Social Services— 8.6 — — 8.6 
Pet— 14.7 — — 14.7 
United Kingdom— 13.9 — — 13.9 
Other— 5.6 — 2.1 7.7 
Total commission and other revenue— 70.7 — 2.1 72.8 
Product revenues— — — 2.0 2.0 
     Revenues from contracts with customers— 70.7 — 4.1 74.8 
Other (1)
14.5 — 16.3 353.9 384.7 
  Total revenues$14.5 $70.7 $16.3 $358.0 $459.5 
(1) Other consists of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

MillionsHG Global/BAMArkNSMKuduOther
Operations
Total
Nine Months Ended September 30, 2021
Commission and other revenue
Specialty Transportation (1)
$— $— $73.0 $— $— $73.0 
Real Estate— — 25.2 — — 25.2 
Social Services— — 26.2 — — 26.2 
Pet— — 55.6 — — 55.6 
United Kingdom— — 39.9 — — 39.9 
Other— — 21.5 — 7.0 28.5 
Total commission and other revenue— — 241.4 — 7.0 248.4 
Product and service revenues— — — — 57.5 57.5 
     Revenues from contracts with customers— — 241.4 — 64.5 305.9 
Other (2)
18.1 457.3 — 88.8 (275.3)288.9 
  Total revenues$18.1 $457.3 $241.4 $88.8 $(210.8)$594.8 
(1)    Includes the results of J.C. Taylor from August 6, 2021, the date of the J.C. Taylor transaction.
(2)    Other consists of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.
MillionsHG Global/BAMNSMKuduOther
Operations
Total
Nine Months Ended September 30, 2020
Commission and other revenue
Specialty Transportation$— $66.1 $— $— $66.1 
Real Estate— 32.7 — — 32.7 
Social Services— 22.2 — — 22.2 
Pet— 39.8 — — 39.8 
United Kingdom (2)
— 36.3 — — 36.3 
Other— 14.7 — 6.1 20.8 
Total commission and other revenue— 211.8 — 6.1 217.9 
Product revenues— — — 6.4 6.4 
     Revenues from contracts with customers— 211.8 — 12.5 224.3 
Other (1)
58.1 — 21.0 356.5 435.6 
  Total revenues$58.1 $211.8 $21.0 $369.0 $659.9 
(1) Other consists of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.
(2) Includes the results of Kingsbridge from April 7, 2020, the date of the Kingsbridge transaction.