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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Earned insurance premiums $ 220.1 $ 6.2 $ 455.4 $ 17.2
Net investment income 19.5 71.2 57.2 113.7
Net realized and unrealized investment (losses) gains 30.5 56.6 91.2 7.8
Commission revenues 69.4 60.3 201.6 180.3
Other revenues 47.2 15.2 114.9 45.9
Total revenues (10.1) 459.5 594.8 659.9
Expenses:        
Loss and loss adjustment expenses 129.2   247.8  
Insurance and reinsurance acquisition expenses 56.7 1.6 130.9 5.4
Cost of sales 24.0 2.3 45.9 6.5
General and administrative expenses 100.8 103.4 357.9 267.0
Broker commission expenses 20.4 17.1 60.9 56.4
Change in fair value of contingent consideration 0.6 0.7 0.8 (1.6)
Amortization of other intangible assets 10.2 5.4 28.1 17.1
Loss on assets held for sale     28.7  
Interest expense 10.3 7.8 32.5 21.2
Total expenses 352.2 138.3 933.5 372.0
Pre-tax (loss) income from continuing operations (362.3) 321.2 (338.7) 287.9
Income tax expense (21.6) (98.5) (41.9) (97.1)
Net (loss) income from continuing operations (383.9) 222.7 (380.6) 190.8
Net (loss) gain from sale of discontinued operations, net of tax 0.0 (0.7) 18.7 (0.8)
Net (loss) income (383.9) 222.0 (361.9) 190.0
Net loss attributable to non-controlling interests 12.5 10.9 53.7 29.5
Net (loss) income attributable to White Mountains’s common shareholders (371.4) 232.9 (308.2) 219.5
Marketing Technology (MediaAlpha)        
Revenues:        
Net realized and unrealized investment (losses) gains from investment in MediaAlpha (396.8) 250.0 (325.5) 295.0
Financial Guarantee (HG Global/BAM)        
Revenues:        
Earned insurance premiums 6.7 6.2 19.6 17.2
Net investment income 4.4 4.7 13.2 15.1
Net realized and unrealized investment (losses) gains (4.0) 3.2 (15.6) 23.7
Commission revenues 0.0 0.0 0.0 0.0
Other revenues 0.3 0.4 0.9 2.1
Total revenues 7.4 14.5 18.1 58.1
Expenses:        
Loss and loss adjustment expenses 0.0   0.0  
Insurance and reinsurance acquisition expenses 3.0 1.6 6.5 5.4
Cost of sales 0.0 0.0 0.0 0.0
General and administrative expenses 12.4 14.0 42.7 41.4
Broker commission expenses 0.0 0.0 0.0 0.0
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Amortization of other intangible assets 0.0 0.0 0.0 0.0
Loss on assets held for sale     0.0  
Interest expense 0.0 0.0 0.0 0.0
Total expenses 15.4 15.6 49.2 46.8
Pre-tax (loss) income from continuing operations (8.0) (1.1) (31.1) 11.3
Financial Guarantee (HG Global/BAM) | Marketing Technology (MediaAlpha)        
Revenues:        
Net realized and unrealized investment (losses) gains from investment in MediaAlpha 0.0 0.0 0.0 0.0
P&C Insurance and Reinsurance (Ark)        
Revenues:        
Earned insurance premiums 213.4 0.0 435.8 0.0
Net investment income 0.6 0.0 1.8 0.0
Net realized and unrealized investment (losses) gains 0.3 0.0 10.3 0.0
Commission revenues 0.0   0.0  
Other revenues 3.4 0.0 9.4 0.0
Total revenues 217.7 0.0 457.3 0.0
Expenses:        
Loss and loss adjustment expenses 129.2 0.0 247.8 0.0
Insurance and reinsurance acquisition expenses 53.7 0.0 124.4 0.0
Cost of sales 0.0   0.0  
General and administrative expenses 21.8 0.0 84.4 0.0
Broker commission expenses 0.0   0.0  
Change in fair value of contingent consideration 0.0   0.0  
Amortization of other intangible assets 0.0   0.0  
Loss on assets held for sale     0.0  
Interest expense 2.1 0.0 4.5 0.0
Total expenses 206.8 0.0 461.1 0.0
Pre-tax (loss) income from continuing operations 10.9   (3.8)  
P&C Insurance and Reinsurance (Ark) | Marketing Technology (MediaAlpha)        
Revenues:        
Net realized and unrealized investment (losses) gains from investment in MediaAlpha 0.0   0.0  
Specialty Insurance Distribution (NSM)        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 0.0 0.0 0.0 0.0
Net realized and unrealized investment (losses) gains 0.0 0.0 0.0 0.0
Commission revenues 67.0 58.2 194.6 174.2
Other revenues 15.3 12.5 46.8 37.6
Total revenues 82.3 70.7 241.4 211.8
Expenses:        
Loss and loss adjustment expenses 0.0   0.0  
Insurance and reinsurance acquisition expenses 0.0 0.0 0.0 0.0
Cost of sales 0.0 0.0 0.0 0.0
General and administrative expenses 48.8 42.9 142.1 131.0
Broker commission expenses 20.4 17.1 60.9 56.4
Change in fair value of contingent consideration 0.6 0.7 0.8 (1.6)
Amortization of other intangible assets 8.2 5.1 25.0 16.2
Loss on assets held for sale 0.0 0.0 28.7 0.0
Interest expense 5.9 6.1 17.7 16.1
Total expenses 83.9 71.9 275.2 218.1
Pre-tax (loss) income from continuing operations (1.6) (1.2) (33.8) (6.3)
Specialty Insurance Distribution (NSM) | Marketing Technology (MediaAlpha)        
Revenues:        
Net realized and unrealized investment (losses) gains from investment in MediaAlpha 0.0 0.0 0.0 0.0
Asset Management (Kudu)        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 9.5 6.4 26.1 19.3
Net realized and unrealized investment (losses) gains 18.9 9.8 62.5 1.5
Commission revenues 0.0 0.0 0.0 0.0
Other revenues 0.1 0.1 0.2 0.2
Total revenues 28.5 16.3 88.8 21.0
Expenses:        
Loss and loss adjustment expenses 0.0   0.0  
Insurance and reinsurance acquisition expenses 0.0 0.0 0.0 0.0
Cost of sales 0.0 0.0 0.0 0.0
General and administrative expenses 3.3 2.2 9.0 7.5
Broker commission expenses 0.0 0.0 0.0 0.0
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Amortization of other intangible assets 0.0 0.1 0.2 0.3
Loss on assets held for sale     0.0  
Interest expense 1.9 1.4 9.2 4.3
Total expenses 5.2 3.7 18.4 12.1
Pre-tax (loss) income from continuing operations 23.3 12.6 70.4 8.9
Asset Management (Kudu) | Marketing Technology (MediaAlpha)        
Revenues:        
Net realized and unrealized investment (losses) gains from investment in MediaAlpha 0.0 0.0 0.0 0.0
Other Operations        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 5.0 60.1 16.1 79.3
Net realized and unrealized investment (losses) gains 15.3 43.6 34.0 (17.4)
Commission revenues 2.4 2.1 7.0 6.1
Other revenues 28.1 2.2 57.6 6.0
Total revenues (346.0) 358.0 (210.8) 369.0
Expenses:        
Loss and loss adjustment expenses 0.0   0.0  
Insurance and reinsurance acquisition expenses 0.0 0.0 0.0 0.0
Cost of sales 24.0 2.3 45.9 6.5
General and administrative expenses 14.5 44.3 79.7 87.1
Broker commission expenses 0.0 0.0 0.0 0.0
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Amortization of other intangible assets 2.0 0.2 2.9 0.6
Loss on assets held for sale     0.0  
Interest expense 0.4 0.3 1.1 0.8
Total expenses 40.9 47.1 129.6 95.0
Pre-tax (loss) income from continuing operations (386.9) 310.9 (340.4) 274.0
Other Operations | Marketing Technology (MediaAlpha)        
Revenues:        
Net realized and unrealized investment (losses) gains from investment in MediaAlpha $ (396.8) $ 250.0 $ (325.5) $ 295.0