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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2021
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) |  | Ark |  | NSM (3) |  | Kudu |  |  |  | Other Operations |  | Total
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums (2) |  | $ | 26.9 |  | $ | 637.3 |  | $ | — |  | $ | — |  |  |  |  | $ | — |  | $ | 664.2 |
Net investment income |  | 17.5 |  |  | 2.9 |  |  | — |  |  | 43.9 |  |  |  |  | 18.2 |  |  | 82.5 |
Net realized and unrealized investment gains (losses) |  | (22.9) |  |  | 16.5 |  |  | — |  |  | 89.9 |  |  |  |  | 50.7 |  |  | 134.2 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (380.3) |  |  | (380.3) |
Commission revenues (4) |  | — |  |  | — |  |  | 258.0 |  |  | — |  |  |  |  | 9.6 |  |  | 267.6 |
Other revenues |  | 1.5 |  |  | 11.8 |  |  | 72.4 |  |  | .2 |  |  |  |  | 90.7 |  |  | 176.6 |
Total revenues |  | 23.0 |  |  | 668.5 |  |  | 330.4 |  |  | 134.0 |  |  |  |  | (211.1) |  |  | 944.8 |
Loss and loss adjustment expenses |  | — |  |  | 314.8 |  |  | — |  |  | — |  |  |  |  | — |  |  | 314.8 |
Insurance acquisition expenses |  | 8.3 |  |  | 178.0 |  |  | — |  |  | — |  |  |  |  | — |  |  | 186.3 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 69.3 |  |  | 69.3 |
General and administrative expenses |  | 57.1 |  |  | 115.5 |  |  | 190.1 |  |  | 14.5 |  |  |  |  | 105.7 |  |  | 482.9 |
Broker commission expense |  | — |  |  | — |  |  | 80.2 |  |  | — |  |  |  |  | — |  |  | 80.2 |
Change in fair value of contingent consideration |  | — |  |  | — |  |  | 1.0 |  |  | — |  |  |  |  | — |  |  | 1.0 |
Amortization of other intangible assets |  | — |  |  | — |  |  | 35.2 |  |  | .3 |  |  |  |  | 4.3 |  |  | 39.8 |
Loss on assets held for sale |  | — |  |  | — |  |  | 28.7 |  |  | — |  |  |  |  | — |  |  | 28.7 |
Interest expense |  | — |  |  | 7.3 |  |  | 23.3 |  |  | 11.7 |  |  |  |  | 1.5 |  |  | 43.8 |
Total expenses |  | 65.4 |  |  | 615.6 |  |  | 358.5 |  |  | 26.5 |  |  |  |  | 180.8 |  |  | 1,246.8 |
Pre-tax income (loss) |  | $ | (42.4) |  |  | $ | 52.9 |  |  | $ | (28.1) |  |  | $ | 107.5 |  |  |  |  | $ | (391.9) |  |  | $ | (302.0) |
(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) Ark’s earned insurance premiums based on the location of Ark’s underwriting offices in the United Kingdom and Bermuda are $459.3 and $178.0. (3) Includes the results of J.C. Taylor from August 6, 2021, the date of the J.C. Taylor transaction. (4) Approximately 25% of NSM’s commission revenue was associated with one single carrier.
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 (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  |  |  | 686.0 |  | 686.0 |
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 |
Cost of sales |  | — |  |  | — |  |  | — |  |  |  |  | 11.3 |  |  | 11.3 |
General and administrative expenses |  | 56.8 |  |  | 176.9 |  |  | 11.8 |  |  |  |  | 141.9 |  |  | 387.4 |
Broker commission expense |  | — |  |  | 75.3 |  |  | — |  |  |  |  | — |  |  | 75.3 |
Change in fair value of contingent consideration |  | — |  |  | (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 (losses) |  | 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 from 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 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | 40.6 |  |  | 7.5 |  |  | 48.1 |
General and administrative expenses |  | 50.9 |  |  | 132.2 |  |  | 10.1 |  |  | 12.5 |  |  | 122.5 |  |  | 328.2 |
Broker commission expense |  | — |  |  | 64.8 |  |  | — |  |  | — |  |  | — |  |  | 64.8 |
Change in fair value of contingent consideration |  | — |  |  | 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.
Schedule of selected balance sheet data by segment |
Millions Selected Balance Sheet Data |  | HG Global/BAM |  | Ark |  | NSM |  | Kudu |  |  |  | Other Operations |  |  |  | Held for Sale |  | Total
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 966.5 |  |  | $ | 1,562.1 |  |  | $ | — |  |  | $ | 669.5 |  |  |  |  | $ | 1,067.2 |  |  |  |  | $ | — |  |  | $ | 4,265.3 |
Total assets |  | $ | 1,044.8 |  | (1) | $ | 3,027.0 |  |  | $ | 977.3 |  |  | $ | 727.1 |  |  |  |  | $ | 1,208.4 |  | (2) |  |  | $ | 16.1 |  |  | $ | 7,000.7 |
Total liabilities |  | $ | 321.9 |  | (2) | $ | 2,122.4 |  |  | $ | 495.3 |  |  | $ | 261.0 |  |  |  |  | $ | 95.4 |  |  |  |  | $ | — |  |  | $ | 3,296.0 |
Total White Mountains’s common shareholders’ equity |  | $ | 838.0 |  | (2) | $ | 673.9 |  |  | $ | 465.3 |  |  | $ | 453.7 |  |  |  |  | $ | 1,101.1 |  | (2) |  |  | $ | 16.1 |  |  | $ | 3,548.1 |
Non-controlling interest |  | $ | (115.1) |  |  | $ | 230.7 |  |  | $ | 16.7 |  |  | $ | 12.4 |  |  |  |  | $ | 11.9 |  |  |  |  | $ | — |  |  | $ | 156.6 |
December 31, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 919.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 400.6 |  |  |  |  | $ | 1,618.5 |  |  |  |  | $ | — |  |  | $ | 2,939.0 |
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) |
(1) As of December 2021 and 2020, total assets in the HG Global/BAM segment reflected the elimination of $364.6 and $388.2 of BAM Surplus Notes issued to HG Global and its subsidiaries, and $157.6 and $155.7 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, 2021 and 2020, the HG Global preferred dividends payable to White Mountains’s subsidiaries was $400.5 and $363.9.
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 |  | Ark |  | NSM |  | Kudu |  |  |  | Other Operations |  | Total
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commission and other revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Transportation (1) |  | $ | — |  |  | $ | — |  |  | $ | 97.2 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 97.2 |
Pet |  | — |  |  | — |  |  | 76.3 |  |  | — |  |  |  |  | — |  |  | 76.3 |
United Kingdom |  | — |  |  | — |  |  | 53.1 |  |  | — |  |  |  |  | — |  |  | 53.1 |
Real Estate |  | — |  |  | — |  |  | 34.4 |  |  | — |  |  |  |  | — |  |  | 34.4 |
Social Services |  | — |  |  | — |  |  | 33.9 |  |  | — |  |  |  |  | — |  |  | 33.9 |
Other |  | — |  |  | — |  |  | 35.5 |  |  | — |  |  |  |  | 9.6 |  |  | 45.1 |
Total commission and other revenue |  | — |  |  | — |  |  | 330.4 |  |  | — |  |  |  |  | 9.6 |  |  | 340.0 |
Products and service revenues |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 87.5 |  |  | 87.5 |
Revenues from contracts with customers | — |  |  | — |  |  | 330.4 |  |  | — |  |  |  |  | 97.1 |  |  | 427.5 |
Other (2) |  | 23.0 |  |  | 668.5 |  |  | — |  |  | 134.0 |  |  |  |  | (308.2) |  |  | 517.3 |
Total revenues |  | $ | 23.0 |  |  | $ | 668.5 |  |  | $ | 330.4 |  |  | $ | 134.0 |  |  |  |  | $ | (211.1) |  |  | $ | 944.8 |
(1) Includes the results of J.C. Taylor from August 6, 2021, the date of the J.C. Taylor transaction. (2) 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
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Commission and other revenue |  |  |  |  |  |  |  |  |  |  |  |
Specialty Transportation |  | $ | — |  |  | $ | 85.5 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 85.5 |
Pet |  | — |  |  | 55.0 |  |  | — |  |  |  |  | — |  |  | 55.0 |
United Kingdom |  | — |  |  | 49.4 |  |  | — |  |  |  |  | — |  |  | 49.4 |
Real Estate |  | — |  |  | 44.9 |  |  | — |  |  |  |  | — |  |  | 44.9 |
Social Services |  | — |  |  | 28.9 |  |  | — |  |  |  |  | — |  |  | 28.9 |
Other |  | — |  |  | 21.4 |  |  | — |  |  |  |  | 8.3 |  |  | 29.7 |
Total commission and other revenue |  | — |  |  | 285.1 |  |  | — |  |  |  |  | 8.3 |  |  | 293.4 |
Products and service revenues |  | — |  |  | — |  |  | — |  |  |  |  | 14.5 |  |  | 14.5 |
Revenues from contracts with customers | — |  |  | 285.1 |  |  | — |  |  |  |  | 22.8 |  |  | 307.9 |
Other (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 |
United Kingdom |  | — |  |  | 45.9 |  |  |  |  | — |  |  | — |  |  | — |  |  | 45.9 |
Pet |  | — |  |  | 30.0 |  |  |  |  | — |  |  | — |  |  | — |  |  | 30.0 |
Real Estate |  | — |  |  | 34.7 |  |  |  |  | — |  |  | — |  |  | — |  |  | 34.7 |
Social Services |  | — |  |  | 25.9 |  |  |  |  | — |  |  | — |  |  | — |  |  | 25.9 |
Other |  | — |  |  | 19.0 |  |  |  |  | — |  |  | — |  |  | 6.9 |  |  | 25.9 |
Total commission and other revenue |  | — |  |  | 233.1 |  |  |  |  | — |  |  | — |  |  | 6.9 |  |  | 240.0 |
Advertising revenues |  | — |  |  | — |  |  |  |  | — |  |  | 48.8 |  |  | — |  |  | 48.8 |
Product and service revenues |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 5.5 |  |  | 5.5 |
Revenues from contracts with customers | — |  |  | 233.1 |  |  |  |  | — |  |  | 48.8 |  |  | 12.4 |  |  | 294.3 |
Other (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.

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