XML 122 R23.htm IDEA: XBRL DOCUMENT
v3.22.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2022
Segment Reporting [Abstract] |
Segment Information | Segment Information As of March 31, 2022, 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. 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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 8.4 |  |  | $ | 194.4 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 202.8 |
Net investment income |  | 4.6 |  |  | 1.6 |  |  | — |  |  | 12.6 |  |  |  |  | 1.8 |  |  | 20.6 |
Net realized and unrealized investment gains (losses) |  | (45.1) |  |  | (17.5) |  |  | — |  |  | 22.3 |  |  |  |  | 31.9 |  |  | (8.4) |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 18.8 |  |  | 18.8 |
Commission revenues |  | — |  |  | — |  |  | 70.1 |  |  | — |  |  |  |  | 2.9 |  |  | 73.0 |
Other revenues |  | .8 |  |  | (2.8) |  |  | 18.4 |  |  | — |  |  |  |  | 25.7 |  |  | 42.1 |
Total revenues |  | (31.3) |  |  | 175.7 |  |  | 88.5 |  |  | 34.9 |  |  |  |  | 81.1 |  |  | 348.9 |
Loss and loss adjustment expenses |  | — |  |  | 122.0 |  |  | — |  |  | — |  |  |  |  | — |  |  | 122.0 |
Insurance and reinsurance acquisition expenses |  | 3.0 |  |  | 49.9 |  |  | — |  |  | — |  |  |  |  | — |  |  | 52.9 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 21.4 |  |  | 21.4 |
General and administrative expenses |  | 16.3 |  |  | 23.1 |  |  | 54.0 |  |  | 2.7 |  |  |  |  | 28.9 |  |  | 125.0 |
Broker commission expense |  | — |  |  | — |  |  | 20.6 |  |  | — |  |  |  |  | — |  |  | 20.6 |
Change in fair value of contingent consideration |  | — |  |  | — |  |  | .1 |  |  | — |  |  |  |  | — |  |  | .1 |
Amortization of other intangible assets |  | — |  |  | — |  |  | 9.1 |  |  | .1 |  |  |  |  | .9 |  |  | 10.1 |
Loss on assets held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Interest expense |  | — |  |  | 3.8 |  |  | 2.1 |  |  | 2.8 |  |  |  |  | .3 |  |  | 9.0 |
Total expenses |  | 19.3 |  |  | 198.8 |  |  | 85.9 |  |  | 5.6 |  |  |  |  | 51.5 |  |  | 361.1 |
Pre-tax income (loss) |  | $ | (50.6) |  |  | $ | (23.1) |  |  | $ | 2.6 |  |  | $ | 29.3 |  |  |  |  | $ | 29.6 |  |  | $ | (12.2) |
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 gains (losses) |  | (17.9) |  |  | 1.1 |  |  | — |  |  | 15.8 |  |  |  |  | 2.1 |  |  | 1.1 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (41.7) |  |  | (41.7) |
Commission revenues |  | — |  |  | — |  |  | 59.6 |  |  | — |  |  |  |  | 2.3 |  |  | 61.9 |
Other revenues |  | .3 |  |  | 2.6 |  |  | 15.2 |  |  | .1 |  |  |  |  | 7.1 |  |  | 25.3 |
Total revenues |  | (6.7) |  |  | 109.1 |  |  | 74.8 |  |  | 24.1 |  |  |  |  | (23.1) |  |  | 178.2 |
Losses and loss adjustment expenses |  | — |  |  | 66.0 |  |  | — |  |  | — |  |  |  |  | — |  |  | 66.0 |
Insurance and reinsurance 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 |
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 income (loss) |  | $ | (25.0) |  |  | $ | (32.5) |  |  | $ | (33.3) |  |  | $ | 15.7 |  |  |  |  | $ | (63.6) |  |  | $ | (138.7) |
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, 2022 and 2021:
Millions |  | HG Global/BAM |  | Ark |  | NSM |  | Kudu |  |  |  | Other Operations |  | Total
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commission and other revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Transportation |  | $ | — |  |  | $ | — |  |  | $ | 26.5 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 26.5 |
Pet |  | — |  |  | — |  |  | 23.4 |  |  | — |  |  |  |  | — |  |  | 23.4 |
United Kingdom |  | — |  |  | — |  |  | 12.6 |  |  | — |  |  |  |  | — |  |  | 12.6 |
Real Estate |  | — |  |  | — |  |  | 10.5 |  |  | — |  |  |  |  | — |  |  | 10.5 |
Social Services |  | — |  |  | — |  |  | 7.0 |  |  | — |  |  |  |  | — |  |  | 7.0 |
Diversified B2B |  | — |  |  | — |  |  | 8.5 |  |  | — |  |  |  |  | — |  |  | 8.5 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 2.9 |  |  | 2.9 |
Total commission and other revenue |  | — |  |  | — |  |  | 88.5 |  |  | — |  |  |  |  | 2.9 |  |  | 91.4 |
Product and service revenues |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 26.4 |  |  | 26.4 |
Revenues from contracts with customers |  | — |  |  | — |  |  | 88.5 |  |  | — |  |  |  |  | 29.3 |  |  | 117.8 |
Other (1) |  | (31.3) |  |  | 175.7 |  |  | — |  |  | 34.9 |  |  |  |  | 51.8 |  |  | 231.1 |
Total revenues |  | $ | (31.3) |  |  | $ | 175.7 |  |  | $ | 88.5 |  |  | $ | 34.9 |  |  |  |  | $ | 81.1 |  |  | $ | 348.9 |
(1) Other consists of earned insurance premiums, net investment income, net realized and unrealized investment gains (losses) and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.
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 |
Pet |  | — |  |  | — |  |  | 17.1 |  |  | — |  |  |  |  | — |  |  | 17.1 |
United Kingdom |  | — |  |  | — |  |  | 13.1 |  |  | — |  |  |  |  | — |  |  | 13.1 |
Real Estate |  | — |  |  | — |  |  | 9.8 |  |  | — |  |  |  |  | — |  |  | 9.8 |
Social Services |  | — |  |  | — |  |  | 6.7 |  |  | — |  |  |  |  | — |  |  | 6.7 |
Diversified B2B |  | — |  |  | — |  |  | 7.4 |  |  | — |  |  |  |  | — |  |  | 7.4 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 2.3 |  |  | 2.3 |
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 (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 consists of earned insurance premiums, net investment income, net realized and unrealized investment gains (losses) and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration