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v3.22.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Schedule of Financial Information for White Mountains' Segments | 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) |
Schedule of Reconciliation of Revenue from Segments to Consolidated | 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.

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