XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.22.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
Segment Information | Segment Information As of June 30, 2022, White Mountains conducted its operations through four segments: (1) HG Global/BAM, (2) Ark, (3) Kudu, and (4) Other Operations. As a result of the NSM Transaction, the results of operations for NSM, previously reported as a segment, have been classified as discontinued operations in the statements of operations and comprehensive income. Prior period amounts have been reclassified to conform to the current period’s presentation. See Note 19 — “Held for Sale and Discontinued Operations.” 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 |  |  |  | Kudu |  |  |  | Other Operations |  | Total
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 10.5 |  |  | $ | 217.3 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 227.8 |
Net investment income |  | 4.8 |  |  | 3.2 |  |  |  |  | 13.8 |  |  |  |  | 3.3 |  |  | 25.1 |
Net realized and unrealized investment gains (losses) |  | (30.1) |  |  | (44.6) |  |  |  |  | (17.6) |  |  |  |  | (11.8) |  |  | (104.1) |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  |  |  | — |  |  |  |  | (113.5) |  |  | (113.5) |
Commission revenues |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 2.6 |  |  | 2.6 |
Other revenues |  | 1.6 |  |  | 6.3 |  |  |  |  | — |  |  |  |  | 30.9 |  |  | 38.8 |
Total revenues |  | (13.2) |  |  | 182.2 |  |  |  |  | (3.8) |  |  |  |  | (88.5) |  |  | 76.7 |
Loss and loss adjustment expenses |  | — |  |  | 120.5 |  |  |  |  | — |  |  |  |  | — |  |  | 120.5 |
Insurance and reinsurance acquisition expenses |  | 4.8 |  |  | 50.2 |  |  |  |  | — |  |  |  |  | — |  |  | 55.0 |
Cost of sales |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 22.4 |  |  | 22.4 |
General and administrative expenses |  | 17.4 |  |  | 29.8 |  |  |  |  | 3.0 |  |  |  |  | 50.1 |  |  | 100.3 |
Amortization of other intangible assets |  | — |  |  | — |  |  |  |  | .1 |  |  |  |  | .9 |  |  | 1.0 |
Interest expense |  | 3.4 |  |  | 3.1 |  |  |  |  | 3.3 |  |  |  |  | .3 |  |  | 10.1 |
Total expenses |  | 25.6 |  |  | 203.6 |  |  |  |  | 6.4 |  |  |  |  | 73.7 |  |  | 309.3 |
Pre-tax income (loss) from continuing operations |  | $ | (38.8) |  |  | $ | (21.4) |  |  |  |  | $ | (10.2) |  |  |  |  | $ | (162.2) |  |  | $ | (232.6) |
Millions |  | HG Global/ BAM |  | Ark |  |  |  | Kudu |  |  |  | Other Operations |  | Total
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 6.5 |  |  | $ | 117.8 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 124.3 |
Net investment income |  | 4.3 |  |  | .4 |  |  |  |  | 8.4 |  |  |  |  | 4.0 |  |  | 17.1 |
Net realized and unrealized investment gains (losses) |  | 6.3 |  |  | 8.9 |  |  |  |  | 27.8 |  |  |  |  | 16.6 |  |  | 59.6 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 113.0 |  |  | 113.0 |
Commission revenues |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 2.3 |  |  | 2.3 |
Other revenues |  | .3 |  |  | 3.4 |  |  |  |  | — |  |  |  |  | 22.4 |  |  | 26.1 |
Total revenues |  | 17.4 |  |  | 130.5 |  |  |  |  | 36.2 |  |  |  |  | 158.3 |  |  | 342.4 |
Losses and loss adjustment expenses |  | — |  |  | 52.6 |  |  |  |  | — |  |  |  |  | — |  |  | 52.6 |
Insurance and reinsurance acquisition expenses |  | 1.6 |  |  | 34.0 |  |  |  |  | — |  |  |  |  | — |  |  | 35.6 |
Cost of sales |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 17.9 |  |  | 17.9 |
General and administrative expenses |  | 13.9 |  |  | 24.8 |  |  |  |  | 3.2 |  |  |  |  | 29.3 |  |  | 71.2 |
Amortization of other intangible assets |  | — |  |  | — |  |  |  |  | .1 |  |  |  |  | .4 |  |  | .5 |
Interest expense |  | — |  |  | 1.3 |  |  |  |  | 1.5 |  |  |  |  | .4 |  |  | 3.2 |
Total expenses |  | 15.5 |  |  | 112.7 |  |  |  |  | 4.8 |  |  |  |  | 48.0 |  |  | 181.0 |
Pre-tax income (loss) from continuing operations |  | $ | 1.9 |  |  | $ | 17.8 |  |  |  |  | $ | 31.4 |  |  |  |  | $ | 110.3 |  |  | $ | 161.4 |
Millions |  | HG Global/ BAM |  | Ark |  |  |  | Kudu |  |  |  | Other Operations |  | Total
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 18.9 |  |  | $ | 411.7 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 430.6 |
Net investment income |  | 9.4 |  |  | 4.8 |  |  |  |  | 26.4 |  |  |  |  | 5.1 |  |  | 45.7 |
Net realized and unrealized investment gains (losses) |  | (75.2) |  |  | (62.1) |  |  |  |  | 4.7 |  |  |  |  | 20.1 |  |  | (112.5) |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  |  |  | — |  |  |  |  | (94.7) |  |  | (94.7) |
Commission revenues |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 5.5 |  |  | 5.5 |
Other revenues |  | 2.4 |  |  | 3.5 |  |  |  |  | — |  |  |  |  | 56.6 |  |  | 62.5 |
Total revenues |  | (44.5) |  |  | 357.9 |  |  |  |  | 31.1 |  |  |  |  | (7.4) |  |  | 337.1 |
Loss and loss adjustment expenses |  | — |  |  | 242.5 |  |  |  |  | — |  |  |  |  | — |  |  | 242.5 |
Insurance and reinsurance acquisition expenses |  | 7.8 |  |  | 100.1 |  |  |  |  | — |  |  |  |  | — |  |  | 107.9 |
Cost of sales |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 43.8 |  |  | 43.8 |
General and administrative expenses |  | 33.7 |  |  | 52.9 |  |  |  |  | 5.7 |  |  |  |  | 79.0 |  |  | 171.3 |
Amortization of other intangible assets |  | — |  |  | — |  |  |  |  | .2 |  |  |  |  | 1.8 |  |  | 2.0 |
Interest expense |  | 3.4 |  |  | 6.9 |  |  |  |  | 6.1 |  |  |  |  | .6 |  |  | 17.0 |
Total expenses |  | 44.9 |  |  | 402.4 |  |  |  |  | 12.0 |  |  |  |  | 125.2 |  |  | 584.5 |
Pre-tax income (loss) from continuing operations |  | $ | (89.4) |  |  | $ | (44.5) |  |  |  |  | $ | 19.1 |  |  |  |  | $ | (132.6) |  |  | $ | (247.4) |
Millions |  | HG Global/ BAM |  | Ark |  |  |  | Kudu |  |  |  | Other Operations |  | Total
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 12.9 |  |  | $ | 222.4 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 235.3 |
Net investment income |  | 8.8 |  |  | 1.2 |  |  |  |  | 16.6 |  |  |  |  | 11.1 |  |  | 37.7 |
Net realized and unrealized investment gains (losses) |  | (11.6) |  |  | 10.0 |  |  |  |  | 43.6 |  |  |  |  | 18.7 |  |  | 60.7 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 71.3 |  |  | 71.3 |
Commission revenues |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 4.6 |  |  | 4.6 |
Other revenues |  | .6 |  |  | 6.0 |  |  |  |  | .1 |  |  |  |  | 29.5 |  |  | 36.2 |
Total revenues |  | 10.7 |  |  | 239.6 |  |  |  |  | 60.3 |  |  |  |  | 135.2 |  |  | 445.8 |
Losses and loss adjustment expenses |  | — |  |  | 118.6 |  |  |  |  | — |  |  |  |  | — |  |  | 118.6 |
Insurance and reinsurance acquisition expenses |  | 3.5 |  |  | 70.7 |  |  |  |  | — |  |  |  |  | — |  |  | 74.2 |
Cost of sales |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 21.9 |  |  | 21.9 |
General and administrative expenses |  | 30.3 |  |  | 62.6 |  |  |  |  | 5.7 |  |  |  |  | 65 |  |  | 163.6 |
Amortization of other intangible assets |  | — |  |  | — |  |  |  |  | .2 |  |  |  |  | .9 |  |  | 1.1 |
Interest expense |  | — |  |  | 2.4 |  |  |  |  | 7.3 |  |  |  |  | .7 |  |  | 10.4 |
Total expenses |  | 33.8 |  |  | 254.3 |  |  |  |  | 13.2 |  |  |  |  | 88.5 |  |  | 389.8 |
Pre-tax income (loss) from continuing operations |  | $ | (23.1) |  |  | $ | (14.7) |  |  |  |  | $ | 47.1 |  |  |  |  | $ | 46.7 |  |  | $ | 56.0 |

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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration