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v3.22.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2022
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 |  |  |  | Kudu |  |  |  | Other Operations |  | Total
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums (2) |  | $ | 33.3 |  |  | $ | 1,043.4 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 1,076.7 |
Net investment income |  | 21.5 |  |  | 16.3 |  |  |  |  | 54.4 |  |  |  |  | 32.2 |  |  | 124.4 |
Net realized and unrealized investment gains (losses) |  | (105.8) |  |  | (55.2) |  |  |  |  | 64.1 |  |  |  |  | (1.6) |  |  | (98.5) |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  |  |  | — |  |  |  |  | (93.0) |  |  | (93.0) |
Commission revenues |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 11.5 |  |  | 11.5 |
Other revenues |  | 4.6 |  |  | 5.0 |  |  |  |  | — |  |  |  |  | 127.2 |  |  | 136.8 |
Total revenues |  | (46.4) |  |  | 1,009.5 |  |  |  |  | 118.5 |  |  |  |  | 76.3 |  |  | 1,157.9 |
Loss and loss adjustment expenses |  | — |  |  | 536.4 |  |  |  |  | — |  |  |  |  | — |  |  | 536.4 |
Insurance acquisition expenses |  | 11.2 |  |  | 239.4 |  |  |  |  | — |  |  |  |  | — |  |  | 250.6 |
Cost of sales |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 98.6 |  |  | 98.6 |
General and administrative expenses |  | 69.1 |  |  | 123.5 |  |  |  |  | 14.4 |  |  |  |  | 169.2 |  |  | 376.2 |
Amortization of other intangible assets |  | — |  |  | — |  |  |  |  | .3 |  |  |  |  | 4.9 |  |  | 5.2 |
Interest expense |  | 8.3 |  |  | 15.1 |  |  |  |  | 15.0 |  |  |  |  | 1.9 |  |  | 40.3 |
Total expenses |  | 88.6 |  |  | 914.4 |  |  |  |  | 29.7 |  |  |  |  | 274.6 |  |  | 1,307.3 |
Pre-tax income (loss) |  | $ | (135.0) |  |  | $ | 95.1 |  |  |  |  | $ | 88.8 |  |  |  |  | $ | (198.3) |  |  | $ | (149.4) |
(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 $638.5 and $404.9.
Millions |  | HG Global/BAM (1) |  | Ark |  | 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 |  | — |  |  | — |  |  | — |  |  |  |  | 9.6 |  |  | 9.6 |
Other revenues |  | 1.5 |  |  | 11.8 |  |  | .2 |  |  |  |  | 90.7 |  |  | 104.2 |
Total revenues |  | 23.0 |  |  | 668.5 |  |  | 134.0 |  |  |  |  | (211.1) |  |  | 614.4 |
Losses 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 |  |  | 14.5 |  |  |  |  | 105.4 |  |  | 292.5 |
Amortization of other intangible assets |  | — |  |  | — |  |  | .3 |  |  |  |  | 4.3 |  |  | 4.6 |
Interest expense |  | — |  |  | 7.3 |  |  | 11.7 |  |  |  |  | 1.5 |  |  | 20.5 |
Total expenses |  | 65.4 |  |  | 615.6 |  |  | 26.5 |  |  |  |  | 180.5 |  |  | 888.0 |
Pre-tax income (loss) |  | $ | (42.4) |  |  | $ | 52.9 |  |  | $ | 107.5 |  |  |  |  | $ | (391.6) |  |  | $ | (273.6) |
(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.
Millions |  | HG Global/BAM (1) |  |  |  | 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 from investment in MediaAlpha |  | — |  |  |  |  | — |  |  |  |  | 686.0 |  |  | 686.0 |
Commission revenues |  | — |  |  |  |  | — |  |  |  |  | 8.3 |  |  | 8.3 |
Other revenues |  | 2.5 |  |  |  |  | .3 |  |  |  |  | 13.9 |  |  | 16.7 |
Total revenues |  | 68.5 |  |  |  |  | 45.7 |  |  |  |  | 781.4 |  |  | 895.6 |
Insurance acquisition expenses |  | 7.0 |  |  |  |  | — |  |  |  |  | — |  |  | 7.0 |
Cost of sales |  | — |  |  |  |  | — |  |  |  |  | 11.3 |  |  | 11.3 |
General and administrative expenses |  | 56.8 |  |  |  |  | 11.8 |  |  |  |  | 139.3 |  |  | 207.9 |
Amortization of other intangible assets |  | — |  |  |  |  | .3 |  |  |  |  | 1.3 |  |  | 1.6 |
Interest expense |  | — |  |  |  |  | 6.0 |  |  |  |  | 1.4 |  |  | 7.4 |
Total expenses |  | 63.8 |  |  |  |  | 18.1 |  |  |  |  | 153.3 |  |  | 235.2 |
Pre-tax income (loss) |  | $ | 4.7 |  |  |  |  | $ | 27.6 |  |  |  |  | $ | 628.1 |  |  | $ | 660.4 |
(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.
Schedule of selected balance sheet data by segment |
Millions Selected Balance Sheet Data |  | HG Global/BAM |  | Ark |  |  |  | Kudu |  |  |  | Other Operations |  |  |  | Held for Sale |  | Total
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 975.8 |  |  | $ | 1,761.9 |  |  |  |  | $ | 695.9 |  |  |  |  | $ | 1,736.4 |  |  |  |  | $ | — |  |  | $ | 5,170.0 |
Total assets |  | $ | 1,058.5 |  | (1) | $ | 3,486.2 |  |  |  |  | $ | 825.9 |  |  |  |  | $ | 2,018.7 |  | (2) |  |  | $ | — |  |  | $ | 7,389.3 |
Total liabilities |  | $ | 501.8 |  | (2) | $ | 2,520.9 |  |  |  |  | $ | 273.3 |  |  |  |  | $ | 158.3 |  |  |  |  | $ | — |  |  | $ | 3,454.3 |
Total White Mountains’s common shareholders’ equity |  | $ | 712.0 |  | (2) | $ | 717.4 |  |  |  |  | $ | 477.5 |  |  |  |  | $ | 1,840.0 |  | (2) |  |  | $ | — |  |  | $ | 3,746.9 |
Non-controlling interest |  | $ | (155.3) |  |  | $ | 247.9 |  |  |  |  | $ | 75.1 |  |  |  |  | $ | 20.4 |  |  |  |  | $ | — |  |  | $ | 188.1 |
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 966.5 |  |  | $ | 1,562.1 |  |  |  |  | $ | 669.5 |  |  |  |  | $ | 1,059.4 |  |  |  |  | $ | — |  |  | $ | 4,257.5 |
Total assets |  | $ | 1,044.8 |  | (1) | $ | 3,027.0 |  |  |  |  | $ | 727.1 |  |  |  |  | $ | 1,196.7 |  | (2) |  |  | $ | 1,005.1 |  |  | $ | 7,000.7 |
Total liabilities |  | $ | 321.9 |  | (2) | $ | 2,122.4 |  |  |  |  | $ | 261.0 |  |  |  |  | $ | 95.4 |  |  |  |  | $ | 495.3 |  |  | $ | 3,296.0 |
Total White Mountains’s common shareholders’ equity |  | $ | 838.0 |  | (2) | $ | 673.9 |  |  |  |  | $ | 453.7 |  |  |  |  | $ | 1,089.4 |  | (2) |  |  | $ | 493.1 |  |  | $ | 3,548.1 |
Non-controlling interest |  | $ | (115.1) |  |  | $ | 230.7 |  |  |  |  | $ | 12.4 |  |  |  |  | $ | 11.9 |  |  |  |  | $ | 16.7 |  |  | $ | 156.6 |
(1) As of December 2022 and 2021, total assets in the HG Global/BAM segment reflected the elimination of $340.0 and $364.6 of BAM Surplus Notes issued to HG Global and its subsidiaries, and $157.9 and $157.6 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 Other Operations and therefore added back to White Mountains’s common shareholders’ equity within the HG Global/BAM segment. As of December 31, 2022 and 2021, the HG Global preferred dividends payable to White Mountains’s subsidiaries was $341.4 and $400.5.
Schedule of revenue by revenue source |

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