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Segment Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Information | Segment Information As of December 31, 2022, White Mountains conducted its operations through three reportable segments: (1) HG Global/BAM, (2) Ark, and (3) Kudu, with our remaining operating businesses, holding companies and other assets included in Other 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. 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 through the closing of the transaction. Prior period amounts have been reclassified to conform to the current period’s presentation. See Note 21 — “Held for Sale and Discontinued Operations.” As a result of the Ark Transaction, White Mountains began consolidating Ark in its financial statements as of January 1, 2021. See Note 2 — “Significant Transactions”. 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.
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.

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- 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
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