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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Schedule II - Condensed Financial Information of the Registrant | CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS (1)
|  | December 31,
Millions |  | 2022 |  | 2021
Assets: |  |  |  |
Cash |  | $ | .1 |  |  | $ | .6 |
Fixed maturity investments, at fair value |  | 49.2 |  |  | — |
Common equity securities, at fair value |  | 342.8 |  |  | — |
Other long-term investments |  | 49.3 |  |  | — |
Short-term investments, at fair value |  | 105.2 |  |  | 6.7 |
Other assets |  | 75.3 |  |  | 3.0 |
Investments in consolidated subsidiaries |  | 3,026.6 |  |  | 3,661.3 |
Total assets |  | $ | 3,648.5 |  |  | $ | 3,671.6 |
Liabilities: |  |  |  |
Net Payable to subsidiary |  | $ | (125.2) |  |  | $ | 104.9 |
Other liabilities |  | 27.4 |  |  | 9.6 |
Total liabilities |  | (97.8) |  |  | 114.5 |
White Mountains’s common shareholders’ equity |  | 3,746.9 |  |  | 3,548.1 |
Non-controlling interests |  | (.6) |  |  | 9.0 |
Total liabilities and equity |  | $ | 3,648.5 |  |  | $ | 3,671.6 |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings from consolidated and unconsolidated subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to and distributions from consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. SCHEDULE II (continued) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (1)
|  | Year Ended December 31,
Millions |  | 2022 |  | 2021 |  | 2020 |
Revenues (loss) (including realized and unrealized gains and losses) |  | $ | (.4) |  |  | $ | (.2) |  |  | $ | (8.7) |  |
Expenses |  | 67.1 |  |  | 39.0 |  |  | 61.0 |  |
Pre-tax income (loss) from continuing operations |  | (67.5) |  |  | (39.2) |  |  | (69.7) |  |
Income tax (expense) benefit |  | (.9) |  |  | — |  |  | (.3) |  |
Net income (loss) from continuing operations |  | (68.4) |  |  | (39.2) |  |  | (70.0) |  |
Equity in earnings from consolidated subsidiaries, net of tax |  | 853.8 |  |  | (257.4) |  |  | 782.0 |  |
Net gain (loss) from sale of discontinued operations, net of tax - Sirius Group (2) |  | — |  |  | 18.7 |  |  | (2.3) |  |
Net (income) loss attributable to non-controlling interests |  | 7.4 |  |  | 2.5 |  |  | (1.0) |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | 792.8 |  |  | (275.4) |  |  | 708.7 |  |
Other comprehensive income (loss), net of tax |  | (3.8) |  |  | 1.7 |  |  | 1.4 |  |
Other comprehensive income (loss) from discontinued operations, net of tax - NSM Group |  | (5.2) |  |  | .2 |  |  | 5.9 |  |
Net gain (loss) from foreign currency translation from sale of discontinued operations, net of tax - NSM Group |  | 2.9 |  |  | — |  |  | — |  |
Comprehensive income (loss) |  | 786.7 |  |  | $ | (273.5) |  |  | $ | 716.0 |  |
Comprehensive (income) loss attributable to non-controlling interests |  | .9 |  |  | $ | .2 |  |  | $ | (.5) |  |
Comprehensive income (loss) attributable to White Mountains’s common shareholders |  | 787.6 |  |  | $ | (273.3) |  |  | $ | 715.5 |  |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings of subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to and distributions from subsidiaries are presented within investing activities on the condensed statements of cash flows. (2) During 2021 and 2020, net gain (loss) from sale of discontinued operations, net of tax includes $18.7 and $(2.3) arising from the tax contingency on the sale of Sirius Group. See Note 21 — “Held for Sale and Discontinued Operations”. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. SCHEDULE II (continued) CONDENSED STATEMENTS OF CASH FLOWS (1)(2)
|  | Year Ended December 31,
Millions |  | 2022 |  | 2021 |  | 2020
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 792.8 |  |  | $ | (275.4) |  |  | $ | 708.7 |
Charges (credits) to reconcile net income to net cash from operations: |  |  |  |  |  |
Net realized and unrealized investment (gains) losses |  | 5.6 |  |  | .1 |  |  | 10.1 |
Undistributed earnings from consolidated subsidiaries |  | (853.8) |  |  | 257.4 |  |  | (782.0) |
Net (gain) loss from sale of discontinued operations, net of tax - Sirius Group (3) |  | — |  |  | (18.7) |  |  | 2.3 |
Other non-cash reconciling items (4) |  | (.4) |  |  | 14.1 |  |  | 19.0 |
Accumulated earnings distributed from subsidiary in cash (5) |  | 7.0 |  |  | — |  |  | — |
Net change in other assets and liabilities (2)(6) |  | 17.2 |  |  | (5.7) |  |  | (2.5) |
Net cash (used for) provided from operations |  | (31.6) |  |  | (28.2) |  |  | (44.4) |
Cash flows from investing activities: |  |  |  |  |  |
Net change in short-term investments (2)(7)(8)(9) |  | 1,165.6 |  |  | 17.7 |  |  | (127.4) |
Purchases of investment securities |  | (359.2) |  |  | — |  |  | (6.7) |
Sales and maturities of investment securities |  | 15.7 |  |  | — |  |  | 189.7 |
Purchases of investment securities from subsidiaries |  | (14.0) |  |  | (26.4) |  |  | — |
Sales of investment securities to subsidiaries |  | — |  |  | 36.4 |  |  | — |
Cash pre-funded for ILS funds managed by Elementum |  | (70.0) |  |  | — |  |  | — |
Net issuance of debt (to) from subsidiaries (10) |  | (142.0) |  |  | 94.0 |  |  | (44.5) |
Net repayment of debt (to) from subsidiaries (7)(11) |  | (15.0) |  |  | — |  |  | 92.6 |
Net distributions from (contributions to) subsidiaries (7)(9) |  | 49.3 |  |  | 17.0 |  |  | 29.1 |
Proceeds from the sale of Other Operating Businesses, net of cash sold of $0.5 $0.0 and $0.0 |  | 19.5 |  |  | — |  |  | — |
Net cash provided from (used for) investing activities |  | 649.9 |  |  | 138.7 |  |  | 132.8 |
Cash flows from financing activities: |  |  |  |  |  |
Repurchases and retirement of common shares |  | (615.8) |  |  | (107.5) |  |  | (85.2) |
Dividends paid on common shares |  | (3.0) |  |  | (3.1) |  |  | (3.2) |
Net cash used for financing activities |  | (618.8) |  |  | (110.6) |  |  | (88.4) |
Net decrease in cash during the year |  | (.5) |  |  | (.1) |  |  | — |
Cash balance at beginning of year |  | .6 |  |  | .7 |  |  | .7 |
Cash balance at end of year |  | $ | .1 |  |  | $ | .6 |  |  | $ | .7 |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in consolidated subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from consolidated subsidiaries is reported on a net of tax basis as equity in earnings of subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to and distributions from consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows. (2) During 2022, Bridge Holdings, Ltd. (“Bridge”), a wholly-owned subsidiary of the Company, merged into the Company. The merger was treated as a liquidation for financial statement purposes. As part of the liquidation, significant non-cash balances were transferred from Bridge to the Company including ending net equity of $3,540.6, intercompany note receivable of $76.4, investments in its subsidiaries of $2,003.6, fixed maturity investments of $28.6, common equity securities of $8.1, other long-term investments of $52.2, short-term investments of $1,358.7 and other assets of $6.0. (3) During 2021 and 2020, amounts represent $18.7 and $(2.3) arising from the tax contingency on the sale of Sirius Group. See Note 21 — “Held for Sale and Discontinued Operations”. (4) For the years ended December 31, 2022, 2021 and 2020, amortization of restricted share awards was $14.0, $14.7 and $16.6 and net income (loss) attributable to non-controlling interests was $(7.4), $(2.5) and $1.0. (5) During 2022, as part of the merger of Bridge into the Company, Bridge transferred $7.0 of cash. (6) For 2022, 2021 and 2020, net change in other assets and liabilities also included $3.3, $6.5, and $(4.8) of net changes in (receivables) payables to the Company’s subsidiaries. (7) During 2021, Bridge repaid $200.0 of outstanding intercompany debt to the Company by transferring shares of its wholly-owned subsidiary, White Mountains Lincoln Holdings, Inc., (“WM Lincoln”), which had carrying value of $212.6. The $12.6 in excess of the intercompany debt was a non-cash distribution to the Company. Also, as part of the transaction, the Company received a distribution of $18.0 from Bridge, including $17.9 of short-term investments and $0.1 of cash. Subsequent to that transaction, the Company contributed the shares of WM Lincoln, which had a carrying value of $212.6, to its wholly-owned subsidiary White Mountains Adams, Inc. (“WM Adams”). The Company also contributed an additional $42.7 to WM Adams, including $37.1 of short-term investments and $5.6 of cash. (8) During 2020, the Company had non-cash purchases of short-term investments of $169.6. (9) During 2022, the Company made cash contributions to its wholly-owned subsidiaries White Mountains Investments (Bermuda), Ltd. (“WMIB”) of $51.0 and WM Adams of $25.0. Also, during 2022, the Company made non-cash contributions of $100.0 in short term investments to WM Adams. During 2022, the Company received cash distributions of $116.3 from HG Global, $7.7 from Ark and $1.3 from its wholly-owned subsidiary, PSC Holdings, Ltd (“PSC Holdings”). During 2021, the Company received a distribution of $19.7, including $19.1 of short-term investments and $0.6 of cash, from WMIB. During 2020, the Company received distributions of $6.8 and $22.3 from PSC Holdings, Ltd. and HG Global. (10) During 2022, prior to the merger of Bridge into the Company, Bridge had an issuance of debt of $69.0 to the Company. Also, during 2022, the Company had issuances of debt of $205.0 to WM Hinson (Bermuda) Ltd, a wholly-owned subsidiaries of the Company, and $6.0 to HG Global. During 2020, the Company had a non-cash issuance of debt of $169.6 to Bridge. Proceeds of the debt, which were short-term investments, were transferred to Bridge. (11) During 2022, prior to the merger of Bridge into the Company, the Company had a repayment of debt to Bridge of $15.0. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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