XML 66 R50.htm IDEA: XBRL DOCUMENT v3.22.4

Segment Information (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Name:	us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

Tabular disclosure of selected balance sheet data for the each reportable segment.

+ References

No definition available.

+ Details

Name:	wtm_ScheduleOfSelectedBalanceSheetDataBySegmentTableTextBlock
Namespace Prefix:	wtm_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration