XML 42 R32.htm IDEA: XBRL DOCUMENT
v3.23.1

Third-Party Reinsurance (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Reinsurance Disclosures [Abstract] |
Effects of Reinsurance | The following table summarizes the effects of reinsurance on written and earned premiums and on losses and LAE for the Ark/WM Outrigger segment for the three months ended March 31, 2023 and 2022:
|  |  |  | Three Months Ended March 31, |
Millions |  |  |  |  |  | 2023 |  | 2022 |
Written premiums: |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  | $ | 246.2 |  |  | $ | 230.9 |  |
Assumed |  |  |  |  |  | 563.2 |  |  | 402.2 |  |
Gross written premiums |  |  |  |  |  | 809.4 |  |  | 633.1 |  |
Ceded |  |  |  |  |  | (195.2) |  | (1) | (89.3) |  |
Net written premiums |  |  |  |  |  | $ | 614.2 |  |  | $ | 543.8 |  |
Earned premiums: |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  | $ | 150.4 |  |  | $ | 138.7 |  |
Assumed |  |  |  |  |  | 162.1 |  |  | 106.6 |  |
Gross earned premiums |  |  |  |  |  | 312.5 |  |  | 245.3 |  |
Ceded |  |  |  |  |  | (57.4) |  | (2) | (50.9) |  |
Net earned premiums |  |  |  |  |  | $ | 255.1 |  |  | $ | 194.4 |  |
Losses and LAE: |  |  |  |  |  |  |  |  |
Gross |  |  |  |  |  | $ | 162.4 |  |  | $ | 183.1 |  |
Ceded |  |  |  |  |  | (14.6) |  | (3) | (61.1) |  |
Net losses and LAE |  |  |  |  |  | $ | 147.8 |  |  | $ | 122.0 |  |
(1) The ceded written premiums exclude $44.1 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2023, which eliminate in White Mountains’s consolidated financial statements. (2) The ceded earned premiums exclude $5.2 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2023, which eliminate in White Mountains’s consolidated financial statements. (3) The ceded loss and LAE exclude $0.2 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2023, which eliminate in White Mountains’s consolidated financial statements. The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of March 31, 2023 and December 31, 2022:
Millions |  | March 31, 2023 |  | December 31, 2022
Reinsurance recoverables on unpaid losses |  | $ | 348.9 |  | (1) |  | $ | 505.0 |  | (3)
Reinsurance recoverables on paid losses |  | 23.1 |  |  |  | 31.1 |  |
Ceded unearned premiums |  | 198.6 |  | (2) |  | 59.2 |  |
Reinsurance recoverables |  | $ | 570.6 |  |  |  | $ | 595.3 |  |
(1) The reinsurance recoverables on unpaid losses exclude $0.2 ceded by Ark to WM Outrigger Re as of March 31, 2023, which eliminate in White Mountains’s consolidated financial statements. (2) The ceded unearned premiums exclude $38.9 ceded by Ark to WM Outrigger Re as of March 31, 2023, which eliminate in White Mountains’s consolidated financial statements. (3) The reinsurance recoverables on unpaid losses include $145.4 attributable to TPC Providers as of December 31, 2022, which are collateralized. The following table presents the Ark/WM Outrigger segment’s gross and net reinsurance recoverables by the reinsurer’s A.M. Best Company, Inc (“A.M. Best”) ratings as of March 31, 2023:
$ in Millions |  | As of March 31, 2023
A.M. Best Rating(1) |  | Gross |  | Collateral |  | Net |  | % of Total
A+ or better |  | $ | 173.8 |  |  | $ | — |  |  | $ | 173.8 |  |  | 64.7 | %
A- to A |  | 77.9 |  | — |  |  | 77.9 |  | 29.0 |
B++ or lower and not rated |  | 120.3 |  | 103.2 |  | 17.1 |  |  | 6.3 |
Total |  | $ | 372.0 |  |  | $ | 103.2 |  |  | $ | 268.8 |  |  | 100.0 | %
(1) A.M. Best ratings as detailed above are: “A+ or better” (Superior) “A- to A” (Excellent), “B++” (Good).

X
- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547 + Details
Name: | us-gaap_EffectsOfReinsuranceTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReinsuranceDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration