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v3.23.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Financial Information for White Mountains' Segments | The following tables present the financial information for White Mountains’s segments for the three months ended March 31, 2023 and 2022:
Millions |  | HG Global/BAM |  | Ark/WM Outrigger |  |  |  |  |  |  |  |  |  |
|  | HG Global |  | BAM (1) |  | Ark |  | WM Outrigger Re |  |  |  | Kudu |  |  |  | Other Operations |  | Total
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 6.4 |  |  | $ | 1.3 |  |  | $ | 249.9 |  |  | $ | 5.2 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 262.8 |
Net investment income |  | 4.0 |  |  | 3.2 |  |  | 8.4 |  |  | 2.2 |  |  |  |  | 14.2 |  |  |  |  | 7.0 |  |  | 39.0 |
Net investment income (expense) - BAM Surplus Note interest |  | 6.6 |  |  | (6.6) |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | 7.9 |  |  | 9.1 |  |  | 24.5 |  |  | — |  |  |  |  | 29.6 |  |  |  |  | 41.8 |  |  | 112.9 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 85.2 |  |  | 85.2 |
Commission revenues |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 3.3 |  |  | 3.3 |
Other revenues |  | — |  |  | .8 |  |  | (2.7) |  |  | — |  |  |  |  | — |  |  |  |  | 30.6 |  |  | 28.7 |
Total revenues |  | 24.9 |  |  | 7.8 |  |  | 280.1 |  |  | 7.4 |  |  |  |  | 43.8 |  |  |  |  | 167.9 |  |  | 531.9 |
Loss and loss adjustment expenses |  | — |  |  | — |  |  | 147.6 |  |  | .2 |  |  |  |  | — |  |  |  |  | — |  |  | 147.8 |
Acquisition expenses |  | 1.8 |  |  | .9 |  |  | 58.9 |  |  | .9 |  |  |  |  | — |  |  |  |  | — |  |  | 62.5 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 13.9 |  |  | 13.9 |
General and administrative expenses |  | 1.1 |  |  | 16.2 |  |  | 35.1 |  |  | .1 |  |  |  |  | 3.8 |  |  |  |  | 39.7 |  |  | 96.0 |
Change in fair value of contingent consideration | — |  |  | — |  |  | (2.4) |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  | (2.4) |
Interest expense |  | 4.5 |  |  | — |  |  | 5.0 |  |  | — |  |  |  |  | 4.7 |  |  |  |  | .8 |  |  | 15.0 |
Total expenses |  | 7.4 |  |  | 17.1 |  |  | 244.2 |  |  | 1.2 |  |  |  |  | 8.5 |  |  |  |  | 54.4 |  |  | 332.8 |
Pre-tax income (loss) from continuing operations | $ | 17.5 |  |  | $ | (9.3) |  |  | $ | 35.9 |  |  | $ | 6.2 |  |  |  |  | $ | 35.3 |  |  |  |  | $ | 113.5 |  |  | $ | 199.1 |
(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 |  | HG Global/BAM |  | Ark/WM Outrigger |  |  |  |  |  |  |  | Other Operations |  |
|  | HG Global |  | BAM (1) |  | Ark |  |  |  |  | Kudu |  |  |  |  | Total
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 6.9 |  |  | $ | 1.5 |  |  | $ | 194.4 |  |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 202.8 |
Net investment income |  | 2.1 |  |  | 2.5 |  |  | 1.6 |  |  |  |  |  | 12.6 |  |  |  |  | 1.8 |  |  | 20.6 |
Net investment income (expense) - BAM Surplus Note interest |  | 2.9 |  |  | (2.9) |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | (23.5) |  |  | (21.6) |  |  | (17.5) |  |  |  |  |  | 22.3 |  |  |  |  | 31.9 |  |  | (8.4) |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  |  |  |  | — |  |  |  |  | 18.8 |  |  | 18.8 |
Commission revenues |  | — |  |  | — |  |  | — |  |  |  |  |  | — |  |  |  |  | 2.9 |  |  | 2.9 |
Other revenues |  | .1 |  |  | .7 |  |  | (2.8) |  |  |  |  |  | — |  |  |  |  | 25.7 |  |  | 23.7 |
Total revenues |  | (11.5) |  |  | (19.8) |  |  | 175.7 |  |  |  |  |  | 34.9 |  |  |  |  | 81.1 |  |  | 260.4 |
Losses and loss adjustment expenses |  | — |  |  | — |  |  | 122.0 |  |  |  |  |  | — |  |  |  |  | — |  |  | 122.0 |
Acquisition expenses |  | 2.6 |  |  | .4 |  |  | 49.9 |  |  |  |  |  | — |  |  |  |  | — |  |  | 52.9 |
Cost of sales |  | — |  |  | — |  |  | — |  |  |  |  |  | — |  |  |  |  | 21.4 |  |  | 21.4 |
General and administrative expenses |  | .7 |  |  | 15.6 |  |  | 21.0 |  |  |  |  |  | 2.8 |  |  |  |  | 29.8 |  |  | 69.9 |
Change in fair value of contingent consideration |  | — |  |  | — |  |  | 2.1 |  |  |  |  |  | — |  |  |  |  | — |  |  | 2.1 |
Interest expense |  | — |  |  | — |  |  | 3.8 |  |  |  |  |  | 2.8 |  |  |  |  | .3 |  |  | 6.9 |
Total expenses |  | 3.3 |  |  | 16.0 |  |  | 198.8 |  |  |  |  |  | 5.6 |  |  |  |  | 51.5 |  |  | 275.2 |
Pre-tax income (loss) from continuing operations |  | $ | (14.8) |  |  | $ | (35.8) |  |  | $ | (23.1) |  |  |  |  |  | $ | 29.3 |  |  |  |  | $ | 29.6 |  |  | $ | (14.8) |
(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 Reconciliation of Revenue from Segments to Consolidated |

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- 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
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