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Third-Party Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 and 2022:
Millions |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Written premiums: |  |  |  |  |  |  |  |  |
Direct |  | $ | 291.5 |  |  | $ | 214.3 |  |  | $ | 537.7 |  |  | $ | 445.2 |  |
Assumed |  | 314.6 |  |  | 189.6 |  |  | 877.8 |  |  | 591.8 |  |
Gross written premiums |  | 606.1 |  |  | 403.9 |  |  | 1,415.5 |  |  | 1,037.0 |  |
Ceded |  | (144.9) |  | (1) | (133.7) |  |  | (340.1) |  | (1) | (223.0) |  |
Net written premiums |  | $ | 461.2 |  |  | $ | 270.2 |  |  | $ | 1,075.4 |  |  | $ | 814.0 |  |
Earned premiums: |  |  |  |  |  |  |  |  |
Direct |  | $ | 200.6 |  |  | $ | 160.7 |  |  | $ | 351.0 |  |  | $ | 299.4 |  |
Assumed |  | 152.5 |  |  | 105.7 |  |  | 314.6 |  |  | 212.3 |  |
Gross earned premiums |  | 353.1 |  |  | 266.4 |  |  | 665.6 |  |  | 511.7 |  |
Ceded |  | (59.8) |  | (2) | (49.1) |  |  | (117.2) |  | (2) | (100.0) |  |
Net earned premiums |  | $ | 293.3 |  |  | $ | 217.3 |  |  | $ | 548.4 |  |  | $ | 411.7 |  |
Losses and LAE: |  |  |  |  |  |  |  |  |
Gross |  | $ | 195.8 |  |  | $ | 138.4 |  |  | $ | 358.2 |  |  | $ | 321.5 |  |
Ceded |  | (28.3) |  | (3) | (17.9) |  |  | (42.9) |  | (3) | (79.0) |  |
Net losses and LAE |  | $ | 167.5 |  |  | $ | 120.5 |  |  | $ | 315.3 |  |  | $ | 242.5 |  |
(1) The ceded written premiums exclude $58.3 and $102.4 ceded by Ark to WM Outrigger Re for the three and six months ended June 30, 2023, which eliminate in White Mountains’s consolidated financial statements. (2) The ceded earned premiums exclude $9.6 and $14.8 ceded by Ark to WM Outrigger Re for the three months and six ended June 30, 2023, which eliminate in White Mountains’s consolidated financial statements. (3) The ceded loss and LAE exclude $0.4 and $0.6 ceded by Ark to WM Outrigger Re for the three months and six ended June 30, 2023, which eliminate in White Mountains’s consolidated financial statements. The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of June 30, 2023 and December 31, 2022:
Millions |  | June 30, 2023 |  | December 31, 2022 |
Reinsurance recoverables on unpaid losses |  | $ | 362.7 |  | (1) | $ | 505.0 |  | (3)
Reinsurance recoverables on paid losses |  | 23.3 |  |  | 31.1 |  |
Ceded unearned premiums |  | 283.7 |  | (2) | 59.2 |  |
Reinsurance recoverables |  | $ | 669.7 |  |  | $ | 595.3 |  |
(1) The reinsurance recoverables on unpaid losses exclude $0.6 ceded by Ark to WM Outrigger Re as of June 30, 2023, which eliminate in White Mountains’s consolidated financial statements. (2) The ceded unearned premiums exclude $87.6 ceded by Ark to WM Outrigger Re as of June 30, 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 June 30, 2023:
$ in Millions |  | As of June 30, 2023
A.M. Best Rating(1) |  | Gross |  | Collateral |  | Net |  | % of Total
A+ or better |  | $ | 197.5 |  |  | $ | — |  |  | $ | 197.5 |  |  | 69.2 | %
A- to A |  | 78.3 |  | — |  |  | 78.3 |  | 27.4 |
B++ or lower and not rated |  | 110.2 | (2) | 100.5 | (2) | 9.7 |  |  | 3.4 |
Total |  | $ | 386.0 |  |  | $ | 100.5 |  |  | $ | 285.5 |  |  | 100.0 | %
(1) A.M. Best ratings as detailed above are: “A+ or better” (Superior) “A- to A” (Excellent), “B++” (Good). (2) Excludes $0.6 ceded by Ark to WM Outrigger Re as of June 30, 2023, which eliminates in White Mountains’s consolidated financial statements.

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479655/944-605-50-1 + Details
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- References No definition available. + Details
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