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Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of segments

The following tables present the financial information for White Mountains’s segments for the three and nine months ended September 30, 2023 and 2022:

						HG Global/BAM												Ark/WM Outrigger																		Other Operations						Total
Millions						HG Global						BAM (1)						Ark						WM Outrigger Re						Kudu
Three Months Ended September 30, 2023
Earned insurance premiums						$	6.6					$	1.3					$	438.3					$	60.6					$	—					$	—					$	506.8
Net investment income						4.3						3.8						13.9						3.0						15.1						8.0						48.1
Net investment income (expense) - BAM    Surplus Note interest						6.6						(6.6)						—						—						—						—						—
Net realized and unrealized investment gains (losses)						(13.6)						(10.5)						(6.6)						—						11.2						8.0						(11.5)
Net realized and unrealized investment gains    (losses) from investment in MediaAlpha						—						—						—						—						—						(46.8)						(46.8)
Commission revenues						—						—						—						—						—						3.5						3.5
Other revenues						—						.7						3.6						—						—						15.2						19.5
Total revenues						3.9						(11.3)						449.2						63.6						26.3						(12.1)						519.6
Loss and loss adjustment expenses						—						—						258.5						7.3						—						—						265.8
Acquisition expenses						2.0						.1						71.0						19.3						—						—						92.4
Cost of sales						—						—						—						—						—						8.0						8.0
General and administrative expenses						.5						17.0						35.3						.1						4.5						42.2						99.6
Change in fair value of contingent consideration						—						—						17.0						—						—						—						17.0
Interest expense						3.8						—						5.5						—						5.5						.9						15.7
Total expenses						6.3						17.1						387.3						26.7						10.0						51.1						498.5
Pre-tax income (loss) from continuing operations						$	(2.4)					$	(28.4)					$	61.9					$	36.9					$	16.3					$	(63.2)					$	21.1

(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.

						HG Global/BAM												Ark/WM Outrigger												Other Operations
Millions						HG Global						BAM (1)						Ark						Kudu												Total
Three Months Ended September 30, 2022
Earned insurance premiums						$	5.9					$	1.2					$	346.1					$	—					$	—					$	353.2
Net investment income						2.8						2.9						4.9						14.8						8.5						33.9
Net investment income (expense) - BAM    Surplus Note interest						2.9						(2.9)						—						—						—						—
Net realized and unrealized investment gains (losses)						(19.6)						(19.2)						(14.4)						41.1						(17.3)						(29.4)
Net realized and unrealized investment gains   (losses) from investment in MediaAlpha						—						—						—						—						(18.6)						(18.6)
Commission revenues						—						—						—						—						3.2						3.2
Other revenues						.1						1.2						6.6						—						33.0						40.9
Total revenues						(7.9)						(16.8)						343.2						55.9						8.8						383.2
Losses and loss adjustment expenses						—						—						213.7						—						—						213.7
Acquisition expenses						1.6						.1						74.8						—						—						76.5
Cost of sales						—						—						—						—						25.0						25.0
General and administrative expenses						.6						15.2						24.2						4.5						41.3						85.8
Change in fair value of contingent consideration						—						—						2.7						—						—						2.7
Interest expense						2.0						—						3.7						4.2						.6						10.5
Total expenses						4.2						15.3						319.1						8.7						66.9						414.2
Pre-tax income (loss) from continuing operations						$	(12.1)					$	(32.1)					$	24.1					$	47.2					$	(58.1)					$	(31.0)

(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.

						HG Global/BAM												Ark/WM Outrigger																		Other Operations
Millions						HG Global						BAM (1)						Ark						WM Outrigger Re						Kudu												Total
Nine Months Ended September 30, 2023
Earned insurance premiums						$	19.4					$	3.9					$	971.9					$	75.4					$	—					$	—					$	1,070.6
Net investment income						12.4						10.5						33.5						7.7						44.0						22.0						130.1
Net investment income (expense) -   BAM Surplus Note interest						19.7						(19.7)						—						—						—						—						—
Net realized and unrealized investment    gains (losses)						(11.4)						(5.6)						35.9						—						45.4						125.8						190.1
Net realized and unrealized investment gains    (losses) from investment in MediaAlpha						—						—						—						—						—						(38.9)						(38.9)
Commission revenues						—						—						—						—						—						10.0						10.0
Other revenues						—						2.0						(1.1)						—						—						67.1						68.0
Total revenues						40.1						(8.9)						1,040.2						83.1						89.4						186.0						1,429.9
Loss and loss adjustment expenses						—						—						573.2						7.9						—						—						581.1
Acquisition expenses						5.6						.7						189.3						22.2						—						—						217.8
Cost of sales						—						—						—						—						—						33.5						33.5
General and administrative expenses						1.9						47.8						105.3						.2						12.3						130.7						298.2
Change in fair value of contingent consideration						—						—						16.8						—						—						—						16.8
Interest expense						10.8						—						15.7						—						15.5						2.9						44.9
Total expenses						18.3						48.5						900.3						30.3						27.8						167.1						1,192.3
Pre-tax income (loss) from continuing      operations						$	21.8					$	(57.4)					$	139.9					$	52.8					$	61.6					$	18.9					$	237.6

(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.

						HG Global/BAM												Ark/WM Outrigger															Other Operations
Millions						HG Global						BAM (1)						Ark												Kudu												Total
Nine Months Ended September 30, 2022
Earned insurance premiums						$	21.5					$	4.5					$	757.8											$	—					$	—					$	783.8
Net investment income						7.1						8.0						9.7												41.2						13.6						79.6
Net investment income (expense) -    BAM Surplus Note interest						8.8						(8.8)						—												—						—						—
Net realized and unrealized investment    gains (losses)						(57.8)						(56.2)						(76.5)												45.8						2.8						(141.9)
Net realized and unrealized investment gains    (losses) from investment in MediaAlpha						—						—						—												—						(113.3)						(113.3)
Commission revenues						—						—						—												—						8.7						8.7
Other revenues						.3						3.4						10.1												—						89.6						103.4
Total revenues						(20.1)						(49.1)						701.1												87.0						1.4						720.3
Losses and loss adjustment expenses						—						—						456.2												—						—						456.2
Acquisition expenses						7.6						1.9						174.9												—						—						184.4
Cost of sales						—						—						—												—						68.8						68.8
General and administrative expenses						2.1						47.4						74.9												10.4						122.1						256.9
Change in fair value of contingent consideration						—						—						4.9												—						—						4.9
Interest expense						5.4						—						10.6												10.3						1.2						27.5
Total expenses						15.1						49.3						721.5												20.7						192.1						998.7
Pre-tax income (loss) from continuing operations						$	(35.2)					$	(98.4)					$	(20.4)											$	66.3					$	(190.7)					$	(278.4)

(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.

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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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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- References

No definition available.

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