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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information As of December 31, 2023, White Mountains conducted its operations through three reportable segments: (1) HG Global/BAM, (2) Ark/WM Outrigger, and (3) Kudu, with its remaining operating businesses, holding companies and other assets included in Other Operations. White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the Company’s chief operating decision makers and its Board of Directors. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. During the fourth quarter of 2022, Ark sponsored the formation of Outrigger Re Ltd. to provide reinsurance protection on Ark’s Bermuda global property catastrophe excess of loss portfolio written in the 2023 underwriting year. During the fourth quarter of 2023, Ark renewed Outrigger Re Ltd. for the 2024 underwriting year. White Mountains consolidates its segregated account of Outrigger Re Ltd., WM Outrigger Re, in its financial statements. WM Outrigger Re’s quota share reinsurance agreement with GAIL eliminates in White Mountains’s consolidated financial statements. WM Outrigger Re exclusively provides reinsurance protection to Ark. Beginning in 2023, WM Outrigger Re was aggregated with Ark within the Ark/WM Outrigger segment. See Note 2 — “Significant Transactions.” As a result of the NSM Transaction, the results of operations for NSM, previously reported as a segment, have been classified as discontinued operations in the statements of operations and comprehensive income through the closing of the transaction. See Note 20 — “Held for Sale and Discontinued Operations.” Prior period amounts have been reclassified to conform to the current period’s presentation. The following tables present the financial information for White Mountains’s segments:
|  | HG Global/BAM |  | Ark/WM Outrigger |  |  |  |  |  |  |  |
Millions |  | HG Global |  | BAM (1) |  | Ark |  | WM Outrigger Re |  | Kudu |  |  |  | Other Operations |  | Total
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums (2) |  | $ | 26.0 |  |  | $ | 5.2 |  |  | $ | 1,305.4 |  |  | $ | 104.3 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 1,440.9 |
Net investment income |  | 17.1 |  |  | 14.6 |  |  | 50.4 |  |  | 11.0 |  |  | 71.0 |  |  |  |  | 30.1 |  |  | 194.2 |
Net investment income (expense) - BAM Surplus Note interest |  | 26.2 |  |  | (26.2) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | 13.6 |  |  | 13.0 |  |  | 85.9 |  |  | — |  |  | 106.1 |  |  |  |  | 188.5 |  |  | 407.1 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 27.1 |  |  | 27.1 |
Commission revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 13.2 |  |  | 13.2 |
Other revenues |  | — |  |  | 2.9 |  |  | .8 |  |  | — |  |  | — |  |  |  |  | 80.5 |  |  | 84.2 |
Total revenues |  | 82.9 |  |  | 9.5 |  |  | 1,442.5 |  |  | 115.3 |  |  | 177.1 |  |  |  |  | 339.4 |  |  | 2,166.7 |
Loss and loss adjustment expenses |  | — |  |  | — |  |  | 711.2 |  |  | 15.6 |  |  | — |  |  |  |  | — |  |  | 726.8 |
Acquisition expenses |  | 7.4 |  |  | 1.2 |  |  | 251.0 |  |  | 30.5 |  |  | — |  |  |  |  | — |  |  | 290.1 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 40.4 |  |  | 40.4 |
General and administrative expenses |  | 2.8 |  |  | 66.1 |  |  | 161.7 |  |  | .3 |  |  | 19.4 |  |  |  |  | 182.3 |  |  | 432.6 |
Change in fair value of contingent consideration |  | — |  |  | — |  |  | 48.7 |  |  | — |  |  | — |  |  |  |  | — |  |  | 48.7 |
Interest expense |  | 16.5 |  |  | — |  |  | 21.3 |  |  | — |  |  | 21.2 |  |  |  |  | 3.7 |  |  | 62.7 |
Total expenses |  | 26.7 |  |  | 67.3 |  |  | 1,193.9 |  |  | 46.4 |  |  | 40.6 |  |  |  |  | 226.4 |  |  | 1,601.3 |
Pre-tax income (loss) |  | $ | 56.2 |  |  | $ | (57.8) |  |  | $ | 248.6 |  |  | $ | 68.9 |  |  | $ | 136.5 |  |  |  |  | $ | 113.0 |  |  | $ | 565.4 |
(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 $791.7 and $513.7.
|  | HG Global/BAM |  | Ark/WM Outrigger |  |  |  |  |  | Other Operations |  |
Millions |  | HG Global |  | BAM (1) |  | Ark |  | Kudu |  |  |  |  | Total
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums (2) |  | $ | 27.5 |  | $ | 5.8 |  | $ | 1,043.4 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 1,076.7 |
Net investment income |  | 10.3 |  |  | 11.2 |  |  | 16.3 |  |  | 54.4 |  |  |  |  | 32.2 |  |  | 124.4 |
Net investment income (expense) - BAM Surplus Note interest |  | 11.7 |  |  | (11.7) |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | (52.5) |  |  | (53.3) |  |  | (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 |  | .5 |  |  | 4.1 |  |  | 5.0 |  |  | — |  |  |  |  | 127.2 |  |  | 136.8 |
Total revenues |  | (2.5) |  |  | (43.9) |  |  | 1,009.5 |  |  | 118.5 |  |  |  |  | 76.3 |  |  | 1,157.9 |
Losses and loss adjustment expenses |  | — |  |  | — |  |  | 536.4 |  |  | — |  |  |  |  | — |  |  | 536.4 |
Acquisition expenses |  | 9.3 |  |  | 1.9 |  |  | 239.4 |  |  | — |  |  |  |  | — |  |  | 250.6 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 98.6 |  |  | 98.6 |
General and administrative expenses |  | 2.8 |  |  | 66.3 |  |  | 106.2 |  |  | 14.7 |  |  |  |  | 174.1 |  |  | 364.1 |
Change in fair value of contingent consideration |  | — |  |  | — |  |  | 17.3 |  |  | — |  |  |  |  | — |  |  | 17.3 |
Interest expense |  | 8.3 |  |  | — |  |  | 15.1 |  |  | 15.0 |  |  |  |  | 1.9 |  |  | 40.3 |
Total expenses |  | 20.4 |  |  | 68.2 |  |  | 914.4 |  |  | 29.7 |  |  |  |  | 274.6 |  |  | 1,307.3 |
Pre-tax income (loss) |  | $ | (22.9) |  |  | $ | (112.1) |  |  | $ | 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.
|  | HG Global/BAM |  | Ark/WM Outrigger |  |  |  |  |  | Other Operations |  |
Millions |  | HG Global |  | BAM (1) |  | Ark |  | Kudu |  |  |  |  | Total
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums (2) |  | $ | 22.2 |  |  | $ | 4.7 |  |  | $ | 637.3 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 664.2 |
Net investment income |  | 7.2 |  |  | 10.3 |  |  | 2.9 |  |  | 43.9 |  |  |  |  | 18.2 |  |  | 82.5 |
Net investment income (expense) - BAM Surplus Note interest |  | 12.0 |  |  | (12.0) |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | (13.7) |  |  | (9.2) |  |  | 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 |  | .5 |  |  | 1.0 |  |  | 11.8 |  |  | .2 |  |  |  |  | 90.7 |  |  | 104.2 |
Total revenues |  | 28.2 |  |  | (5.2) |  |  | 668.5 |  |  | 134.0 |  |  |  |  | (211.1) |  |  | 614.4 |
Loss and loss adjustment expenses |  | — |  |  | — |  |  | 314.8 |  |  | — |  |  |  |  | — |  |  | 314.8 |
Acquisition expenses |  | 5.7 |  |  | 2.6 |  |  | 178.0 |  |  | — |  |  |  |  | — |  |  | 186.3 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 69.3 |  |  | 69.3 |
General and administrative expenses |  | 2.0 |  |  | 55.1 |  |  | 110.0 |  |  | 14.8 |  |  |  |  | 109.7 |  |  | 291.6 |
Change in fair value of contingent consideration |  | — |  |  | — |  |  | 5.5 |  |  | — |  |  |  |  | — |  |  | 5.5 |
Interest expense |  | — |  |  | — |  |  | 7.3 |  |  | 11.7 |  |  |  |  | 1.5 |  |  | 20.5 |
Total expenses |  | 7.7 |  |  | 57.7 |  |  | 615.6 |  |  | 26.5 |  |  |  |  | 180.5 |  |  | 888.0 |
Pre-tax income (loss) |  | $ | 20.5 |  |  | $ | (62.9) |  |  | $ | 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 Selected Balance Sheet Data |  | HG Global/BAM |  | Ark |  |  |  | Kudu |  |  |  | Other Operations |  |  |  |  |  | Total
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 1,082.9 |  |  | $ | 2,671.1 |  |  |  |  | $ | 925.6 |  |  |  |  | $ | 1,709.1 |  |  |  |  |  |  | $ | 6,388.7 |
Total assets |  | $ | 1,172.0 |  | (1) | $ | 4,378.6 |  |  |  |  | $ | 959.4 |  |  |  |  | $ | 1,875.9 |  | (2) |  |  |  |  | $ | 8,385.9 |
Total liabilities |  | $ | 531.7 |  | (2) | $ | 2,876.1 |  |  |  |  | $ | 275.4 |  |  |  |  | $ | 141.1 |  |  |  |  |  |  | $ | 3,824.3 |
Total White Mountains’s common shareholders’ equity |  | $ | 779.3 |  | (2) | $ | 1,165.6 |  |  |  |  | $ | 570.2 |  |  |  |  | $ | 1,725.4 |  | (2) |  |  |  |  | $ | 4,240.5 |
Noncontrolling interest |  | $ | (139.0) |  |  | $ | 336.9 |  |  |  |  | $ | 113.8 |  |  |  |  | $ | 9.4 |  |  |  |  |  |  | $ | 321.1 |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 975.8 |  |  | $ | 1,965.6 |  |  |  |  | $ | 695.9 |  |  |  |  | $ | 1,532.7 |  |  |  |  |  |  | $ | 5,170.0 |
Total assets |  | $ | 1,058.5 |  | (1) | $ | 3,691.4 |  |  |  |  | $ | 825.9 |  |  |  |  | $ | 1,813.5 |  | (2) |  |  |  |  | $ | 7,389.3 |
Total liabilities |  | $ | 501.8 |  | (2) | $ | 2,522.1 |  |  |  |  | $ | 273.3 |  |  |  |  | $ | 157.1 |  |  |  |  |  |  | $ | 3,454.3 |
Total White Mountains’s common shareholders’ equity |  | $ | 712.0 |  | (2) | $ | 921.4 |  |  |  |  | $ | 477.5 |  |  |  |  | $ | 1,636.0 |  | (2) |  |  |  |  | $ | 3,746.9 |
Noncontrolling interest |  | $ | (155.3) |  |  | $ | 247.9 |  |  |  |  | $ | 75.1 |  |  |  |  | $ | 20.4 |  |  |  |  |  |  | $ | 188.1 |
(1) As of December 31, 2023 and 2022, total assets in the HG Global/BAM segment reflected the elimination of $322.2 and $340.0 of BAM Surplus Notes issued to HG Global and its subsidiaries and $174.5 and $157.9 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, 2023 and 2022, the HG Global preferred dividends payable to White Mountains’s subsidiaries was $399.8 and $341.4.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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