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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of financial information for segments | 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 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 -SubTopic 10 -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 + Details
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