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Municipal Bond Guarantee Insurance (Tables) | 3 Months Ended
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Mar. 31, 2024
Guarantees [Abstract] |
Schedule of municipal bond guarantee insured obligations | The following table presents a schedule of BAM’s insured obligations as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  | December 31, 2023
Contracts outstanding |  | 14,725 |  |  | 14,485 |
Remaining weighted average contract period (in years) |  | 10.5 |  | 11.1
Contractual debt service outstanding (in millions): |  |  |  |
Principal |  | $ | 112,216.7 |  |  | $ | 109,673.8 |
Interest |  | 57,545.8 |  |  | 56,012.2 |
Total debt service outstanding |  | $ | 169,762.5 |  |  | $ | 165,686.0 |
Gross unearned insurance premiums (in millions) |  | $ | 328.5 |  |  | $ | 325.8 |
Financial guarantee insurance contracts, premium received over contract period | The following table presents a schedule of BAM’s future premium revenues as of March 31, 2024:
Millions |  | March 31, 2024
April 1, 2024 - December 31, 2024 |  | $ | 22.4 |
January 1, 2025 - March 31, 2025 |  | 7.2 |
April 1, 2025 - June 30, 2025 |  | 7.2 |
July 1, 2025 - September 30, 2025 |  | 7.0 |
October 1, 2025 - December 31, 2025 |  | 6.9 |
Total 2025 |  | 28.3 |
2026 |  | 26.6 |
2027 |  | 24.9 |
2028 |  | 23.1 |
2029 |  | 21.4 |
2030 and thereafter |  | 181.8 |
Total gross unearned insurance premiums |  | $ | 328.5 |
Effects of reinsurance | The following table summarizes the effects of reinsurance on written and earned premiums and on loss and LAE for the Ark/WM Outrigger segment for the three months ended March 31, 2024 and 2023:
Millions |  |  |  | Three Months Ended March 31, |
|  |  |  |  |  | 2024 |  | 2023 |
Written premiums: |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  | $ | 285.0 |  |  | $ | 246.2 |  |
Assumed |  |  |  |  |  | 587.1 |  |  | 563.2 |  |
Gross written premiums |  |  |  |  |  | 872.1 |  |  | 809.4 |  |
Ceded (1) |  |  |  |  |  | (274.1) |  |  | (195.2) |  |
Net written premiums |  |  |  |  |  | $ | 598.0 |  |  | $ | 614.2 |  |
Earned premiums: |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  | $ | 194.4 |  |  | $ | 150.4 |  |
Assumed |  |  |  |  |  | 192.4 |  |  | 162.1 |  |
Gross earned premiums |  |  |  |  |  | 386.8 |  |  | 312.5 |  |
Ceded (2) |  |  |  |  |  | (84.0) |  |  | (57.4) |  |
Net earned premiums |  |  |  |  |  | $ | 302.8 |  |  | $ | 255.1 |  |
Loss and loss adjustment expenses: |  |  |  |  |  |  |  |  |
Gross |  |  |  |  |  | $ | 253.3 |  |  | $ | 162.4 |  |
Ceded (3) |  |  |  |  |  | (73.3) |  |  | (14.6) |  |
Net loss and loss adjustment expenses |  |  |  |  |  | $ | 180.0 |  |  | $ | 147.8 |  |
(1) The ceded written premiums exclude $34.3 and $44.1 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements. (2) The ceded earned premiums exclude $10.3 and $5.2 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements. (3) The ceded loss and loss adjustment expenses exclude $0.7 and $0.2 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements. The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of March 31, 2024 and December 31, 2023:
Millions |  | March 31, 2024 |  | December 31, 2023
Reinsurance recoverables on unpaid losses (1) |  | $ | 404.5 |  |  | $ | 340.8 |
Reinsurance recoverables on paid losses |  | 20.7 |  |  | 27.4 |
Ceded unearned premiums (2) |  | 269.8 |  |  | 73.8 |
Reinsurance recoverables |  | $ | 695.0 |  |  | $ | 442.0 |
(1) The reinsurance recoverables on unpaid losses exclude $15.8 and $15.6 ceded by Ark to WM Outrigger Re as of March 31, 2024 and December 31, 2023, which eliminate in White Mountains’s consolidated financial statements. (2) The ceded unearned premiums exclude $24.0 and $5.7 ceded by Ark to WM Outrigger Re as of March 31, 2024 and December 31, 2023, which eliminate in White Mountains’s consolidated financial statements. The following table presents a schedule of written premiums and earned premiums included in the HG Global/BAM segment for the three months ended March 31, 2024 and 2023:
|  |  |  |  |  | Three Months Ended March 31,
Millions |  |  |  |  |  |  |  |  |  | 2024 |  | 2023
Written premiums: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  |  |  |  |  | $ | 10.5 |  |  | $ | 9.2 |
Assumed |  |  |  |  |  |  |  |  |  | — |  |  | — |
Gross written premiums (1) |  |  |  |  |  |  |  |  |  | $ | 10.5 |  |  | $ | 9.2 |
Earned premiums: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  |  |  |  |  | $ | 7.3 |  |  | $ | 7.0 |
Assumed |  |  |  |  |  |  |  |  |  | .5 |  |  | .7 |
Gross earned premiums (1) |  |  |  |  |  |  |  |  |  | $ | 7.8 |  |  | $ | 7.7 |
(1) There are no ceded premium amounts in the periods presented, and gross earned premiums are equivalent to net written premiums and net earned premiums.

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- Definition Tabular disclosure of financial guarantee insurance contracts in which premiums are received over the contract period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479584/944-310-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479584/944-310-50-3 + Details
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