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v3.24.1.u1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of segments | The following tables present the financial information for White Mountains’s segments for the three months ended March 31, 2024 and 2023:
|  | Ark/WM Outrigger |  | HG Global/BAM |  |  |  |  |  | Other Operations |  |
Millions |  | Ark |  | WM Outrigger Re |  | HG Global |  | BAM (2) |  | Kudu |  | Bamboo |  |  | Total
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |
Earned insurance premiums (1) |  | $ | 292.5 |  |  | $ | 10.3 |  |  | $ | 6.5 |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | 8.4 |  |  | $ | — |  |  | $ | 319.0 |
Net investment income (3) |  | 17.0 |  |  | 2.9 |  |  | 5.4 |  |  | 4.3 |  |  | 17.2 |  |  | .3 |  |  | 9.9 |  |  | 57.0 |
Net investment income (expense) - BAM Surplus Note interest |  | — |  |  | — |  |  | 6.6 |  |  | (6.6) |  |  | — |  |  | — |  |  | — |  |  | — |
Net realized and unrealized investment gains (losses) (3) |  | 10.6 |  |  | — |  |  | (7.3) |  |  | (2.8) |  |  | (6.5) |  |  | (.1) |  |  | 22.2 |  |  | 16.1 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 210.7 |  |  | 210.7 |
Commission and fee revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21.9 |  |  | 3.6 |  |  | 25.5 |
Other revenues |  | 3.5 |  |  | — |  |  | — |  |  | .5 |  |  | — |  |  | .6 |  |  | 14.4 |  |  | 19.0 |
Total revenues |  | 323.6 |  |  | 13.2 |  |  | 11.2 |  |  | (3.3) |  |  | 10.7 |  |  | 31.1 |  |  | 260.8 |  |  | 647.3 |
Loss and loss adjustment expenses |  | 179.3 |  |  | .7 |  |  | — |  |  | — |  |  | — |  |  | 5.8 |  |  | — |  |  | 185.8 |
Acquisition expenses |  | 63.7 |  |  | 2.6 |  |  | 1.8 |  |  | .4 |  |  | — |  |  | 3.1 |  |  | — |  |  | 71.6 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.6 |  |  | 7.6 |
Broker commission expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9.3 |  |  | — |  |  | 9.3 |
General and administrative expenses |  | 42.2 |  |  | — |  |  | .4 |  |  | 16.9 |  |  | 3.4 |  |  | 12.0 |  |  | 50.3 |  |  | 125.2 |
Change in fair value of contingent consideration | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest expense |  | 5.4 |  |  | — |  |  | 3.5 |  |  | — |  |  | 5.6 |  |  | — |  |  | .7 |  |  | 15.2 |
Total expenses |  | 290.6 |  |  | 3.3 |  |  | 5.7 |  |  | 17.3 |  |  | 9.0 |  |  | 30.2 |  |  | 58.6 |  |  | 414.7 |
Pre-tax income (loss) | $ | 33.0 |  |  | $ | 9.9 |  |  | $ | 5.5 |  |  | $ | (20.6) |  |  | $ | 1.7 |  |  | $ | .9 |  |  | $ | 202.2 |  |  | $ | 232.6 |
(1) Ark’s earned insurance premiums based on the location of Ark’s underwriting offices in the United Kingdom and Bermuda are $177.4 and $115.1. (2) 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. (3) Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.
|  | Ark/WM Outrigger |  | HG Global/BAM |  |  |  | Other Operations |  |
Millions |  | Ark |  | WM Outrigger Re |  | HG Global |  | BAM (2) |  | Kudu |  |  | Total
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums (1) |  | $ | 249.9 |  |  | $ | 5.2 |  |  | $ | 6.4 |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 262.8 |
Net investment income |  | 8.4 |  |  | 2.2 |  |  | 4.0 |  |  | 3.2 |  |  | 14.2 |  |  | 7.0 |  |  | 39.0 |
Net investment income (expense) - BAM Surplus Note interest |  | — |  |  | — |  |  | 6.6 |  |  | (6.6) |  |  | — |  |  | — |  |  | — |
Net realized and unrealized investment gains (losses) |  | 24.5 |  |  | — |  |  | 7.9 |  |  | 9.1 |  |  | 29.6 |  |  | 41.8 |  |  | 112.9 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 85.2 |  |  | 85.2 |
Commission and fee revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.3 |  |  | 3.3 |
Other revenues |  | (2.7) |  |  | — |  |  | — |  |  | .8 |  |  | — |  |  | 30.6 |  |  | 28.7 |
Total revenues |  | 280.1 |  |  | 7.4 |  |  | 24.9 |  |  | 7.8 |  |  | 43.8 |  |  | 167.9 |  |  | 531.9 |
Loss and loss adjustment expenses |  | 147.6 |  |  | .2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 147.8 |
Acquisition expenses |  | 58.9 |  |  | .9 |  |  | 1.8 |  |  | .9 |  |  | — |  |  | — |  |  | 62.5 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13.9 |  |  | 13.9 |
General and administrative expenses |  | 35.1 |  |  | .1 |  |  | 1.1 |  |  | 16.2 |  |  | 3.8 |  |  | 39.7 |  |  | 96.0 |
Change in fair value of contingent consideration | (2.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.4) |
Interest expense |  | 5.0 |  |  | — |  |  | 4.5 |  |  | — |  |  | 4.7 |  |  | .8 |  |  | 15.0 |
Total expenses |  | 244.2 |  |  | 1.2 |  |  | 7.4 |  |  | 17.1 |  |  | 8.5 |  |  | 54.4 |  |  | 332.8 |
Pre-tax income (loss) |  | $ | 35.9 |  |  | $ | 6.2 |  |  | $ | 17.5 |  |  | $ | (9.3) |  |  | $ | 35.3 |  |  | $ | 113.5 |  |  | $ | 199.1 |
(1) Ark’s earned insurance premiums based on the location of Ark’s underwriting offices in the United Kingdom and Bermuda are $146.0 and $104.0. (2) 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 -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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