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Segment Information (Tables)

3 Months Ended

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

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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