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v3.24.3

Third-Party Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2024
Reinsurance Disclosures [Abstract] |
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 and nine months ended September 30, 2024 and 2023:
Millions |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Written premiums: |  |  |  |  |  |  |  |  |
Direct |  | $ | 239.0 |  |  | $ | 189.4 |  |  | $ | 863.4 |  |  | $ | 727.1 |  |
Assumed |  | 134.6 |  |  | 61.8 |  |  | 1,079.3 |  |  | 939.6 |  |
Gross written premiums |  | 373.6 |  |  | 251.2 |  |  | 1,942.7 |  |  | 1,666.7 |  |
Ceded (1) |  | (34.2) |  |  | (20.2) |  |  | (502.5) |  |  | (360.3) |  |
Net written premiums |  | $ | 339.4 |  |  | $ | 231.0 |  |  | $ | 1,440.2 |  |  | $ | 1,306.4 |  |
Earned premiums: |  |  |  |  |  |  |  |  |
Direct |  | $ | 317.6 |  |  | $ | 273.1 |  |  | $ | 731.5 |  |  | $ | 624.1 |  |
Assumed |  | 432.6 |  |  | 370.0 |  |  | 805.3 |  |  | 684.6 |  |
Gross earned premiums |  | 750.2 |  |  | 643.1 |  |  | 1,536.8 |  |  | 1,308.7 |  |
Ceded (2) |  | (198.0) |  |  | (144.2) |  |  | (363.5) |  |  | (261.4) |  |
Net earned premiums |  | $ | 552.2 |  |  | $ | 498.9 |  |  | $ | 1,173.3 |  |  | $ | 1,047.3 |  |
Loss and loss adjustment expenses: |  |  |  |  |  |  |  |  |
Gross |  | $ | 350.7 |  |  | $ | 269.3 |  |  | $ | 852.7 |  |  | $ | 627.5 |  |
Ceded (3) |  | (62.4) |  |  | (3.5) |  |  | (208.7) |  |  | (46.4) |  |
Net loss and loss adjustment expenses |  | $ | 288.3 |  |  | $ | 265.8 |  |  | $ | 644.0 |  |  | $ | 581.1 |  |
(1) The three months ended September 30, 2024 and 2023 exclude $8.8 and $6.0, and the nine months ended September 30, 2024 and 2023 exclude $82.0 and $108.4 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements. (2) The three months ended September 30, 2024 and 2023 exclude $45.0 and $60.6, and the nine months ended September 30, 2024 and 2023 exclude $62.8 and $75.4, ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements. (3) The three months ended September 30, 2024 and 2023 exclude $13.2 and $7.3, and the nine months ended September 30, 2024 and 2023 exclude $13.6 and $7.9, ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements. The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of September 30, 2024 and December 31, 2023:
Millions |  | September 30, 2024 |  | December 31, 2023
Reinsurance recoverables on unpaid losses (1) |  | $ | 507.2 |  |  | $ | 340.8 |
Reinsurance recoverables on paid losses |  | 27.9 |  |  | 27.4 |
Ceded unearned premiums (2) |  | 212.9 |  |  | 73.8 |
Reinsurance recoverables |  | $ | 748.0 |  |  | $ | 442.0 |
(1) The reinsurance recoverables on unpaid losses exclude $28.0 and $15.6 ceded by Ark to WM Outrigger Re as of September 30, 2024 and December 31, 2023, which eliminate in White Mountains’s consolidated financial statements. (2) The ceded unearned premiums exclude $25.0 and $5.7 ceded by Ark to WM Outrigger Re as of September 30, 2024 and December 31, 2023, which eliminate in White Mountains’s consolidated financial statements. The following tables present schedules of written premiums and earned premiums included in the HG Global segment for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, 2024
Millions |  | HG Global |  |  |  |  |  |
Written premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  |  |  |  |  |
Assumed |  | 14.0 |  |  |  |  |  |  |
Gross written premiums (1) |  | $ | 14.0 |  |  |  |  |  |  |
Earned premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  |  |  |  |  |
Assumed |  | 7.5 |  |  |  |  |  |  |
Gross earned premiums (1) |  | $ | 7.5 |  |  |  |  |  |  |
(1) There are no ceded premium amounts in the periods presented, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively.
|  | Three Months Ended September 30, 2023
Millions |  | HG Global |  | BAM |  | Eliminations |  | Total
Written premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | 16.5 |  |  | $ | — |  |  | $ | 16.5 |
Assumed |  | 14.2 |  |  | — |  |  | (14.2) |  |  | — |
Gross written premiums (1) |  | $ | 14.2 |  |  | $ | 16.5 |  |  | $ | (14.2) |  |  | $ | 16.5 |
Earned premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | 7.4 |  |  | $ | — |  |  | $ | 7.4 |
Assumed |  | 6.6 |  |  | .5 |  |  | (6.6) |  |  | .5 |
Gross earned premiums (1) |  | $ | 6.6 |  |  | $ | 7.9 |  |  | $ | (6.6) |  |  | $ | 7.9 |
(1) There are no ceded premium amounts in the periods presented, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively.
|  | Nine Months Ended September 30, 2024
Millions |  | HG Global |  | BAM |  | Eliminations |  | Total
Written premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | 24.1 |  |  | $ | — |  |  | $ | 24.1 |
Assumed |  | 34.5 |  |  | — |  |  | (20.5) |  |  | 14.0 |
Gross written premiums (1) |  | $ | 34.5 |  |  | $ | 24.1 |  |  | $ | (20.5) |  |  | $ | 38.1 |
Earned premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | 15.8 |  |  | $ | — |  |  | $ | 15.8 |
Assumed |  | 21.5 |  |  | 1.0 |  |  | (14.0) |  |  | 8.5 |
Gross earned premiums (1) |  | $ | 21.5 |  |  | $ | 16.8 |  |  | $ | (14.0) |  |  | $ | 24.3 |
(1) There are no ceded premium amounts in the periods presented, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively.
|  | Nine Months Ended September 30, 2023
Millions |  | HG Global |  | BAM |  | Eliminations |  | Total
Written premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | 37.3 |  |  | $ | — |  |  | $ | 37.3 |
Assumed |  | 31.9 |  |  | — |  |  | (31.9) |  |  | — |
Gross written premiums (1) |  | $ | 31.9 |  |  | $ | 37.3 |  |  | $ | (31.9) |  |  | $ | 37.3 |
Earned premiums: |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | 21.4 |  |  | $ | — |  |  | $ | 21.4 |
Assumed |  | 19.4 |  |  | 1.9 |  |  | (19.4) |  |  | 1.9 |
Gross earned premiums (1) |  | $ | 19.4 |  |  | $ | 23.3 |  |  | $ | (19.4) |  |  | $ | 23.3 |
(1) There are no ceded premium amounts in the periods presented, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively.
Gross and net reinsurance recoverables by reinsurers ratings | The following table presents the Ark/WM Outrigger segment’s gross and net reinsurance recoverables by the reinsurer’s A.M. Best Company, Inc (“A.M. Best”) ratings as of September 30, 2024:
$ in Millions |  | As of September 30, 2024
A.M. Best Rating(1) |  | Gross |  | Collateral |  | Net |  | % of Total
A+ or better |  | $ | 358.1 |  |  | $ | — |  |  | $ | 358.1 |  |  | 78.9 | %
A- to A |  | 84.2 |  | — |  |  | 84.2 |  | 18.5 |
B++ or lower and not rated |  | 92.8 | (2) | 81.1 | (2) | 11.7 |  |  | 2.6 |
Total |  | $ | 535.1 |  |  | $ | 81.1 |  |  | $ | 454.0 |  |  | 100.0 | %
(1) A.M. Best financial strength ratings as detailed above are: “A+ or better” (Superior) “A- to A” (Excellent), “B++” (Good). (2) Excludes $28.0 ceded by Ark to WM Outrigger Re as of September 30, 2024, which eliminates in White Mountains’s consolidated financial statements.

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-1 + Details
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- Definition Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 1B -SubTopic 825 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477351/944-825-50-1B + Details
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