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v3.25.1

Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information As of March 31, 2025, White Mountains conducted its operations through four reportable segments: (1) Ark/WM Outrigger, (2) HG Global, (3) Kudu and (4) Bamboo, with its remaining operating businesses, holding companies and other assets included in Other Operations. White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the Company’s CODMs and the Board of Directors. The Company’s CODMs are its Chief Executive Officer and its President and Chief Financial Officer. The CODMs utilize each segment’s pre-tax income (loss) in assessing each segment’s performance and allocating resources. Other measures of segment profitability are also reviewed by the CODMs. Significant intercompany transactions among White Mountains’s segments have been eliminated herein. Effective July 1, 2024, White Mountains no longer consolidates BAM. Through June 30, 2024, BAM’s results of operations were presented within the HG Global segment. See Note 2 — “Significant Transactions.” The following tables present White Mountains’s pre-tax financial results by segment for the three months ended March 31, 2025 and 2024:
|  | Ark/WM Outrigger |  |  |  |  |  |  |  | Other Operations |  |
Millions |  | Ark |  | WM Outrigger Re |  | HG Global |  | Kudu |  | Bamboo |  |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 346.0 |  |  | $ | 12.0 |  |  | $ | 8.2 |  |  | $ | — |  |  | $ | 14.9 |  |  | $ | 13.9 |  |  | $ | 395.0 |
Net investment income (1) |  | 21.3 |  |  | 2.2 |  |  | 6.3 |  |  | 19.4 |  |  | .7 |  |  | 9.7 |  |  | 59.6 |
Net realized and unrealized investment gains (losses) (1) |  | 29.6 |  |  | (.1) |  |  | 10.0 |  |  | 44.0 |  |  | .3 |  |  | 2.8 |  |  | 86.6 |
Net realized and unrealized investment gains (losses) from investment in MediaAlpha | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (36.6) |  |  | (36.6) |
Interest income from BAM Surplus Notes |  | — |  |  | — |  |  | 7.5 |  |  | — |  |  | — |  |  | — |  |  | 7.5 |
Commission and fee revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | 44.2 |  |  | 3.9 |  |  | 48.1 |
Other revenues |  | 2.2 |  |  | — |  |  | .1 |  |  | .4 |  |  | 1.3 |  |  | 13.6 |  |  | 17.6 |
Total revenues |  | 399.1 |  |  | 14.1 |  |  | 32.1 |  |  | 63.8 |  |  | 61.4 |  |  | 7.3 |  |  | 577.8 |
Loss and LAE |  | 213.3 |  |  | 20.2 |  |  | — |  |  | — |  |  | 10.9 |  |  | 17.4 |  |  | 261.8 |
Acquisition expenses |  | 83.8 |  |  | (.3) |  |  | 1.9 |  |  | — |  |  | 6.6 |  |  | 5.1 |  |  | 97.1 |
Cost of sales |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.5 |  |  | 7.5 |
Broker commission expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | 15.5 |  |  | — |  |  | 15.5 |
General and administrative expenses (2) (3) |  | 35.8 |  |  | .1 |  |  | .6 |  |  | 4.0 |  |  | 20.0 |  |  | 35.5 |  |  | 96.0 |
Change in fair value of contingent consideration | 9.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9.7 |
Interest expense |  | 4.2 |  |  | — |  |  | 4.6 |  |  | 6.4 |  |  | 2.1 |  |  | .5 |  |  | 17.8 |
Total expenses |  | 346.8 |  |  | 20.0 |  |  | 7.1 |  |  | 10.4 |  |  | 55.1 |  |  | 66.0 |  |  | 505.4 |
Pre-tax income (loss) | $ | 52.3 |  |  | $ | (5.9) |  |  | $ | 25.0 |  |  | $ | 53.4 |  |  | $ | 6.3 |  |  | $ | (58.7) |  |  | $ | 72.4 |
(1) Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations. (2) Ark’s general and administrative expenses include $28.5 of other underwriting expenses. (3) Bamboo’s general and administrative expenses include $4.0 of amortization of other intangible assets.
|  | Ark/WM Outrigger |  | HG Global |  |  |  |  |  | Other Operations |  |
Millions |  | Ark |  | WM Outrigger Re |  | HG Global |  | BAM (1) (2) |  | Kudu |  | Bamboo |  |  | Total
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 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 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 |
Interest income (expense) from BAM Surplus Notes |  | — |  |  | — |  |  | 6.6 |  |  | (6.6) |  |  | — |  |  | — |  |  | — |  |  | — |
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 LAE |  | 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 (4) (5) |  | 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) Effective July 1, 2024 White Mountains no longer consolidates BAM. For the period from January 1, 2024 through June 30, 2024, BAM’s results of operations were presented within the HG Global segment. (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. (4) Ark’s general and administrative expenses include $30.5 of other underwriting expenses. (5) Bamboo’s general and administrative expenses include $4.2 of amortization of other intangible assets. The following tables present White Mountains’s revenues from external customers by country for the three months ended March 31, 2025 and 2024:
|  | March 31, 2025
Millions |  | United States |  | United Kingdom |  | Bermuda |  | Other |  | Total
Earned insurance premiums |  | $ | 14.9 |  |  | $ | 215.5 |  |  | $ | 164.6 |  |  | $ | — |  |  | $ | 395.0 |
Commission and fee revenues |  | 44.2 |  |  | — |  |  | — |  |  | 3.9 |  |  | 48.1 |
Other revenues (1) |  | 13.6 |  |  | — |  |  | — |  |  | — |  |  | 13.6 |
Total |  | $ | 72.7 |  |  | $ | 215.5 |  |  | $ | 164.6 |  |  | $ | 3.9 |  |  | $ | 456.7 |
(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.
|  | March 31, 2024
Millions |  | United States |  | United Kingdom |  | Bermuda |  | Other |  | Total
Earned insurance premiums |  | $ | 1.3 |  |  | $ | 177.4 |  |  | $ | 140.3 |  |  | $ | — |  |  | $ | 319.0 |
Commission and fee revenues |  | 21.9 |  |  | — |  |  | — |  |  | 3.6 |  |  | 25.5 |
Other revenues (1) |  | 14.3 |  |  | — |  |  | — |  |  | — |  |  | 14.3 |
Total |  | $ | 37.5 |  |  | $ | 177.4 |  |  | $ | 140.3 |  |  | $ | 3.6 |  |  | $ | 358.8 |
(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses. The following table presents White Mountains’s balance sheet information by segment as of March 31, 2025 and December 31, 2024:
Millions Selected Balance Sheet Data |  | Ark/WM Outrigger |  | HG Global |  | Kudu |  |  |  | Bamboo |  |  |  | Other Operations |  |  |  |  |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 3,215.0 |  |  | $ | 686.0 |  |  | $ | 1,138.1 |  |  |  |  | $ | 65.0 |  |  |  |  | $ | 1,447.2 |  |  |  |  |  |  | $ | 6,551.3 |
Total assets |  | $ | 6,325.5 |  |  | $ | 1,203.1 |  |  | $ | 1,223.3 |  |  |  |  | 615.0 |  |  |  |  | $ | 1,638.0 |  | (1) |  |  |  |  | $ | 11,004.9 |
Total liabilities |  | $ | 4,658.1 |  |  | $ | 463.3 |  | (1) | $ | 330.6 |  |  |  |  | 282.7 |  |  |  |  | $ | 130.5 |  |  |  |  |  |  | $ | 5,865.2 |
Total White Mountains’s common shareholders’ equity |  | $ | 1,251.4 |  |  | $ | 752.3 |  | (1) | $ | 766.3 |  |  |  |  | 241.2 |  |  |  |  | $ | 1,498.4 |  | (1) |  |  |  |  | $ | 4,509.6 |
Noncontrolling interests |  | $ | 416.0 |  |  | $ | (12.5) |  |  | $ | 126.4 |  |  |  |  | 91.1 |  |  |  |  | $ | 9.1 |  |  |  |  |  |  | $ | 630.1 |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 3,139.7 |  |  | $ | 667.6 |  |  | $ | 1,041.9 |  |  |  |  | $ | 58.0 |  |  |  |  | $ | 1,570.4 |  |  |  |  |  |  | $ | 6,477.6 |
Total assets |  | $ | 5,299.0 |  |  | $ | 1,179.4 |  |  | $ | 1,108.4 |  |  |  |  | $ | 584.6 |  |  |  |  | $ | 1,754.2 |  | (1) |  |  |  |  | $ | 9,925.6 |
Total liabilities |  | $ | 3,664.8 |  |  | $ | 464.1 |  | (1) | $ | 316.7 |  |  |  |  | $ | 167.7 |  |  |  |  | $ | 181.3 |  |  |  |  |  |  | $ | 4,794.6 |
Total White Mountains’s common shareholders’ equity |  | $ | 1,223.8 |  |  | $ | 728.7 |  | (1) | $ | 664.1 |  |  |  |  | $ | 303.3 |  |  |  |  | $ | 1,563.8 |  | (1) |  |  |  |  | $ | 4,483.7 |
Noncontrolling interests |  | $ | 410.4 |  |  | $ | (13.4) |  |  | $ | 127.6 |  |  |  |  | $ | 113.6 |  |  |  |  | $ | 9.1 |  |  |  |  |  |  | $ | 647.3 |
(1) 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 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 segment. As of March 31, 2025 and December 31, 2024, the HG Global preferred dividends payable to White Mountains’s subsidiaries were $478.0 and $462.1.

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