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v3.25.1

Municipal Bond Guarantee Insurance (Tables) | 3 Months Ended
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Mar. 31, 2025
Guarantees [Abstract] |
Schedule of Nominal and Fair Value of Notes Receivable | The following table presents the changes in the nominal value and fair value of the BAM Surplus Notes for the three months ended March 31, 2025:
Millions |  |  |  |  |  | Three Months Ended March 31, 2025 |  |
Beginning nominal value |  |  |  |  |  | $ | 495.7 |  |  |
Interest income from BAM Surplus Notes |  |  |  |  |  | 7.5 |  |  |
Payments of principal and interest |  |  |  |  |  | — |  |  |
Ending nominal value |  |  |  |  |  | 503.2 |  |  |
Beginning fair value discount |  |  |  |  |  | (114.0) |  |  |
Change in fair value of BAM Surplus Notes |  |  |  |  |  | — |  |  |
Ending fair value discount |  |  |  |  |  | (114.0) |  |  |
BAM Surplus Notes, at fair value |  |  |  |  |  | $ | 389.2 |  |  |
Schedule of insured obligations | The following table presents the HG Global segment’s insured obligations as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024 |
Contracts outstanding |  | 16,076 |  |  | 15,884 |  |
Remaining weighted average contract period (in years) (1) |  | 11.2 |  | 11.2 |
Outstanding par value of policies assumed (in millions) (2) |  | $ | 18,665.6 |  |  | $ | 18,503.3 |  |
Gross unearned insurance premiums (in millions) |  | $ | 295.8 |  |  | $ | 297.3 |  |
(1) The remaining weighted average contract period was calculated using total contractual debt service outstanding, including principal and interest. (2) Under the FLRT, HG Re provides first-loss reinsurance protection of up to 15%-of-par outstanding for each policy assumed from BAM. For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds.
Schedule of BAM’s future premium revenues | The following table presents a schedule of HG Global’s future premium revenues as of March 31, 2025:
Millions |  | March 31, 2025
April 1, 2025 - June 30, 2025 |  | $ | 6.7 |
July 1, 2025 - September 30, 2025 |  | 6.6 |
October 1, 2025 - December 31, 2025 |  | 6.5 |
Total 2025 |  | 19.8 |
2026 |  | 25.0 |
2027 |  | 23.6 |
2028 |  | 22.0 |
2029 |  | 20.5 |
2030 and thereafter |  | 184.9 |
Total gross unearned insurance premiums |  | $ | 295.8 |
Effects of reinsurance | The following table summarizes the effects of reinsurance on written and earned premiums and loss and LAE for the Ark/WM Outrigger segment for the three months ended March 31, 2025 and 2024:
Millions |  |  |  | Three Months Ended March 31, |
|  |  |  |  |  | 2025 |  | 2024 |
Written premiums: |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  | $ | 416.8 |  |  | $ | 285.0 |  |
Assumed |  |  |  |  |  | 690.8 |  |  | 587.1 |  |
Gross written premiums |  |  |  |  |  | 1,107.6 |  |  | 872.1 |  |
Ceded (1) |  |  |  |  |  | (379.9) |  |  | (274.1) |  |
Net written premiums |  |  |  |  |  | $ | 727.7 |  |  | $ | 598.0 |  |
Earned premiums: |  |  |  |  |  |  |  |  |
Direct |  |  |  |  |  | $ | 246.3 |  |  | $ | 194.4 |  |
Assumed |  |  |  |  |  | 214.1 |  |  | 192.4 |  |
Gross earned premiums |  |  |  |  |  | 460.4 |  |  | 386.8 |  |
Ceded (2) |  |  |  |  |  | (102.4) |  |  | (84.0) |  |
Net earned premiums |  |  |  |  |  | $ | 358.0 |  |  | $ | 302.8 |  |
Loss and LAE: |  |  |  |  |  |  |  |  |
Gross |  |  |  |  |  | $ | 323.2 |  |  | $ | 253.3 |  |
Ceded (3) |  |  |  |  |  | (89.7) |  |  | (73.3) |  |
Net loss and LAE |  |  |  |  |  | $ | 233.5 |  |  | $ | 180.0 |  |
(1) The three months ended March 31, 2025 and 2024 exclude $37.5 and $34.3 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements. (2) The three months ended March 31, 2025 and 2024 exclude $12.0 and $10.3, ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements. (3) The three months ended March 31, 2025 and 2024 exclude $20.2 and $0.7, 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 March 31, 2025 and December 31, 2024:
Millions |  | March 31, 2025 |  | December 31, 2024
Reinsurance recoverables on unpaid losses (1) |  | $ | 480.6 |  |  | $ | 434.4 |
Reinsurance recoverables on paid losses (2) |  | 65.4 |  |  | 57.5 |
Ceded unearned premiums (3) |  | 374.4 |  |  | 97.1 |
Reinsurance recoverables |  | $ | 920.4 |  |  | $ | 589.0 |
(1) The reinsurance recoverables on unpaid losses exclude $38.6 and $31.8 ceded by Ark to WM Outrigger Re as of March 31, 2025 and December 31, 2024, which eliminate in White Mountains’s consolidated financial statements. (2) The reinsurance recoverables on paid losses exclude $1.7 and $3.1 ceded by Ark to WM Outrigger Re as of March 31, 2025 and December 31, 2024, which eliminate in White Mountains’s consolidated financial statements. (3) The ceded unearned premiums exclude $29.8 and $4.3 ceded by Ark to WM Outrigger Re as of March 31, 2025 and December 31, 2024, which eliminate in White Mountains’s consolidated financial statements. The following table presents gross written premiums and gross earned premiums included in the HG Global segment for the three months ended March 31, 2025 and 2024:
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
Millions |  |  | HG Global |  | BAM |  | Eliminations |  | Total
Written premiums: |  |  |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | — |  |  | $ | 10.5 |  |  | $ | — |  |  | $ | 10.5 |
Assumed |  | 6.7 |  |  | 8.9 |  |  | — |  |  | (8.9) |  |  | — |
Gross written premiums (1) |  | $ | 6.7 |  |  | $ | 8.9 |  |  | $ | 10.5 |  |  | $ | (8.9) |  |  | $ | 10.5 |
Earned premiums: |  |  |  |  |  |  |  |  |  |
Direct |  | $ | — |  |  | $ | — |  |  | $ | 7.3 |  |  | $ | — |  |  | $ | 7.3 |
Assumed |  | 8.2 |  |  | 6.5 |  |  | .5 |  |  | (6.5) |  |  | .5 |
Gross earned premiums (1) |  | $ | 8.2 |  |  | $ | 6.5 |  |  | $ | 7.8 |  |  | $ | (6.5) |  |  | $ | 7.8 |
(1) For the three months ended March 31, 2024, BAM ceded written premiums of $8.9 and earned premiums of $6.5 to HG Global, which eliminated in consolidation.

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