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Municipal Bond Guarantee Reinsurance (Tables)
 12 Months Ended
Dec. 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 year ended December 31, 2025:
Millions
Year Ended
December 31, 2025
Beginning nominal value$495.7 
Interest income from BAM Surplus Notes29.8 
Payments of principal and interest
(35.0)
Ending nominal value490.5 
Beginning fair value discount(114.0)
Change in fair value of BAM Surplus Notes(37.5)
Ending fair value discount(151.5)
BAM Surplus Notes, at fair value$339.0 
Schedule of insured obligations
The following table presents the HG Global segment’s insured obligations as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Contracts outstanding17,377 15,884 
Remaining weighted average contract period (in years) (1)
11.611.2
Outstanding par value of policies assumed (in millions) (2)
$20,559.9 $18,503.3 
Gross unearned insurance premiums (in millions)$327.9 $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 HG's future premium revenues
The following table presents the HG Global segment’s future premium revenues as of December 31, 2025:
MillionsDecember 31, 2025
January 1, 2026 - March 31, 2026
$7.1 
April 1, 2026 - June 30, 2026
7.0 
July 1, 2026 - September 30, 2026
6.9 
October 1, 2026 - December 31, 2026
6.8 
Total 2026
27.8 
202726.4 
202824.8 
202923.3 
2030
21.9 
2031 and thereafter
203.7 
Total gross unearned insurance premiums$327.9 
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 years ended December 31, 2025, 2024 and 2023.
Year Ended December 31,
Millions202520242023
Written premiums:
Direct$1,260.1 $1,101.5 $931.9 
Assumed1,297.1 1,105.5 966.5 
Gross written premiums2,557.2 2,207.0 1,898.4 
Ceded (1)
(745.6)(527.9)(377.5)
Net written premiums$1,811.6 $1,679.1 $1,520.9 
Earned premiums:
Direct$1,130.9 $1,004.2 $848.1 
Assumed1,198.9 1,088.2 925.6 
Gross earned premiums2,329.8 2,092.4 1,773.7 
Ceded (2)
(632.4)(504.6)(364.0)
Net earned premiums$1,697.4 $1,587.8 $1,409.7 
Loss and LAE:
Gross$1,118.6 $1,056.7 $782.5 
Ceded (3)
(274.4)(200.9)(55.7)
Net loss and LAE$844.2 $855.8 $726.8 
(1) The years ended December 31, 2025, 2024 and 2023 exclude written premiums of $84.2, $86.5 and $110.0 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(2) The years ended December 31, 2025, 2024 and 2023 exclude earned premiums of $84.6, $88.0 and $104.3 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(3) The years ended December 31, 2025, 2024 and 2023 exclude loss and LAE of $25.4 and $29.9 and $15.6 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 December 31, 2025 and December 31, 2024:
Millions
December 31, 2025December 31, 2024
Reinsurance recoverables on unpaid losses (1)
$508.3 $434.4 
Reinsurance recoverables on paid losses (2)
117.6 57.5 
Ceded unearned premiums (3)
210.2 97.1 
Reinsurance recoverables
$836.1 $589.0 
(1) The reinsurance recoverables on unpaid losses exclude $29.5 and $31.8 ceded by Ark to WM Outrigger Re as of December 31, 2025 and 2024, which eliminate in White Mountains’s consolidated financial statements.
(2) The reinsurance recoverables on paid losses exclude $5.2 and $3.1 ceded by Ark to WM Outrigger Re as of December 31, 2025 and 2024, which eliminates in White Mountains’s consolidated financial statements.
(3) The ceded unearned premiums exclude $3.9 and $4.3 ceded by Ark to WM Outrigger Re as of December 31, 2025 and 2024, which eliminate in White Mountains’s consolidated financial statements.
The following tables present gross written premiums and gross earned premiums included in the HG Global segment for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, 2025
MillionsHG Global
Written premiums:
Direct$— 
Assumed61.4 
Gross written premiums
$61.4 
Earned premiums:
Direct$— 
Assumed30.8 
Gross earned premiums
$30.8 
Year Ended December 31, 2024
MillionsHG GlobalBAMEliminationsTotal
Written premiums:
Direct$— $24.1 $— $24.1 
Assumed52.4 — (20.5)31.9 
Gross written premiums (1)
$52.4 $24.1 $(20.5)$56.0 
Earned premiums:
Direct$— $15.8 $— $15.8 
Assumed28.9 1.0 (14.0)15.9 
Gross earned premiums (1)
$28.9 $16.8 $(14.0)$31.7 
(1) For the six months ended June 30, 2024, BAM ceded written premiums of $20.5 and earned premiums of $14.0 to HG Global, which eliminated in consolidation. Subsequent to the deconsolidation of BAM, there are no ceded premiums, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively.
Year Ended December 31, 2023
MillionsHG GlobalBAMEliminationsTotal
Written premiums:
Direct$— $58.6 $— $58.6 
Assumed50.1 — (50.1)— 
Gross written premiums (1)
$50.1 $58.6 $(50.1)$58.6 
Earned premiums:
Direct$— $28.7 $— $28.7 
Assumed26.0 2.5 (26.0)2.5 
Gross earned premiums (1)
$26.0 $31.2 $(26.0)$31.2 
(1) For the year ended December 31, 2023, BAM ceded written premiums of $50.1 and ceded earned premiums of $26.0 to HG Global, which eliminated in consolidation.