Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Informartion

Segment Information

White Mountains has determined that its reportable segments are OneBeacon, HG Global/BAM and Other Operations. As a result of the Sirius Group sale, the results of operations for Sirius Group have been classified as discontinued operations and are now presented, net of related income taxes, as such in the statement of operations and comprehensive income. Prior year amounts have been reclassified to conform to the current period’s presentation (See Note 17).

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 chief operating decision makers and the Board of Directors.

Significant intercompany transactions among White Mountains’s segments have been eliminated herein. Financial information for White Mountains’s segments follows:

			HG Global/BAM
Millions	OneBeacon		HG		BAM(1)			Other Operations				Total
Three Months Ended March 31, 2016
Earned insurance premiums	$	278.6	$	.9	$	.3		$	2.3			$	282.1
Net investment income	14.4		.5		1.6			1.4				17.9
Net investment income (loss) - surplus note interest	—		4.5		(4.5		)	—				—
Net realized and unrealized investment gains	16.6		2.1		4.9			5.9				29.5
Other revenue	.9		—		.1			96.6			(2)	97.6
Total revenues	310.5		8.0		2.4			106.2				427.1
Losses and LAE	158.8		—		—			2.3				161.1
Insurance acquisition expenses	51.0		.2		.7			.8				52.7
Other underwriting expenses	55.3		—		.1			—				55.4
General and administrative expenses	3.6		.5		9.2			119.1			(3)	132.4
Amortization of intangible assets	.3		—		—			7.8				8.1
Interest expense	3.3		—		—			2.6				5.9
Total expenses	272.3		.7		10.0			132.6				415.6
Pre-tax (loss) income	$	38.2	$	7.3	$	(7.6	)	$	(26.4	)		$	11.5

				HG Global/BAM
Millions	OneBeacon			HG		BAM(1)			Other Operations				Total
Three Months Ended March 31, 2015
Earned insurance premiums	$	286.6		$	.5	$	.2		$	2.0			$	289.3
Net investment income	10.5			.4		1.0			.7				12.6
Net investment income (loss) - surplus note interest	—			4.0		(4.0		)	—				—
Net realized and unrealized investment losses	14.2			1.1		3.0			6.7				25.0
Other (loss) revenue	(3.1		)	—		.1			67.9			(2)	64.9
Total revenues	308.2			6.0		.3			77.3				391.8
Losses and LAE	165.9			—		—			2.0				167.9
Insurance acquisition expenses	51.0			.1		.8			1.1				53.0
Other underwriting expenses	55.9			—		.1			—				56.0
General and administrative expenses	3.8			.4		8.2			90.8			(3)	103.2
Amortization of intangible assets	.3			—		—			6.6				6.9
Interest expense	3.2			—		—			1.1				4.3
Total expenses	280.1			.5		9.1			101.6				391.3
Pre-tax income (loss)	$	28.1		$	5.5	$	(8.8	)	$	(24.3	)		$	.5

⁽¹⁾  BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes surplus notes and is not reduced by accruals of interest expense on the surplus notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the New York Department of Financial Services.

⁽²⁾ Includes $57.8 from Tranzact and $32.7 from MediaAlpha for the quarter ended March 31, 2016. and $37.5 from Tranzact and $29.7 from MediaAlpha for the year ended March 31, 2015.

⁽³⁾ Includes $48.4 from Tranzact and $30.5 from MediaAlpha for the quarter ended March 31, 2016, and $34.9 from Tranzact and $27.7 from MediaAlpha for the year ended March 31, 2015.