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Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Segment Reporting [Abstract]

Financial information for White Mountains' segments

he following tables present the financial information for White Mountains’s segments:



Millions		HG Global/BAM ⁽¹⁾				MediaAlpha				Other Operations				Total
Year Ended December 31, 2017
Earned insurance premiums		$	9.4			$	—			$	1.0			$	10.4
Net investment income		12.3				—				43.7				56.0
Net realized and unrealized investment gains		.6				—				132.7				133.3
Advertising and commission revenues ⁽²⁾		—				163.2				3.8				167.0
Other revenues		1.0				—				6.1				7.1
Total revenues		23.3				163.2				187.3				373.8
Losses and LAE		—				—				1.1				1.1
Insurance acquisition expenses		4.0				—				.1				4.1
Other underwriting expenses		.4				—				—				.4
Cost of sales		—				135.9				3.5				139.4
General and administrative expenses		42.9				26.7				149.1				218.7
Interest expense		—				1.0				1.3				2.3
Total expenses		47.3				163.6				155.1				366.0
Pre-tax (loss) income		$	(24.0	)		$	(.4	)		$	32.2			$	7.8


⁽¹⁾	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.


⁽²⁾	Approximately 27% of MediaAlpha’s advertising revenue was associated with one customer for the years ended December 31, 2017.



Millions		HG Global/BAM ⁽¹⁾				MediaAlpha				Other Operations				Total
Year Ended December 31, 2016
Earned insurance premiums		$	5.9			$	—			$	7.5			$	13.4
Net investment income		9.0				—				23.1				32.1
Net realized and unrealized investment gains (losses)		.7				—				(28.1		)		(27.4		)
Advertising and commission revenues⁽²⁾		—				116.5				1.8				118.3
Other revenues		1.1				—				20.2				21.3
Total revenues		16.7				116.5				24.5				157.7
Losses and LAE		—				—				8.0				8.0
Insurance acquisition expenses		3.4				—				2.2				5.6
Other underwriting expenses		.4				—				—				.4
Cost of sales		—				97.8				4.2				102.0
General and administrative expenses		39.6				21.9				124.5				186.0
Interest expense		—				.9				2.1				3.0
Total expenses		43.4				120.6				141.0				305.0
Pre-tax loss		$	(26.7	)		$	(4.1	)		$	(116.5	)		$	(147.3	)


⁽¹⁾	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.


⁽²⁾	Approximately 24% of MediaAlpha’s advertising revenue was associated with one customer for the years ended December 31, 2016.



Millions		HG Global/BAM ⁽¹⁾				MediaAlpha				Other Operations				Total
Year Ended December 31, 2015
Earned insurance premiums		$	3.3			$	—			$	8.7			$	12.0
Net investment income		6.1				—				4.8				10.9
Net realized and unrealized investment gains		.6				—				259.9			⁽²⁾	260.5
Advertising and commission revenues ⁽³⁾		—				105.5				1.9				107.4
Other revenues		.7				—				48.5				49.2
Total revenues		10.7				105.5				323.8				440.0
Losses and LAE		—				—				8.2				8.2
Insurance acquisition expenses		2.9				—				3.4				6.3
Other underwriting expenses		.4				—				—				.4
Cost of sales		—				90.7				2.9				93.6
General and administrative expenses		36.8				16.4				147.5				200.7
Interest expense		—				.4				1.2				1.6
Total expenses		40.1				107.5				163.2				310.8
Pre-tax (loss) income		$	(29.4	)		$	(2.0	)		$	160.6			$	129.2


⁽¹⁾	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.


⁽²⁾	Net realized and unrealized investment gains in the Other Operations segment includes the unrealized investment gain of $258.8 related to the investment in Symetra common shares, representing the difference between the carrying value under the equity method at November 5, 2015 and the fair value at December 31, 2015. See Note 14 — “Investments in Unconsolidated Affiliates”.


⁽³⁾	Approximately 52% of MediaAlpha’s advertising revenue was associated with three customers for the year ended December 31, 2015.




Selected Balance Sheet Data Millions		HG Global/BAM				MediaAlpha				Other Operations				Eliminations				Held for Sale				Total
December 31, 2017:
Total investments		$	693.4			$	—			$	2,687.3			$	—			$	—			$	3,380.7
Total assets		747.4			⁽¹⁾	96.5				3,039.9				(227.9		)		3.3				3,659.2
Total liabilities		394.9				59.8				71.6				(227.9		)		—				298.4
Total White Mountains’s common shareholders’ equity		499.8				23.6				2,965.8				—				3.3				3,492.5
Non-controlling interest		(147.3		)		13.1				2.5				—				—				(131.7		)
December 31, 2016:
Total investments		$	629.7			$	—			$	2,084.7			$	—			$	—			$	2,714.4
Assets held for sale		—				—				—				—				3,606.4				3,606.4
Total assets		677.6			⁽¹⁾	57.6				2,358.8				(180.2		)		3,606.4				6,520.2
Liabilities held for sale		—				—				—				—				2,569.3				2,569.3
Total liabilities		289.1				28.3				97.7				(180.2		)		2,569.3				2,804.2
Total White Mountains’s common shareholders’ equity		522.8				17.6				2,258.1				—				784.2				3,582.7
Non-controlling interest		(134.3		)		11.7				3.0				—				252.9				133.3

Schedule of selected balance sheet data by segment




Selected Balance Sheet Data Millions		HG Global/BAM				MediaAlpha				Other Operations				Eliminations				Held for Sale				Total
December 31, 2017:
Total investments		$	693.4			$	—			$	2,687.3			$	—			$	—			$	3,380.7
Total assets		747.4			⁽¹⁾	96.5				3,039.9				(227.9		)		3.3				3,659.2
Total liabilities		394.9				59.8				71.6				(227.9		)		—				298.4
Total White Mountains’s common shareholders’ equity		499.8				23.6				2,965.8				—				3.3				3,492.5
Non-controlling interest		(147.3		)		13.1				2.5				—				—				(131.7		)
December 31, 2016:
Total investments		$	629.7			$	—			$	2,084.7			$	—			$	—			$	2,714.4
Assets held for sale		—				—				—				—				3,606.4				3,606.4
Total assets		677.6			⁽¹⁾	57.6				2,358.8				(180.2		)		3,606.4				6,520.2
Liabilities held for sale		—				—				—				—				2,569.3				2,569.3
Total liabilities		289.1				28.3				97.7				(180.2		)		2,569.3				2,804.2
Total White Mountains’s common shareholders’ equity		522.8				17.6				2,258.1				—				784.2				3,582.7
Non-controlling interest		(134.3		)		11.7				3.0				—				252.9				133.3


⁽¹⁾	As of December 2017 and 2016,BAM’s total assets reflect the elimination of $499.0 and $503.0 of BAM Surplus Notes issued to HG Global and its subsidiaries, and $126.0 and $108.0 in accrued interest related to the BAM Surplus Notes.