Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

The following table presents the financial information for White Mountains’s segments:



Millions	HG Global/ BAM		NSM			MediaAlpha ⁽¹⁾			Other Operations		Total
Three Months Ended March 31, 2019
Earned insurance premiums	$	4.2	$	—		$	—		$	—	$	4.2
Net investment income	5.3		—			—			10.7		16.0
Net realized and unrealized investment gains	11.8		—			—			119.1		130.9
Realized and unrealized gains from the MediaAlpha Transaction	—		—			—			182.2		182.2
Advertising and commission revenues ⁽¹⁾	—		43.3			48.8			1.3		93.4
Other revenue	.6		6.0			—			.3		6.9
Total revenues	21.9		49.3			48.8			313.6		433.6
Insurance acquisition expenses	1.3		—			—			—		1.3
Cost of sales	—		—			40.6			1.1		41.7
General and administrative expenses	14.4		25.1			12.5			29.4		81.4
Broker commission expense	—		15.7			—			—		15.7
Change in fair value of contingent consideration earnout liabilities	—		1.3			—			—		1.3
Amortization of other intangible assets	—		5.0			1.6			—		6.6
Interest expense	—		3.7			.2			—		3.9
Total expenses	15.7		50.8			54.9			30.5		151.9
Pre-tax income (loss)	$	6.2	$	(1.5	)	$	(6.1	)	$	283.1	$	281.7

⁽¹⁾ MediaAlpha’s results are from January 1, 2019 to February 26, 2019, the date of the MediaAlpha Transaction.



Millions	HG Global/BAM			MediaAlpha			Other Operations			Total
Three Months Ended March 31, 2018
Earned insurance premiums	$	3.0		$	—		$	—		$	3.0
Net investment income	3.7			—			16.0			19.7
Net realized and unrealized investment losses	(7.9		)	—			(45.8		)	(53.7		)
Advertising and commission revenues ⁽¹⁾	—			70.1			.9			71.0
Other revenue	.2			1.6			.3			2.1
Total revenues	(1.0		)	71.7			(28.6		)	42.1
Insurance acquisition expenses	1.4			—			—			1.4
Cost of sales	—			57.4			.7			58.1
General and administrative expenses	11.9			11.2			22.0			45.1
Amortization of other intangible assets	—			2.9			—			2.9
Interest expense	—			.4			.2			.6
Total expenses	13.3			71.9			22.9			108.1
Pre-tax loss	$	(14.3	)	$	(.2	)	$	(51.5	)	$	(66.0	)

⁽¹⁾

Approximately 31% of MediaAlpha’s advertising revenue for the three months ended March 31, 2018 was associated with one customer.