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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Net investment income $ 21.0 $ 11.8 $ 37.0 $ 31.5
Net realized and unrealized investment gains (losses)     280.8 (43.2)
Total revenues 129.0 122.3 562.6 164.4
Expenses:        
Broker commission expense   6.6   6.6
Amortization of other intangible assets 4.2 0.0 10.8  
Total expenses 113.2 134.7 265.1 242.8
Pre-tax income (loss) from continuing operations 15.8 (12.4) 297.5 (78.4)
Income tax benefit (expense) 0.1 (2.5) (10.1) (3.2)
Net income (loss) from continuing operations 15.9 (14.9) 287.4 (81.6)
Net gain from sale of discontinued operations, net of tax 0.0 0.0 0.7 0.1
Net income (loss) 15.9 (14.9) 288.1 (81.5)
Net loss attributable to non-controlling interests 4.6 18.4 16.8 37.0
Net income (loss) attributable to White Mountains’s common shareholders 20.5 3.5 304.9 (44.5)
HG Global-BAM        
Revenues:        
Earned insurance premiums 4.3 3.4 8.5 6.4
Net investment income 5.4 4.0 10.7 7.7
Net realized and unrealized investment gains (losses) 11.5 (2.4) 23.3 (10.3)
Commission revenues 0.0 0.0 0.0 0.0
Other revenue 0.4 0.4 1.0 0.6
Total revenues 21.6 5.4 43.5 4.4
Expenses:        
Insurance acquisition expenses 1.4 1.3 2.7 2.7
Other underwriting expenses 0.1 0.1 0.2 0.2
General and administrative expenses 12.3 13.4 26.6 25.2
Broker commission expense 0.0   0.0  
Change in fair value of contingent consideration earnout liabilities 0.0   0.0  
Cost of sales 0.0 0.0 0.0 0.0
Amortization of other intangible assets 0.0 0.0 0.0 0.0
Interest expense 0.0 0.0 0.0 0.0
Total expenses 13.8 14.8 29.5 28.1
Pre-tax income (loss) from continuing operations 7.8 (9.4) 14.0 (23.7)
NSM Holding Co LLC        
Revenues:        
Earned insurance premiums 0.0   0.0  
Net investment income 0.0   0.0  
Net realized and unrealized investment gains (losses) 0.0   0.0  
Commission revenues 54.9 22.6 98.2 22.6
Other revenue 11.2 0.9 17.2 0.9
Total revenues 66.1 23.5 115.4 23.5
Expenses:        
Insurance acquisition expenses 0.0   0.0  
Other underwriting expenses 0.0   0.0  
General and administrative expenses 32.7 12.1 57.8 12.1
Broker commission expense 18.2 6.6 33.9 6.6
Change in fair value of contingent consideration earnout liabilities 6.3 0.0 7.6 0.0
Cost of sales 0.0   0.0  
Amortization of other intangible assets 4.1 0.0 9.1 0.0
Interest expense 4.1 1.6 7.8 1.6
Total expenses 65.4 20.3 116.2 20.3
Pre-tax income (loss) from continuing operations 0.7   (0.8) 3.2
Kudu Investment Management, LLC        
Revenues:        
Earned insurance premiums 0.0      
Net investment income 4.0 0.0 4.0 0.0
Net realized and unrealized investment gains (losses) 0.4 0.0 0.4 0.0
Commission revenues 0.0      
Other revenue 0.0   0.0  
Total revenues 4.4 0.0 4.4 0.0
Expenses:        
Insurance acquisition expenses 0.0      
Other underwriting expenses 0.0      
General and administrative expenses 2.2 0.0 2.2 0.0
Broker commission expense 0.0      
Change in fair value of contingent consideration earnout liabilities 0.0      
Cost of sales 0.0      
Amortization of other intangible assets 0.0      
Total expenses 2.2 0.0 2.2 0.0
Pre-tax income (loss) from continuing operations 2.2   2.2  
MediaAlpha        
Revenues:        
Earned insurance premiums   0.0 0.0 0.0
Net investment income   0.0 0.0 0.0
Net realized and unrealized investment gains (losses)   0.0 0.0 0.0
Commission revenues 0.0 71.8 48.8 141.9
Other revenue 0.0 0.0 0.0 1.6
Total revenues 0.0 71.8 48.8 143.5
Expenses:        
Insurance acquisition expenses   0.0 0.0 0.0
Other underwriting expenses   0.0 0.0 0.0
General and administrative expenses 0.0 4.6 12.5 15.8
Broker commission expense     0.0  
Change in fair value of contingent consideration earnout liabilities     0.0  
Cost of sales 0.0 59.9 40.6 117.3
Amortization of other intangible assets 0.0 2.5 1.6 5.4
Interest expense 0.0 0.3 0.2 0.7
Total expenses 0.0 67.3 54.9 139.2
Pre-tax income (loss) from continuing operations   4.5 (6.1) 4.3
Other Segment        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 11.6 7.8 22.3 23.8
Net realized and unrealized investment gains (losses) 23.3 12.9 142.4 (32.9)
Realized and unrealized gains from the MediaAlpha Transaction       0.0
Commission revenues 1.3 1.0 2.6 1.9
Other revenue 0.7 (0.1) 1.0 0.2
Total revenues 36.9 21.6 350.5 (7.0)
Expenses:        
Insurance acquisition expenses 0.0   0.0  
Other underwriting expenses 0.0   0.0  
General and administrative expenses 30.1 31.0 59.5 53.0
Broker commission expense 0.0   0.0  
Change in fair value of contingent consideration earnout liabilities 0.0   0.0  
Cost of sales 1.6 1.1 2.7 1.8
Amortization of other intangible assets 0.1 0.1 0.1 0.1
Interest expense 0.0 0.1 0.0 0.3
Total expenses 31.8 32.3 62.3 55.2
Pre-tax income (loss) from continuing operations 5.1 (10.7) 288.2 (62.2)
Discontinued Operations        
Expenses:        
Net income (loss) attributable to White Mountains’s common shareholders $ 20.5 $ 3.5 304.9 (44.5)
Swedish Tax Authority | Discontinued Operations | Sirius Group        
Expenses:        
Net gain from sale of discontinued operations, net of tax       $ 0.1
MediaAlpha | HG Global-BAM        
Revenues:        
Realized and unrealized gains from the MediaAlpha Transaction     0.0  
MediaAlpha | NSM Holding Co LLC        
Revenues:        
Realized and unrealized gains from the MediaAlpha Transaction     0.0  
MediaAlpha | Other Segment        
Revenues:        
Realized and unrealized gains from the MediaAlpha Transaction     $ 182.2