Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Financial information for White Mountains' segments

in. The following tables present the financial information for White Mountains’s segments for the three months ended March 31, 2020 and 2019:



Millions	HG Global/ BAM		NSM			Kudu			Other Operations			Total
Three Months Ended March 31, 2020
Earned insurance premiums	$	5.4	$	—		$	—		$	—		$	5.4
Net investment income	5.5		—			7.3			10.1			22.9
Net realized and unrealized investment gains (loss)	6.1		—			(24.8		)	(138.0		)	(156.7		)
Advertising and commission revenues	—		53.0			—			2.1			55.1
Other revenue	.5		12.0			.1			1.5			14.1
Total revenues	17.5		65.0			(17.4		)	(124.3		)	(59.2		)
Insurance acquisition expenses	1.7		—			—			—			1.7
Cost of sales	—		—			—			2.0			2.0
General and administrative expenses	14.7		39.6			2.5			17.5			74.3
Broker commission expense	—		18.3			—			—			18.3
Change in fair value of contingent consideration earnout liabilities	—		(.6		)	—			—			(.6		)
Amortization of other intangible assets	—		4.8			.1			.2			5.1
Interest expense	—		4.3			1.4			.3			6.0
Total expenses	16.4		66.4			4.0			20.0			106.8
Pre-tax income (loss)	$	1.1	$	(1.4	)	$	(21.4	)	$	(144.3	)	$	(166.0	)



Millions	HG Global/BAM		NSM			MediaAlpha			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		25.3			12.5			29.4		81.6
Broker commission expense	—		15.5			—			—		15.5
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.

Reconciliation of Revenue from Segments to Consolidated

In compliance with ASC 606, Revenues from Contracts with Customers, the following tables present White Mountains’s total revenues by revenue source for the three months ended March 31, 2020 and 2019:



Millions	HG Global/BAM		NSM		Kudu			Other Operations			Total
Three Months Ended March 31, 2020
Commission and other revenue
Specialty Transportation	$	—	$	20.3	$	—		$	—		$	20.3
Real Estate	—		11.3		—			—			11.3
Social Services	—		6.3		—			—			6.3
Pet	—		11.8		—			—			11.8
United Kingdom	—		10.0		—			—			10.0
Other	—		5.3		—			1.4			6.7
Total commission and other revenue	—		65.0		—			1.4			66.4
Product revenues	—		—		—			2.1			—
Revenues from contracts with customers	—		65.0		—			3.5			68.5
Other revenues⁽¹⁾	17.5		—		(17.4		)	(127.8		)	(127.7		)
Total revenues	$	17.5	$	65.0	$	(17.4	)	$	(124.3	)	$	(59.2	)


⁽¹⁾	Other revenues consist of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.



Millions	HG Global/BAM		NSM		MediaAlpha ⁽²⁾		Other Operations		Total
Three Months Ended March 31, 2019
Commission and other revenue
Specialty Transportation	$	—	$	17.9	$	—	$	—	$	17.9
Real Estate	—		9.0		—		—		9.0
Social Services	—		5.8		—		—		5.8
United Kingdom	—		12.1		—		—		12.1
Other	—		4.5		—		1.3		5.8
Total commission and other revenue	—		49.3		—		1.3		50.6
Advertising revenues	—		—		48.8		—		48.8
Revenues from contracts with customers	—		49.3		48.8		1.3		99.4
Other revenues⁽¹⁾	21.9		—		—		312.3		334.2
Total revenues	$	21.9	$	49.3	$	48.8	$	313.6	$	433.6


⁽¹⁾	Other revenues consist of premiums, investment income, investment gains and losses and other revenues outside the scope of ASC 606, Revenues from Contracts with Customers.

⁽²⁾

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