Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Financial Information for White Mountains' Segments

in. The following tables present the financial information for White Mountains’s segments for the three and nine months ended September 30, 2020 and 2019:

Millions	HG Global/ BAM			NSM			Kudu		Other Operations		Total
Three Months Ended September 30, 2020
Earned insurance premiums	$	6.2		$	—		$	—	$	—	$	6.2
Net investment income	4.7			—			6.4		60.1		71.2
Net realized and unrealized investment gains	3.2			—			9.8		293.6		306.6
Advertising and commission revenues	—			58.2			—		2.1		60.3
Other revenue	.4			12.5			.1		2.2		15.2
Total revenues	14.5			70.7			16.3		358.0		459.5
Insurance acquisition expenses	1.6			—			—		—		1.6
Other underwriting expenses	.1			—			—		—		.1
Cost of sales	—			—			—		2.3		2.3
General and administrative expenses	13.9			42.9			2.2		44.3		103.3
Broker commission expense	—			17.1			—		—		17.1
Change in fair value of contingent consideration earnout liabilities	—			.7			—		—		.7
Amortization of other intangible assets	—			5.1			.1		.2		5.4
Interest expense	—			6.1			1.4		.3		7.8
Total expenses	15.6			71.9			3.7		47.1		138.3
Pre-tax (loss) income	$	(1.1	)	$	(1.2	)	$	12.6	$	310.9	$	321.2

Millions	HG Global/ BAM		NSM			Kudu		Other Operations		Total
Nine Months Ended September 30, 2020
Earned insurance premiums	$	17.2	$	—		$	—	$	—	$	17.2
Net investment income	15.1		—			19.3		79.3		113.7
Net realized and unrealized investment gains	23.7		—			1.5		277.6		302.8
Advertising and commission revenues	—		174.2			—		6.1		180.3
Other revenue	2.1		37.6			.2		6.0		45.9
Total revenues	58.1		211.8			21.0		369.0		659.9
Insurance acquisition expenses	5.4		—			—		—		5.4
Other underwriting expenses	.3		—			—		—		.3
Cost of sales	—		—			—		6.5		6.5
General and administrative expenses	41.1		131.0			7.5		87.1		266.7
Broker commission expense	—		56.4			—		—		56.4
Change in fair value of contingent consideration earnout liabilities	—		(1.6		)	—		—		(1.6		)
Amortization of other intangible assets	—		16.2			.3		.6		17.1
Interest expense	—		16.1			4.3		.8		21.2
Total expenses	46.8		218.1			12.1		95.0		372.0
Pre-tax income (loss)	$	11.3	$	(6.3	)	$	8.9	$	274.0	$	287.9

Millions	HG Global/BAM		NSM			Kudu		Other Operations		Total
Three Months Ended September 30, 2019
Earned insurance premiums	$	5.2	$	—		$	—	$	—	$	5.2
Net investment income	5.4		—			4.6		8.4		18.4
Net realized and unrealized investment gains	7.1		—			2.7		57.2		67.0
Advertising and commission revenues	—		49.4			—		1.9		51.3
Other revenue	.3		10.5			.2		2.6		13.6
Total revenues	18.0		59.9			7.5		70.1		155.5
Insurance acquisition expenses	1.4		—			—		—		1.4
Other underwriting expenses	.1		—			—		—		.1
Cost of sales	—		—			—		2.3		2.3
General and administrative expenses	12.5		33.3			4.5		27.7		78.0
Broker commission expense	—		15.3			—		—		15.3
Change in fair value of contingent consideration earnout liabilities	—		(2.0		)	—		—		(2.0		)
Amortization of other intangible assets	—		4.4			.2		—		4.6
Interest expense	—		4.4			—		.3		4.7
Total expenses	14.0		55.4			4.7		30.3		104.4
Pre-tax income	$	4.0	$	4.5		$	2.8	$	39.8	$	51.1

Millions	HG Global/ BAM		NSM		Kudu (1)		MediaAlpha (2)			Other Operations		Total
Nine Months Ended September 30, 2019
Earned insurance premiums	$	13.7	$	—	$	—	$	—		$	—	$	13.7
Net investment income	16.1		—		8.6		—			30.7		55.4
Net realized and unrealized investment gains	30.4		—		3.1		—			199.6		233.1
Realized gain and unrealized investment gain    from the MediaAlpha Transaction	—		—		—		—			182.2		182.2
Advertising and commission revenues	—		147.6		—		48.8			4.5		200.9
Other revenue	1.3		27.7		.2		—			3.6		32.8
Total revenues	61.5		175.3		11.9		48.8			420.6		718.1
Insurance acquisition expenses	4.1		—		—		—			—		4.1
Other underwriting expenses	.3		—		—		—			—		.3
Cost of sales	—		—		—		40.6			5.0		45.6
General and administrative expenses	39.1		91.4		6.7		12.5			87.2		236.9
Broker commission expense	—		48.9		—		—			—		48.9
Change in fair value of contingent      consideration earnout liabilities	—		5.6		—		—			—		5.6
Amortization of other intangible assets	—		13.5		.2		1.6			.1		15.4
Interest expense	—		12.2		—		.2			.3		12.7
Total expenses	43.5		171.6		6.9		54.9			92.6		369.5
Pre-tax income (loss)	$	18.0	$	3.7	$	5.0	$	(6.1	)	$	328.0	$	348.6

⁽¹⁾ Kudu's results are from April 4, 2019, the date White Mountains began consolidating Kudu, to September 30, 2019.

⁽²⁾ MediaAlpha’s results are from January 1, 2019 to February 26, 2019, the date of the MediaAlpha Transaction.

Schedule of 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 September 30, 2020 and 2019:

Millions	HG Global/BAM		NSM		Kudu		Other Operations		Total
Three Months Ended September 30, 2020
Commission and other revenue
Specialty Transportation	$	—	$	21.9	$	—	$	—	$	21.9
Real Estate	—		6.0		—		—		6.0
Social Services	—		8.6		—		—		8.6
Pet	—		14.7		—		—		14.7
United Kingdom	—		13.9		—		—		13.9
Other	—		5.6		—		2.1		7.7
Total commission and other revenue	—		70.7		—		2.1		72.8
Product revenues	—		—		—		2.0		2.0
Revenues from contracts with customers	—		70.7		—		4.1		74.8
Other revenues (1)	14.5		—		16.3		353.9		384.7
Total revenues	$	14.5	$	70.7	$	16.3	$	358.0	$	459.5

⁽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		Kudu		Other Operations		Total
Nine Months Ended September 30, 2020
Commission and other revenue
Specialty Transportation	$	—	$	66.1	$	—	$	—	$	66.1
Real Estate	—		32.7		—		—		32.7
Social Services	—		22.2		—		—		22.2
Pet	—		39.8		—		—		39.8
United Kingdom (2)	—		36.3		—		—		36.3
Other	—		14.7		—		6.1		20.8
Total commission and other revenue	—		211.8		—		6.1		217.9
Product revenues	—		—		—		6.4		6.4
Revenues from contracts with customers	—		211.8		—		12.5		224.3
Other revenues (1)	58.1		—		21.0		356.5		435.6
Total revenues	$	58.1	$	211.8	$	21.0	$	369.0	$	659.9

⁽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⁾ Includes the results of Kingsbridge from April 7, 2020, the date of the Kingsbridge transaction.

Millions	HG Global/BAM		NSM		Kudu		Other Operations		Total
Three Months Ended September 30, 2019
Commission and other revenue
Specialty Transportation	$	—	$	20.6	$	—	$	—	$	20.6
Real Estate	—		4.9		—		—		4.9
Social Services	—		7.4		—		—		7.4
Pet	—		10.4		—		—		10.4
United Kingdom	—		11.2		—		—		11.2
Other	—		5.4		—		1.9		7.3
Total commission and other revenue	—		59.9		—		1.9		61.8
Products	—		—		—		2.5		2.5
Total revenues from contracts with   customers	—		59.9		—		4.4		64.3
Other revenues (1)	18.0		—		7.5		65.7		91.2
Total revenues	$	18.0	$	59.9	$	7.5	$	70.1	$	155.5

⁽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		Kudu		MediaAlpha		Other Operations		Total
Nine Months Ended September 30, 2019
Commission and other revenue
Specialty Transportation	$	—	$	60.3	$	—	$	—	$	—	$	60.3
Real Estate	—		25.4		—		—		—		25.4
Social Services	—		19.7		—		—		—		19.7
Pet	—		19.9		—		—		—		19.9
United Kingdom	—		35.5		—		—		—		35.5
Other	—		14.5		—		—		4.5		19.0
Total commission and other revenue	—		175.3		—		—		4.5		179.8
Advertising revenues	—		—		—		48.8		—		48.8
Revenues from contracts with customers	—		175.3		—		48.8		4.5		228.6
Products	—		—		—		—		3.1		3.1
Total revenues from contracts with   customers	—		175.3		—		48.8		7.6		231.7
Other revenues (1)	61.5		—		11.9		—		413.0		486.4
Total revenues	$	61.5	$	175.3	$	11.9	$	48.8	$	420.6	$	718.1

⁽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.