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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Earned insurance premiums $ 353.2 $ 220.1 $ 783.8 $ 455.4
Net investment income 33.9 19.5 79.6 57.2
Net realized and unrealized investment gains (losses) (29.4) 30.5 (141.9) 91.2
Net realized and unrealized investment gains (losses) from investment in MediaAlpha (18.6) (396.8) (113.3) (325.5)
Commission revenues 3.2 2.4 8.7 7.0
Other revenues 40.9 31.9 103.4 68.1
Total revenues 383.2 (92.4) 720.3 353.4
Expenses:        
Loss and loss adjustment expenses 213.7 129.2 456.2 247.8
Insurance and reinsurance acquisition expenses 76.5 56.7 184.4 130.9
Cost of sales 25.0 24.0 68.8 45.9
General and administrative expenses 87.1 51.9 258.4 215.5
Amortization of other intangible assets 1.4 2.0 3.4 3.1
Interest expense 10.5 4.4 27.5 14.8
Total expenses 414.2 268.2 998.7 658.0
Pre-tax income (loss) from continuing operations (31.0) (360.6) (278.4) (304.6)
Income tax (expense) benefit 7.4 (28.6) 26.1 (52.2)
Net income (loss) from continuing operations (23.6) (389.2) (252.3) (356.8)
Net income (loss) from discontinued operations, net of tax - NSM Group 6.3 5.3 16.4 (23.8)
Net gain (loss) from sale of discontinued operations, net of tax     886.8 18.7
Net income (loss) 869.5 (383.9) 650.9 (361.9)
Net (income) loss attributable to non-controlling interests 18.7 12.5 101.5 53.7
Net income (loss) attributable to White Mountains’s common shareholders 888.2 (371.4) 752.4 (308.2)
Sirius Group        
Expenses:        
Net gain (loss) from sale of discontinued operations, net of tax 0.0 0.0 0.0 18.7
NSM Insurance Group        
Expenses:        
Net gain (loss) from sale of discontinued operations, net of tax 886.8 0.0 886.8 0.0
Financial Guarantee (HG Global/BAM)        
Revenues:        
Earned insurance premiums 7.1 6.7 26.0 19.6
Net investment income 5.7 4.4 15.1 13.2
Net realized and unrealized investment gains (losses) (38.8) (4.0) (114.0) (15.6)
Net realized and unrealized investment gains (losses) from investment in MediaAlpha 0.0 0.0 0.0 0.0
Commission revenues 0.0 0.0 0.0 0.0
Other revenues 1.3 0.3 3.7 0.9
Total revenues (24.7) 7.4 (69.2) 18.1
Expenses:        
Loss and loss adjustment expenses 0.0 0.0 0.0 0.0
Insurance and reinsurance acquisition expenses 1.7 3.0 9.5 6.5
Cost of sales 0.0 0.0 0.0 0.0
General and administrative expenses 15.8 12.4 49.5 42.7
Amortization of other intangible assets 0.0 0.0 0.0 0.0
Interest expense 2.0 0.0 5.4 0.0
Total expenses 19.5 15.4 64.4 49.2
Pre-tax income (loss) from continuing operations (44.2) (8.0) (133.6) (31.1)
P&C Insurance and Reinsurance (Ark)        
Revenues:        
Earned insurance premiums 346.1 213.4 757.8 435.8
Net investment income 4.9 0.6 9.7 1.8
Net realized and unrealized investment gains (losses) (14.4) 0.3 (76.5) 10.3
Net realized and unrealized investment gains (losses) from investment in MediaAlpha 0.0 0.0 0.0 0.0
Commission revenues 0.0 0.0 0.0 0.0
Other revenues 6.6 3.4 10.1 9.4
Total revenues 343.2 217.7 701.1 457.3
Expenses:        
Loss and loss adjustment expenses 213.7 129.2 456.2 247.8
Insurance and reinsurance acquisition expenses 74.8 53.7 174.9 124.4
Cost of sales 0.0 0.0 0.0 0.0
General and administrative expenses 26.9 21.8 79.8 84.4
Amortization of other intangible assets 0.0 0.0 0.0 0.0
Interest expense 3.7 2.1 10.6 4.5
Total expenses 319.1 206.8 721.5 461.1
Pre-tax income (loss) from continuing operations 24.1 10.9 (20.4) (3.8)
Asset Management (Kudu)        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 14.8 9.5 41.2 26.1
Net realized and unrealized investment gains (losses) 41.1 18.9 45.8 62.5
Net realized and unrealized investment gains (losses) from investment in MediaAlpha 0.0 0.0 0.0 0.0
Commission revenues 0.0 0.0 0.0 0.0
Other revenues 0.0 0.1 0.0 0.2
Total revenues 55.9 28.5 87.0 88.8
Expenses:        
Loss and loss adjustment expenses 0.0 0.0 0.0 0.0
Insurance and reinsurance acquisition expenses 0.0 0.0 0.0 0.0
Cost of sales 0.0 0.0 0.0 0.0
General and administrative expenses 4.5 3.3 10.2 9.0
Amortization of other intangible assets 0.0 0.0 0.2 0.2
Interest expense 4.2 1.9 10.3 9.2
Total expenses 8.7 5.2 20.7 18.4
Pre-tax income (loss) from continuing operations 47.2 23.3 66.3 70.4
Other Operations        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 8.5 5.0 13.6 16.1
Net realized and unrealized investment gains (losses) (17.3) 15.3 2.8 34.0
Net realized and unrealized investment gains (losses) from investment in MediaAlpha (18.6) (396.8) (113.3) (325.5)
Commission revenues 3.2 2.4 8.7 7.0
Other revenues 33.0 28.1 89.6 57.6
Total revenues 8.8 (346.0) 1.4 (210.8)
Expenses:        
Loss and loss adjustment expenses 0.0 0.0 0.0 0.0
Insurance and reinsurance acquisition expenses 0.0 0.0 0.0 0.0
Cost of sales 25.0 24.0 68.8 45.9
General and administrative expenses 39.9 14.4 118.9 79.4
Amortization of other intangible assets 1.4 2.0 3.2 2.9
Interest expense 0.6 0.4 1.2 1.1
Total expenses 66.9 40.8 192.1 129.3
Pre-tax income (loss) from continuing operations $ (58.1) $ (386.8) $ (190.7) $ (340.1)