Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

The following tables present the financial information for White Mountains’s segments:


Millions	HG Global/ BAM		Ark		Kudu		Other Operations		Total
Three Months Ended September 30, 2022
Earned insurance premiums	$	7.1	$	346.1	$	—	$	—	$	353.2
Net investment income	5.7		4.9		14.8		8.5		33.9
Net realized and unrealized investment gains (losses)	(38.8)		(14.4)		41.1		(17.3)		(29.4)
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	—		—		—		(18.6)		(18.6)
Commission revenues	—		—		—		3.2		3.2

Other revenues	1.3		6.6		—		33.0		40.9
Total revenues	(24.7)		343.2		55.9		8.8		383.2

Loss and loss adjustment expenses	—		213.7		—		—		213.7
Insurance and reinsurance acquisition expenses	1.7		74.8		—		—		76.5

Cost of sales	—		—		—		25.0		25.0
General and administrative expenses	15.8		26.9		4.5		39.9		87.1


Amortization of other intangible assets	—		—		—		1.4		1.4

Interest expense	2.0		3.7		4.2		.6		10.5
Total expenses	19.5		319.1		8.7		66.9		414.2
Pre-tax income (loss) from continuing operations	$	(44.2)	$	24.1	$	47.2	$	(58.1)	$	(31.0)


Millions	HG Global/ BAM		Ark		Kudu		Other Operations		Total
Three Months Ended September 30, 2021
Earned insurance premiums	$	6.7	$	213.4	$	—	$	—	$	220.1
Net investment income	4.4		.6		9.5		5.0		19.5
Net realized and unrealized investment gains (losses)	(4.0)		.3		18.9		15.3		30.5
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	—		—		—		(396.8)		(396.8)
Commission revenues	—		—		—		2.4		2.4

Other revenues	.3		3.4		.1		28.1		31.9
Total revenues	7.4		217.7		28.5		(346.0)		(92.4)
Losses and loss adjustment expenses	—		129.2		—		—		129.2
Insurance and reinsurance acquisition expenses	3.0		53.7		—		—		56.7

Cost of sales	—		—		—		24.0		24.0
General and administrative expenses	12.4		21.8		3.3		14.4		51.9


Amortization of other intangible assets	—		—		—		2.0		2.0

Interest expense	—		2.1		1.9		.4		4.4
Total expenses	15.4		206.8		5.2		40.8		268.2
Pre-tax income (loss) from continuing operations	$	(8.0)	$	10.9	$	23.3	$	(386.8)	$	(360.6)


Millions	HG Global/ BAM		Ark		Kudu		Other Operations		Total
Nine Months Ended September 30, 2022
Earned insurance premiums	$	26.0	$	757.8	$	—	$	—	$	783.8
Net investment income	15.1		9.7		41.2		13.6		79.6
Net realized and unrealized investment gains (losses)	(114.0)		(76.5)		45.8		2.8		(141.9)
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	—		—		—		(113.3)		(113.3)
Commission revenues	—		—		—		8.7		8.7

Other revenues	3.7		10.1		—		89.6		103.4
Total revenues	(69.2)		701.1		87.0		1.4		720.3

Loss and loss adjustment expenses	—		456.2		—		—		456.2
Insurance and reinsurance acquisition expenses	9.5		174.9		—		—		184.4

Cost of sales	—		—		—		68.8		68.8
General and administrative expenses	49.5		79.8		10.2		118.9		258.4


Amortization of other intangible assets	—		—		.2		3.2		3.4

Interest expense	5.4		10.6		10.3		1.2		27.5
Total expenses	64.4		721.5		20.7		192.1		998.7
Pre-tax income (loss) from continuing operations	$	(133.6)	$	(20.4)	$	66.3	$	(190.7)	$	(278.4)


Millions	HG Global/ BAM		Ark		Kudu		Other Operations		Total
Nine Months Ended September 30, 2021
Earned insurance premiums	$	19.6	$	435.8	$	—	$	—	$	455.4
Net investment income	13.2		1.8		26.1		16.1		57.2
Net realized and unrealized investment gains (losses)	(15.6)		10.3		62.5		34.0		91.2
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	—		—		—		(325.5)		(325.5)
Commission revenues	—		—		—		7.0		7.0

Other revenues	.9		9.4		.2		57.6		68.1
Total revenues	18.1		457.3		88.8		(210.8)		353.4
Losses and loss adjustment expenses	—		247.8		—		—		247.8
Insurance and reinsurance acquisition expenses	6.5		124.4		—		—		130.9

Cost of sales	—		—		—		45.9		45.9
General and administrative expenses	42.7		84.4		9.0		79.4		215.5


Amortization of other intangible assets	—		—		.2		2.9		3.1

Interest expense	—		4.5		9.2		1.1		14.8
Total expenses	49.2		461.1		18.4		129.3		658.0
Pre-tax income (loss) from continuing operations	$	(31.1)	$	(3.8)	$	70.4	$	(340.1)	$	(304.6)