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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues:    
Earned insurance premiums $ 262.8 $ 202.8
Net investment income 39.0 20.6
Net realized and unrealized investment gains (losses) 112.9 (8.4)
Net realized and unrealized investment gains (losses) from investment in MediaAlpha 85.2 18.8
Commission revenues 3.3 2.9
Other revenues 28.7 23.7
Total revenues 531.9 260.4
Expenses:    
Loss and loss adjustment expenses 147.8 122.0
Acquisition expenses 62.5 52.9
Cost of sales 13.9 21.4
General and administrative expenses 96.0 69.9
Change in fair value of contingent consideration (2.4) 2.1
Interest expense 15.0 6.9
Total expenses 332.8 275.2
Net income (loss) from continuing operations 187.2 (12.1)
Net income (loss) from discontinued operations, net of tax 0.0 3.7
Net income (loss) 187.2 (8.4)
Net (income) loss attributable to noncontrolling interests (7.7) 41.8
Net income (loss) attributable to White Mountains’s common shareholders 179.5 33.4
Pre-tax income (loss) from continuing operations 199.1 (14.8)
Income tax (expense) benefit (11.9) 2.7
Financial Guarantee (HG Global/BAM)    
Revenues:    
Earned insurance premiums 7.7 8.4
Net investment income 7.2 4.6
Net realized and unrealized investment gains (losses) 17.0 (45.1)
Other revenues 0.8 0.8
Total revenues 32.7 (31.3)
Expenses:    
Acquisition expenses 2.7 3.0
General and administrative expenses 17.3 16.3
Interest expense 4.5 0.0
Total expenses 24.5 19.3
P&C Insurance and Reinsurance (Ark/WM Outrigger)    
Revenues:    
Earned insurance premiums 255.1 194.4
Net investment income 10.6 1.6
Net realized and unrealized investment gains (losses) 24.5 (17.5)
Net realized and unrealized investment gains (losses) from investment in MediaAlpha   0.0
Commission revenues   0.0
Other revenues (2.7) (2.8)
Total revenues 287.5 175.7
Expenses:    
Loss and loss adjustment expenses 147.8 122.0
Acquisition expenses 59.8 49.9
Cost of sales   0.0
General and administrative expenses 35.2 21.0
Change in fair value of contingent consideration (2.4) 2.1
Interest expense 5.0 3.8
Total expenses 245.4 198.8
Pre-tax income (loss) from continuing operations   (23.1)
Asset Management (Kudu)    
Revenues:    
Earned insurance premiums 0.0 0.0
Net investment income 14.2 12.6
Net realized and unrealized investment gains (losses) 29.6 22.3
Net realized and unrealized investment gains (losses) from investment in MediaAlpha 0.0 0.0
Commission revenues 0.0 0.0
Other revenues 0.0 0.0
Total revenues 43.8 34.9
Expenses:    
Loss and loss adjustment expenses 0.0 0.0
Acquisition expenses 0.0 0.0
Cost of sales 0.0 0.0
General and administrative expenses 3.8 2.8
Change in fair value of contingent consideration 0.0 0.0
Interest expense 4.7 2.8
Total expenses 8.5 5.6
Pre-tax income (loss) from continuing operations 35.3 29.3
Other Operations    
Revenues:    
Earned insurance premiums 0.0 0.0
Net investment income 7.0 1.8
Net realized and unrealized investment gains (losses) 41.8 31.9
Net realized and unrealized investment gains (losses) from investment in MediaAlpha 85.2 18.8
Commission revenues 3.3 2.9
Other revenues 30.6 25.7
Total revenues 167.9 81.1
Expenses:    
Loss and loss adjustment expenses 0.0 0.0
Acquisition expenses 0.0 0.0
Cost of sales 13.9 21.4
General and administrative expenses 39.7 29.8
Change in fair value of contingent consideration 0.0 0.0
Interest expense 0.8 0.3
Total expenses 54.4 51.5
Pre-tax income (loss) from continuing operations $ 113.5 $ 29.6