Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Financial Information for White Mountains' Segments

The following tables present the financial information for White Mountains’s segments for the three and six months ended June 30, 2023 and 2022:

	HG Global/BAM				Ark/WM Outrigger						Other Operations		Total
Millions	HG Global		BAM (1)		Ark		WM Outrigger Re		Kudu
Three Months Ended June 30, 2023
Earned insurance premiums	$	6.4	$	1.3	$	283.7	$	9.6	$	—	$	—	$	301.0
Net investment income	4.1		3.5		11.2		2.5		14.7		7.0		43.0
Net investment income (expense) - BAM    Surplus Note interest	6.5		(6.5)		—		—		—		—		—
Net realized and unrealized investment gains (losses)	(5.7)		(4.2)		18.0		—		4.6		76.0		88.7
Net realized and unrealized investment gains    (losses) from investment in MediaAlpha	—		—		—		—		—		(77.3)		(77.3)
Commission revenues	—		—		—		—		—		3.2		3.2
Other revenues	—		.5		(2.0)		—		—		21.3		19.8
Total revenues	11.3		(5.4)		310.9		12.1		19.3		30.2		378.4
Loss and loss adjustment expenses	—		—		167.1		.4		—		—		167.5
Acquisition expenses	1.8		(.3)		59.4		2.0		—		—		62.9
Cost of sales	—		—		—		—		—		11.6		11.6
General and administrative expenses	.3		14.6		34.9		—		4.0		48.8		102.6
Change in fair value of contingent consideration	—		—		2.2		—		—		—		2.2
Interest expense	2.5		—		5.2		—		5.3		1.2		14.2
Total expenses	4.6		14.3		268.8		2.4		9.3		61.6		361.0
Pre-tax income (loss) from continuing operations	$	6.7	$	(19.7)	$	42.1	$	9.7	$	10.0	$	(31.4)	$	17.4

(1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM Surplus Notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the NYDFS.

	HG Global/BAM				Ark/WM Outrigger				Other Operations
Millions	HG Global		BAM (1)		Ark		Kudu				Total
Three Months Ended June 30, 2022
Earned insurance premiums	$	8.7	$	1.8	$	217.3	$	—	$	—	$	227.8
Net investment income	2.2		2.6		3.2		13.8		3.3		25.1
Net investment income (expense) - BAM    Surplus Note interest	3.0		(3.0)		—		—		—		—
Net realized and unrealized investment gains (losses)	(14.7)		(15.4)		(44.6)		(17.6)		(11.8)		(104.1)
Net realized and unrealized investment gains   (losses) from investment in MediaAlpha	—		—		—		—		(113.5)		(113.5)
Commission revenues	—		—		—		—		2.6		2.6
Other revenues	.1		1.5		6.3		—		30.9		38.8
Total revenues	(.7)		(12.5)		182.2		(3.8)		(88.5)		76.7
Losses and loss adjustment expenses	—		—		120.5		—		—		120.5
Acquisition expenses	3.4		1.4		50.2		—		—		55.0
Cost of sales	—		—		—		—		22.4		22.4
General and administrative expenses	.8		16.6		29.7		3.1		51.0		101.2
Change in fair value of contingent consideration	—		—		.1		—		—		.1
Interest expense	3.4		—		3.1		3.3		.3		10.1
Total expenses	7.6		18.0		203.6		6.4		73.7		309.3
Pre-tax income (loss) from continuing operations	$	(8.3)	$	(30.5)	$	(21.4)	$	(10.2)	$	(162.2)	$	(232.6)

(1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM Surplus Notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the NYDFS.

	HG Global/BAM				Ark/WM Outrigger						Other Operations
Millions	HG Global		BAM (1)		Ark		WM Outrigger Re		Kudu				Total
Six Months Ended June 30, 2023
Earned insurance premiums	$	12.8	$	2.6	$	533.6	$	14.8	$	—	$	—	$	563.8
Net investment income	8.1		6.7		19.6		4.7		28.9		14.0		82.0
Net investment income (expense) -   BAM Surplus Note interest	13.1		(13.1)		—		—		—		—		—
Net realized and unrealized investment    gains (losses)	2.2		4.9		42.5		—		34.2		117.8		201.6
Net realized and unrealized investment gains    (losses) from investment in MediaAlpha	—		—		—		—		—		7.9		7.9
Commission revenues	—		—		—		—		—		6.5		6.5
Other revenues	—		1.3		(4.7)		—		—		51.9		48.5
Total revenues	36.2		2.4		591.0		19.5		63.1		198.1		910.3
Loss and loss adjustment expenses	—		—		314.7		.6		—		—		315.3
Acquisition expenses	3.6		.6		118.3		2.9		—		—		125.4
Cost of sales	—		—		—		—		—		25.5		25.5
General and administrative expenses	1.4		30.8		70.0		.1		7.8		88.5		198.6
Change in fair value of contingent consideration	—		—		(.2)		—		—		—		(.2)
Interest expense	7.0		—		10.2		—		10.0		2.0		29.2
Total expenses	12.0		31.4		513.0		3.6		17.8		116.0		693.8
Pre-tax income (loss) from continuing operations	$	24.2	$	(29.0)	$	78.0	$	15.9	$	45.3	$	82.1	$	216.5

(1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM Surplus Notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the NYDFS.

	HG Global/BAM				Ark/WM Outrigger				Other Operations
Millions	HG Global		BAM (1)		Ark		Kudu				Total
Six Months Ended June 30, 2022
Earned insurance premiums	$	15.6	$	3.3	411.7		$	—	$	—	$	430.6
Net investment income	4.3		5.1		4.8		26.4		5.1		45.7
Net investment income (expense) -    BAM Surplus Note interest	5.9		(5.9)		—		—		—		—
Net realized and unrealized investment    gains (losses)	(38.2)		(37.0)		(62.1)		4.7		20.1		(112.5)
Net realized and unrealized investment gains    (losses) from investment in MediaAlpha	—		—		—		—		(94.7)		(94.7)
Commission revenues	—		—		—		—		5.5		5.5
Other revenues	.2		2.2		3.5		—		56.6		62.5
Total revenues	(12.2)		(32.3)		357.9		31.1		(7.4)		337.1
Losses and loss adjustment expenses	—		—		242.5		—		—		242.5
Acquisition expenses	6.0		1.8		100.1		—		—		107.9
Cost of sales	—		—		—		—		43.8		43.8
General and administrative expenses	1.5		32.2		50.7		5.9		80.8		171.1
Change in fair value of contingent consideration	—		—		2.2		—		—		2.2
Interest expense	3.4		—		6.9		6.1		.6		17.0
Total expenses	10.9		34.0		402.4		12.0		125.2		584.5
Pre-tax income (loss) from continuing operations	$	(23.1)	$	(66.3)	$	(44.5)	$	19.1	$	(132.6)	$	(247.4)

(1) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM Surplus Notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the NYDFS.

Schedule of Reconciliation of Revenue from Segments to Consolidated