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Municipal Bond Guarantee Insurance (Tables)
 9 Months Ended
Sep. 30, 2023
Guarantees [Abstract]  
Schedule of municipal bond guarantee insured obligations
The following table presents a schedule of BAM’s insured obligations as of September 30, 2023 and December 31, 2022:
September 30, 2023December 31, 2022
Contracts outstanding14,084 13,382 
Remaining weighted average contract period (in years)11.010.8
Contractual debt service outstanding (in millions):
Principal $105,918.1 $99,996.9 
Interest52,628.8 48,880.6 
Total debt service outstanding$158,546.9 $148,877.5 
Gross unearned insurance premiums (in millions)$312.3 $298.3 
Financial guarantee insurance contracts, premium received over contract period
The following table presents a schedule of BAM’s future premium revenues as of September 30, 2023:
MillionsSeptember 30, 2023
October 1, 2023 - December 31, 2023$7.3 
January 1, 2024 - March 31, 20247.2 
April 1, 2024 - June 30, 20247.1 
July 1, 2024 - September 30, 20247.0 
October 1, 2024 - December 31, 20246.9 
Total 202428.2 
202526.4 
202624.8 
202723.2 
202821.4 
2029 and thereafter181.0 
Total gross unearned insurance premiums$312.3 
Effects of reinsurance
The following table summarizes the effects of reinsurance on written and earned premiums and on losses and LAE for the Ark/WM Outrigger segment for the three and nine months ended September 30, 2023 and 2022:
MillionsThree Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Written premiums:
Direct$189.4 $118.6 $727.1 $563.8 
Assumed61.8 96.9 939.6 688.7 
Gross written premiums251.2 215.5 1,666.7 1,252.5 
Ceded(20.2)
(1)
(22.9)(360.3)
(1)
(246.0)
Net written premiums$231.0 $192.6 $1,306.4 $1,006.5 
Earned premiums:
Direct$273.1 $193.5 $624.1 $492.9 
Assumed370.0 261.4 684.6 473.7 
Gross earned premiums643.1 454.9 1,308.7 966.6 
Ceded(144.2)
(2)
(108.8)(261.4)
(2)
(208.8)
Net earned premiums$498.9 $346.1 $1,047.3 $757.8 
Losses and LAE:
Gross$269.3 $391.4 $627.5 $712.9 
Ceded(3.5)
(3)
(177.7)(46.4)
(3)
(256.7)
Net losses and LAE$265.8 $213.7 $581.1 $456.2 
(1) The ceded written premiums exclude $6.0 and $108.4 ceded by Ark to WM Outrigger Re for the three and nine months ended September 30, 2023, which eliminate in White Mountains’s consolidated financial statements.
(2) The ceded earned premiums exclude $60.6 and $75.4 ceded by Ark to WM Outrigger Re for the three and nine months ended September 30, 2023, which eliminate in White Mountains’s consolidated financial statements.
(3) The ceded loss and LAE exclude $7.3 and $7.9 ceded by Ark to WM Outrigger Re for the three and nine months ended September 30, 2023, which eliminate in White Mountains’s consolidated financial statements.
The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of September 30, 2023 and December 31, 2022:
Millions
September 30, 2023December 31, 2022
Reinsurance recoverables on unpaid losses
$352.4 
(1)
$505.0 
(3)
Reinsurance recoverables on paid losses
26.3 31.1 
Ceded unearned premiums
159.7 
(2)
59.2 
Reinsurance recoverables
$538.4 $595.3 
(1) The reinsurance recoverables on unpaid losses exclude $7.9 ceded by Ark to WM Outrigger Re as of September 30, 2023, which eliminate in White Mountains’s consolidated financial statements.
(2) The ceded unearned premiums exclude $33.0 ceded by Ark to WM Outrigger Re as of September 30, 2023, which eliminate in White Mountains’s consolidated financial statements.
(3) The reinsurance recoverables on unpaid losses include $145.4 attributable to TPC Providers as of December 31, 2022, which are collateralized.
The following table presents a schedule of written premiums and earned premiums included in the HG Global/BAM segment for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
Millions2023202220232022
Written premiums:
Direct$16.5 $18.4 $37.3 $44.9 
Assumed— 1.3 — 1.3 
Gross written premiums (1)
$16.5 $19.7 $37.3 $46.2 
Earned premiums:
Direct$7.4 $6.5 $21.4 $22.0 
Assumed.5 .6 1.9 4.0 
Gross earned premiums (1)
$7.9 $7.1 $23.3 $26.0 
(1) There are no ceded premium amounts in the periods presented, and gross earned premiums are equivalent to net written premiums and net earned premiums.