XML 126 R4.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Earned insurance premiums $ 506.8 $ 353.2 $ 1,070.6 $ 783.8
Net investment income 48.1 33.9 130.1 79.6
Net realized and unrealized investment gains (losses) (58.3) (48.0) 151.2 (255.2)
Commission revenues 3.5 3.2 10.0 8.7
Other revenues 19.5 40.9 68.0 103.4
Total revenues 519.6 383.2 1,429.9 720.3
Expenses:        
Loss and loss adjustment expenses 265.8 213.7 581.1 456.2
Acquisition expenses 92.4 76.5 217.8 184.4
Cost of sales 8.0 25.0 33.5 68.8
General and administrative expenses 99.6 85.8 298.2 256.9
Change in fair value of contingent consideration 17.0 2.7 16.8 4.9
Interest expense 15.7 10.5 44.9 27.5
Total expenses 498.5 414.2 1,192.3 998.7
Pre-tax income (loss) from continuing operations 21.1 (31.0) 237.6 (278.4)
Income tax (expense) benefit (7.3) 7.4 (19.4) 26.1
Net income (loss) from continuing operations 13.8 (23.6) 218.2 (252.3)
Net income (loss) from discontinued operations, net of tax - NSM Group 0.0 6.3 0.0 16.4
Net gain (loss) from sale of discontinued operations, net of tax - NSM Group 0.0 886.8 0.0 886.8
Net income (loss) 13.8 869.5 218.2 650.9
Net (income) loss attributable to noncontrolling interests 9.8 18.7 4.5 101.5
Net income (loss) attributable to White Mountains’s common shareholders 23.6 888.2 222.7 752.4
Other Operations        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 8.0 8.5 22.0 13.6
Commission revenues 3.5 3.2 10.0 8.7
Other revenues 15.2 33.0 67.1 89.6
Total revenues (12.1) 8.8 186.0 1.4
Expenses:        
Loss and loss adjustment expenses 0.0 0.0 0.0 0.0
Acquisition expenses 0.0 0.0 0.0 0.0
Cost of sales 8.0 25.0 33.5 68.8
General and administrative expenses 42.2 41.3 130.7 122.1
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 0.9 0.6 2.9 1.2
Total expenses 51.1 66.9 167.1 192.1
Pre-tax income (loss) from continuing operations (63.2) (58.1) 18.9 (190.7)
Investments, Excluding MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) (11.5) (29.4) 190.1 (141.9)
Investments, Excluding MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 8.0 (17.3) 125.8 2.8
MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) (46.8) (18.6) (38.9) (113.3)
MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) (46.8) (18.6) (38.9) (113.3)
HG Global/BAM | Operating Segments        
Revenues:        
Earned insurance premiums 7.9 7.1 23.3 26.0
Net investment income 8.1 5.7 22.9 15.1
Net realized and unrealized investment gains (losses) (24.1) (38.8) (17.0) (114.0)
Other revenues 0.7 1.3 2.0 3.7
Total revenues (7.4) (24.7) 31.2 (69.2)
Expenses:        
Acquisition expenses 2.1 1.7 6.3 9.5
General and administrative expenses 17.5 15.8 49.7 49.5
Interest expense 3.8 2.0 10.8 5.4
Total expenses 23.4 19.5 66.8 64.4
P&C Insurance and Reinsurance (Ark/WM Outrigger)        
Expenses:        
Loss and loss adjustment expenses 265.8 213.7 581.1 456.2
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments        
Revenues:        
Earned insurance premiums 498.9 346.1 1,047.3 757.8
Net investment income 16.9 4.9 41.2 9.7
Net realized and unrealized investment gains (losses) (6.6) (14.4) 35.9 (76.5)
Other revenues 3.6 6.6 (1.1) 10.1
Total revenues 512.8 343.2 1,123.3 701.1
Expenses:        
Loss and loss adjustment expenses 265.8 213.7 581.1 456.2
Acquisition expenses 90.3 74.8 211.5 174.9
General and administrative expenses 35.4 24.2 105.5 74.9
Change in fair value of contingent consideration 17.0 2.7 16.8 4.9
Interest expense 5.5 3.7 15.7 10.6
Total expenses 414.0 319.1 930.6 721.5
Kudu | Operating Segments        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 15.1 14.8 44.0 41.2
Net realized and unrealized investment gains (losses) 11.2 41.1 45.4 45.8
Commission revenues 0.0 0.0 0.0 0.0
Other revenues 0.0 0.0 0.0 0.0
Total revenues 26.3 55.9 89.4 87.0
Expenses:        
Loss and loss adjustment expenses 0.0 0.0 0.0 0.0
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 4.5 12.3 10.4
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 5.5 4.2 15.5 10.3
Total expenses 10.0 8.7 27.8 20.7
Pre-tax income (loss) from continuing operations 16.3 47.2 61.6 66.3
Kudu | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 11.2 41.1 45.4 45.8
Kudu | MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) $ 0.0 $ 0.0 $ 0.0 $ 0.0