Municipal Bond Guarantee Insurance (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of insured obligations

The following table presents a schedule of BAM’s insured obligations as of December 31, 2023 and 2022:

	December 31,
	2023		2022
Contracts outstanding	14,485		13,382
Remaining weighted average contract period (in years)	11.1		10.8
Contractual debt service outstanding (in millions):
Principal	$	109,673.8	$	99,996.9
Interest	56,012.2		48,880.6
Total debt service outstanding	$	165,686.0	$	148,877.5
Gross unearned insurance premiums (in millions)	$	325.8	$	298.3

Schedule of BAM’s future premium revenues

The following table presents a schedule of BAM’s future premium revenues as of December 31, 2023:

Millions	December 31, 2023
January 1, 2024 - March 31, 2024	$	7.5
April 1, 2024 - June 30, 2024	7.5
July 1, 2024 - September 30, 2024	7.3
October 1, 2024 - December 31, 2024	7.2
	29.5
2025	27.7
2026	26.0
2027	24.4
2028	22.6
2029 and thereafter	195.6
Total gross unearned insurance premiums	$	325.8

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 years ended December 31, 2023, 2022 and 2021.

	Year Ended December 31,
Millions	2023			2022		2021
Written premiums:
Direct	$	931.9		$	760.4	$	619.5
Assumed	966.5			691.6		439.2
Gross written premiums	1,898.4			1,452.0		1,058.7
Ceded	(377.5)		(1)	(256.8)		(199.6)
Net written premiums	$	1,520.9		$	1,195.2	$	859.1
Earned premiums:
Direct	$	848.1		$	655.5	$	556.0
Assumed	925.6			668.7		330.4
Gross earned premiums	1,773.7			1,324.2		886.4
Ceded	(364.0)		(2)	(280.8)		(249.1)
Net earned premiums	$	1,409.7		$	1,043.4	$	637.3
Losses and LAE:
Gross	$	782.5		$	814.9	$	442.9
Ceded	(55.7)		(3)	(278.5)		(128.1)
Net losses and LAE	$	726.8		$	536.4	$	314.8

(1) The ceded written premiums exclude $110.0 ceded by Ark to WM Outrigger Re for the year ended December 31, 2023, which eliminate in White Mountains’s consolidated financial statements.

(2) The ceded earned premiums exclude $104.3 ceded by Ark to WM Outrigger Re for the year ended December 31, 2023, which eliminate in White Mountains’s consolidated financial statements.

(3) The ceded loss and LAE exclude $15.6 ceded by Ark to WM Outrigger Re for the year ended December 31, 2023, which eliminate in White Mountains’s consolidated financial statements.

The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of December 31, 2023 and December 31, 2022:

Millions	December 31, 2023			December 31, 2022
Reinsurance recoverables on unpaid losses	$	340.8	(1)	$	505.0	(3)
Reinsurance recoverables on paid losses	27.4			31.1
Ceded unearned premiums	73.8		(2)	59.2
Reinsurance recoverables	$	442.0		$	595.3

(1) The reinsurance recoverables on unpaid losses exclude $15.6 ceded by Ark to WM Outrigger Re as of December 31, 2023, which eliminate in White Mountains’s consolidated financial statements.

(2) The ceded unearned premiums exclude $5.7 ceded by Ark to WM Outrigger Re as of December 31, 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 years ended December 31, 2023, 2022 and 2021:

	December 31,
Millions	2023		2022		2021
Written premiums:
Direct	$	58.6	$	63.8	$	51.0
Assumed	—		1.3		4.6
Gross written premiums (1)	$	58.6	$	65.1	$	55.6
Earned premiums:
Direct	$	28.7	$	28.6	$	23.2
Assumed	2.5		4.7		3.7
Gross earned premiums (1)	$	31.2	$	33.3	$	26.9

(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.