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Third-Party Reinsurance (Tables)

3 Months Ended

Mar. 31, 2024

The following table summarizes the effects of reinsurance on written and earned premiums and on loss and LAE for the Ark/WM Outrigger segment for the three months ended March 31, 2024 and 2023:


Millions	Three Months Ended March 31,
		2024		2023
Written premiums:
Direct		$	285.0	$	246.2
Assumed		587.1		563.2
Gross written premiums		872.1		809.4
Ceded (1)		(274.1)		(195.2)
Net written premiums		$	598.0	$	614.2
Earned premiums:
Direct		$	194.4	$	150.4
Assumed		192.4		162.1
Gross earned premiums		386.8		312.5
Ceded (2)		(84.0)		(57.4)
Net earned premiums		$	302.8	$	255.1
Loss and loss adjustment expenses:
Gross		$	253.3	$	162.4
Ceded (3)		(73.3)		(14.6)
Net loss and loss adjustment expenses		$	180.0	$	147.8

(1) The ceded written premiums exclude $34.3 and $44.1 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements.

(2) The ceded earned premiums exclude $10.3 and $5.2 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements.

(3) The ceded loss and loss adjustment expenses exclude $0.7 and $0.2 ceded by Ark to WM Outrigger Re for the three months ended March 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements.

The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of March 31, 2024 and December 31, 2023:


Millions	March 31, 2024		December 31, 2023
Reinsurance recoverables on unpaid losses (1)	$	404.5	$	340.8
Reinsurance recoverables on paid losses	20.7		27.4
Ceded unearned premiums (2)	269.8		73.8
Reinsurance recoverables	$	695.0	$	442.0

(1) The reinsurance recoverables on unpaid losses exclude $15.8 and $15.6 ceded by Ark to WM Outrigger Re as of March 31, 2024 and December 31, 2023, which eliminate in White Mountains’s consolidated financial statements.

(2) The ceded unearned premiums exclude $24.0 and $5.7 ceded by Ark to WM Outrigger Re as of March 31, 2024 and December 31, 2023,

which eliminate in White Mountains’s consolidated financial statements.

The following table presents a schedule of written premiums and earned premiums included in the HG Global/BAM segment for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
Millions		2024		2023
Written premiums:
Direct		$	10.5	$	9.2
Assumed		—		—
Gross written premiums (1)		$	10.5	$	9.2
Earned premiums:
Direct		$	7.3	$	7.0
Assumed		.5		.7
Gross earned premiums (1)		$	7.8	$	7.7

(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.

Gross and net reinsurance recoverables by reinsurers ratings

The following table presents the Ark/WM Outrigger segment’s gross and net reinsurance recoverables by the reinsurer’s A.M. Best Company, Inc (“A.M. Best”) ratings as of March 31, 2024:


$ in Millions	As of March 31, 2024
A.M. Best Rating(1)	Gross			Collateral			Net		% of Total
A+ or better	$	202.2		$	—		$	202.2	58.1	%
A- to A	139.1			—			139.1		40.0
B++ or lower and not rated	83.9		(2)	77.3		(2)	6.6		1.9
Total	$	425.2		$	77.3		$	347.9	100.0	%

(1) A.M. Best ratings as detailed above are: “A+ or better” (Superior) “A- to A” (Excellent), “B++” (Good).

(2) Excludes $15.8 ceded by Ark to WM Outrigger Re as of March 31, 2024, which eliminates in White Mountains’s consolidated financial statements.