Municipal Bond Guarantee Insurance (Tables)

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Schedule of municipal bond guarantee insured obligations

The following table presents a schedule of BAM’s insured obligations as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Contracts outstanding	14,725		14,485
Remaining weighted average contract period (in years)	10.5		11.1
Contractual debt service outstanding (in millions):
Principal	$	112,216.7	$	109,673.8
Interest	57,545.8		56,012.2
Total debt service outstanding	$	169,762.5	$	165,686.0
Gross unearned insurance premiums (in millions)	$	328.5	$	325.8

Financial guarantee insurance contracts, premium received over contract period

The following table presents a schedule of BAM’s future premium revenues as of March 31, 2024:

Millions	March 31, 2024
April 1, 2024 - December 31, 2024	$	22.4
January 1, 2025 - March 31, 2025	7.2
April 1, 2025 - June 30, 2025	7.2
July 1, 2025 - September 30, 2025	7.0
October 1, 2025 - December 31, 2025	6.9
Total 2025	28.3
2026	26.6
2027	24.9
2028	23.1
2029	21.4
2030 and thereafter	181.8
Total gross unearned insurance premiums	$	328.5

Effects of reinsurance

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.