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Municipal Bond Guarantee Insurance (Tables)
 6 Months Ended
Jun. 30, 2024
Guarantees [Abstract]  
Schedule of municipal bond guarantee insured obligations
The following table presents a schedule of BAM’s insured obligations as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Contracts outstanding15,041 14,485 
Remaining weighted average contract period (in years)11.111.1
Contractual debt service outstanding (in millions):
Principal $115,852.9 $109,673.8 
Interest60,067.0 56,012.2 
Total debt service outstanding$175,919.9 $165,686.0 
Gross unearned insurance premiums (in millions)$333.2 $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 June 30, 2024:
MillionsJune 30, 2024
July 1, 2024 - December 31, 2024$15.2 
January 1, 2025 - March 31, 20257.4 
April 1, 2025 - June 30, 20257.3 
July 1, 2025 - September 30, 20257.2 
October 1, 2025 - December 31, 20257.1 
Total 202529.0 
202627.3 
202725.7 
202823.8 
202922.0 
2030 and thereafter190.2 
Total gross unearned insurance premiums$333.2 
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 and six months ended June 30, 2024 and 2023:
MillionsThree Months Ended June 30,Six Months Ended June 30,
2024202320242023
Written premiums:
Direct$339.4 $291.5 $624.4 $537.7 
Assumed357.6 314.6 944.7 877.8 
Gross written premiums697.0 606.1 1,569.1 1,415.5 
Ceded (1)
(194.2)(144.9)(468.3)(340.1)
Net written premiums$502.8 $461.2 $1,100.8 $1,075.4 
Earned premiums:
Direct$219.5 $200.6 $413.9 $351.0 
Assumed180.3 152.5 372.7 314.6 
Gross earned premiums399.8 353.1 786.6 665.6 
Ceded (2)
(81.5)(59.8)(165.5)(117.2)
Net earned premiums$318.3 $293.3 $621.1 $548.4 
Loss and loss adjustment expenses:
Gross$248.7 $195.8 $502.0 $358.2 
Ceded (3)
(73.0)(28.3)(146.3)(42.9)
Net loss and loss adjustment expenses$175.7 $167.5 $355.7 $315.3 
(1) The three months ended June 30, 2024 and 2023 exclude $38.9 and $58.3, and the six months ended June 30, 2024 and 2023 exclude $73.2 and $102.4 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(2) The three months ended June 30, 2024 and 2023 exclude $7.5 and $9.6, and the six months ended June 30, 2024 and 2023 exclude $17.8 and $14.8, ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(3) The three months ended June 30, 2024 and 2023 exclude $(0.3) and $0.4, and the six months ended June 30, 2024 and 2023 exclude $0.4 and $0.6, ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of June 30, 2024 and December 31, 2023:
Millions
June 30, 2024December 31, 2023
Reinsurance recoverables on unpaid losses (1)
$458.5 $340.8 
Reinsurance recoverables on paid losses
28.6 27.4 
Ceded unearned premiums (2)
376.7 73.8 
Reinsurance recoverables
$863.8 $442.0 
(1) The reinsurance recoverables on unpaid losses exclude $15.2 and $15.6 ceded by Ark to WM Outrigger Re as of June 30, 2024 and December 31, 2023, which eliminate in White Mountains’s consolidated financial statements.
(2) The ceded unearned premiums exclude $61.1 and $5.7 ceded by Ark to WM Outrigger Re as of June 30, 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 and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
Millions2024202320242023
Written premiums:
Direct$13.6 $11.6 $24.1 $20.8 
Assumed— — — — 
Gross written premiums (1)
$13.6 $11.6 $24.1 $20.8 
Earned premiums:
Direct$8.5 $7.0 $15.8 $14.0 
Assumed.5 .7 1.0 1.4 
Gross earned premiums (1)
$9.0 $7.7 $16.8 $15.4 
(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.