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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Earned insurance premiums $ 343.9 $ 301.0 $ 662.9 $ 563.8
Net investment income 57.4 43.0 114.4 82.0
Net realized and unrealized investment gains (losses) (60.2) 11.4 166.6 209.5
Commission and fees revenues 36.1 3.2 61.6 6.5
Other revenues 18.2 19.8 37.2 48.5
Total revenues 395.4 378.4 1,042.7 910.3
Expenses:        
Broker commission expenses 12.7   22.0  
Loss and loss adjustment expenses 183.9 167.5 369.7 315.3
Acquisition expenses 75.9 62.9 147.5 125.4
Cost of sales 7.0 11.6 14.6 25.5
General and administrative expenses 122.5 102.6 247.7 198.6
Change in fair value of contingent consideration 13.3 2.2 13.3 (0.2)
Interest expense 14.8 14.2 30.0 29.2
Total expenses 430.1 361.0 844.8 693.8
Pre-tax income (loss) (34.7) 17.4 197.9 216.5
Income tax (expense) benefit (6.5) (0.2) (17.3) (12.1)
Net income (loss) (41.2) 17.2 180.6 204.4
Net (income) loss attributable to noncontrolling interests (13.4) 2.4 1.2 (5.3)
Net income (loss) attributable to White Mountains’s common shareholders (54.6) 19.6 181.8 199.1
Other Operations        
Revenues:        
Earned insurance premiums 8.6 0.0 8.6 0.0
Net investment income 8.4 7.0 18.3 14.0
Commission and fees revenues 3.4 3.2 7.0 6.5
Other revenues 14.5 21.3 28.9 51.9
Total revenues (95.8) 30.2 165.0 198.1
Expenses:        
Broker commission expenses 0.0   0.0  
Loss and loss adjustment expenses 3.9 0.0 3.9 0.0
Acquisition expenses 2.6 0.0 2.6 0.0
Cost of sales 7.0 11.6 14.6 25.5
General and administrative expenses 43.2 48.8 93.5 88.5
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 0.6 1.2 1.3 2.0
Total expenses 57.3 61.6 115.9 116.0
Pre-tax income (loss) (153.1) (31.4) 49.1 82.1
Investments, Excluding MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) 79.0 88.7 95.1 201.6
Investments, Excluding MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 8.5 76.0 30.7 117.8
MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) (139.2) (77.3) 71.5 7.9
MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) (139.2) (77.3) 71.5 7.9
P&C Insurance and Reinsurance (Ark/WM Outrigger)        
Expenses:        
Loss and loss adjustment expenses 175.7 167.5 355.7 315.3
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments        
Revenues:        
Earned insurance premiums 318.3 293.3 621.1 548.4
Net investment income 22.3 13.7 42.2 24.3
Net realized and unrealized investment gains (losses) 20.3 18.0 30.9 42.5
Other revenues 2.4 (2.0) 5.9 (4.7)
Total revenues 363.3 323.0 700.1 610.5
Expenses:        
Loss and loss adjustment expenses 175.7 167.5 355.7 315.3
Acquisition expenses 68.2 61.4 134.5 121.2
General and administrative expenses 42.9 34.9 85.1 70.1
Change in fair value of contingent consideration 13.3 2.2 13.3 (0.2)
Interest expense 4.7 5.2 10.1 10.2
Total expenses 304.8 271.2 598.7 516.6
Financial Guarantee (HG Global/BAM) | Operating Segments        
Revenues:        
Earned insurance premiums 9.0 7.7 16.8 15.4
Net investment income 10.4 7.6 20.1 14.8
Net realized and unrealized investment gains (losses) (4.3) (9.9) (14.4) 7.1
Other revenues 0.6 0.5 1.1 1.3
Total revenues 15.7 5.9 23.6 38.6
Expenses:        
Acquisition expenses 2.2 1.5 4.4 4.2
General and administrative expenses 17.2 14.9 34.5 32.2
Interest expense 4.1 2.5 7.6 7.0
Total expenses 23.5 18.9 46.5 43.4
Asset Management (Kudu) | Operating Segments        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 15.7 14.7 32.9 28.9
Net realized and unrealized investment gains (losses) 54.5 4.6 48.0 34.2
Commission and fees revenues 0.0 0.0 0.0 0.0
Other revenues 0.0 0.0 0.0 0.0
Total revenues 70.2 19.3 80.9 63.1
Expenses:        
Broker commission expenses 0.0   0.0  
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 3.5 4.0 6.9 7.8
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 5.4 5.3 11.0 10.0
Total expenses 8.9 9.3 17.9 17.8
Pre-tax income (loss) 61.3 10.0 63.0 45.3
Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 54.5 4.6 48.0 34.2
Asset Management (Kudu) | MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 0.0 0.0 0.0 0.0
P&C Insurance Distribution (Bamboo) | Operating Segments        
Revenues:        
Earned insurance premiums 8.0 0.0 16.4 0.0
Net investment income 0.6   0.9  
Commission and fees revenues 32.7 0.0 54.6 0.0
Other revenues 1.3 0.0 2.1 0.0
Total revenues 42.0 0.0 73.1 0.0
Expenses:        
Broker commission expenses 12.7 0.0 22.0 0.0
Loss and loss adjustment expenses 4.3 0.0 10.1 0.0
Acquisition expenses 2.9 0.0 6.0 0.0
Cost of sales 0.0   0.0  
General and administrative expenses 15.7 0.0 27.7 0.0
Change in fair value of contingent consideration 0.0   0.0  
Interest expense 0.0   0.0  
Total expenses 35.6 $ 0.0 65.8 $ 0.0
Pre-tax income (loss) 6.4   7.3  
P&C Insurance Distribution (Bamboo) | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 0.0   (0.1)  
P&C Insurance Distribution (Bamboo) | MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) $ 0.0   $ 0.0