
	Year Ended December 31,
Millions	2024			2023			2022
Written premiums:
Direct	$	1,101.5		$	931.9		$	760.4
Assumed	1,105.5			966.5			691.6
Gross written premiums	2,207.0			1,898.4			1,452.0
Ceded	(527.9)		(1)	(377.5)		(1)	(256.8)
Net written premiums	$	1,679.1		$	1,520.9		$	1,195.2
Earned premiums:
Direct	$	1,004.2		$	848.1		$	655.5
Assumed	1,088.2			925.6			668.7
Gross earned premiums	2,092.4			1,773.7			1,324.2
Ceded	(504.6)		(2)	(364.0)		(2)	(280.8)
Net earned premiums	$	1,587.8		$	1,409.7		$	1,043.4
Loss and LAE:
Gross	$	1,056.7		$	782.5		$	814.9
Ceded	(200.9)		(3)	(55.7)		(3)	(278.5)
Net loss and LAE	$	855.8		$	726.8		$	536.4

(1) The years ended December 31, 2024 and 2023 exclude $86.5 and $110.0 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.

(2) The years ended December 31, 2024 and 2023 exclude $88.0 and $104.3 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.

(3) The years ended December 31, 2024 and 2023 exclude $29.9 and $15.6 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 December 31, 2024 and December 31, 2023:


Millions	December 31, 2024		December 31, 2023
Reinsurance recoverables on unpaid losses (1)	$	434.4	$	340.8
Reinsurance recoverables on paid losses (2)	57.5		27.4
Ceded unearned premiums (3)	97.1		73.8
Reinsurance recoverables	$	589.0	$	442.0

(1) The reinsurance recoverables on unpaid losses exclude $31.8 and $15.6 ceded by Ark to WM Outrigger Re as of December 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements.

(2) The reinsurance recoverables on paid losses exclude $3.1 ceded by Ark to WM Outrigger Re as of December 31, 2024, which eliminates in White Mountains’s consolidated financial statements.

(3) The ceded unearned premiums exclude $4.3 and $5.7 ceded by Ark to WM Outrigger Re as of December 31, 2024 and 2023, which eliminate in White Mountains’s consolidated financial statements.

The following tables present gross written premiums and gross earned premiums included in the HG Global segment for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31, 2024
Millions	HG Global		BAM		Eliminations		Total
Written premiums:
Direct	$	—	$	24.1	$	—	$	24.1
Assumed	52.4		—		(20.5)		31.9
Gross written premiums (1)	$	52.4	$	24.1	$	(20.5)	$	56.0
Earned premiums:
Direct	$	—	$	15.8	$	—	$	15.8
Assumed	28.9		1.0		(14.0)		15.9
Gross earned premiums (1)	$	28.9	$	16.8	$	(14.0)	$	31.7

(1) Subsequent to the deconsolidation of BAM, there are no ceded premiums, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively. For the six months ended June 30, 2024, BAM ceded written premiums of $20.5 and ceded earned premiums of $14.0 to HG Global, which eliminated in consolidation.


	Year Ended December 31, 2023
Millions	HG Global		BAM		Eliminations		Total
Written premiums:
Direct	$	—	$	58.6	$	—	$	58.6
Assumed	50.1		—		(50.1)		—
Gross written premiums (1)	$	50.1	$	58.6	$	(50.1)	$	58.6
Earned premiums:
Direct	$	—	$	28.7	$	—	$	28.7
Assumed	26.0		2.5		(26.0)		2.5
Gross earned premiums (1)	$	26.0	$	31.2	$	(26.0)	$	31.2

(1) For the year ended December 31, 2023, BAM ceded written premiums of $50.1 and ceded earned premiums of $26.0 to HG Global, which eliminated in consolidation.


	Year Ended December 31, 2022
Millions	HG Global		BAM		Eliminations		Total
Written premiums:
Direct	$	—	$	63.8	$	—	$	63.8
Assumed	55.9		1.3		(55.9)		1.3
Gross written premiums (1)	$	55.9	$	65.1	$	(55.9)	$	65.1
Earned premiums:
Direct	$	—	$	28.6	$	—	$	28.6
Assumed	27.5		4.7		(27.5)		4.7
Gross earned premiums (1)	$	27.5	$	33.3	$	(27.5)	$	33.3

(1) For the year ended December 31, 2022, BAM ceded written premiums of $55.9 and ceded earned premiums of $27.5 to HG Global, which eliminated in consolidation.