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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Earned insurance premiums $ 557.8 $ 581.5 $ 1,328.0 $ 1,244.4
Net investment income 59.2 57.7 180.2 172.1
Net realized and unrealized investment gains (losses) 83.9 223.8 251.2 390.4
Interest income from BAM Surplus Notes 7.5 7.9 22.5 7.9
Change in fair value of BAM Surplus Notes     0.0 15.8
Unrealized loss on deconsolidation of BAM   (114.5) 0.0 (114.5)
Commission and fee revenues 82.3 46.8 193.7 108.4
Other revenues 73.5 20.1 155.6 57.3
Total revenues 864.2 839.1 2,131.2 1,881.8
Expenses:        
Broker commission expenses 27.0 15.9 62.3 37.9
Loss and loss adjustment expenses 258.5 296.9 686.8 666.6
Acquisition expenses 111.8 106.4 308.4 253.9
Cost of sales 55.3 7.6 105.2 22.2
General and administrative expenses 176.8 121.9 410.3 369.6
Change in fair value of contingent consideration 36.1 34.2 74.2 47.5
Interest expense 19.9 16.7 56.3 46.7
Total expenses 685.4 599.6 1,703.5 1,444.4
Pre-tax income (loss) 178.8 239.5 427.7 437.4
Income tax (expense) benefit (17.1) (11.6) (39.6) (28.9)
Net income (loss) 161.7 227.9 388.1 408.5
Net (income) loss attributable to noncontrolling interests (47.9) (48.9) (117.5) (47.7)
Net income (loss) attributable to White Mountains’s common shareholders 113.8 179.0 270.6 360.8
Other Operations        
Revenues:        
Earned insurance premiums 2.9 11.2 19.1 19.8
Net investment income 6.2 9.6 24.5 27.9
Interest income from BAM Surplus Notes 0.0 0.0 0.0 0.0
Change in fair value of BAM Surplus Notes       0.0
Unrealized loss on deconsolidation of BAM   0.0   0.0
Commission and fee revenues 4.3 4.1 12.4 11.1
Other revenues 69.3 14.8 139.7 43.7
Total revenues 105.3 157.6 246.8 322.6
Expenses:        
Broker commission expenses 0.0 0.0 0.0 0.0
Loss and loss adjustment expenses 0.6 4.2 18.8 8.1
Acquisition expenses 1.0 4.5 7.0 7.1
Cost of sales 55.3 7.6 105.2 22.2
General and administrative expenses 72.4 32.9 161.7 126.4
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 1.0 0.3 2.3 1.6
Total expenses 130.3 49.5 295.0 165.4
Pre-tax income (loss) (25.0) 108.1 (48.2) 157.2
Investments, Excluding MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) 76.2 135.6 249.6 230.7
Investments, Excluding MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 14.9 29.7 49.5 60.4
MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) 7.7 88.2 1.6 159.7
Change in fair value of BAM Surplus Notes   15.8    
MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 7.7 88.2 1.6 159.7
Change in fair value of BAM Surplus Notes   0.0    
P&C Insurance and Reinsurance (Ark/WM Outrigger)        
Expenses:        
Loss and loss adjustment expenses 254.6 288.3 652.1 644.0
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments        
Revenues:        
Earned insurance premiums 542.2 552.2 1,264.4 1,173.3
Net investment income 27.2 24.3 77.0 66.5
Net realized and unrealized investment gains (losses) 17.8 53.2 98.4 84.1
Other revenues 2.3 3.7 10.8 9.6
Total revenues 589.5 633.4 1,450.6 1,333.5
Expenses:        
Loss and loss adjustment expenses 254.6 288.3 652.1 644.0
Acquisition expenses 106.8 96.3 287.5 230.8
General and administrative expenses 61.7 68.9 154.1 154.0
Change in fair value of contingent consideration 36.1 34.2 74.2 47.5
Interest expense 4.4 4.9 12.9 15.0
Total expenses 463.6 492.6 1,180.8 1,091.3
Financial Guarantee (HG Global) | Operating Segments        
Revenues:        
Earned insurance premiums 7.5 7.5 22.8 24.3
Net investment income 7.0 6.0 19.8 26.1
Net realized and unrealized investment gains (losses) 7.2 22.5 20.3 8.1
Interest income from BAM Surplus Notes 7.5 7.9 22.5 7.9
Change in fair value of BAM Surplus Notes 0.0 15.8 0.0 15.8
Unrealized loss on deconsolidation of BAM 0.0 (114.5) 0.0 (114.5)
Other revenues 0.1 0.0 0.2 1.1
Total revenues 29.3 (54.8) 85.6 (31.2)
Expenses:        
Broker commission expenses       0.0
Acquisition expenses 2.0 1.9 5.9 6.3
General and administrative expenses 1.0 0.3 2.6 34.8
Interest expense 4.3 5.8 13.4 13.4
Total expenses 7.3 8.0 21.9 54.5
Asset Management (Kudu) | Operating Segments        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 18.0 17.2 56.7 50.1
Net realized and unrealized investment gains (losses) 36.1 29.5 80.9 77.5
Interest income from BAM Surplus Notes 0.0 0.0 0.0 0.0
Change in fair value of BAM Surplus Notes       0.0
Unrealized loss on deconsolidation of BAM   0.0   0.0
Commission and fee revenues 0.0 0.0 0.0 0.0
Other revenues 0.3 0.5 1.0 0.5
Total revenues 54.4 47.2 138.6 128.1
Expenses:        
Broker commission expenses 0.0 0.0 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 4.7 3.6 12.3 10.5
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 6.1 5.7 18.6 16.7
Total expenses 10.8 9.3 30.9 27.2
Pre-tax income (loss) 43.6 37.9 107.7 100.9
Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 36.1 29.5 80.9 77.5
Asset Management (Kudu) | MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 0.0 0.0 0.0 0.0
Change in fair value of BAM Surplus Notes   0.0    
P&C Insurance Distribution (Bamboo)        
Expenses:        
Loss and loss adjustment expenses 3.3 4.4 15.9 14.5
P&C Insurance Distribution (Bamboo) | Operating Segments        
Revenues:        
Earned insurance premiums 5.2 10.6 21.7 27.0
Commission and fee revenues 63.9 42.7 167.2 97.3
Other revenues 2.3 2.4 6.4 4.5
Total revenues 71.4 55.7 195.3 128.8
Expenses:        
Broker commission expenses 21.5 15.9 56.8 37.9
Loss and loss adjustment expenses 3.3 4.4 15.9 14.5
Acquisition expenses 2.0 3.7 8.0 9.7
General and administrative expenses 26.8 16.2 69.4 43.9
Interest expense 2.8 0.0 7.8 0.0
Total expenses 56.4 40.2 157.9 106.0
Specialty Insurance Distribution (Distinguished) | Operating Segments        
Revenues:        
Earned insurance premiums 0.0   0.0  
Net investment income 0.2   0.2  
Interest income from BAM Surplus Notes 0.0   0.0  
Commission and fee revenues 14.1 0.0 14.1 0.0
Other revenues 0.2 0.0 0.2 0.0
Total revenues 14.3 0.0 14.3 0.0
Expenses:        
Broker commission expenses 5.5 0.0 5.5 0.0
Loss and loss adjustment expenses 0.0   0.0  
Acquisition expenses 0.0   0.0  
Cost of sales 0.0   0.0  
General and administrative expenses 10.2 0.0 10.2 0.0
Change in fair value of contingent consideration 0.0   0.0  
Interest expense 1.3 0.0 1.3 0.0
Total expenses 17.0 $ 0.0 17.0 $ 0.0
Pre-tax income (loss) (2.7)   (2.7)  
Specialty Insurance Distribution (Distinguished) | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 0.0   0.0  
Specialty Insurance Distribution (Distinguished) | MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) $ 0.0   $ 0.0