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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Earned insurance premiums $ 1,777.1 $ 1,691.6 $ 1,440.9
Net investment income 248.0 227.4 194.2
Net realized and unrealized investment gains (losses) 361.5 184.9 434.2
Interest income from BAM Surplus Notes 29.8 15.8 0.0
Change in fair value of BAM Surplus Notes (37.5) 0.5 0.0
Unrealized loss on deconsolidation of BAM 0.0 (114.5) 0.0
Commission and fee revenues 284.5 149.4 13.2
Net gain on sale of the Bamboo Group 849.3 0.0 0.0
Other revenues 222.3 84.7 84.2
Total revenues 3,735.0 2,239.8 2,166.7
Expenses:      
Broker commission expense 94.1 51.3  
Loss and loss adjustment expenses 882.2 888.5 726.8
Acquisition expenses 420.2 341.5 290.1
Cost of sales 151.8 29.6 40.4
General and administrative expenses 606.6 490.1 432.6
Change in fair value of contingent consideration 173.0 61.3 48.7
Interest expense 78.4 60.8 62.7
Total expenses 2,406.3 1,923.1 1,601.3
Pre-tax income (loss) 1,328.7 316.7 565.4
Income tax (expense) benefit (126.9) (32.6) 15.5
Net income (loss) 1,201.8 284.1 580.9
Net (income) loss attributable to noncontrolling interests (95.4) (53.7) (71.7)
Net income (loss) attributable to White Mountains’s common shareholders 1,106.4 230.4 509.2
Investments, Excluding MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 331.9 146.9 407.1
MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 29.6 38.0 27.1
Change in fair value of BAM Surplus Notes   0.5  
Other Operations      
Revenues:      
Earned insurance premiums 22.2 32.7 0.0
Net investment income 32.1 35.6 30.1
Interest income from BAM Surplus Notes 0.0 0.0 0.0
Change in fair value of BAM Surplus Notes 0.0    
Unrealized loss on deconsolidation of BAM   0.0  
Commission and fee revenues 16.4 14.8 13.2
Net gain on sale of the Bamboo Group 849.3 0.0 0.0
Other revenues 200.6 56.8 80.5
Total revenues 1,230.2 234.9 339.4
Expenses:      
Broker commission expense 0.0 0.0  
Loss and loss adjustment expenses 20.0 12.1 0.0
Acquisition expenses 8.3 12.1 0.0
Cost of sales 151.8 29.6 40.4
General and administrative expenses 236.7 169.5 182.3
Change in fair value of contingent consideration 0.0 0.0 0.0
Interest expense 3.2 2.5 3.7
Total expenses 420.0 225.8 226.4
Pre-tax income (loss) 810.2 9.1 113.0
Other Operations | Investments, Excluding MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 80.0 57.0 188.5
Other Operations | MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 29.6 38.0 27.1
Change in fair value of BAM Surplus Notes   0.0  
P&C Insurance and Reinsurance (Ark/WM Outrigger)      
Revenues:      
Earned insurance premiums 1,697.4 1,587.8 1,409.7
Expenses:      
Loss and loss adjustment expenses 844.2 855.8 726.8
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments      
Revenues:      
Earned insurance premiums 1,697.4 1,587.8 1,409.7
Net investment income 106.5 90.7 61.4
Net realized and unrealized investment gains (losses) 124.6 50.1 85.9
Other revenues 15.3 22.3 0.8
Total revenues 1,943.8 1,750.9 1,557.8
Expenses:      
Loss and loss adjustment expenses 844.2 855.8 726.8
Acquisition expenses 394.2 307.1 281.5
General and administrative expenses 205.1 208.4 162.0
Change in fair value of contingent consideration 173.0 61.3 48.7
Interest expense 17.1 19.5 21.3
Total expenses 1,633.6 1,452.1 1,240.3
Financial Guarantee (HG Global)      
Revenues:      
Earned insurance premiums 30.8 31.7 31.2
Financial Guarantee (HG Global) | Operating Segments      
Revenues:      
Earned insurance premiums 30.8 31.7 31.2
Net investment income 27.1 32.2 31.7
Net realized and unrealized investment gains (losses) 23.2 (11.5) 26.6
Interest income from BAM Surplus Notes 29.8 15.8 0.0
Change in fair value of BAM Surplus Notes (37.5) 0.5 0.0
Unrealized loss on deconsolidation of BAM 0.0 (114.5) 0.0
Other revenues 0.2 1.2 2.9
Total revenues 73.6 (44.6) 92.4
Expenses:      
Acquisition expenses 8.0 8.2 8.6
General and administrative expenses 3.1 35.7 68.9
Interest expense 17.4 16.7 16.5
Total expenses 28.5 60.6 94.0
Asset Management (Kudu) | Operating Segments      
Revenues:      
Earned insurance premiums 0.0 0.0 0.0
Net investment income 78.7 66.7 71.0
Net realized and unrealized investment gains (losses) 103.5 51.3 106.1
Interest income from BAM Surplus Notes 0.0 0.0 0.0
Change in fair value of BAM Surplus Notes 0.0    
Unrealized loss on deconsolidation of BAM   0.0  
Commission and fee revenues 0.0 0.0 0.0
Net gain on sale of the Bamboo Group 0.0    
Other revenues 1.2 0.8 0.0
Total revenues 183.4 118.8 177.1
Expenses:      
Broker commission expense 0.0 0.0  
Loss and loss adjustment expenses 0.0 0.0 0.0
Acquisition expenses 0.0 0.0 0.0
Cost of sales 0.0 0.0 0.0
General and administrative expenses 17.9 15.4 19.4
Change in fair value of contingent consideration 0.0 0.0 0.0
Interest expense 25.9 22.1 21.2
Total expenses 43.8 37.5 40.6
Pre-tax income (loss) 139.6 81.3 136.5
Asset Management (Kudu) | Operating Segments | Investments, Excluding MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 103.5 51.3 106.1
Asset Management (Kudu) | Operating Segments | MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 0.0 0.0 0.0
Change in fair value of BAM Surplus Notes   0.0  
P&C Insurance Distribution (Bamboo) | Operating Segments      
Revenues:      
Earned insurance premiums 26.7 39.4 0.0
Net investment income 2.6 2.2  
Interest income from BAM Surplus Notes 0.0 0.0  
Change in fair value of BAM Surplus Notes 0.0    
Unrealized loss on deconsolidation of BAM   0.0  
Commission and fee revenues 211.4 134.6 0.0
Net gain on sale of the Bamboo Group 0.0    
Other revenues 8.2 5.8 0.0
Total revenues 246.3 179.8 0.0
Expenses:      
Broker commission expense 72.0 51.3 0.0
Loss and loss adjustment expenses 18.0 20.6 0.0
Acquisition expenses 9.7 14.1 0.0
Cost of sales 0.0 0.0  
General and administrative expenses 96.8 61.1 0.0
Change in fair value of contingent consideration 0.0 0.0  
Interest expense 9.7 0.0 0.0
Total expenses 206.2 147.1 0.0
Pre-tax income (loss) 40.1 32.7  
P&C Insurance Distribution (Bamboo) | Operating Segments | Investments, Excluding MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 0.6 0.0  
P&C Insurance Distribution (Bamboo) | Operating Segments | MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 0.0 0.0  
Change in fair value of BAM Surplus Notes   0.0  
Specialty Insurance Distribution (Distinguished) | Operating Segments      
Revenues:      
Earned insurance premiums 0.0    
Net investment income 1.0    
Interest income from BAM Surplus Notes 0.0    
Change in fair value of BAM Surplus Notes 0.0    
Commission and fee revenues 56.7 0.0 0.0
Net gain on sale of the Bamboo Group 0.0    
Other revenues 1.0 0.0 0.0
Total revenues 57.7 0.0 0.0
Expenses:      
Broker commission expense 22.1 0.0 0.0
Loss and loss adjustment expenses 0.0    
Acquisition expenses 0.0    
Cost of sales 0.0    
General and administrative expenses 47.0 0.0 0.0
Change in fair value of contingent consideration 0.0    
Interest expense 5.1 0.0 0.0
Total expenses 74.2 $ 0.0 $ 0.0
Pre-tax income (loss) (16.5)    
Specialty Insurance Distribution (Distinguished) | Operating Segments | Investments, Excluding MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) 0.0    
Specialty Insurance Distribution (Distinguished) | Operating Segments | MediaAlpha      
Revenues:      
Net realized and unrealized investment gains (losses) $ 0.0