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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Earned insurance premiums $ 581.5 $ 506.8 $ 1,244.4 $ 1,070.6
Net investment income 57.7 48.1 172.1 130.1
Net realized and unrealized investment gains (losses) 223.8 (58.3) 390.4 151.2
Interest Income, Operating (7.9)      
Change in fair value of BAM Surplus Notes (15.8)   (15.8) 0.0
Unrealized loss on deconsolidation of BAM (114.5)   (114.5) 0.0
Commission and fees revenues 46.8 3.5 108.4 10.0
Other revenues 20.1 19.5 57.3 68.0
Total revenues 839.1 519.6 1,881.8 1,429.9
Expenses:        
Broker commission expenses 15.9   37.9  
Loss and loss adjustment expenses 296.9 265.8 666.6 581.1
Acquisition expenses 106.4 92.4 253.9 217.8
Cost of sales 7.6 8.0 22.2 33.5
General and administrative expenses 121.9 99.6 369.6 298.2
Change in fair value of contingent consideration 34.2 17.0 47.5 16.8
Interest expense 16.7 15.7 46.7 44.9
Total expenses 599.6 498.5 1,444.4 1,192.3
Pre-tax income (loss) 239.5 21.1 437.4 237.6
Income tax (expense) benefit (11.6) (7.3) (28.9) (19.4)
Net income (loss) 227.9 13.8 408.5 218.2
Net (income) loss attributable to noncontrolling interests (48.9) 9.8 (47.7) 4.5
Net income (loss) attributable to White Mountains’s common shareholders 179.0 23.6 360.8 222.7
Other Operations        
Revenues:        
Earned insurance premiums 11.2 0.0 19.8 0.0
Net investment income 9.6 8.0 27.9 22.0
Interest Income, Operating 0.0      
Change in fair value of BAM Surplus Notes 0.0   0.0  
Unrealized loss on deconsolidation of BAM 0.0   0.0  
Commission and fees revenues 4.1 3.5 11.1 10.0
Other revenues 14.8 15.2 43.7 67.1
Total revenues 157.6 (12.1) 322.6 186.0
Expenses:        
Broker commission expenses 0.0   0.0  
Loss and loss adjustment expenses 4.2 0.0 8.1 0.0
Acquisition expenses 4.5 0.0 7.1 0.0
Cost of sales 7.6 8.0 22.2 33.5
General and administrative expenses 32.9 42.2 126.4 130.7
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 0.3 0.9 1.6 2.9
Total expenses 49.5 51.1 165.4 167.1
Pre-tax income (loss) 108.1 (63.2) 157.2 18.9
Investments, Excluding MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) 135.6 (11.5) 230.7 190.1
Investments, Excluding MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 29.7 8.0 60.4 125.8
MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) 88.2 (46.8) 159.7 (38.9)
MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 88.2 (46.8) 159.7 (38.9)
P&C Insurance and Reinsurance (Ark/WM Outrigger)        
Expenses:        
Loss and loss adjustment expenses 288.3 265.8 644.0 581.1
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments        
Revenues:        
Earned insurance premiums 552.2 498.9 1,173.3 1,047.3
Net investment income 24.3 16.9 66.5 41.2
Net realized and unrealized investment gains (losses) 53.2 (6.6) 84.1 35.9
Other revenues 3.7 3.6 9.6 (1.1)
Total revenues 633.4 512.8 1,333.5 1,123.3
Expenses:        
Loss and loss adjustment expenses 288.3 265.8 644.0 581.1
Acquisition expenses 96.3 90.3 230.8 211.5
General and administrative expenses 68.9 35.4 154.0 105.5
Change in fair value of contingent consideration 34.2 17.0 47.5 16.8
Interest expense 4.9 5.5 15.0 15.7
Total expenses 492.6 414.0 1,091.3 930.6
Financial Guarantee (HG Global) | Operating Segments        
Revenues:        
Earned insurance premiums 7.5 7.9 24.3 23.3
Net investment income 6.0 8.1 26.1 22.9
Net realized and unrealized investment gains (losses) 22.5 (24.1) 8.1 (17.0)
Interest Income, Operating (7.9) 0.0 (7.9) 0.0
Change in fair value of BAM Surplus Notes (15.8) 0.0 (15.8) 0.0
Unrealized loss on deconsolidation of BAM (114.5) 0.0 (114.5) 0.0
Other revenues 0.0 0.7 1.1 2.0
Total revenues (54.8) (7.4) (31.2) 31.2
Expenses:        
Acquisition expenses 1.9 2.1 6.3 6.3
General and administrative expenses 0.3 17.5 34.8 49.7
Interest expense 5.8 3.8 13.4 10.8
Total expenses 8.0 23.4 54.5 66.8
Asset Management (Kudu) | Operating Segments        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 17.2 15.1 50.1 44.0
Net realized and unrealized investment gains (losses) 29.5 11.2 77.5 45.4
Interest Income, Operating 0.0      
Change in fair value of BAM Surplus Notes 0.0   0.0  
Unrealized loss on deconsolidation of BAM 0.0   0.0  
Commission and fees revenues 0.0 0.0 0.0 0.0
Other revenues 0.5 0.0 0.5 0.0
Total revenues 47.2 26.3 128.1 89.4
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 3.6 4.5 10.5 12.3
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 5.7 5.5 16.7 15.5
Total expenses 9.3 10.0 27.2 27.8
Pre-tax income (loss) 37.9 16.3 100.9 61.6
Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 29.5 11.2 77.5 45.4
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 10.6 0.0 27.0 0.0
Net investment income 0.6   1.5  
Interest Income, Operating 0.0      
Change in fair value of BAM Surplus Notes 0.0   0.0  
Unrealized loss on deconsolidation of BAM 0.0   0.0  
Commission and fees revenues 42.7 0.0 97.3 0.0
Other revenues 2.4 0.0 4.5 0.0
Total revenues 55.7 0.0 128.8 0.0
Expenses:        
Broker commission expenses 15.9 0.0 37.9 0.0
Loss and loss adjustment expenses 4.4 0.0 14.5 0.0
Acquisition expenses 3.7 0.0 9.7 0.0
Cost of sales 0.0   0.0  
General and administrative expenses 16.2 0.0 43.9 0.0
Change in fair value of contingent consideration 0.0   0.0  
Interest expense 0.0   0.0  
Total expenses 40.2 $ 0.0 106.0 $ 0.0
Pre-tax income (loss) 15.5   22.8  
P&C Insurance Distribution (Bamboo) | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 0.7   0.6  
P&C Insurance Distribution (Bamboo) | MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) $ 0.0   $ 0.0