v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Earned insurance premiums $ 395.0 $ 319.0
Net investment income 59.6 57.0
Net realized and unrealized investment gains (losses) 50.0 226.8
Interest income from BAM Surplus Notes 7.5 0.0
Commission and fees revenues 48.1 25.5
Other revenues 17.6 19.0
Total revenues 577.8 647.3
Expenses:    
Broker commission expenses 15.5 9.3
Loss and loss adjustment expenses 261.8 185.8
Acquisition expenses 97.1 71.6
Cost of sales 7.5 7.6
General and administrative expenses 96.0 125.2
Change in fair value of contingent consideration 9.7 0.0
Interest expense 17.8 15.2
Total expenses 505.4 414.7
Pre-tax income (loss) 72.4 232.6
Income tax (expense) benefit (9.6) (10.8)
Net income (loss) 62.8 221.8
Net (income) loss attributable to noncontrolling interests (28.9) 14.6
Net income (loss) attributable to White Mountains’s common shareholders 33.9 236.4
Other Operations    
Revenues:    
Earned insurance premiums 13.9 0.0
Net investment income 9.7 9.9
Interest income from BAM Surplus Notes 0.0 0.0
Commission and fees revenues 3.9 3.6
Other revenues 13.6 14.4
Total revenues 7.3 260.8
Expenses:    
Broker commission expenses 0.0 0.0
Loss and loss adjustment expenses 17.4 0.0
Acquisition expenses 5.1 0.0
Cost of sales 7.5 7.6
General and administrative expenses 35.5 50.3
Change in fair value of contingent consideration 0.0 0.0
Interest expense 0.5 0.7
Total expenses 66.0 58.6
Pre-tax income (loss) (58.7) 202.2
Investments, Excluding MediaAlpha    
Revenues:    
Net realized and unrealized investment gains (losses) 86.6 16.1
Investments, Excluding MediaAlpha | Other Operations    
Revenues:    
Net realized and unrealized investment gains (losses) 2.8 22.2
MediaAlpha    
Revenues:    
Net realized and unrealized investment gains (losses) (36.6) 210.7
MediaAlpha | Other Operations    
Revenues:    
Net realized and unrealized investment gains (losses) (36.6) 210.7
P&C Insurance and Reinsurance (Ark/WM Outrigger)    
Expenses:    
Loss and loss adjustment expenses 233.5 180.0
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments    
Revenues:    
Earned insurance premiums 358.0 302.8
Net investment income 23.5 19.9
Net realized and unrealized investment gains (losses) 29.5 10.6
Other revenues 2.2 3.5
Total revenues 413.2 336.8
Expenses:    
Loss and loss adjustment expenses 233.5 180.0
Acquisition expenses 83.5 66.3
General and administrative expenses 35.9 42.2
Change in fair value of contingent consideration 9.7 0.0
Interest expense 4.2 5.4
Total expenses 366.8 293.9
Financial Guarantee (HG Global) | Operating Segments    
Revenues:    
Earned insurance premiums 8.2 7.8
Net investment income 6.3 9.7
Net realized and unrealized investment gains (losses) 10.0 (10.1)
Interest income from BAM Surplus Notes 7.5 0.0
Other revenues 0.1 0.5
Total revenues 32.1 7.9
Expenses:    
Broker commission expenses   0.0
Acquisition expenses 1.9 2.2
General and administrative expenses 0.6 17.3
Interest expense 4.6 3.5
Total expenses 7.1 23.0
Asset Management (Kudu) | Operating Segments    
Revenues:    
Earned insurance premiums 0.0 0.0
Net investment income 19.4 17.2
Net realized and unrealized investment gains (losses) 44.0 (6.5)
Interest income from BAM Surplus Notes 0.0 0.0
Commission and fees revenues 0.0 0.0
Other revenues 0.4 0.0
Total revenues 63.8 10.7
Expenses:    
Broker commission expenses 0.0 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 4.0 3.4
Change in fair value of contingent consideration 0.0 0.0
Interest expense 6.4 5.6
Total expenses 10.4 9.0
Pre-tax income (loss) 53.4 1.7
Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments    
Revenues:    
Net realized and unrealized investment gains (losses) 44.0 (6.5)
Asset Management (Kudu) | MediaAlpha | Operating Segments    
Revenues:    
Net realized and unrealized investment gains (losses) 0.0 0.0
P&C Insurance Distribution (Bamboo)    
Expenses:    
Loss and loss adjustment expenses 10.9 5.8
P&C Insurance Distribution (Bamboo) | Operating Segments    
Revenues:    
Earned insurance premiums 14.9 8.4
Commission and fees revenues 44.2 21.9
Other revenues 2.3 0.8
Total revenues 61.4 31.1
Expenses:    
Broker commission expenses 15.5 9.3
Loss and loss adjustment expenses 10.9 5.8
Acquisition expenses 6.6 3.1
General and administrative expenses 20.0 12.0
Interest expense 2.1 0.0
Total expenses $ 55.1 $ 30.2