Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of financial information for segments

The following tables present White Mountains’s pre-tax financial results by segment for the three months ended March 31, 2025 and 2024:


	Ark/WM Outrigger										Other Operations
Millions	Ark		WM Outrigger Re		HG Global		Kudu		Bamboo				Total
Three Months Ended March 31, 2025
Earned insurance premiums	$	346.0	$	12.0	$	8.2	$	—	$	14.9	$	13.9	$	395.0
Net investment income (1)	21.3		2.2		6.3		19.4		.7		9.7		59.6
Net realized and unrealized investment gains (losses) (1)	29.6		(.1)		10.0		44.0		.3		2.8		86.6
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	—		—		—		—		—		(36.6)		(36.6)
Interest income from BAM Surplus Notes	—		—		7.5		—		—		—		7.5

Commission and fee revenues	—		—		—		—		44.2		3.9		48.1
Other revenues	2.2		—		.1		.4		1.3		13.6		17.6
Total revenues	399.1		14.1		32.1		63.8		61.4		7.3		577.8
Loss and LAE	213.3		20.2		—		—		10.9		17.4		261.8
Acquisition expenses	83.8		(.3)		1.9		—		6.6		5.1		97.1

Cost of sales	—		—		—		—		—		7.5		7.5
Broker commission expenses	—		—		—		—		15.5		—		15.5
General and administrative expenses (2) (3)	35.8		.1		.6		4.0		20.0		35.5		96.0
Change in fair value of contingent consideration	9.7		—		—		—		—		—		9.7
Interest expense	4.2		—		4.6		6.4		2.1		.5		17.8
Total expenses	346.8		20.0		7.1		10.4		55.1		66.0		505.4
Pre-tax income (loss)	$	52.3	$	(5.9)	$	25.0	$	53.4	$	6.3	$	(58.7)	$	72.4

(1) Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.

(2) Ark’s general and administrative expenses include $28.5 of other underwriting expenses.

(3) Bamboo’s general and administrative expenses include $4.0 of amortization of other intangible assets.


	Ark/WM Outrigger				HG Global								Other Operations
Millions	Ark		WM Outrigger Re		HG Global		BAM (1) (2)		Kudu		Bamboo				Total
Three Months Ended March 31, 2024
Earned insurance premiums	$	292.5	$	10.3	$	6.5	$	1.3	$	—	$	8.4	$	—	$	319.0
Net investment income (3)	17.0		2.9		5.4		4.3		17.2		.3		9.9		57.0
Net realized and unrealized investment gains (losses) (3)	10.6		—		(7.3)		(2.8)		(6.5)		(.1)		22.2		16.1
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	—		—		—		—		—		—		210.7		210.7
Interest income (expense) from BAM Surplus Notes	—		—		6.6		(6.6)		—		—		—		—


Commission and fee revenues	—		—		—		—		—		21.9		3.6		25.5
Other revenues	3.5		—		—		.5		—		.6		14.4		19.0
Total revenues	323.6		13.2		11.2		(3.3)		10.7		31.1		260.8		647.3
Loss and LAE	179.3		.7		—		—		—		5.8		—		185.8
Acquisition expenses	63.7		2.6		1.8		.4		—		3.1		—		71.6
Cost of sales	—		—		—		—		—		—		7.6		7.6
Broker commission expenses	—		—		—		—		—		9.3		—		9.3
General and administrative expenses (4) (5)	42.2		—		.4		16.9		3.4		12.0		50.3		125.2
Change in fair value of contingent consideration	—		—		—		—		—		—		—		—
Interest expense	5.4		—		3.5		—		5.6		—		.7		15.2
Total expenses	290.6		3.3		5.7		17.3		9.0		30.2		58.6		414.7
Pre-tax income (loss)	$	33.0	$	9.9	$	5.5	$	(20.6)	$	1.7	$	.9	$	202.2	$	232.6

(1) Effective July 1, 2024 White Mountains no longer consolidates BAM. For the period from January 1, 2024 through June 30, 2024, BAM’s results of operations were presented within the HG Global segment.

(2) BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes the BAM Surplus Notes and is not reduced by accruals of interest expense on the BAM Surplus Notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the NYDFS.

(3) Bamboo’s net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.

(4) Ark’s general and administrative expenses include $30.5 of other underwriting expenses.

(5) Bamboo’s general and administrative expenses include $4.2 of amortization of other intangible assets.

The following tables present White Mountains’s revenues from external customers by country for the three months ended March 31, 2025 and 2024:


	March 31, 2025
Millions	United States		United Kingdom		Bermuda		Other		Total
Earned insurance premiums	$	14.9	$	215.5	$	164.6	$	—	$	395.0
Commission and fee revenues	44.2		—		—		3.9		48.1
Other revenues (1)	13.6		—		—		—		13.6
Total	$	72.7	$	215.5	$	164.6	$	3.9	$	456.7

(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.


	March 31, 2024
Millions	United States		United Kingdom		Bermuda		Other		Total
Earned insurance premiums	$	1.3	$	177.4	$	140.3	$	—	$	319.0
Commission and fee revenues	21.9		—		—		3.6		25.5
Other revenues (1)	14.3		—		—		—		14.3
Total	$	37.5	$	177.4	$	140.3	$	3.6	$	358.8

(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.

The following table presents White Mountains’s balance sheet information by segment as of March 31, 2025 and December 31, 2024:


Millions Selected Balance Sheet Data	Ark/WM Outrigger		HG Global			Kudu		Bamboo		Other Operations			Total
March 31, 2025
Total investments	$	3,215.0	$	686.0		$	1,138.1	$	65.0	$	1,447.2		$	6,551.3
Total assets	$	6,325.5	$	1,203.1		$	1,223.3	615.0		$	1,638.0	(1)	$	11,004.9
Total liabilities	$	4,658.1	$	463.3	(1)	$	330.6	282.7		$	130.5		$	5,865.2
Total White Mountains’s common shareholders’ equity	$	1,251.4	$	752.3	(1)	$	766.3	241.2		$	1,498.4	(1)	$	4,509.6
Noncontrolling interests	$	416.0	$	(12.5)		$	126.4	91.1		$	9.1		$	630.1
December 31, 2024:
Total investments	$	3,139.7	$	667.6		$	1,041.9	$	58.0	$	1,570.4		$	6,477.6
Total assets	$	5,299.0	$	1,179.4		$	1,108.4	$	584.6	$	1,754.2	(1)	$	9,925.6
Total liabilities	$	3,664.8	$	464.1	(1)	$	316.7	$	167.7	$	181.3		$	4,794.6
Total White Mountains’s common shareholders’ equity	$	1,223.8	$	728.7	(1)	$	664.1	$	303.3	$	1,563.8	(1)	$	4,483.7
Noncontrolling interests	$	410.4	$	(13.4)		$	127.6	$	113.6	$	9.1		$	647.3

(1) HG Global preferred dividends payable to White Mountains’s subsidiaries is eliminated in White Mountains’s consolidated financial statements. For segment reporting, the HG Global preferred dividends payable to White Mountains’s subsidiaries included within the HG Global segment are eliminated against the offsetting receivable included within Other Operations and therefore added back to White Mountains’s common shareholders’ equity within the HG Global segment. As of March 31, 2025 and December 31, 2024, the HG Global preferred dividends payable to White Mountains’s subsidiaries were $478.0 and $462.1.