v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
 
As of June 30, 2025, White Mountains conducted its operations through four reportable segments: (1) Ark/WM Outrigger, (2) HG Global, (3) Kudu and (4) Bamboo, with its remaining operating businesses, holding companies and other assets included in Other Operations. White Mountains has made its segment determination based on consideration of the following criteria: (i) the nature of the business activities of each of the Company’s subsidiaries and affiliates; (ii) the manner in which the Company’s subsidiaries and affiliates are organized; (iii) the existence of primary managers responsible for specific subsidiaries and affiliates; and (iv) the organization of information provided to the Company’s CODMs and the Board of Directors. The Company’s CODMs are its Chief Executive Officer and its President and Chief Financial Officer. The CODMs utilize each segment’s pre-tax income (loss) in assessing each segment’s performance and allocating resources. Other measures of segment profitability are also reviewed by the CODMs. Significant intercompany transactions among White Mountains’s segments have been eliminated herein.
Effective July 1, 2024, White Mountains no longer consolidates BAM. Through June 30, 2024, BAM’s results of operations were presented within the HG Global segment. See Note 2 — “Significant Transactions.”
The following tables present White Mountains’s pre-tax financial results by segment for the three and six months ended June 30, 2025 and 2024:
Ark/WM OutriggerOther OperationsTotal
MillionsArkWM Outrigger ReHG Global
Kudu
Bamboo
Three Months Ended June 30, 2025
Earned insurance premiums
$357.1 $7.1 $7.1 $— $1.6 $2.3 $375.2 
Net investment income (1)
24.1 2.2 6.5 19.3 .7 8.6 61.4 
Net realized and unrealized (1)
   investment gains (losses)
51.1 — 3.1 .8 — 31.8 86.8 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — 30.5 30.5 
Interest income from BAM Surplus Notes— — 7.5 — — — 7.5 
Commission and fee revenues — — — — 59.1 4.2 63.3 
Other revenues6.3 — — .3 1.1 56.8 64.5 
     Total revenues438.6 9.3 24.2 20.4 62.5 134.2 689.2 
Loss and LAE162.3 1.7 — — 1.7 .8 166.5 
Acquisition expenses95.8 1.4 2.0 — (.6).9 99.5 
Cost of sales— — — — — 42.4 42.4 
Broker commission expenses— — — — 19.8 — 19.8 
General and administrative expenses (2) (3)
56.5 — 1.0 3.6 22.6 53.8 137.5 
Change in fair value of contingent consideration28.4 — — — — — 28.4 
Interest expense4.3 — 4.5 6.1 2.9 .8 18.6 
     Total expenses347.3 3.1 7.5 9.7 46.4 98.7 512.7 
Pre-tax income (loss)$91.3 $6.2 $16.7 $10.7 $16.1 $35.5 $176.5 
(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 $46.3 of other underwriting expenses.
(3) Bamboo’s general and administrative expenses include $4.0 of amortization of other intangible assets.
Ark/WM OutriggerHG GlobalOther Operations
MillionsArkWM Outrigger ReHG Global
BAM (1) (2)
Kudu
Bamboo
Total
Three Months Ended June 30, 2024
Earned insurance premiums
$310.8 $7.5 $7.5 $1.5 $— $8.0 $8.6 $343.9 
Net investment income (3)
19.3 3.0 5.9 4.5 15.7 .6 8.4 57.4 
Net realized and unrealized (3)
   investment gains (losses)
20.3 — (2.0)(2.3)54.5 — 8.5 79.0 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — — (139.2)(139.2)
Interest income (expense) from
   BAM Surplus Notes		— — 6.6 (6.6)— — — — 
Commission and fee revenues— — — — — 32.7 3.4 36.1 
Other revenues2.4 — — .6 — .7 14.5 18.2 
     Total revenues352.8 10.5 18.0 (2.3)70.2 42.0 (95.8)395.4 
Loss and LAE176.0 (.3)— — — 4.3 3.9 183.9 
Acquisition expenses65.9 2.3 2.2 — — 2.9 2.6 75.9 
Cost of sales— — — — — — 7.0 7.0 
Broker commission expenses
— — — — — 12.7 — 12.7 
General and administrative expenses (4) (5)
42.8 .1 .6 16.6 3.5 15.7 43.2 122.5 
Change in fair value of contingent
   consideration		13.3 — — — — — — 13.3 
Interest expense4.7 — 4.1 — 5.4 — .6 14.8 
     Total expenses302.7 2.1 6.9 16.6 8.9 35.6 57.3 430.1 
Pre-tax income (loss)$50.1 $8.4 $11.1 $(18.9)$61.3 $6.4 $(153.1)$(34.7)
(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 $33.1 of other underwriting expenses.
(5) Bamboo’s general and administrative expenses include $4.3 of amortization of other intangible assets.
Ark/WM OutriggerOther Operations
MillionsArkWM Outrigger ReHG Global
Kudu
BambooTotal
Six Months Ended June 30, 2025
Earned insurance premiums$703.1 $19.1 $15.3 $— $16.5 $16.2 $770.2 
Net investment income (1)
45.4 4.4 12.8 38.7 1.4 18.3 121.0 
Net realized and unrealized (1)
   investment gains (losses)
80.7 (.1)13.1 44.8 .3 34.6 173.4 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — (6.1)(6.1)
Interest income from BAM Surplus Notes— — 15.0 — — — 15.0 
Commission and fee revenues — — — — 103.3 8.1 111.4 
Other revenues8.5 — .1 .7 2.4 70.4 82.1 
     Total revenues837.7 23.4 56.3 84.2 123.9 141.5 1,267.0 
Loss and LAE375.6 21.9 — — 12.6 18.2 428.3 
Acquisition expenses179.6 1.1 3.9 — 6.0 6.0 196.6 
Cost of sales— — — — — 49.9 49.9 
Broker commission expenses— — — — 35.3 — 35.3 
General and administrative expenses (2) (3)
92.3 .1 1.6 7.6 42.6 89.3 233.5 
Change in fair value of contingent
   consideration
38.1 — — — — — 38.1 
Interest expense8.5 — 9.1 12.5 5.0 1.3 36.4 
     Total expenses694.1 23.1 14.6 20.1 101.5 164.7 1,018.1 
Pre-tax income (loss)$143.6 $.3 $41.7 $64.1 $22.4 $(23.2)$248.9 
(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 $74.8 of other underwriting expenses.
(3) Bamboo’s general and administrative expenses include $8.0 of amortization of other intangible assets.
Ark/WM OutriggerHG GlobalOther Operations
MillionsArkWM Outrigger ReHG Global
BAM (1) (2)
Kudu
BambooTotal
Six Months Ended June 30, 2024
Earned insurance premiums$603.3 $17.8 $14.0 $2.8 $— $16.4 $8.6 $662.9 
Net investment income (3)
36.3 5.9 11.3 8.8 32.9 .9 18.3 114.4 
Net realized and unrealized investment (3)
   gains (losses)
30.9 — (9.3)(5.1)48.0 (.1)30.7 95.1 
Net realized and unrealized investment
   gains (losses) from investment in
   MediaAlpha
— — — — — — 71.5 71.5 
Interest income (expense) from
   BAM Surplus Notes		— — 13.2 (13.2)— — — — 
Commission and fee revenues— — — — — 54.6 7.0 61.6 
Other revenues5.9 — — 1.1 — 1.3 28.9 37.2 
     Total revenues676.4 23.7 29.2 (5.6)80.9 73.1 165.0 1,042.7 
Loss and LAE355.3 .4 — — — 10.1 3.9 369.7 
Acquisition expenses129.6 4.9 4.0 .4 — 6.0 2.6 147.5 
Cost of sales— — — — — — 14.6 14.6 
Broker commission expenses— — — — — 22.0 — 22.0 
General and administrative expenses (4) (5)
85.0 .1 1.0 33.5 6.9 27.7 93.5 247.7 
Change in fair value of contingent
   consideration		13.3 — — — — — — 13.3 
Interest expense10.1 — 7.6 — 11.0 — 1.3 30.0 
     Total expenses593.3 5.4 12.6 33.9 17.9 65.8 115.9 844.8 
Pre-tax income (loss)$83.1 $18.3 $16.6 $(39.5)$63.0 $7.3 $49.1 $197.9 
(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 $63.6 of other underwriting expenses.
(5) Bamboo’s general and administrative expenses include $8.5 of amortization of other intangible assets.

The following tables present White Mountains’s revenues from external customers by country for three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, 2025
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$1.6 $229.0 $144.6 $— $375.2 
Commission and fee revenues59.1 — — 4.2 63.3 
Other revenues (1)
56.3 — — — 56.3 
Total$117.0 $229.0 $144.6 $4.2 $494.8 
(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.
Three Months Ended June 30, 2024
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$1.5 $193.7 $148.7 $— $343.9 
Commission and fee revenues32.7 — — 3.4 36.1 
Other revenues (1)
13.9 — — — 13.9 
Total$48.1 $193.7 $148.7 $3.4 $393.9 
(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.
Six Months Ended June 30, 2025
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$16.5 $444.5 $309.2 $— $770.2 
Commission and fee revenues103.3 — — 8.1 111.4 
Other revenues (1)
69.9 — — — 69.9 
Total$189.7 $444.5 $309.2 $8.1 $951.5 
(1) Amounts include revenues from external customers related to certain consolidated Other Operating Businesses.
Six Months Ended June 30, 2024
MillionsUnited StatesUnited KingdomBermudaOtherTotal
Earned insurance premiums$2.8 $371.1 $289.0 $— $662.9 
Commission and fee revenues54.6 — — 7.0 61.6 
Other revenues (1)
28.2 — — — 28.2 
Total$85.6 $371.1 $289.0 $7.0 $752.7 
(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 June 30, 2025 and December 31, 2024:
Millions
Selected Balance Sheet Data		Ark/WM OutriggerHG GlobalKuduBambooOther
Operations		Total
June 30, 2025
  
Total investments$3,411.3 $713.7 $1,169.5 $65.9 $1,438.2 $6,798.6 
Total assets$6,905.5 $1,244.5 $1,230.7 619.5 $1,822.7 
(1)
$11,822.9 
Total liabilities$5,173.5 $488.3 
(1)
$329.2 281.2 $210.5 $6,482.7 
Total White Mountains’s
   common shareholders’ equity
$1,284.6 $768.6 
(1)
$773.9 245.2 $1,572.2 
(1)
$4,644.5 
Noncontrolling interests$447.4 $(12.4)$127.6 93.1 $40.0 $695.7 
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 June 30, 2025 and December 31, 2024, the HG Global preferred dividends payable to White Mountains’s subsidiaries were $494.2 and $462.1.