v3.25.2
Municipal Bond Guarantee Insurance (Tables)
 6 Months Ended
Jun. 30, 2025
Guarantees [Abstract]  
Schedule of Nominal and Fair Value of Notes Receivable
The following table presents the changes in the nominal value and fair value of the BAM Surplus Notes for the three and six months ended June 30, 2025:
MillionsThree Months Ended June 30, 2025Six Months Ended June 30, 2025
Beginning nominal value$503.2 $495.7 
Interest income from BAM Surplus Notes7.5 15.0 
Payments of principal and interest
— — 
Ending nominal value510.7 510.7 
Beginning fair value discount(114.0)(114.0)
Change in fair value of BAM Surplus Notes— — 
Ending fair value discount(114.0)(114.0)
BAM Surplus Notes, at fair value$396.7 $396.7 
Schedule of insured obligations
The following table presents the HG Global segment’s insured obligations as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Contracts outstanding16,449 15,884 
Remaining weighted average contract period (in years) (1)
11.411.2
Outstanding par value of policies assumed (in millions) (2)
$19,391.0 $18,503.3 
Gross unearned insurance premiums (in millions)$307.9 $297.3 
(1) The remaining weighted average contract period was calculated using total contractual debt service outstanding, including principal and interest.
(2) Under the FLRT, HG Re provides first-loss reinsurance protection of up to 15%-of-par outstanding for each policy assumed from BAM. For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds.
Schedule of HG's future premium revenues
The following table presents a schedule of HG Global’s future premium revenues as of June 30, 2025:
MillionsJune 30, 2025
July 1, 2025 - September 30, 2025$6.8 
October 1, 2025 - December 31, 20256.7 
Total 202513.5 
202626.0 
202724.6 
202823.0 
202921.5 
2030 and thereafter199.3 
Total gross unearned insurance premiums$307.9 
Effects of reinsurance
The following table summarizes the effects of reinsurance on written and earned premiums and loss and LAE for the Ark/WM Outrigger segment for the three and six months ended June 30, 2025 and 2024:
MillionsThree Months Ended June 30,Six Months Ended June 30,
2025202420252024
Written premiums:
Direct$356.6 $339.4 $773.4 $624.4 
Assumed458.6 357.6 1,149.4 944.7 
Gross written premiums815.2 697.0 1,922.8 1,569.1 
Ceded (1)
(236.6)(194.2)(616.5)(468.3)
Net written premiums$578.6 $502.8 $1,306.3 $1,100.8 
Earned premiums:
Direct$260.1 $219.5 $506.4 $413.9 
Assumed209.0 180.3 423.1 372.7 
Gross earned premiums469.1 399.8 929.5 786.6 
Ceded (2)
(104.9)(81.5)(207.3)(165.5)
Net earned premiums$364.2 $318.3 $722.2 $621.1 
Loss and LAE:
Gross$197.0 $248.7 $520.2 $502.0 
Ceded (3)
(33.0)(73.0)(122.7)(146.3)
Net loss and LAE$164.0 $175.7 $397.5 $355.7 
(1) The three months ended June 30, 2025 and 2024 exclude $42.6 and $38.9, and the six months ended June 30, 2025 and 2024 exclude $80.1 and $73.2 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(2) The three months ended June 30, 2025 and 2024 exclude $7.1 and $7.5, and the six months ended June 30, 2025 and 2024 exclude $19.1 and $17.8 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(3) The three months ended June 30, 2025 and 2024 exclude $1.7 and $(0.3), and the six months ended June 30, 2025 and 2024 exclude $21.9 and $0.4 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.

The following table presents the Ark/WM Outrigger segment’s reinsurance recoverables as of June 30, 2025 and December 31, 2024:
Millions
June 30, 2025December 31, 2024
Reinsurance recoverables on unpaid losses (1)
$468.5 $434.4 
Reinsurance recoverables on paid losses (2)
69.5 57.5 
Ceded unearned premiums (3)
506.1 97.1 
Reinsurance recoverables
$1,044.1 $589.0 
(1) The reinsurance recoverables on unpaid losses exclude $33.7 and $31.8 ceded by Ark to WM Outrigger Re as of June 30, 2025 and December 31, 2024, which eliminate in White Mountains’s consolidated financial statements.
(2) The reinsurance recoverables on paid losses exclude $6.6 and $3.1 ceded by Ark to WM Outrigger Re as of June 30, 2025 and December 31, 2024, which eliminate in White Mountains’s consolidated financial statements.
(3) The ceded unearned premiums exclude $65.4and $4.3 ceded by Ark to WM Outrigger Re as of June 30, 2025 and December 31, 2024, which eliminate in White Mountains’s consolidated financial statements.
The following tables present gross written premiums and gross earned premiums included in the HG Global segment for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,
20252024
MillionsHG GlobalHG GlobalBAMEliminationsTotal
Written premiums:
Direct$— $— $13.6 $— $13.6 
Assumed19.2 11.6 — (11.6)— 
Gross written premiums (1)
$19.2 $11.6 $13.6 $(11.6)$13.6 
Earned premiums:
Direct$— $— $8.5 $— $8.5 
Assumed7.1 7.5 .5 (7.5).5 
Gross earned premiums (1)
$7.1 $7.5 $9.0 $(7.5)$9.0 
(1) For the three months ended June 30, 2024, BAM ceded written premiums of $11.6 and earned premiums of $7.5 to HG Global, which eliminated in consolidation. Subsequent to the deconsolidation of BAM, there are no ceded premiums, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively.
Six Months Ended June 30,
20252024
MillionsHG GlobalHG GlobalBAMEliminationsTotal
Written premiums:
Direct$— $— $24.1 $— $24.1 
Assumed25.9 20.5 — (20.5)— 
Gross written premiums (1)
$25.9 $20.5 $24.1 $(20.5)$24.1 
Earned premiums:
Direct$— $— $15.8 $— $15.8 
Assumed15.3 14.0 1.0 (14.0)1.0 
Gross earned premiums (1)
$15.3 $14.0 $16.8 $(14.0)$16.8 
(1) For the six months ended June 30, 2024, BAM ceded written premiums of $20.5 and earned premiums of $14.0 to HG Global, which eliminated in consolidation. Subsequent to the deconsolidation of BAM, there are no ceded premiums, such that gross written premiums and gross earned premiums are equivalent to net written premiums and net earned premiums, respectively.