v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Earned insurance premiums $ 375.2 $ 343.9 $ 770.2 $ 662.9
Net investment income 61.4 57.4 121.0 114.4
Net realized and unrealized investment gains (losses) 117.3 (60.2) 167.3 166.6
Interest income from BAM Surplus Notes 7.5 0.0 15.0 0.0
Commission and fees revenues 63.3 36.1 111.4 61.6
Other revenues 64.5 18.2 82.1 37.2
Total revenues 689.2 395.4 1,267.0 1,042.7
Expenses:        
Broker commission expenses 19.8 12.7 35.3 22.0
Loss and loss adjustment expenses 166.5 183.9 428.3 369.7
Acquisition expenses 99.5 75.9 196.6 147.5
Cost of sales 42.4 7.0 49.9 14.6
General and administrative expenses 137.5 122.5 233.5 247.7
Change in fair value of contingent consideration 28.4 13.3 38.1 13.3
Interest expense 18.6 14.8 36.4 30.0
Total expenses 512.7 430.1 1,018.1 844.8
Pre-tax income (loss) 176.5 (34.7) 248.9 197.9
Income tax (expense) benefit (12.9) (6.5) (22.5) (17.3)
Net income (loss) 163.6 (41.2) 226.4 180.6
Net (income) loss attributable to noncontrolling interests (40.7) (13.4) (69.6) 1.2
Net income (loss) attributable to White Mountains’s common shareholders 122.9 (54.6) 156.8 181.8
Other Operations        
Revenues:        
Earned insurance premiums 2.3 8.6 16.2 8.6
Net investment income 8.6 8.4 18.3 18.3
Interest income from BAM Surplus Notes 0.0 0.0 0.0 0.0
Commission and fees revenues 4.2 3.4 8.1 7.0
Other revenues 56.8 14.5 70.4 28.9
Total revenues 134.2 (95.8) 141.5 165.0
Expenses:        
Broker commission expenses 0.0 0.0 0.0 0.0
Loss and loss adjustment expenses 0.8 3.9 18.2 3.9
Acquisition expenses 0.9 2.6 6.0 2.6
Cost of sales 42.4 7.0 49.9 14.6
General and administrative expenses 53.8 43.2 89.3 93.5
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 0.8 0.6 1.3 1.3
Total expenses 98.7 57.3 164.7 115.9
Pre-tax income (loss) 35.5 (153.1) (23.2) 49.1
Investments, Excluding MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) 86.8 79.0 173.4 95.1
Investments, Excluding MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 31.8 8.5 34.6 30.7
MediaAlpha        
Revenues:        
Net realized and unrealized investment gains (losses) 30.5 (139.2) (6.1) 71.5
MediaAlpha | Other Operations        
Revenues:        
Net realized and unrealized investment gains (losses) 30.5 (139.2) (6.1) 71.5
P&C Insurance and Reinsurance (Ark/WM Outrigger)        
Expenses:        
Loss and loss adjustment expenses 164.0 175.7 397.5 355.7
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments        
Revenues:        
Earned insurance premiums 364.2 318.3 722.2 621.1
Net investment income 26.3 22.3 49.8 42.2
Net realized and unrealized investment gains (losses) 51.1 20.3 80.6 30.9
Other revenues 6.3 2.4 8.5 5.9
Total revenues 447.9 363.3 861.1 700.1
Expenses:        
Loss and loss adjustment expenses 164.0 175.7 397.5 355.7
Acquisition expenses 97.2 68.2 180.7 134.5
General and administrative expenses 56.5 42.9 92.4 85.1
Change in fair value of contingent consideration 28.4 13.3 38.1 13.3
Interest expense 4.3 4.7 8.5 10.1
Total expenses 350.4 304.8 717.2 598.7
Financial Guarantee (HG Global) | Operating Segments        
Revenues:        
Earned insurance premiums 7.1 9.0 15.3 16.8
Net investment income 6.5 10.4 12.8 20.1
Net realized and unrealized investment gains (losses) 3.1 (4.3) 13.1 (14.4)
Interest income from BAM Surplus Notes 7.5 0.0 15.0 0.0
Other revenues 0.0 0.6 0.1 1.1
Total revenues 24.2 15.7 56.3 23.6
Expenses:        
Broker commission expenses       0.0
Acquisition expenses 2.0 2.2 3.9 4.4
General and administrative expenses 1.0 17.2 1.6 34.5
Interest expense 4.5 4.1 9.1 7.6
Total expenses 7.5 23.5 14.6 46.5
Asset Management (Kudu) | Operating Segments        
Revenues:        
Earned insurance premiums 0.0 0.0 0.0 0.0
Net investment income 19.3 15.7 38.7 32.9
Net realized and unrealized investment gains (losses) 0.8 54.5 44.8 48.0
Interest income from BAM Surplus Notes 0.0 0.0 0.0 0.0
Commission and fees revenues 0.0 0.0 0.0 0.0
Other revenues 0.3 0.0 0.7 0.0
Total revenues 20.4 70.2 84.2 80.9
Expenses:        
Broker commission expenses 0.0 0.0 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 3.5 7.6 6.9
Change in fair value of contingent consideration 0.0 0.0 0.0 0.0
Interest expense 6.1 5.4 12.5 11.0
Total expenses 9.7 8.9 20.1 17.9
Pre-tax income (loss) 10.7 61.3 64.1 63.0
Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments        
Revenues:        
Net realized and unrealized investment gains (losses) 0.8 54.5 44.8 48.0
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)        
Expenses:        
Loss and loss adjustment expenses 1.7 12.6 4.3 10.1
P&C Insurance Distribution (Bamboo) | Operating Segments        
Revenues:        
Earned insurance premiums 1.6 8.0 16.5 16.4
Commission and fees revenues 59.1 32.7 103.3 54.6
Other revenues 1.8 1.3 4.1 2.1
Total revenues 62.5 42.0 123.9 73.1
Expenses:        
Broker commission expenses 19.8 12.7 35.3 22.0
Loss and loss adjustment expenses 1.7 4.3 12.6 10.1
Acquisition expenses (0.6) 2.9 6.0 6.0
General and administrative expenses 22.6 15.7 42.6 27.7
Interest expense 2.9 0.0 5.0 0.0
Total expenses $ 46.4 $ 35.6 $ 101.5 $ 65.8