Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of financial information for segments

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 Outrigger										Other Operations		Total
Millions	Ark		WM Outrigger Re		HG 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 revenues	6.3		—		—		.3		1.1		56.8		64.5
Total revenues	438.6		9.3		24.2		20.4		62.5		134.2		689.2
Loss and LAE	162.3		1.7		—		—		1.7		.8		166.5
Acquisition expenses	95.8		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 consideration	28.4		—		—		—		—		—		28.4
Interest expense	4.3		—		4.5		6.1		2.9		.8		18.6
Total expenses	347.3		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 Outrigger				HG Global								Other Operations
Millions	Ark		WM Outrigger Re		HG 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 revenues	2.4		—		—		.6		—		.7		14.5		18.2
Total revenues	352.8		10.5		18.0		(2.3)		70.2		42.0		(95.8)		395.4
Loss and LAE	176.0		(.3)		—		—		—		4.3		3.9		183.9
Acquisition expenses	65.9		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 expense	4.7		—		4.1		—		5.4		—		.6		14.8
Total expenses	302.7		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 Outrigger										Other Operations
Millions	Ark		WM Outrigger Re		HG Global		Kudu		Bamboo				Total
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 revenues	8.5		—		.1		.7		2.4		70.4		82.1
Total revenues	837.7		23.4		56.3		84.2		123.9		141.5		1,267.0
Loss and LAE	375.6		21.9		—		—		12.6		18.2		428.3
Acquisition expenses	179.6		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 expense	8.5		—		9.1		12.5		5.0		1.3		36.4
Total expenses	694.1		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 Outrigger				HG Global								Other Operations
Millions	Ark		WM Outrigger Re		HG Global		BAM (1) (2)		Kudu		Bamboo				Total
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 revenues	5.9		—		—		1.1		—		1.3		28.9		37.2
Total revenues	676.4		23.7		29.2		(5.6)		80.9		73.1		165.0		1,042.7
Loss and LAE	355.3		.4		—		—		—		10.1		3.9		369.7
Acquisition expenses	129.6		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 expense	10.1		—		7.6		—		11.0		—		1.3		30.0
Total expenses	593.3		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

(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
Millions	United States		United Kingdom		Bermuda		Other		Total
Earned insurance premiums	$	1.6	$	229.0	$	144.6	$	—	$	375.2
Commission and fee revenues	59.1		—		—		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
Millions	United States		United Kingdom		Bermuda		Other		Total
Earned insurance premiums	$	1.5	$	193.7	$	148.7	$	—	$	343.9
Commission and fee revenues	32.7		—		—		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
Millions	United States		United Kingdom		Bermuda		Other		Total
Earned insurance premiums	$	16.5	$	444.5	$	309.2	$	—	$	770.2
Commission and fee revenues	103.3		—		—		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
Millions	United States		United Kingdom		Bermuda		Other		Total
Earned insurance premiums	$	2.8	$	371.1	$	289.0	$	—	$	662.9
Commission and fee revenues	54.6		—		—		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 Outrigger		HG Global			Kudu		Bamboo		Other 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.