v3.26.1
Municipal Bond Guarantee Insurance (Tables)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025:
MillionsThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Beginning nominal value$490.5 $495.7 
Interest income from BAM Surplus Notes6.9 7.5 
Payments of principal and interest
— — 
Ending nominal value497.4 503.2 
Beginning fair value discount(151.5)(114.0)
Change in fair value of BAM Surplus Notes— — 
Ending fair value discount(151.5)(114.0)
BAM Surplus Notes, at fair value$345.9 $389.2 
Schedule of insured obligations
The following table presents the HG Global segment’s insured obligations as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Contracts outstanding17,721 17,377 
Remaining weighted average contract period (in years) (1)
11.611.6
Outstanding par value of policies assumed (in millions) (2)
$20,856.3 $20,559.9 
Gross unearned insurance premiums (in millions)$328.5 $327.9 
(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 the HG Global segment’s future premium revenues as of March 31, 2026:
MillionsMarch 31, 2026
April 1, 2026 - December 31, 2026
$21.1 
202726.8 
202825.2 
202923.7 
2030
22.3 
2031 and thereafter
209.4 
Total gross unearned insurance premiums$328.5 
Effects of reinsurance
The following table summarizes the effects of reinsurance on written and earned premiums and on loss and LAE for the Ark/WM Outrigger segment for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
Millions20262025
Written premiums:
Direct$357.3 $416.8 
Assumed733.6 690.8 
Gross written premiums1,090.9 1,107.6 
Ceded (1)
(500.8)(379.9)
Net written premiums$590.1 $727.7 
Earned premiums:
Direct$266.7 $246.3 
Assumed236.8 214.1 
Gross earned premiums503.5 460.4 
Ceded (2)
(129.7)(102.4)
Net earned premiums$373.8 $358.0 
Loss and LAE:
Gross$264.0 $323.2 
Ceded (3)
(57.3)(89.7)
Net loss and LAE$206.7 $233.5 
(1) The three months ended March 31, 2026 and 2025 exclude written premiums of $0.0 and $37.5 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(2) The three months ended March 31, 2026 and 2025 exclude earned premiums of $2.7 and $12.0 ceded by Ark to WM Outrigger Re, which eliminate in White Mountains’s consolidated financial statements.
(3) The three months ended March 31, 2026 and 2025 exclude loss and LAE of $0.3 and $20.2 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 March 31, 2026 and December 31, 2025:
Millions
March 31, 2026December 31, 2025
Reinsurance recoverables on unpaid losses (1)
$528.6 $508.3 
Reinsurance recoverables on paid losses (2)
69.3 117.6 
Ceded unearned premiums (3)
581.4 210.2 
Reinsurance recoverables
$1,179.3 $836.1 
(1) The reinsurance recoverables on unpaid losses exclude $27.7 and $29.5 ceded by Ark to WM Outrigger Re as of March 31, 2026 and December 31, 2025, which eliminate in White Mountains’s consolidated financial statements.
(2) The reinsurance recoverables on paid losses exclude $2.1 and $5.2 ceded by Ark to WM Outrigger Re as of March 31, 2026 and December 31, 2025, which eliminate in White Mountains’s consolidated financial statements.
(3) The ceded unearned premiums exclude $1.1 and $3.9 ceded by Ark to WM Outrigger Re as of March 31, 2026 and December 31, 2025, which eliminate in White Mountains’s consolidated financial statements.
The following table presents gross written premiums and gross earned premiums included in the HG Global segment for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
Millions20262025
Written premiums:
Direct$— $— 
Assumed8.3 6.7 
Gross written premiums
$8.3 $6.7 
Earned premiums:
Direct$— $— 
Assumed7.7 8.2 
Gross earned premiums
$7.7 $8.2