v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Earned insurance premiums $ 384.9 $ 395.0
Net investment income 71.4 59.6
Net realized and unrealized investment gains (losses) (54.4) 50.0
Interest income from BAM Surplus Notes 6.9 7.5
Commission and fee revenues 43.2 48.1
Net gain on sale of the Bamboo Group 2.4 0.0
Other revenues 63.4 17.6
Total revenues 517.8 577.8
Expenses:    
Broker commission expenses 17.2 15.5
Loss and loss adjustment expenses 207.0 261.8
Acquisition expenses 102.2 97.1
Cost of sales 42.7 7.5
General and administrative expenses 144.9 96.0
Change in fair value of contingent consideration 10.0 9.7
Interest expense 19.3 17.8
Total expenses 543.3 505.4
Pre-tax income (loss) (25.5) 72.4
Income tax (expense) benefit (0.8) (9.6)
Net income (loss) (26.3) 62.8
Net (income) loss attributable to noncontrolling interests (0.9) (28.9)
Net income (loss) attributable to White Mountains’s common shareholders (27.2) 33.9
Other Operations    
Revenues:    
Earned insurance premiums 3.4 13.9
Net investment income 13.5 9.7
Interest income from BAM Surplus Notes 0.0 0.0
Commission and fee revenues 3.6 3.9
Net gain on sale of the Bamboo Group 2.4 0.0
Other revenues 56.4 13.6
Total revenues 21.0 7.3
Expenses:    
Broker commission expenses 0.0 0.0
Loss and loss adjustment expenses 0.3 17.4
Acquisition expenses 1.3 5.1
Cost of sales 42.7 7.5
General and administrative expenses 55.3 35.5
Change in fair value of contingent consideration 0.0 0.0
Interest expense 1.0 0.5
Total expenses 100.6 66.0
Pre-tax income (loss) (79.6) (58.7)
Investments, Excluding MediaAlpha    
Revenues:    
Net realized and unrealized investment gains (losses) 10.8 86.6
Investments, Excluding MediaAlpha | Other Operations    
Revenues:    
Net realized and unrealized investment gains (losses) 6.9 2.8
MediaAlpha    
Revenues:    
Net realized and unrealized investment gains (losses) (65.2) (36.6)
MediaAlpha | Other Operations    
Revenues:    
Net realized and unrealized investment gains (losses) (65.2) (36.6)
P&C Insurance and Reinsurance (Ark/WM Outrigger)    
Expenses:    
Loss and loss adjustment expenses 206.7 233.5
P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments    
Revenues:    
Earned insurance premiums 373.8 358.0
Net investment income 28.7 23.5
Net realized and unrealized investment gains (losses) (32.9) 29.5
Other revenues 6.7 2.2
Total revenues 376.3 413.2
Expenses:    
Loss and loss adjustment expenses 206.7 233.5
Acquisition expenses 98.8 83.5
General and administrative expenses 47.5 35.9
Change in fair value of contingent consideration 10.0 9.7
Interest expense 4.1 4.2
Total expenses 367.1 366.8
Asset Management (Kudu) | Operating Segments    
Revenues:    
Earned insurance premiums 0.0 0.0
Net investment income 20.8 19.4
Net realized and unrealized investment gains (losses) 42.0 44.0
Interest income from BAM Surplus Notes 0.0 0.0
Commission and fee revenues 0.0 0.0
Net gain on sale of the Bamboo Group 0.0  
Other revenues 0.2 0.4
Total revenues 63.0 63.8
Expenses:    
Broker commission expenses 0.0 0.0
Loss and loss adjustment expenses 0.0 0.0
Acquisition expenses 0.0 0.0
Cost of sales 0.0 0.0
General and administrative expenses 4.2 4.0
Change in fair value of contingent consideration 0.0 0.0
Interest expense 7.1 6.4
Total expenses 11.3 10.4
Pre-tax income (loss) 51.7 53.4
Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments    
Revenues:    
Net realized and unrealized investment gains (losses) 42.0 44.0
Asset Management (Kudu) | MediaAlpha | Operating Segments    
Revenues:    
Net realized and unrealized investment gains (losses) 0.0 0.0
Financial Guarantee (HG Global) | Operating Segments    
Revenues:    
Earned insurance premiums 7.7 8.2
Net investment income 7.7 6.3
Net realized and unrealized investment gains (losses) (5.2) 10.0
Interest income from BAM Surplus Notes 6.9 7.5
Other revenues 0.1 0.1
Total revenues 17.2 32.1
Expenses:    
Acquisition expenses 2.1 1.9
General and administrative expenses 0.7 0.6
Interest expense 3.6 4.6
Total expenses 6.4 7.1
Specialty Insurance Distribution (Distinguished) | Operating Segments    
Revenues:    
Earned insurance premiums 0.0  
Net investment income 0.7  
Interest income from BAM Surplus Notes 0.0  
Commission and fee revenues 39.6 0.0
Net gain on sale of the Bamboo Group 0.0  
Other revenues 0.7 0.0
Total revenues 40.3 0.0
Expenses:    
Broker commission expenses 17.2 0.0
Loss and loss adjustment expenses 0.0  
Acquisition expenses 0.0  
Cost of sales 0.0  
General and administrative expenses 37.2 0.0
Change in fair value of contingent consideration 0.0  
Interest expense 3.5 0.0
Total expenses 57.9 0.0
Pre-tax income (loss) (17.6)  
Specialty Insurance Distribution (Distinguished) | Investments, Excluding MediaAlpha | Operating Segments    
Revenues:    
Net realized and unrealized investment gains (losses) 0.0  
Specialty Insurance Distribution (Distinguished) | MediaAlpha | Operating Segments    
Revenues:    
Net realized and unrealized investment gains (losses) 0.0  
P&C Insurance Distribution (Bamboo) | Operating Segments    
Revenues:    
Earned insurance premiums 0.0 14.9
Interest income from BAM Surplus Notes   0.0
Commission and fee revenues 0.0 44.2
Other revenues 0.0 2.3
Total revenues 0.0 61.4
Expenses:    
Broker commission expenses 0.0 15.5
Loss and loss adjustment expenses 0.0 10.9
Acquisition expenses 0.0 6.6
Cost of sales   0.0
General and administrative expenses 0.0 20.0
Change in fair value of contingent consideration   0.0
Interest expense 0.0 2.1
Total expenses $ 0.0 55.1
Pre-tax income (loss)   6.3
P&C Insurance Distribution (Bamboo) | MediaAlpha | Operating Segments    
Revenues:    
Net realized and unrealized investment gains (losses)   $ 0.0