CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
| Revenues: |
|
|
|
|
| Earned insurance premiums |
$ 384,600,000
|
$ 375,200,000
|
|
$ 770,200,000
|
| Net investment income |
70,900,000
|
61,400,000
|
|
121,000,000.0
|
| Net realized and unrealized investment gains (losses) |
209,000,000.0
|
117,300,000
|
$ 154,600,000
|
167,300,000
|
| Interest income from BAM Surplus Notes |
6,900,000
|
7,500,000
|
13,800,000
|
15,000,000.0
|
| Commission and fee revenues |
60,400,000
|
63,300,000
|
|
111,400,000
|
| Product and service revenues |
107,500,000
|
56,300,000
|
164,000,000.0
|
69,900,000
|
| Net gain on sale of the Bamboo Group |
|
|
2,400,000
|
0
|
| Total revenues |
844,600,000
|
689,200,000
|
1,362,400,000
|
1,267,000,000
|
| Expenses: |
|
|
|
|
| Broker commission expenses |
23,300,000
|
19,800,000
|
40,500,000
|
35,300,000
|
| Loss and loss adjustment expenses |
175,700,000
|
166,500,000
|
|
428,300,000
|
| Insurance acquisition expenses |
106,100,000
|
99,500,000
|
|
196,600,000
|
| Cost of sales |
80,100,000
|
42,400,000
|
122,800,000
|
49,900,000
|
| Change in fair value of contingent consideration |
31,700,000
|
28,400,000
|
41,700,000
|
38,100,000
|
| Interest expense |
19,800,000
|
18,600,000
|
39,100,000
|
36,400,000
|
| Total expenses |
588,600,000
|
512,700,000
|
1,131,900,000
|
1,018,100,000
|
| Pre-tax income (loss) |
256,000,000.0
|
176,500,000
|
230,500,000
|
248,900,000
|
| Income tax (expense) benefit |
(24,800,000)
|
(12,900,000)
|
(25,600,000)
|
(22,500,000)
|
| Net income (loss) |
231,200,000
|
163,600,000
|
204,900,000
|
226,400,000
|
| Net (income) loss attributable to noncontrolling interests |
(31,700,000)
|
(40,700,000)
|
(32,600,000)
|
(69,600,000)
|
| Net income (loss) attributable to White Mountains’s common shareholders |
199,500,000
|
122,900,000
|
172,300,000
|
156,800,000
|
| Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
107,500,000
|
56,300,000
|
164,000,000.0
|
69,900,000
|
| Other Operations |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
700,000
|
2,300,000
|
|
16,200,000
|
| Net investment income |
15,500,000
|
8,600,000
|
29,000,000.0
|
18,300,000
|
| Interest income from BAM Surplus Notes |
0
|
0
|
0
|
0
|
| Commission and fee revenues |
3,800,000
|
4,200,000
|
|
8,100,000
|
| Net gain on sale of the Bamboo Group |
0
|
0
|
2,400,000
|
0
|
| Other revenues |
4,500,000
|
7,000,000.0
|
11,400,000
|
24,800,000
|
| Total revenues |
165,500,000
|
91,400,000
|
142,800,000
|
98,700,000
|
| Expenses: |
|
|
|
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Loss and loss adjustment expenses |
100,000
|
800,000
|
|
18,200,000
|
| Insurance acquisition expenses |
300,000
|
900,000
|
|
6,000,000.0
|
| Cost of sales |
7,500,000
|
7,200,000
|
14,100,000
|
14,700,000
|
| General and administrative expenses |
42,500,000
|
49,100,000
|
89,600,000
|
104,100,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
600,000
|
500,000
|
1,300,000
|
1,000,000.0
|
| Total expenses |
50,600,000
|
56,800,000
|
105,000,000.0
|
119,800,000
|
| Pre-tax income (loss) |
114,900,000
|
34,600,000
|
37,800,000
|
(21,100,000)
|
| Other Operations | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
14,700,000
|
13,500,000
|
27,500,000
|
27,100,000
|
| Investments, Excluding MediaAlpha |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
150,600,000
|
86,800,000
|
161,400,000
|
173,400,000
|
| Investments, Excluding MediaAlpha | Other Operations |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
72,400,000
|
31,800,000
|
79,300,000
|
34,600,000
|
| MediaAlpha |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
58,400,000
|
30,500,000
|
(6,800,000)
|
(6,100,000)
|
| MediaAlpha | Other Operations |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
58,400,000
|
30,500,000
|
(6,800,000)
|
(6,100,000)
|
| MediaAlpha | Other Operations | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
14,700,000
|
13,500,000
|
27,500,000
|
27,100,000
|
| P&C Insurance and Reinsurance (Ark/WM Outrigger) |
|
|
|
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
175,600,000
|
164,000,000.0
|
382,300,000
|
397,500,000
|
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
376,200,000
|
364,200,000
|
750,000,000.0
|
722,200,000
|
| Net investment income |
28,000,000.0
|
26,300,000
|
56,700,000
|
49,800,000
|
| Net realized and unrealized investment gains (losses) |
30,500,000
|
51,100,000
|
(2,400,000)
|
80,600,000
|
| Other revenues |
4,900,000
|
6,300,000
|
11,600,000
|
8,500,000
|
| Total revenues |
439,600,000
|
447,900,000
|
815,900,000
|
861,100,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
175,600,000
|
164,000,000.0
|
382,300,000
|
397,500,000
|
| Insurance acquisition expenses |
103,700,000
|
97,200,000
|
202,500,000
|
180,700,000
|
| General and administrative expenses |
44,400,000
|
56,500,000
|
91,900,000
|
92,400,000
|
| Change in fair value of contingent consideration |
31,700,000
|
28,400,000
|
41,700,000
|
38,100,000
|
| Interest expense |
4,100,000
|
4,300,000
|
8,200,000
|
8,500,000
|
| Total expenses |
359,500,000
|
350,400,000
|
726,600,000
|
717,200,000
|
| Asset Management (Kudu) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
0
|
|
0
|
| Net investment income |
19,000,000.0
|
19,300,000
|
39,800,000
|
38,700,000
|
| Net realized and unrealized investment gains (losses) |
49,700,000
|
800,000
|
91,700,000
|
44,800,000
|
| Interest income from BAM Surplus Notes |
0
|
0
|
0
|
0
|
| Commission and fee revenues |
0
|
0
|
|
0
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Other revenues |
200,000
|
300,000
|
400,000
|
700,000
|
| Total revenues |
68,900,000
|
20,400,000
|
131,900,000
|
84,200,000
|
| Expenses: |
|
|
|
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Loss and loss adjustment expenses |
0
|
0
|
|
0
|
| Insurance acquisition expenses |
0
|
0
|
|
0
|
| Cost of sales |
0
|
0
|
0
|
0
|
| General and administrative expenses |
4,700,000
|
3,600,000
|
8,900,000
|
7,600,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
7,200,000
|
6,100,000
|
14,300,000
|
12,500,000
|
| Total expenses |
11,900,000
|
9,700,000
|
23,200,000
|
20,100,000
|
| Pre-tax income (loss) |
57,000,000.0
|
10,700,000
|
108,700,000
|
64,100,000
|
| Asset Management (Kudu) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
0
|
0
|
0
|
0
|
| Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
49,700,000
|
800,000
|
91,700,000
|
44,800,000
|
| Asset Management (Kudu) | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| HG Global | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
7,700,000
|
7,100,000
|
15,400,000
|
15,300,000
|
| Net investment income |
7,800,000
|
6,500,000
|
15,500,000
|
12,800,000
|
| Net realized and unrealized investment gains (losses) |
(2,000,000.0)
|
3,100,000
|
(7,200,000)
|
13,100,000
|
| Interest income from BAM Surplus Notes |
6,900,000
|
7,500,000
|
13,800,000
|
15,000,000.0
|
| Commission and fee revenues |
0
|
0
|
|
0
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Other revenues |
0
|
0
|
100,000
|
100,000
|
| Total revenues |
20,400,000
|
24,200,000
|
37,600,000
|
56,300,000
|
| Expenses: |
|
|
|
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Loss and loss adjustment expenses |
0
|
0
|
0
|
0
|
| Insurance acquisition expenses |
2,100,000
|
2,000,000.0
|
4,200,000
|
3,900,000
|
| Cost of sales |
0
|
0
|
0
|
0
|
| General and administrative expenses |
4,200,000
|
1,000,000.0
|
4,900,000
|
1,600,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
3,700,000
|
4,500,000
|
7,300,000
|
9,100,000
|
| Total expenses |
10,000,000.0
|
7,500,000
|
16,400,000
|
14,600,000
|
| Pre-tax income (loss) |
10,400,000
|
16,700,000
|
21,200,000
|
41,700,000
|
| HG Global | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
0
|
0
|
0
|
0
|
| HG Global | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
(2,000,000.0)
|
3,100,000
|
(7,200,000)
|
13,100,000
|
| HG Global | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| Specialty Insurance Distribution (Distinguished) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
|
|
|
| Net investment income |
600,000
|
|
|
|
| Interest income from BAM Surplus Notes |
0
|
|
0
|
|
| Commission and fee revenues |
56,600,000
|
0
|
96,200,000
|
0
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Other revenues |
800,000
|
0
|
1,500,000
|
0
|
| Total revenues |
57,400,000
|
0
|
97,700,000
|
0
|
| Expenses: |
|
|
|
|
| Broker commission expenses |
23,300,000
|
0
|
40,500,000
|
0
|
| Loss and loss adjustment expenses |
0
|
|
|
|
| Insurance acquisition expenses |
0
|
|
|
|
| Cost of sales |
0
|
|
0
|
|
| General and administrative expenses |
41,000,000.0
|
0
|
78,200,000
|
0
|
| Change in fair value of contingent consideration |
0
|
|
0
|
|
| Interest expense |
3,600,000
|
0
|
7,100,000
|
0
|
| Total expenses |
67,900,000
|
0
|
125,800,000
|
0
|
| Pre-tax income (loss) |
(10,500,000)
|
|
(28,100,000)
|
|
| Specialty Insurance Distribution (Distinguished) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
0
|
|
0
|
|
| 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
|
|
| Services, Industrial and Consumer (WTM Partners) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
0
|
|
0
|
| Net investment income |
0
|
0
|
|
0
|
| Interest income from BAM Surplus Notes |
0
|
0
|
0
|
0
|
| Commission and fee revenues |
0
|
0
|
|
0
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Total revenues |
92,800,000
|
42,800,000
|
136,500,000
|
42,800,000
|
| Expenses: |
|
|
|
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Loss and loss adjustment expenses |
0
|
0
|
|
0
|
| Insurance acquisition expenses |
0
|
0
|
|
0
|
| Cost of sales |
72,600,000
|
35,200,000
|
108,700,000
|
35,200,000
|
| General and administrative expenses |
15,500,000
|
6,400,000
|
25,300,000
|
9,400,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
600,000
|
300,000
|
900,000
|
300,000
|
| Total expenses |
88,700,000
|
41,900,000
|
134,900,000
|
44,900,000
|
| Pre-tax income (loss) |
4,100,000
|
900,000
|
1,600,000
|
(2,100,000)
|
| Services, Industrial and Consumer (WTM Partners) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
92,800,000
|
42,800,000
|
136,500,000
|
42,800,000
|
| Services, Industrial and Consumer (WTM Partners) | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| Services, Industrial and Consumer (WTM Partners) | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| P&C Insurance Distribution (Bamboo) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
1,600,000
|
0
|
16,500,000
|
| Net investment income |
|
700,000
|
|
1,400,000
|
| Interest income from BAM Surplus Notes |
|
0
|
|
0
|
| Commission and fee revenues |
0
|
59,100,000
|
0
|
103,300,000
|
| Other revenues |
0
|
1,800,000
|
0
|
4,100,000
|
| Total revenues |
0
|
62,500,000
|
0
|
123,900,000
|
| Expenses: |
|
|
|
|
| Broker commission expenses |
0
|
19,800,000
|
0
|
35,300,000
|
| Loss and loss adjustment expenses |
0
|
1,700,000
|
0
|
12,600,000
|
| Insurance acquisition expenses |
0
|
(600,000)
|
0
|
6,000,000.0
|
| Cost of sales |
|
0
|
|
0
|
| General and administrative expenses |
0
|
22,600,000
|
0
|
42,600,000
|
| Change in fair value of contingent consideration |
|
0
|
|
0
|
| Interest expense |
0
|
2,900,000
|
0
|
5,000,000.0
|
| Total expenses |
$ 0
|
46,400,000
|
$ 0
|
101,500,000
|
| Pre-tax income (loss) |
|
16,100,000
|
|
22,400,000
|
| P&C Insurance Distribution (Bamboo) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
|
0
|
|
0
|
| P&C Insurance Distribution (Bamboo) | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
|
0
|
|
300,000
|
| P&C Insurance Distribution (Bamboo) | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
|
$ 0
|
|
$ 0
|